Document:

EX-10.4

 Exhibit 10.4 

 
  

STOCKHOLDERS AGREEMENT 

by and among 
 CALYXT,
INC., 
 CELLECTIS S.A. 

and 
 the Persons listed
on Schedule A hereto 
 Dated as of [●], 2017 

 
  

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms hereof, this
“Agreement”), dated as of [●], 2017, is made by and among Calyxt, Inc., a Delaware corporation (the “Company”), Cellectis S.A., a French société anonyme
(“Cellectis”) and the Persons listed on Schedule A hereto (each, a “Non-Cellectis Holder” and collectively, the “Non-Cellectis Holders”). 

RECITALS 
 WHEREAS,
Cellectis beneficially owned all of the outstanding Company Shares (as defined below) prior to the consummation of the Company’s proposed initial public offering (the “IPO”); and 

WHEREAS, in connection with the IPO, the Company, Cellectis and the Non-Cellectis Holders desire to provide for certain rights and obligations
of Cellectis, the Company and the Non-Cellectis Holders upon and after the consummation of the IPO. 
 NOW, THEREFORE, in consideration of
the foregoing and the mutual promises, covenants and agreements of the Parties, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Additional Piggyback Rights” has the meaning set forth in Section 4.02(c). 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person; provided, however, that, for purposes of this Agreement, the Company shall not be considered an “Affiliate” of any of Cellectis and its Subsidiaries other than the Company, and
each of Cellectis and its Subsidiaries other than the Company shall not be considered an “Affiliate” of the Company. As used herein, “control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such entity, whether through ownership of voting securities or other interests, by contract or otherwise. For purposes of this definition, “Affiliated,”
“controlling,” “controlled by,” and “under common control with” have correlative meanings. 

“Agreement” has the meaning set forth in the preamble. 

“Automatic Shelf Registration Statement” has the meaning set forth in Section 4.04. 

“Beneficially Owned” has the meaning set forth in Rule 13d-3 under the Exchange Act, but without reference to clause (d)(1) of
such Rule. 

 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York are
authorized or obligated by law or executive order to close. 
 “Cellectis” has the meaning set forth in the preamble. 

“Claims” has the meaning set forth in 4.09(a). 

“Company” has the meaning set forth in the preamble. 

“Company Shares” means common stock of the Company and any and all securities of any kind whatsoever of the Company that may
be issued by the Company after the date hereof in respect of, in exchange for, or in substitution of, Company Shares, pursuant to any stock dividends, stock splits, reverse stock splits, combinations, reclassifications, recapitalizations, share
exchange, consolidation or other reorganizations and the like occurring after the date hereof. 
 “Company Shares
Equivalents” means all options, warrants and other securities convertible into, or exchangeable or exercisable for (at any time or upon the occurrence of any event or contingency and without regard to any vesting or other conditions to
which such securities may be subject) Company Shares or other equity securities of the Company (including any note or debt security convertible into or exchangeable for Company Shares or other equity securities of the Company). 

“Demand Exercise Notice” has the meaning set forth in Section 4.01(a). 

“Demand Registration” has the meaning set forth in Section 4.01(a). 

“Demand Registration Request” has the meaning set forth in Section 4.01(a). 

“Director” means a member of the Board of Directors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Expenses” means any and all fees and
expenses incident to the Company’s performance of or compliance with Article 4, including: (i) SEC, stock exchange and FINRA registration and filing fees and all listing fees and fees with respect to the inclusion of securities on the [New
York Stock Exchange / NASDAQ] or on any other securities market on which the Company Shares are listed or quoted, (ii) fees and expenses of compliance with state securities or “blue sky” laws and in connection with the preparation of
a “blue sky” survey, including reasonable fees and expenses of outside “blue sky” counsel, (iii) printing and copying expenses, (iv) messenger and delivery expenses, (v) expenses incurred in connection with any
road show, (vi) fees and disbursements of counsel for the Company, (vii) with respect to each registration, the fees 

  
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and disbursements of one counsel for the Participating Holder(s) (selected by the Majority Participating Holders), (viii) fees and disbursements of all independent public accountants
(including the expenses of any audit and/or comfort letter and updates thereof) and fees and expenses of other Persons, including special experts, retained, or authorized to be retained, by the Company, (ix) fees and expenses payable to any
qualified independent underwriter required under applicable FINRA rules, (x) any other fees and disbursements of underwriters, if any, customarily paid by issuers or sellers of securities (excluding, for the avoidance of doubt, any underwriting
commission, discount or spread), (xi) any rating agency fees, and (xii) expenses for securities law liability insurance. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Governing Documents” means (i) with respect to the Company, the certificate of incorporation of the Company, as amended
or modified from time to time, and the by-laws of the Company, as amended or modified from time to time and (ii) with respect to any other Person, such Person’s certificate of incorporation, by-laws or other similar constitutive documents.

 “Governmental Authority” means any nation or government, any state, municipality or other political subdivision thereof,
and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative
or other similar functions of, or pertaining to, government and any executive official thereof. 
 “Holder” means
(i) Cellectis so long as it holds any Registrable Securities and (ii) any Person owning Registrable Securities who is a Permitted Transferee and becomes party to this Agreement. 

“Independent Director” means a Director who qualifies, as of the date of such Director’s election or appointment to the
Board of Directors and as of any other date on which the determination is being made, as an “independent director” pursuant to SEC rules and applicable listing standards, as amended from time to time, as determined by the Board of
Directors without the vote of such Director. 
 “Initiating Holder” has the meaning set forth in Section 4.01(a). 

“IPO” has the meaning set forth in the recitals. 

“Litigation” means any action, proceeding or investigation in any court or before any Governmental Authority. 

“Majority Participating Holders” means (i) Cellectis if it is participating in an offering of Registrable Securities
pursuant to Sections 4.01 or Section 4.02 or (ii) otherwise, the Participating Holders holding more than 50% of the Registrable Securities proposed to be included in such offering. 

  
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 “Manager” has the meaning set forth in Section 4.01(c). 

Any “Necessary Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by law
and by the Governing Documents) necessary to cause such result, including (i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to
the Governing Documents, (iii) causing Directors (to the extent such Directors were nominated or designated by the Person obligated to undertake the Necessary Action, and subject to any fiduciary duties that such Directors may have as
Directors) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (iv) executing agreements and instruments, and (v) making, or causing to be made, with governmental, administrative or
regulatory authorities, all filings, registrations or similar actions that are required to achieve such result. 
 “Non-Cellectis
Holder” and “Non-Cellectis Holders” have the meaning set forth in the preamble. 
 “Participating
Holders” means all Holders of Registrable Securities which are proposed to be included in any registration or offering of Registrable Securities pursuant to Section 4.01 or Section 4.02. 

“Party” means the Company, Cellectis, the Non-Cellectis Holders and any Permitted Transferee who becomes a Party pursuant to
Article 5. 
 “Permitted Transferee” means in the case of any Holder, (i) any Affiliate of such Holder that executes a
customary joinder agreement to this Agreement or (ii) a Person or Affiliated Persons to whom such Holder transferred a number of Company Shares such that after giving effect to such transfer such Person or Affiliated Persons Beneficially Owns
or Own, in the aggregate, at least 10% of the then outstanding Company Shares. 
 “Person” means an individual, partnership,
limited liability company, corporation, trust, other entity, association, estate, unincorporated organization or a government or any agency or political subdivision thereof. 

“Piggyback Shares” has the meaning set forth in Section 4.03(a)(iv). 

“Registrable Securities” means any Company Shares held by the Holders at any time (including those held as a result of the
conversion or exercise of Company Shares Equivalents); provided that, as to any Registrable Securities held by a particular Holder, such securities shall cease to be Registrable Securities when (A) a registration statement with respect
to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, or (B) (x) such securities are eligible to be sold
by such Holder in a single transaction in compliance with the requirements of Rule 144 under the Securities Act, as such Rule 144 may be amended (or any successor provision thereto) without volume limitations under Rule 144 and (y) such Holder
no longer Beneficially Owns in the aggregate a number of Company Shares equal to at least 10% of the then outstanding Company Shares. 

  
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 “Rule 144” and “Rule 144A” have the meaning set forth in
Section 4.12. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Section 4.03(a) Sale Number” has the meaning set forth in Section 4.03(a). 

“Section 4.03(b) Sale Number” has the meaning set forth in Section 4.03(b). 

“Section 4.03(c) Sale Number” has the meaning set forth in Section 4.03(c). 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations
promulgated thereunder, all as the same shall be in effect from time to time. 
 “Subsidiary” means, when used with respect
to any Person, (a) a corporation in which such Person or one or more Subsidiaries of such Person, directly or indirectly, owns capital stock having a majority of the total voting power in the election of directors of all outstanding shares of
all classes and series of capital stock of such corporation entitled generally to vote in such election; and (b) any other Person (other than a corporation) in which such Person or one or more Subsidiaries of such Person, directly or
indirectly, has (i) a majority ownership interest or (ii) the power to elect or direct the election of a majority of the members of the governing body of such first-named Person. 

“Valid Business Reason” has the meaning set forth in Section 4.01(a)(iv). 

“WKSI” has the meaning set forth in Section 4.04. 

Section 1.02. Other Interpretive Provisions. 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “hereof,” “herein,” “hereunder” and similar words refer to this Agreement as
a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter
forms. 

  
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 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES 

Each of the Parties hereby represents and warrants, solely with respect to itself (and, in each case to the extent applicable in the case of
Parties who are natural persons), to each other Party that: 
 Section 2.01. Existence; Authority; Enforceability. Such
Party has the power and authority to enter into this Agreement and to carry out its obligations hereunder. Such Party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and
the performance of its obligations hereunder, have been authorized by all Necessary Action, and no other act or proceeding on its part is necessary to authorize the execution of this Agreement or the performance of its obligations hereunder. This
Agreement has been duly executed by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms except as the same may be affected by bankruptcy, insolvency, moratorium or similar laws, or by legal
or equitable principles relating to or limiting the rights of contracting parties generally. 
 Section 2.02. Absence
of Conflicts. The execution and delivery by such Party of this Agreement and the performance of its obligations hereunder does not (a) conflict with, or result in the breach of any provision of the constitutive documents of such Party;
(b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of acceleration or termination or any
additional payment obligation, under the terms of any contract, agreement or permit to which such Party is a party or by which such Party’s assets or operations are bound or affected; or (c) violate any law applicable to such Party,
except, in the case of clause (b), as would not have a material adverse effect on such Party’s ability to perform its obligations hereunder. 

Section 2.03. Consents. Other than as has already been obtained, no consent, waiver, approval, authorization, exemption,
registration, license or declaration is required to be made or obtained by such Party in connection with the execution, delivery or performance of this Agreement, except in each case, as would not have a material adverse effect on such Party’s
ability to perform its obligations hereunder. 
 ARTICLE 3 

GOVERNANCE 

Section 3.01. Board of Directors. 

(a) Effective as of the date of this Agreement, the Board of Directors shall be composed of five Directors, each of whom shall be a designee
of Cellectis and two of whom shall be “independent directors” pursuant to applicable listing standards, in each case in accordance with the Company’s Governing Documents. 

  
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 (b) From and after the date of this Agreement, so long as Cellectis and its Affiliates
Beneficially Own, in the aggregate, a number of Company Shares equal to at least 15% of the then outstanding Company Shares, Cellectis shall have the right, but not the obligation, to nominate for the Board of Directors a number of designees equal
to the greater of: (i) three designees and (ii) a majority of the Directors. In the event that at any time the number of designees of Cellectis who are members of the Board of Directors is fewer than the total number of designees Cellectis
is entitled to nominate pursuant to this Section 3.01(b), Cellectis shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Company shall take, or cause to be taken, all Necessary Action
to, (A) increase the size of the Board of Directors as required to enable Cellectis to so nominate such additional designees and (B) appoint such additional designees nominated by Cellectis to such newly created directorships. So long as
Cellectis and its Affiliates Beneficially Own, in the aggregate, a number of Company Shares equal to at least 15% of the then outstanding Company Shares, no change shall be made to the number of Directors on the Board of Directors without the prior
approval of Cellectis. 
 (c) The Company shall take all Necessary Action to cause the Board of Directors to be constituted as set forth in
this Section 3.01 (including appointing or removing designees nominated by Cellectis and filling any vacancies created by reason of death, disability, retirement, removal or resignation of the Cellectis’ designees with a new designee of
Cellectis). The Company agrees to include in the slate of nominees recommended by the Board of Directors and in the Company’s proxy statement or notice of each meeting at which Directors are to be elected those persons designated pursuant to
this Section 3.01 and to use its best efforts to cause the election or appointment of each such designee to the Board of Directors, including nominating such designees to be elected as Directors. 

(d) Any nominee designated by Cellectis pursuant to this Section 3.01 may be removed (with or without cause) from time to time and at any
time by Cellectis upon notice to the Company, and may otherwise only be removed for cause (subject to Cellectis’ rights under this Section 3.01 with respect to any vacancy created thereby). 

(e) The Company shall enter into indemnification agreements and maintain Directors and Officers liability insurance for the benefit of each
nominee of Cellectis elected or appointed to the Board of Directors with respect to all periods during which such individual is a member of the Board of Directors, on terms, conditions and amounts substantially similar to the terms, conditions and
amounts of the Company’s current Directors and Officers liability insurance policy, and shall use commercially reasonable efforts to cause such indemnification and insurance to be maintained in full force and effect. The Company shall provide
each such nominee with all benefits (including all fees and entitlements) on substantially the same terms and conditions as are provided to other members of the Board of Directors performing similar roles. 

(f) The Company shall reimburse the designees of Cellectis for all reasonable out-of-pocket expenses incurred in connection with their
attendance at meetings of the Board of Directors and any committees thereof. 

  
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 Section 3.02. Chairman; Committees. 

(a) For so long as Cellectis is entitled to nominate Directors for election to the Board of Directors pursuant to Section 3.01(b), Cellectis
shall have the right to designate the Director to serve in the role of Chairman of the Board of Directors and to have at least one of their designated Directors serve on each committee of the Board of Directors, to the extent such Directors are
permitted to serve on such committees under SEC rules and applicable listing standards then in effect. 
 (b) The Company agrees to use its
best efforts to cause the appointment of the Director designated by Cellectis to serve in the role of Chairman and the Directors designated by Cellectis to the committees of the Board of Directors in accordance with this Section 3.02. 

Section 3.03. Information; Duties. 

(a) For so long as Cellectis and its Affiliates Beneficially Own, in the aggregate, a number of Company Shares equal to at least 15% of the
then outstanding Company Shares, the Company agrees that (i) the Directors designated by Cellectis may share confidential, non-public information about the Company with Cellectis and its Affiliates and (ii) Cellectis and its employees and
other representatives and potential transferees of its Company Shares and their representatives shall have the right to consult with and advise senior management of the Company and to review the Company’s books and records upon reasonable
advance notice, in each case only to the extent reasonably necessary in connection with their investment in the Company, including any potential sales thereof, provided that such parties, potential transferees and their respective representatives
agree to keep any such confidential, non-public information about the Company confidential (except as may be required by law or applicable listing standards then in effect) and agree to comply with all applicable securities laws in connection
therewith. 
 (b) At any time during which the Company does not file reports with the SEC that contain (a) audited annual financial
statements of the Company and (b) unaudited interim quarterly financial statements of the Company, the Company shall deliver to Cellectis, within 10 days after the Company would have been required to file the relevant report with the SEC (as if
the Company were a non-accelerated filer), consolidated balance sheets of the Company and the related consolidated statements of income, cash flows and stockholders equity, including footnotes, as of the end of each fiscal year and the end of each
of the first three fiscal quarters in each fiscal year of the Company. 
 (c) The Company agrees that, notwithstanding anything to the
contrary in any other agreement or at law or in equity, when Cellectis or its Affiliates take any action under this Agreement (including in their respective capacities as Holders) to give or withhold consent, Cellectis and such Affiliates shall, to
the fullest extent permitted by law, have no duty to consider the interests of the Company or other Holders, if any, or any other stockholder of the Company and may act exclusively in their and their Affiliates’ respective own interests;
provided, however, that the foregoing shall in no way affect the obligations of the Parties to comply with the provisions of this Agreement. 

  
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 Section 3.04. Controlled Company. 

(a) For so long as the Company qualifies as a “controlled company” under the applicable listing standards then in effect, the
Company will elect to be a “controlled company” for purposes of such applicable listing standards, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for that determination.
The Company and Cellectis acknowledge and agree that, as of the date of this Agreement, the Company is a “controlled company.” If the Company ceases to qualify as a “controlled company” under applicable listing standards then in
effect, Cellectis and the Company will take whatever action may be reasonably necessary, if any, to cause the Company to comply with SEC rules and applicable listing standards then in effect. 

(b) After the Company ceases to qualify as a “controlled company” under applicable listing standards then in effect, Cellectis shall
cause a sufficient number of their designees to qualify as “independent directors” to ensure that the Board of Directors complies with such applicable listing standards in the time periods required by the applicable listing standards then
in effect. 
 Section 3.05. Cellectis Reserved Matters. 

(a) For so long as Cellectis and its Affiliates Beneficially Own, in the aggregate, a number of Company Shares equal to at least 50% of the
then outstanding Company Shares, the following matters shall require the prior approval of Cellectis: 
 (i) any modification
to the Company’s or any future Subsidiary of the Company’s share capital (e.g., share capital increase or decrease) the creation of any Subsidiary, any grant of stock-based compensation, any distributions or public or private offering,
merger, spin-off, liquidation, winding up or carve-out transactions; 
 (ii) the annual business plan and annual budget of
the Company and any modification thereof; 
 (iii) any external growth transactions by the Company exceeding $500,000 and not
included in the approved annual business plan and annual budget of the Company; 
 (iv) any investment and disposition
decisions of the Company exceeding $500,000 and not included in the approved annual business plan and annual budget of the Company (it being understood that this excludes the purchase and sale of inventory as a part of the normal course of
business); 
 (v) any related-party agreement or any agreement or transaction between the executives or stockholders of the
Company, on the one hand, and the Company or any of its Subsidiaries, on the other hand; 

  
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 (vi) any decision pertaining to the recruitment, dismissal or removal, or
increase of the compensation of executives and corporate officers of the Company; 
 (vii) any material decision of the
Company relating to material litigation of the Company; 
 (viii) any decision of the Company relating to the opening of a
social or restructuring plan or pre-insolvency proceedings of the Company; 
 (ix) any buyback by the Company of Company
Shares; 
 (x) any new borrowings or debts of the Company exceeding $500,000 and early repayment of loans of the Company, if
any (it being understood that Cellectis will approve the entering into of contracts for revolving loans and other short-term loans and the repayment of such for financing general operating activities, such as revolving loans for inventory or
factoring of receivables); 
 (xi) grants by the Company of any pledges on securities of the Company; 

(xii) development of any new activities and businesses not described in the annual business plan and annual budget of the
Company; 
 (xiii) entry by the Company into any material agreement or partnership; and 

(xiv) any offshore and relocation activities. 

(b) For so long as Cellectis and its Affiliates Beneficially Own, in the aggregate, a number of Company Shares equal to at least 15% of the
then outstanding Company Shares, the following matters shall require the prior approval of Cellectis: 
 (i) any amendment to
the Company’s Governing Documents that would change: 
 (A) the name of the Company; 

(B) the jurisdiction of incorporation of the Company; 

(C) the location of the Company’s principal executive offices; 

(D) the purpose or purposes for which the Company is incorporated; or 

(E) this Article 3; 

(ii) any regular or special dividends to holders of the Company Shares; 

(iii) the commencement of any voluntary, or the Company’s consent to any, proceeding for the dissolution, winding up or
bankruptcy of the Company or a material Subsidiary (or group of Subsidiaries that are collectively material) of the Company; 

  
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 (iv) any public or private offering, merger, amalgamation or consolidation of the
Company or the spinoff of a business of the Company or any sale, conveyance, transfer or other disposition of the Company’s assets; and 

(v) any appointment to the Board of Directors contrary to this Agreement or the Governing Documents. 

ARTICLE 4 

REGISTRATION RIGHTS 

Section 4.01. Registration. 

(a) Demand Registrations. If the Company shall receive from either Cellectis or any other Holder or group of
Holders holding at least 10% of the then outstanding Company Shares, in either case at any time beginning 180 days after the effective date of the registration statement filed in connection with the IPO (or such earlier time as agreed by the
Company) a written request that the Company file a registration statement with respect to Registrable Securities (a “Demand Registration Request,” and the registration so requested is referred to herein as a “Demand
Registration,” and the sender(s) of such request pursuant to this Agreement shall be known as the “Initiating Holder(s)”), then the Company shall, within five days of the receipt thereof, give written notice (the
“Demand Exercise Notice”) of such request to all other Holders, and subject to the limitations of this Section 4.01, use its reasonable best efforts to effect, as soon as practicable, the registration under the Securities Act
(including by means of a shelf registration pursuant to Rule 415 thereunder if so requested and if the Company is then eligible to use such a registration) of all Registrable Securities that the Holders request to be registered. There is no
limitation on the number of Demand Registrations pursuant to this Section 4.01 which the Company is obligated to effect. However, the Company shall not be obligated to take any action to effect any Demand Registration: 

(i) within three months after a Demand Registration pursuant to this Section 4.01 that has been declared, ordered or
become automatically effective; 
 (ii) during the period starting with the date 15 days prior to its good faith estimate of
the date of filing of, and ending on a date 90 days after the effective date of, a Company-initiated registration (other than a registration relating solely to the sale of securities to employees of the Company pursuant to a stock option, stock
purchase or similar plan or to an SEC Rule 145 transaction), provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; 

(iii) where the anticipated offering price, before any underwriting discounts or commissions, is equal to or less than
$25,000,000; 
 (iv) if the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the
Company stating that in the good faith judgment of the 

  
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Board of Directors, any registration of Registrable Securities should not be made or continued (or sales under a shelf registration statement should be suspended) because (i) such
registration (or continued sales under a shelf registration statement) would materially interfere with a material financing, acquisition, corporate reorganization or merger or other material transaction or event involving the Company or any of its
subsidiaries or (ii) the Company is in possession of material non-public information, the disclosure of which has been determined by the Board of Directors to not be in the Company’s best interests (in either case, a “Valid
Business Reason”), then (x) the Company may postpone filing a registration statement relating to a Demand Registration Request or suspend sales under an existing shelf registration statement until five Business Days after such Valid
Business Reason no longer exists, but in no event for more than 90 days after the date the Board of Directors determines a Valid Business Reason exists and (y) in case a registration statement has been filed relating to a Demand Registration
Request, if the Valid Business Reason has not resulted from actions taken by the Company, the Company may cause such registration statement to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such registration
statement until five Business Days after such Valid Business Reason no longer exists, but in no event for more than 90 days after the date the Board of Directors determines a Valid Business Reason exists; and the Company shall give written notice to
the Participating Holders of its determination to postpone or withdraw a registration statement or suspend sales under a shelf registration statement and of the fact that the Valid Business Reason for such postponement, withdrawal or suspension no
longer exists, in each case, promptly after the occurrence thereof; provided, however, that the Company shall not defer its obligation in this manner for more than a total of 90 days in any 12 month period; or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general
consent to service of process in effecting such registration, qualification or compliance. 
 If the Company shall give any notice of postponement,
withdrawal or suspension of any registration statement pursuant to clause (iv) of this Section 4.01(a), the Company shall not, during the period of postponement, withdrawal or suspension, register any Company Shares, other than pursuant to
a registration statement on Form S-4 or S-8 (or an equivalent registration form then in effect). Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Company that the Company has determined to withdraw or suspend
any registration statement pursuant to clause (iv) of this Section 4.01(a), such Holder will discontinue its disposition of Registrable Securities pursuant to such registration statement and, if so directed by the Company, will deliver to
the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. If the
Company shall have withdrawn or prematurely terminated a registration statement filed pursuant to a Demand Registration (whether pursuant to clause (iv) of this Section 4.01(a) or as a result of any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court), the Company shall not be considered to have effected an effective registration for the purposes of this Agreement until the Company shall have filed a new

  
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registration statement covering the Registrable Securities covered by the withdrawn registration statement and such registration statement shall have been declared effective and shall not have
been withdrawn. If the Company shall give any notice of withdrawal, suspension or postponement of a registration statement, the Company shall, not later than five Business Days after the Valid Business Reason that caused such withdrawal, suspension
or postponement no longer exists (but in no event later than 90 days after the date of the postponement, suspension or withdrawal), use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities
covered by the withdrawn, suspended or postponed registration statement in accordance with this Section 4.01 unless the Initiating Holders shall have withdrawn such request, in which case the Company shall not be considered to have effected an
effective registration for the purposes of this Agreement), and such registration shall not be withdrawn, suspended or postponed pursuant to clause (iv) of this Section 4.01(a). 

(b) 
 (i) The
Company, subject to Sections 4.03 and 4.06, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holders and (y) the Registrable Securities of any other Holder of Registrable Securities, which shall have
made a written request to the Company for inclusion in such registration pursuant to Section 4.02 (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Participating Holder) within 5 days
after the receipt of the Demand Exercise Notice. 
 (ii) The Company shall, as expeditiously as possible, but subject to the
limitations set forth in this Section 4.01, use its reasonable best efforts to (x) effect such registration under the Securities Act (including by means of a shelf registration pursuant to Rule 415 under the Securities Act if so requested
and if the Company is then eligible to use such a registration) of the Registrable Securities which the Company has been so requested to register, for distribution in accordance with such intended method of distribution and (y) if requested by
the Majority Participating Holders, obtain acceleration of the effective date of the registration statement relating to such registration. 

(c) In connection with any Demand Registration, the Majority Participating Holders shall have the right to designate the lead managing
underwriter (any lead managing underwriter for the purposes of this Agreement, the “Manager”) in connection with such registration and each other managing underwriter for such registration, in each case subject to consent of the
Company, not be unreasonably withheld. 
 (d) If so requested by the Initiating Holder(s), the Company (together with all Holders
proposing to distribute their securities through such underwriting) shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting in accordance with the terms of this Agreement. 

  
 13 

 (e) Any Holder that intends to sell Registrable Securities by means of a shelf registration
pursuant to Rule 415 thereunder, shall give the Company two days’ prior notice of any such sale. 
 Section 4.02. Piggyback
Registrations. 
 (a) If, at any time or from time to time the Company will register or commence an offering of any of its securities
for its own account or otherwise (other than pursuant to registrations on Form S-4 or Form S-8 or any similar successor forms thereto) (including but not limited to the registrations or offerings pursuant to Section 4.01), the Company will:

 (i) promptly give to each Holder written notice thereof (in any event within five Business Days after the determination to
pursue such offering); and 
 (ii) include in such registration and in any underwriting involved therein (if any), all the
Registrable Securities specified in a written request or requests, made within 5 days after mailing or personal delivery of such written notice from the Company, by any of the Holders, except as set forth in Sections 4.02(b) and 4.02(f), with the
securities which the Company at the time proposes to register or sell to permit the sale or other disposition by the Holders (in accordance with the intended method of distribution thereof) of the Registrable Securities to be so registered or sold,
including, if necessary, by filing with the SEC a post-effective amendment or a supplement to the registration statement filed by the Company or the prospectus related thereto. There is no limitation on the number of such piggyback registrations
pursuant to the preceding sentence which the Company is obligated to effect. No registration of Registrable Securities effected under this Section 4.02(a) shall relieve the Company of its obligations to effect Demand Registrations under
Section 4.01 hereof. 
 (b) If the registration in this Section 4.02 involves an underwritten offering, the right of any Holder to
include its Registrable Securities in a registration or offering pursuant to this Section 4.02 shall be conditioned upon such Holder’s participation in the underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting shall (together with the Company) enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting (i) in the case of a primary offering, by the Company or (ii) in the case of an offering pursuant to Section 4.01, pursuant to Section 4.01(c). 

(c) The Company, subject to 4.03 and 4.06, may elect to include in any registration statement and offering pursuant to any Demand
Registration by any Holder, (i) authorized but unissued shares of Company Shares or Company Shares held by the Company as treasury shares and (ii) any other Company Shares which are requested to be included in such registration pursuant to
the exercise of piggyback registration rights granted by the Company after the date hereof and which are not inconsistent with the rights granted in, or otherwise conflict with the terms of, this Agreement (“Additional

  
 14 

 
Piggyback Rights”); provided, however, that such inclusion shall be permitted only to the extent that it is pursuant to, and subject to, the
terms of the underwriting agreement or arrangements, if any, entered into by the Initiating Holders. 
 (d) If, at any time after
giving written notice of its intention to register or sell any equity securities and prior to the effective date of the registration statement filed in connection with such registration or sale of such equity securities, the Company shall determine
for any reason not to register or sell or to delay registration or sale of such equity securities, the Company may, at its election, give written notice of such determination to all Holders of record of Registrable Securities and (i) in the
case of a determination not to register or sell, shall be relieved of its obligation to register or sell any Registrable Securities in connection with such abandoned registration or sale, without prejudice, however, to the rights of Holders under
Section 4.01, and (ii) in the case of a determination to delay such registration or sale of its equity securities, shall be permitted to delay the registration or sale of such Registrable Securities for the same period as the delay in
registering such other equity securities. 
 (e) Notwithstanding anything contained herein to the contrary, the Company shall, at the
request of any Holder, file any prospectus supplement or post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by such Holder if such disclosure or language was
not included in the initial registration statement, or revise such disclosure or language if deemed necessary or advisable by such Holder including filing a prospectus supplement naming the Holders, partners, members and shareholders to the extent
required by law. 
 Section 4.03. Allocation of Securities Included in Registration Statement or Offering 

(a) Subject to subsection (e) of this Section 4.03, but notwithstanding any other provision of this Agreement, in connection
with an underwritten offering initiated by a Demand Registration Request, if the Manager advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten (such number, the
“Section 4.03(a) Sale Number”) within a price range acceptable to the Majority Participating Holders, the Initiating Holders shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto,
and the Company shall use its reasonable best efforts to include in such registration or offering, as applicable, the number of shares of Registrable Securities in the registration and underwriting as follows: 

(i) first, all Registrable Securities requested to be included in such registration or offering by the Holders thereof
(including pursuant to the exercise of piggyback rights pursuant to Section 4.02); provided, however, that if such number of Registrable Securities exceeds the Section 4.03(a) Sale Number, the number of such Registrable
Securities (not to exceed the Section 4.03(a) Sale Number) to be included in such registration shall be allocated among all such Holders requesting inclusion thereof in proportion, as nearly as practicable, to the respective amounts of
Registrable Securities held by such Holders at the time of filing of the registration statement or the time of the offering, as applicable; 

  
 15 

 (ii) second, if by the withdrawal of Registrable Securities by a Participating
Holder, a greater number of Registrable Securities held by other Holders, may be included in such registration or offering (up to the Section 4.03(a) Sale Number), then the Company shall offer to all Holders who have included Registrable
Securities in the registration or offering the right to include additional Registrable Securities in the same proportions as set forth in Section 4.03(a)(i); 

(iii) third, to the extent that the number of Registrable Securities to be included pursuant to clause (i) and
(ii) of this Section 4.03(a) is less than the Section 4.03(a) Sale Number, and if the underwriter so agrees, any securities that the Company proposes to register or sell, up to the Section 4.03(a) Sale Number; and 

(iv) fourth, to the extent that the number of securities to be included pursuant to clauses (i), (ii) and
(iii) of this Section 4.03(a) is less than the Section 4.03(a) Sale Number, the remaining securities to be included in such registration or offering shall be allocated on a pro rata basis among all Persons requesting that securities
be included in such registration or offering pursuant to the exercise of Additional Piggyback Rights (“Piggyback Shares”), based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in
relation to the aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 4.03(a) Sale Number. 

(b) Subject to subsection (e) of this Section 4.03, but notwithstanding any other provision of this Agreement, in a
registration involving an underwritten offering on behalf of the Company, which was initiated by the Company, if the managing underwriter determines that marketing factors require a limitation of the number of shares to be underwritten (such number,
the “Section 4.03(b) Sale Number”) the Company shall so advise all Holders whose securities would otherwise be registered and underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in
the registration and underwriting shall be allocated as follows: 
 (i) first, all equity securities that the Company
proposes to register for its own account; 
 (ii) second, to the extent that the number of securities to be included pursuant
to clause (i) of this Section 4.03(b) is less than the Section 4.03(b) Sale Number, among all Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities requested for inclusion in such
registration by Holders pursuant to Section 4.02 up to the Section 4.03(b) Sale Number; and 
 (iii) third, to the
extent that the number of securities to be included pursuant to clauses (i) and (ii) of this Section 4.03(b) is less than the Section 4.03(b) Sale Number, the remaining securities to be included in such registration shall be
allocated on a pro rata basis among all Persons requesting that securities be included in such 

  
 16 

 
registration pursuant to the exercise of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the aggregate
number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 4.03(b) Sale Number. 
 (c) Subject to
subsection (e) of this Section 4.03, if any registration pursuant to Section 4.02 involves an underwritten offering by any Person(s) (other than a Holder) to whom the Company has granted registration rights which are not inconsistent
with the rights granted in, or otherwise conflict with the terms of, this Agreement, the managing underwriter (as selected by the Company or such other Person) shall advise the Company that, in its view, the number of securities requested to be
included in such registration exceeds the number (the “Section 4.03(c) Sale Number”) that can be sold in an orderly manner in such registration within a price range acceptable to the Company, the Company shall include shares in such
registration as follows: 
 (i) first, the shares requested to be included in such registration shall be allocated on
a pro rata basis among such Person(s) requesting the registration and all Holders requesting that Registrable Securities be included in such registration pursuant to the exercise of piggyback rights pursuant to Section 4.02, based on the
aggregate number of securities or Registrable Securities, as applicable, then owned by each of the foregoing requesting inclusion in relation to the aggregate number of securities or Registrable Securities, as applicable, owned by all such Holders
and Persons requesting inclusion, up to the Section 4.03(c) Sale Number; 
 (ii) second, to the extent that the number
of securities to be included pursuant to clause (i) of this Section 4.03(c) is less than the Section 4.03(c) Sale Number, the remaining shares to be included in such registration shall be allocated on a pro rata basis among all
Persons requesting that securities be included in such registration pursuant to the exercise of Additional Piggyback Rights, based on the aggregate number of Piggyback Shares then owned by each Person requesting inclusion in relation to the
aggregate number of Piggyback Shares owned by all Persons requesting inclusion, up to the Section 4.03(c) Sale Number; and 

(iii) third, to the extent that the number of securities to be included pursuant to clauses (i) and (ii) of this
Section 4.03(c) is less than the Section 4.03(c) Sale Number, the remaining shares to be included in such registration shall be allocated to shares the Company proposes to register for its own account, up to the Section 4.03(c) Sale
Number. 
 (d) If any Holder of Registrable Securities disapproves of the terms of the underwriting, or if, as a result of the
proration provisions set forth in clauses (a), (b) or (c) of this Section 4.03, any Holder shall not be entitled to include all Registrable Securities in a registration or offering that such Holder has requested be included, such
Holder may elect to withdraw such Holder’s request to include Registrable Securities in such registration or offering or may reduce the number requested to be included; provided, however, that (x) such request must be made in
writing, to the Company, Manager and, if applicable, the Initiating Holder(s), prior to the execution of the underwriting agreement  

  
 17 

 
with respect to such registration and (y) such withdrawal or reduction shall be irrevocable and, after making such withdrawal or reduction, such Holder shall no longer have any right to
include such withdrawn Registrable Securities in the registration as to which such withdrawal or reduction was made to the extent of the Registrable Securities so withdrawn or reduced. 

Section 4.04. Registration Procedures. If and whenever the Company is required by the provisions of this Agreement to use
its reasonable best efforts to effect or cause the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall, as expeditiously as possible (but, in any event, within 60 days after a Demand
Registration Request in the case of Section 4.04(a) below), in connection with the Registration of the Registrable Securities and, where applicable, a takedown off of a shelf registration statement: 

(a) prepare and file with the SEC a registration statement on an appropriate registration form of the SEC for the disposition of such
Registrable Securities in accordance with the intended method of disposition thereof, which registration form (i) shall be selected by the Company and (ii) shall, in the case of a shelf registration, be available for the sale of the
Registrable Securities by the selling Holders thereof and such registration statement shall comply as to form in all material respects with the requirements of the applicable registration form and include all financial statements required by the SEC
to be filed therewith, and the Company shall use its reasonable best efforts to cause such registration statement to become effective and remain continuously effective from the date such registration statement is declared effective until the
earliest to occur (i) the first date as of which all of the Registrable Securities included in the registration statement have been sold or (ii) a period of 90 days in the case of an underwritten offering effected pursuant to a
registration statement other than a shelf registration statement and a period of three years in the case of a shelf registration statement (provided, however, that before filing a registration statement or prospectus or any amendments
or supplements thereto, or comparable statements under securities or state “blue sky” laws of any jurisdiction, or any free writing prospectus related thereto, the Company will furnish to one counsel for the Holders participating in the
planned offering (selected by the Majority Participating Holders) and to one counsel for the Manager, if any, copies of all such documents proposed to be filed (including all exhibits thereto), which documents will be subject to the reasonable
review and reasonable comment of such counsel (provided that the Company shall be under no obligation to make any changes suggested by the Holders), and the Company shall not file any registration statement or amendment thereto, any
prospectus or supplement thereto or any free writing prospectus related thereto to which the Majority Participating Holders or the underwriters, if any, shall reasonably object); 

(b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement continuously effective for the period set forth in Section 4.04(a) and to comply with the provisions of the Securities Act with respect to the sale or other disposition of all
Registrable Securities covered by such registration statement in accordance with the intended methods of disposition by the 

  
 18 

 
seller or sellers thereof set forth in such registration statement (and, in connection with any shelf registration statement, file one or more prospectus supplements covering Registrable
Securities upon the request of one or more Holders wishing to offer or sell Registrable Securities whether in an underwritten offering or otherwise); 

(c) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the Manager of such offering; 
 (d) furnish, without charge, to each Participating Holder and each underwriter, if any,
of the securities covered by such registration statement such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits), the prospectus included in such registration statement
(including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and each free writing prospectus utilized in connection therewith, in each case, in conformity with the
requirements of the Securities Act, and other documents, as such seller and underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such seller (the Company hereby
consenting to the use in accordance with all applicable law of each such registration statement (or amendment or post-effective amendment thereto) and each such prospectus (or preliminary prospectus or supplement thereto) or free writing prospectus
by each such Participating Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such registration statement or prospectus); 

(e) use its reasonable best efforts to register or qualify the Registrable Securities covered by such registration statement under such other
securities or state “blue sky” laws of such jurisdictions as any sellers of Registrable Securities or any managing underwriter, if any, shall reasonably request in writing, and do any and all other acts and things which may be reasonably
necessary or advisable to enable such sellers or underwriter, if any, to consummate the disposition of the Registrable Securities in such jurisdictions (including keeping such registration or qualification in effect for so long as such registration
statement remains in effect), except that in no event shall the Company be required to qualify to do business as a foreign corporation in any jurisdiction where it would not, but for the requirements of this paragraph (e), be required to be so
qualified, to subject itself to taxation in any such jurisdiction or to consent to general service of process in any such jurisdiction; 

(f) promptly notify each Participating Holder and each managing underwriter, if any: (i) when the registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement related thereto, any post-effective amendment to the registration statement or any free writing prospectus has been filed and, with respect to the registration statement or any
post-effective amendment, when the same has become effective; (ii) of any request by the SEC or state securities authority for amendments or supplements to the registration statement or the prospectus related thereto or for additional
information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings for that 

  
 19 

 
purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or state
“blue sky” laws of any jurisdiction or the initiation of any proceeding for such purpose; (v) of the existence of any fact of which the Company becomes aware which results in the registration statement or any amendment thereto, the
prospectus related thereto or any supplement thereto, any document incorporated therein by reference, any free writing prospectus or the information conveyed to any purchaser at the time of sale to such purchaser containing an untrue statement of a
material fact or omitting to state a material fact required to be stated therein or necessary to make any statement therein not misleading; and (vi) if at any time the representations and warranties contemplated by any underwriting agreement,
securities sale agreement, or other similar agreement, relating to the offering shall cease to be true and correct in all material respects; and, if the notification relates to an event described in clause (v), the Company shall promptly prepare and
furnish to each such seller and each underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading; 

(g) comply (and continue to comply) with all applicable rules and regulations of the SEC (including maintaining disclosure controls and
procedures (as defined in Exchange Act Rule 13a-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) in accordance with the Exchange Act), and make generally available to its security holders, as soon as
reasonably practicable after the effective date of the registration statement (and in any event within 45 days, or 90 days if it is a fiscal year, after the end of such 12 month period described hereafter), an earnings statement (which need not be
audited) covering the period of at least 12 consecutive months beginning with the first day of the Company’s first fiscal quarter after the effective date of the registration statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 thereunder; 
 (h)  (i)(A) cause all such Registrable Securities covered by
such registration statement to be listed on the principal securities exchange on which similar securities issued by the Company are then listed (if any), if the listing of such Registrable Securities is then permitted under the rules of such
exchange, or (B) if no similar securities are then so listed, to cause all such Registrable Securities to be listed on a national securities exchange and, without limiting the generality of the foregoing, take all actions that may be required
by the Company as the issuer of such Registrable Securities in order to facilitate the managing underwriter’s arranging for the registration of at least two market makers as such with respect to such shares with FINRA, and (ii) comply (and
continue to comply) with the requirements of any self-regulatory organization applicable to the Company, including all corporate governance requirements; 

(i) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities covered by such registration
statement not later than the effective date of such registration statement; 

  
 20 

 (j) enter into such customary agreements (including, if applicable, an underwriting agreement)
and take such other actions as the Majority Participating Holders or the underwriters shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (it being understood that the Holders of the Registrable
Securities which are to be distributed by any underwriters shall be parties to any such underwriting agreement and may, at their option, require that the Company make to and for the benefit of such Holders the representations, warranties and
covenants of the Company which are being made to and for the benefit of such underwriters); 
 (k) use its reasonable best efforts
(i) to obtain an opinion from the Company’s counsel and a comfort letter and updates thereof from the Company’s independent public accountants who have certified the Company’s financial statements included or incorporated by
reference in such registration statement, in each case, in customary form and covering such matters as are customarily covered by such opinions and comfort letters (including, in the case of such comfort letter, events subsequent to the date of such
financial statements) delivered to underwriters in underwritten public offerings, which opinion and letter shall be dated the dates such opinions and comfort letters are customarily dated and otherwise reasonably satisfactory to the underwriters, if
any, and to the Majority Participating Holders, and (ii) furnish to each Holder participating in the offering and to each underwriter, if any, a copy of such opinion and letter addressed to such underwriter; 

(l) deliver promptly to counsel for each Participating Holder and to each managing underwriter, if any, copies of all correspondence between
the SEC and the Company, its counsel or auditors and all memoranda relating to discussions with the SEC or its staff with respect to the registration statement, and, upon receipt of such confidentiality agreements as the Company may reasonably
request, make reasonably available for inspection by counsel for each Participating Holder, by counsel for any underwriter, participating in any disposition to be effected pursuant to such registration statement and by any accountant or other agent
retained by any Participating Holder or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all
information reasonably requested by any such counsel for a Participating Holder, counsel for an underwriter, accountant or agent in connection with such registration statement; 

(m) use its reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness of the registration statement, or
the prompt lifting of any suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction; 
 (n) provide a
CUSIP number for all Registrable Securities, not later than the effective date of the registration statement; 
 (o) use its best efforts to
make available its employees and personnel for participation in “road shows” and other marketing efforts and otherwise provide reasonable assistance to the underwriters (taking into account the needs of the Company’s businesses and
the requirements of the marketing process) in marketing the Registrable Securities in any underwritten offering; 

  
 21 

 (p) prior to the filing of any document which is to be incorporated by reference into the
registration statement or the prospectus (after the initial filing of such registration statement), and prior to the filing of any free writing prospectus, provide copies of such document to counsel for each Participating Holder and to each managing
underwriter, if any, and make the Company’s representatives reasonably available for discussion of such document and make such changes in such document concerning the Participating Holders prior to the filing thereof as counsel for the
Participating Holders or underwriters may reasonably request; 
 (q) furnish to counsel for each Participating Holder and to each managing
underwriter, without charge, at least one signed copy of the registration statement and any post-effective amendments or supplements thereto, including financial statements and schedules, all documents incorporated therein by reference, the
prospectus contained in such registration statement (including each preliminary prospectus and any summary prospectus), any other prospectus filed under Rule 424 under the Securities Act and all exhibits (including those incorporated by reference)
and any free writing prospectus utilized in connection therewith; 
 (r) cooperate with the Participating Holders and the managing
underwriter, if any, to facilitate the timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations
and registered in such names in accordance with the underwriting agreement at least three Business Days prior to any sale of Registrable Securities to the underwriters or, if not an underwritten offering, in accordance with the instructions of the
Participating Holders at least three Business Days prior to any sale of Registrable Securities and instruct any transfer agent and registrar of Registrable Securities to release any stop transfer orders in respect thereof; 

(s) cooperate with any due diligence investigation by any Manager, underwriter or Participating Holder and make available such documents and
records of the Company and its Subsidiaries that they reasonably request (which, in the case of the Participating Holder, may be subject to the execution by the Participating Holder of a customary confidentiality agreement in a form which is
reasonably satisfactory to the Company); 
 (t) take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

(u) take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of
such Registrable Securities; 
 (v) take all reasonable action to ensure that any free writing prospectus utilized in connection with any
registration covered by Section 4.01 or 4.02 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act 

  
 22 

 
to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and 

(w) in connection with any underwritten offering, if at any time the information conveyed to a purchaser at the time of sale includes any
untrue statement of a material fact or omits to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, promptly file with the SEC such amendments or
supplements to such information as may be necessary so that the statements as so amended or supplemented will not, in light of the circumstances, be misleading. 

To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a “WKSI”)
at the time any Demand Registration Request is submitted to the Company, and such Demand Registration Request requests that the Company file an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) (an
“automatic shelf registration statement”) on Form S-3, the Company shall file an automatic shelf registration statement which covers those Registrable Securities which are requested to be registered. The Company shall use its
reasonable best efforts to remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period during which the Registrable Securities remain Registrable Securities. If the Company does not pay the
filing fee covering the Registrable Securities at the time the automatic shelf registration statement is filed, the Company agrees to pay such fee at such time or times as the Registrable Securities are to be sold. If the automatic shelf
registration statement has been outstanding for at least three years, at the end of the third year the Company shall refile a new automatic shelf registration statement covering the Registrable Securities. If at any time when the Company is required
to re-evaluate its WKSI status the Company determines that it is not a WKSI, the Company shall use its reasonable best efforts to refile the shelf registration statement on Form S-3 and, if such form is not available, Form S-1 and keep such
registration statement effective during the period during which such registration statement is required to be kept effective. 
 If
the Company files any shelf registration statement for the benefit of the holders of any of its securities other than the Holders, the Company agrees that it shall include in such registration statement such disclosures as may be required by Rule
430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such shelf registration
statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. 
 It shall be a condition
precedent to the obligations of the Company to take any action pursuant to Sections 4.01, 4.02 or 4.04 that each Participating Holder shall furnish to the Company such information regarding themselves, the Registrable Securities held by them, and
the intended method of disposition of such securities as the Company may from time to time reasonably request so long as such information is necessary for the Company to consummate such registration and shall be used only in connection with such
registration. 

  
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 If any such registration statement or comparable statement under state “blue sky” laws
refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Company,
to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does not imply that such
Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required by the
Securities Act or any similar federal statute or any state “blue sky” or securities law then in force, the deletion of the reference to such Holder. 

Section 4.05. Registration Expenses. All Expenses incurred in connection with any registration, filing, qualification or
compliance pursuant to Article 4 shall be borne by the Company, whether or not a registration statement becomes effective. All underwriting discounts and all selling commissions relating to securities registered by the Holders shall be borne by the
holders of such securities pro rata in accordance with the number of shares sold in the offering by such Participating Holder. 

Section 4.06. Certain Limitations on Registration Rights. In the case of any registration under Section 4.01 pursuant
to an underwritten offering, or, in the case of a registration under Section 4.02, all securities to be included in such registration shall be subject to the underwriting agreement and no Person may participate in such registration or offering
unless such Person (i) agrees to sell such Person’s securities on the basis provided therein and completes and executes all reasonable questionnaires, and other documents (including custody agreements and powers of attorney) which must be
executed in connection therewith; provided, however, that all such documents shall be consistent with the provisions hereof, and (ii) provides such other information to the Company or the underwriter as may be necessary to
register such Person’s securities. 
 Section 4.07. Limitations on Sale or Distribution of Other Securities. 

(a) Each Holder and Non-Cellectis Holder agrees, (i) to the extent requested in writing by a managing underwriter, if any, of any
registration effected pursuant to Section 4.01, not to sell, transfer or otherwise dispose of, including any sale pursuant to Rule 144 under the Securities Act, any Company Shares, or any other equity security of the Company or any security
convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, not to exceed 90 days, and
(ii) to the extent requested in writing by a managing underwriter of any underwritten public offering effected by the Company for its own account, not to sell any Company Shares (other than as part of such underwritten public offering) during
the time 

  
 24 

 
period reasonably requested by the managing underwriter, which period shall not exceed 90 days; and, if so requested, each Holder and Non-Cellectis Holder agrees to enter into a customary lock-up
agreement with such managing underwriter. 
 (b) The Company hereby agrees that, if it shall previously have received a request for
registration pursuant to Section 4.01 or 4.02, and if such previous registration shall not have been withdrawn or abandoned, the Company shall not sell, transfer, or otherwise dispose of, any Company Shares, or any other equity security of the
Company or any security convertible into or exchangeable or exercisable for any equity security of the Company (other than as part of such underwritten public offering, a registration on Form S-4 or Form S-8 or any successor or similar form which is
(x) then in effect or (y) shall become effective upon the conversion, exchange or exercise of any then outstanding Company Shares Equivalent), until a period of 90 days shall have elapsed from the effective date of such previous
registration; and the Company shall (i) so provide in any registration rights agreements hereafter entered into with respect to any of its securities and (ii) use its reasonable best efforts to cause each holder of any equity security or
any security convertible into or exchangeable or exercisable for any equity security of the Company purchased from the Company at any time other than in a public offering to so agree. 

Section 4.08. No Required Sale. Nothing in this Agreement shall be deemed to create an independent obligation on the part
of any Holder to sell any Registrable Securities pursuant to any effective registration statement. 
 Section 4.09.
Indemnification. 
 (a) In the event of any registration and/or offering of any securities of the Company under the Securities
Act pursuant to this Article 4, the Company will, and hereby agrees to, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, fiduciaries, employees, shareholders, members or
general and limited partners (and the directors, officers, fiduciaries, employees, shareholders, members or general and limited partners thereof), any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who
controls such Holder or underwriter within the meaning of the Securities Act or Exchange Act, from and against any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) and
expenses (including reasonable fees of counsel and any amounts paid in any settlement effected with the Company’s consent, which consent shall not be unreasonably withheld or delayed) to which each such indemnified party may become subject
under the Securities Act or otherwise in respect thereof (collectively, “Claims”), insofar as such Claims arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any
registration statement under which such securities were registered under the Securities Act or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained in any preliminary or final prospectus or any amendment or supplement thereto, together with the documents incorporated by reference therein, or any
free  

  
 25 

 
writing prospectus utilized in connection therewith, or the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any untrue statement or alleged untrue statement of a material fact in the information conveyed by the Company to any purchaser at the time
of the sale to such purchaser, or the omission or alleged omission to state therein a material fact required to be stated therein, or (iv) any violation by the Company of any federal, state or common law rule or regulation applicable to the
Company and relating to action required of or inaction by the Company in connection with any such registration, and the Company will reimburse any such indemnified party for any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the Company shall not be liable to any such indemnified party in any such case to the extent such Claim arises out of
or is based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material fact made in such registration statement or amendment thereof or supplement thereto or in any such prospectus or any
preliminary or final prospectus or free writing prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such indemnified party specifically for use therein. Such indemnity and reimbursement
of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall survive the transfer of such securities by such seller. 

(b) Each Participating Holder shall, severally and not jointly, indemnify and hold harmless (in the same manner and to the same extent
as set forth in paragraph (a) of this Section 4.09) to the extent permitted by law the Company, its officers and directors, each Person controlling the Company within the meaning of the Securities Act, each underwriter (within the meaning
of the Securities Act) of the Company’s securities covered by such a registration statement, any Person who controls such underwriter, and any other Holder selling securities in such registration statement and each of its directors, officers,
partners or agents or any Person who controls such Holder with respect to any untrue statement or alleged untrue statement of any material fact in, or omission or alleged omission of any material fact from, such registration statement, any
preliminary or final prospectus contained therein, or any amendment or supplement thereto, or any free writing prospectus utilized in connection therewith, if such statement or alleged statement or omission or alleged omission was made in reliance
upon and in conformity with written information furnished to the Company or its representatives by or on behalf of such Participating Holder, specifically for use therein and reimburse such indemnified party for any legal or other expenses
reasonably incurred in connection with investigating or defending any such Claim as such expenses are incurred; provided, however, that the aggregate amount which any such Participating Holder shall be required to pay pursuant to this
Sections 4.09(b), 4.09(c) and 4.09(e) shall in no case be greater than the amount of the net proceeds actually received by such Participating Holder upon the sale of the Registrable Securities pursuant to the registration statement giving rise to
such Claim. The Company and each Participating Holder hereby acknowledge and agree that, unless otherwise expressly agreed to in writing by such Participating Holders to the contrary, for all purposes of this Agreement, the only information
furnished or to be furnished to the Company for use in any such registration statement, preliminary or final prospectus or  

  
 26 

 
amendment or supplement thereto or any free writing prospectus are statements specifically relating to (a) the beneficial ownership of Company Shares by such Participating Holder and its
Affiliates and (b) the name and address of such Participating Holder. Such indemnity and reimbursement of expenses shall remain in full force and effect regardless of any investigation made by or on behalf of such indemnified party and shall
survive the transfer of such securities by such Holder. 
 (c) Indemnification similar to that specified in the preceding paragraphs
(a) and (b) of this Section 4.09 (with appropriate modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any applicable
securities and state “blue sky” laws. 
 (d) Any Person entitled to indemnification under this Agreement shall notify
promptly the indemnifying party in writing of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this Section 4.09, but the failure of any indemnified party to provide such
notice shall not relieve the indemnifying party of its obligations under the preceding paragraphs of this Section 4.09, except to the extent the indemnifying party is materially and actually prejudiced thereby and shall not relieve the
indemnifying party from any liability which it may have to any indemnified party otherwise than under this Article 4. In case any action or proceeding is brought against an indemnified party, the indemnifying party shall be entitled to
(x) participate in such action or proceeding and (y) unless, in the reasonable opinion of outside counsel to the indemnified party, a conflict of interest between such indemnified and indemnifying parties may exist in respect of such
claim, assume the defense thereof jointly with any other indemnifying party similarly notified, with counsel reasonably satisfactory to such indemnified party. The indemnifying party shall promptly notify the indemnified party of its decision to
assume the defense of such action or proceeding. If, and after, the indemnified party has received such notice from the indemnifying party, the indemnifying party shall not be liable to such indemnified party for any legal or other expenses
subsequently incurred by such indemnified party in connection with the defense of such action or proceeding other than reasonable costs of investigation; provided, however, that (i) if the indemnifying party fails to take
reasonable steps necessary to defend diligently the action or proceeding within 20 days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so; (ii) if such indemnified party who is a
defendant in any action or proceeding which is also brought against the indemnifying party reasonably shall have concluded that there may be one or more legal or equitable defenses available to such indemnified party which are not available to the
indemnifying party or which may conflict with those available to another indemnified party with respect to such Claim; or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all indemnified parties in each jurisdiction, except to
the extent any indemnified party or parties reasonably shall have made a conclusion described in clause (ii) or (iii) above) and the indemnifying party shall be liable for any expenses therefor. No indemnifying party shall, without the
written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry  

  
 27 

 
of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an
actual or potential party to such action or claim), unless such settlement or compromise (i) includes an unconditional release of such indemnified party from all liability on any claims that are the subject matter of such action or claim and
(ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of an indemnified party. The indemnity obligations contained in Sections 4.09(a) and 4.09(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the indemnified party which consent shall not be unreasonably withheld. 

(e) If for any reason the foregoing indemnity is held by a court of competent jurisdiction to be unavailable to an indemnified party under
Section 4.09(a), (b) or (c), then each applicable indemnifying party shall contribute to the amount paid or payable to such indemnified party as a result of any Claim in such proportion as is appropriate to reflect the relative fault of
the indemnifying party, on the one hand, and the indemnified party, on the other hand, with respect to such Claim as well as any other relevant equitable considerations. The relative fault shall be determined by a court of law by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. If, however, the allocation provided in the second preceding sentence is not permitted by applicable law, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of the indemnifying party and the indemnified
party as well as any other relevant equitable considerations. The parties hereto agree that it would not be just and equitable if any contribution pursuant to this Section 4.09(e) were to be determined by pro rata allocation or by any other
method of allocation which does not take account of the equitable considerations referred to in the preceding sentences of this Section 4.09(e). The amount paid or payable in respect of any Claim shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such Claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11 (f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Notwithstanding anything in this Section 4.09(e) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to
this Section 4.09(e) to contribute any amount greater than the amount of the net proceeds actually received by such indemnifying party upon the sale of the Registrable Securities pursuant to the registration statement giving rise to such Claim,
less the amount of any indemnification payment made by such indemnifying party pursuant to Sections 4.09(b) and 4.09(c). 
 (f) The
indemnity and contribution agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or contract (except as set forth in subsection (h) below)
and shall remain operative and in full force and effect regardless of any investigation 

  
 28 

 
made or omitted by or on behalf of any indemnified party and shall survive the transfer of the Registrable Securities by any such party and the completion of any offering of Registrable
Securities in a registration statement. 
 (g) The indemnification and contribution required by this Section 4.09 shall be made by
periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expense, loss, damage or liability is incurred; provided, however, that the recipient thereof hereby
undertakes to repay such payments if and to the extent it shall be determined by a court of competent jurisdiction that such recipient is not entitled to such payment hereunder. 

(h) If a customary underwriting agreement shall be entered into in connection with any registration pursuant to Section 4.01 or 4.02, the
indemnity, contribution and related provisions set forth therein shall supersede the indemnification and contribution provisions set forth in this Section 4.09. 

Section 4.10. Underwritten Offerings. 

(a) Requested Underwritten Offerings. If the Initiating Holders request an underwritten offering pursuant to a registration
under Section 4.01 (pursuant to a request for a registration statement to be filed in connection with a specific underwritten offering or a request for a shelf takedown in the form of an underwritten offering), the Company shall enter into a
customary underwriting agreement with the underwriters. Such underwriting agreement shall (i) be satisfactory in form and substance to the Majority Participating Holders, (ii) contain terms not inconsistent with the provisions of this
Agreement and (iii) contain such representations and warranties by, and such other agreements on the part of, the Company and such other terms as are generally prevailing in agreements of that type, including indemnities and contribution
agreements on substantially the same terms as those contained herein (it being understood that an underwriting agreement in substantially the form of the underwriting agreement for the IPO shall be deemed to satisfy the foregoing requirements). Any
Participating Holder shall be a party to such underwriting agreement and may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such
underwriters shall also be made to and for the benefit of such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations
of such Participating Holder; provided, however, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Participating Holder for inclusion in the
registration statement (as set forth in the penultimate sentence of Section 4.09(b) of this Agreement). Each such Participating Holder shall not be required to make any representations or warranties to or agreements with the Company or the
underwriters other than customary representations, warranties or agreements regarding such Participating Holder, its ownership of, and title to, the Registrable Securities, any written information specifically provided by such Participating Holder
for inclusion in the registration statement and its intended method of distribution; and any liability of such Participating Holder to the Company, any underwriter or other Person under such underwriting agreement shall be 

  
 29 

 
limited to the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the registration statement and shall be limited to liability for
written information specifically provided by such Participating Holder (as set forth in the penultimate sentence of Section 4.09(b) of this Agreement). 

(b) Piggyback Underwritten Offerings. In the case of a registration pursuant to Section 4.02 which involves an underwritten
offering, the Company shall enter into an underwriting agreement in connection therewith and all of the Participating Holders’ Registrable Securities to be included in such registration shall be subject to such underwriting agreement. Any
Participating Holder may, at its option, require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of
such Participating Holder and that any or all of the conditions precedent to the obligations of such underwriters under such underwriting agreement be conditions precedent to the obligations of such Participating Holder; provided,
however, that the Company shall not be required to make any representations or warranties with respect to written information specifically provided by a Participating Holder for inclusion in the registration statement. Each such Participating
Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than customary representations, warranties or agreements regarding such Participating Holder, its ownership of, and
title to, the Registrable Securities, any written information specifically provided by such Participating Holder for inclusion in the registration statement (as set forth in the penultimate sentence of Section 4.09(b) of this Agreement) and its
intended method of distribution; and any liability of such Participating Holder to any underwriter or other Person under such underwriting agreement shall be limited to the amount of the net proceeds received by such Participating Holder upon the
sale of the Registrable Securities pursuant to the registration statement and shall be limited to liability for written information specifically provided by such Participating Holder (as set forth in the penultimate sentence of Section 4.09(b) of
this Agreement). 
 Section 4.11. Adjustments Affecting Registrable Securities. The provisions of this Article 4
shall apply, to the full extent set forth herein with respect to the Registrable Securities, to any and all shares of capital stock of the Company or any successor or assign of the Company (whether by merger, share exchange, consolidation, sale of
assets or otherwise) or any Subsidiary of the Company which may be issued in respect of, in exchange for or in substitution of, Registrable Securities and shall be appropriately adjusted for any stock dividends, splits, reverse splits, combinations,
recapitalizations and the like occurring after the date hereof. 
 Section 4.12. Rule 144 and Rule 144A. If the
Company shall have filed a registration statement pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act in respect of the Company Shares or Company Shares
Equivalents, the Company covenants that (i) so long as it remains subject to the reporting provisions of the Exchange Act, it will timely file the reports required to be filed by it under the Securities Act or the Exchange Act (including, but
not limited to, the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 under the Securities Act, as such Rule  

  
 30 

 
may be amended (“Rule 144”)) or, if the Company is not required to file such reports, it will, upon the request of any Holder, make publicly available other information so
long as necessary to permit sales by such Holder under Rule 144, Rule 144A under the Securities Act, as such Rule may be amended (“Rule 144A”), or any similar rules or regulations hereafter adopted by the SEC, and (ii) it will
take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (A) Rule 144, (B) Rule 144A or (C) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement by the
Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be
resold pursuant to Form S-3 (at any time after it so qualifies), a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company and such other information as may be reasonably
requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such securities without registration or pursuant to such form. 

Section 4.13. Limitations on Subsequent Registration Rights. From and after the effective date of the first registration
statement filed by the Company for the offering of its securities to the general public, the Company may, without the prior written consent of the Holders or the Non-Cellectis Holders, enter into any agreement with any holder or prospective holder
of any securities of the Company which provides such holder or prospective holder of securities of the Company comparable, but not more favorable or conflicting (including conflicting with any priorities set forth in Section 4.03), information and
registration rights granted to the Holders hereby. 
 ARTICLE 5 

TRANSFERS OF SHARES 

Section 5.01. Rights and Obligations of Permitted Transferees. 

(a) Any Permitted Transferee of a Holder may elect to become party to this Agreement and, upon execution and delivery of a customary joinder
agreement, shall be considered a Party hereto and be treated as a Holder for all purposes of this Agreement. 
 (b) Notwithstanding the
foregoing, Section 5.01(a) shall not apply to any Transfer of Company Shares to a Permitted Transferee completed pursuant to (i) a registration statement, (ii) an underwritten registered public offering or (iii) a bona fide sale
pursuant to a brokers’ transaction, transaction directly with a market maker or riskless principal transaction in each case in accordance with Rule 144 under the Securities Act (including block trades), in each case for which the transferor
does not have knowledge that such Company Shares are being transferred to a Permitted Transferee. 

  
 31 

 ARTICLE 6 

GENERAL PROVISIONS 

Section 6.01. Further Assurances. The Parties shall take all Necessary Action in order to give full effect to this
Agreement and every provision hereof. Each of the Company, the Holders and the Non-Cellectis Holders shall take or cause to be taken all lawful action necessary to ensure at all times that the Company’s Governing Documents are not at any time
inconsistent with the provisions of this Agreement. In addition, each Party shall do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments,
and documents as any other Party reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement. 

Section 6.02. Assignment; Benefit. The rights and obligations hereunder of the Parties shall not be assigned without the
prior written consent of Cellectis, Calyxt and any Permitted Transferee who becomes a Party pursuant to Article 5, except in connection with a transfer of Company Shares in compliance with Article 5. In addition, the registration rights set forth in
Article 4 may only be assigned in connection with a transfer of at least 10% of the then outstanding Company Shares. Any assignment of rights or obligations in violation of this Section 6.02 shall be null and void. This Agreement shall be
binding upon and shall inure to the benefit of the Parties, and their respective successors and permitted assigns. 

Section 6.03. Pledges. Upon the request of Cellectis to pledge, hypothecate or grant security interests in any or all of the
Company Shares held by it, including to banks or financial institutions as collateral or security for loans, advances or extensions of credit, the Company agrees to cooperate with Cellectis in taking action reasonably necessary to consummate any
such pledge, hypothecation or grant, including delivery of letter agreements to lenders in form and substance reasonably satisfactory to such lenders (which may include agreements by the Company in respect of the exercise of remedies by such
lenders) and instructing the transfer agent to transfer any such Company Shares subject to the pledge, hypothecation or grant into the facilities of The Depository Trust Company without restricted legends. 

Section 6.04. Termination. This Agreement shall terminate on the date on which Cellectis and its Affiliates no longer Beneficially
Own, in the aggregate, a number of Company Shares equal to at least 10% of the then outstanding Company Shares, unless Cellectis has made a transfer of Company Shares to a Person satisfying the definition of Permitted Transferee who has become a
party to this Agreement, in which case this Agreement shall terminate on the date on which such Person no longer Beneficially Owns in the aggregate a number of Company Shares equal to at least 10% of the then outstanding Company Shares. 

Section 6.05. Severability. In the event that any provision of this Agreement shall be invalid, illegal or unenforceable, such
provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected
or impaired thereby. 

  
 32 

 Section 6.06. Entire Agreement. This Agreement, the Governing Documents and
the other agreements referenced herein and therein constitute the entire agreement among the Parties with respect to the subject matter hereof, and supersede any prior agreement or understanding among them with respect to the matters referred to
herein. 
 Section 6.07. Amendment. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions of this Agreement may not be given without the written consent of the Company and holders of a majority of the Registrable
Securities; provided, however, that in no event shall the obligations of any holder of Registrable Securities be increased or the rights of any Holder be adversely affected (without similarly increasing or adversely affecting the
rights of all Holders), except upon the written consent of such Holder. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable
Securities whose securities are being sold pursuant to a registration statement and that does not directly or indirectly affect the rights of other Holders of Registrable Securities may be given by holders of at least a majority of the Registrable
Securities being sold by such Holders pursuant to such registration statement. 
 Section 6.08. This Agreement may not be amended,
modified, supplemented, waived or terminated (other than pursuant to Section 6.04) except with the written consent of Cellectis; provided that, any amendment, modification, supplement, waiver or termination that adversely affects the
rights of the Company under this Agreement, imposes additional obligations on the Company, or amends or modifies Section 3.01, Section 3.02, Article 6, and any corresponding definitions in Article 1, will require both (i) the written
consent of Cellectis and (ii) the written consent of the Company with the approval of the “independent directors” of the Company. 

Section 6.09. Waiver. Except as set forth in Section 6.08, no waiver of any breach of any of the terms of this Agreement
shall be effective unless such waiver is expressly made in writing and executed and delivered by the Party against whom such waiver is claimed. Waiver by any Party of any breach or default by any other Party of any of the terms of this Agreement
shall not operate as a waiver of any other breach or default, whether similar to or different from the breach or default waived. No waiver of any provision of this Agreement shall be implied from any course of dealing between the Parties or from any
failure by any Party to assert its or his or her rights hereunder on any occasion or series of occasions. 
 Section 6.10.
Counterparts. This Agreement may be executed in any number of separate counterparts each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

Section 6.11. Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests,
waivers, elections and other communications 

  
 33 

 
authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or delivered upon
receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery,
addressed as follows: 
 If to Calyxt, Inc., to: 

Calyxt, Inc. 
 600 County Road
D West 
 Suite 8 
 New
Brighton, MN 55112 
 Attention: Joseph Saluri, General Counsel 

E-mail: joseph.saluri@calyxt.com 

If to Cellectis S.A., to: 

Cellectis S.A. 
 8, rue de la
Croix Jarry 
 75013 Paris, France 

Attention: Marie-Bleuenn Terrier, General Counsel 

Facsimile: +33 (0)1 81 69 16 06 

E-mail: marie-bleuenn.terrier@cellectis.com 

  
 34 

 Section 6.12. Governing Law. This Agreement is governed by and will be construed in
accordance with the laws of the State of Delaware, excluding any conflict-of-laws rule or principle (whether of Delaware or any other jurisdiction) that might refer the governance or the construction of this Agreement to the law of another
jurisdiction. 
 Section 6.13. Jurisdiction. Each of the Parties (a) consents to submit itself to the personal jurisdiction
of the Court of Chancery of the State of Delaware in the event any dispute arises out of this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court and
(c) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery of the State of Delaware. Each Party hereby agrees that, to the
fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in Section 6.11 shall be effective service of process for any suit or proceeding in connection
with this Agreement. 
 Section 6.14. Waiver of Jury Trial. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT
THEREOF. The Company or any Holder may file an original counterpart or a copy of this Section 6.14 with any court as written evidence of the consent of any of the Parties to the waiver of their rights to trial by jury. 

Section 6.15. Specific Performance. It is hereby agreed and acknowledged that it will be impossible to measure the money
damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Agreement and that, in the event of any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate
remedy at law. Each Party shall, therefore, be entitled (in addition to any other remedy to which such Party may be entitled at law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the
posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the Parties shall raise the defense that there is an adequate remedy at law. 

  
 35 

 Section 6.16. Adjustments. All references in this Agreement to Company Shares shall
be appropriately adjusted for any stock dividends, splits, reverse splits, combinations, reclassifications, recapitalizations, reorganizations and the like occurring after the date hereof. 

Section 6.17. No Third Party Beneficiaries. This Agreement is not intended to confer upon any Person, except for the Parties, any
rights or remedies hereunder. 
 *  *  * 

  
 36 

 IN WITNESS WHEREOF, the parties set forth below have duly executed this Agreement as of the day
and year first above written. 
  

					
	CALYXT, INC.
		
	By:  	 	 
		 	Name:	 	
		 	Title:	 	

 
			
	CELLECTIS S.A.

  

			
	By:	 	 
	Name:  	 	
	Title:	 	

 
			
		
	By:	 	 
	Name:  	 	André Choulika

  

			
		
	By:	 	 
	Name:  	 	[                    ]

  

			
		
	By:	 	 
	Name:  	 	[                    ]

  

			
		
	By:	 	 
	Name:  	 	[                    ]

  

			
		
	By:	 	 
	Name:  	 	[                    ]

  

			
		
	By:	 	 
	Name:  	 	Federico A. Tripodi

  

			
		
	By:	 	 
	Name:  	 	Bryan W. J. Corkal

  

			
		
	By:	 	 
	Name:  	 	Dan Voytas

  

			
		
	By:	 	 
	Name:  	 	Feng Zhang

 
			
		
	By:	 	 
	Name:  	 	Manoj Sahoo

  

			
		
	By:	 	 
	Name:  	 	Glenn Bowers

  

			
		
	By:	 	 
	Name:  	 	Michel Arbadji

  

			
		
	By:	 	 
	Name:  	 	Joseph B. Saluri

 Schedule A 

Directors: 
 André Choulika 

[                ] 

[                ] 

[                ] 

[                ] 

Executive Officers: 
 Federico A. Tripodi 

Bryan W. J. Corkal 
 Dan Voytas 

Feng Zhang 
 Manoj Sahoo 

Glenn Bowers 
 Michel Arbadji 

Joseph B. SaluriEX-10.13

 Exhibit 10.13 

 
 

 
 May 6, 2016 
 Mr
Federico Tripodi 
 12510 Cinema Lane 
 Saint Louis, MO 63127

 Dear Mr Tripodi, 
 On behalf of Calyxt, Inc., (the
“Company”), I am pleased to offer you a position with the Company as Chief Executive Officer (CEO). This offer letter agreement (this “Letter”) sets forth the terms of your offer which, if you accept, will govern your employment
with the Company. 
  

	1.	Certain Definitions. Certain words or phrases used in this Letter with initial capital letters will have the meanings set forth in paragraph 10 hereof. 

 

	2.	Employment. If you accept the terms of this Letter by May 6, 2016, the Company will employ you beginning on May 23, 2016 (the “Effective Date”), upon the terms and conditions set forth in this
Letter, and ending as provided in paragraph 7 hereof. Notwithstanding anything in this Letter to the contrary, you will be an at-will employee of the Company and you or the Company may terminate your employment with the Company for any reason
or no reason at any time. The period during which you are employed by the Company is referred to in this Letter as the “Employment Term.” For sake of clarity, the employment will no be effective and this offer letter will automatically
terminate if the Company has not received confirmation of representative given by you as per paragraph 12 by May 20, 2016. 

  

	3.	 Position and Duties. You shall serve as CEO of the Company and shall have the duties, responsibilities and
authority consistent with an executive serving in such position, subject to the Company’s right to reasonably change such duties, responsibilities and authority, either generally or in specific instances. Further designation of duties shall be
made to you performed subject to the understanding between you and the Company that you shall be assigned no duties or responsibilities that are materially inconsistent with, or that materially

  
 

 

 

 
  
  

 
impair his ability to discharge, the foregoing duties and responsibilities of CEO. Otherwise, you agree to perform all duties reasonably assigned. You shall devote all of your business time and
attention to the performance of your duties under this Letter and will not engage in any other business activities, without the prior consent of the Company’s Board of Directors. Notwithstanding the foregoing, you will be permitted to purchase
and own less than five percent (5%) of the publicly-traded securities of any corporation, provided that such ownership represents a passive investment and that you are not a controlling person of, or a member of a group that controls such
corporation, and provided further that this ownership does not interfere with the performance of your duties and responsibilities to the Company, including but not limited to the duties and responsibilities set forth in this Section 3. You will
report to the Chairman of Board of Directors of Calyxt. All of the Company’s departments and employees shall, ultimately, report to you as CEO, except the Information Systems and Network Department employees who will directly report to the
Mother Company. The support functions will have dotted line to the Mother Company, following the internal procedures and rules of the Group. 
  

	4.	Place of Employment and Permanent Residence. 

  

	 	(a)	The principal place of your employment will be the Company’s corporate office that is presently located in New Brighton, Minnesota, as it may be established from time to time, except that you may be required to
travel on Company business during your employment. 

  

	 	(b)	Given the importance and nature of your position as CEO of Calyxt, and the Company’s business need for you to reside near its office in New Brighton, Minnesota, you agree to relocate your permanent, full-time
domicile to a residence within fifty (50) miles by car of the Company’s headquarters no later than six (6) months after the Effective Date The terms related to such relocation are set forth on the attached Exhibit A.

  

	5.	Annual Performance Objectives and Review. The Company’s Board of Directors shall annually establish performance objectives for your service as CEO, after giving consideration to your input and consultation
(“Performance Objectives”) within thirty (30) days of the Effective Date and by February 28 of each subsequent year of employment. The Board of Directors shall review annually your performance against the Performance Objectives
and shall, within thirty (30) days of December 31 of each year that you serve as CEO, prepare a written performance evaluation for you. You shall be provided a copy of each such evaluation for your review during or prior to the performance
review. The Board reserves the right to modify the objectives during the year. 

  
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	6.	Compensation and Benefits. 

  

	 	(a)	Salary. The Company shall pay you an annualized salary of $345,000 (the “Base Salary”) during the Employment Period in periodic installments in accordance with the Company’s payroll practices as
may be in effect from time to time, but not less frequently than monthly. Your Base Salary will be subject to review at least annually by the Board in conjunction with your annual performance review and the Board may, but will not be required to,
increase your Base Salary during the Employment Term. Any modification of your Base Salary resulting in a decrease in the annualized amount must be approved in writing by you. 

 

	 	(b)	Annual Performance Bonus. For each calendar year of the Employment Term, you will be eligible to receive an annual performance bonus (“Annual Performance Bonus”) from the Company, with the target amount
of such bonus equal to fifty percent (50%) of your Base Salary. You are eligible to earn a prorated Annual Performance Bonus for your individual contribution and the Company’s performance between the Effective Date and December 31,
2016. Your Annual Performance Bonus will be based on achievement of individual and/or Company performance goals that are established by the Board in accordance to paragraph 5. Following the close of each calendar year, the Board shall determine
whether you have earned an Annual Performance Bonus, and the amount of any such bonus, based on the goals established at the beginning of the year. Payment of the Annual Performance Bonus is expressly conditioned upon your employment with the
Company on the date the Annual Performance Bonus is paid, except in case of Termination Without Cause (as defined in paragraph 10) and conditions detailed in paragraph 8(b)(i). The Annual Performance Bonus will be paid within seventy-five
(75) days after the end of the calendar year to which it relates. Your target Annual Performance Bonus percentage will be subject to periodic review and adjustment by the Board, in its sole discretion, from time to time. The Board reserves the
right to modify, substitute or eliminate the Annual Performance Bonus in any subsequent fiscal year during the Employment Term. Any modification of your target amount of the Annual Performance Bonus resulting in a decrease of such target amount must
be approved in writing by you. 

  
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	 	(c)	Equity Award. 

  

	 	(i)	Not later than ninety days after the Effective Date, you will be granted a non-qualified stock option (the “Option”) to purchase up to 850 shares of the Company’s Common Stock, pursuant to the
Company’s Stock Incentive Plan (the “Plan”). The initial exercise price of the Option shall be equal to the fair market value per share of the Company’s Common Stock as of the date of grant. The estimated vesting schedule shown
on Exhibit A is a fair representation of the vesting of the current Plan which is also subject to other terms, conditions and definitions. 

  

	 	(ii)	You will be eligible to participate in and receive additional stock option or equity award grants under the Company’s equity incentive plan from time to time in the sole discretion of the Board, and in accordance
with the terms and conditions of such plans. 

  

	 	(d)	Executive Benefits Package. You will be entitled during your employment to participate in the Company’s Executive Benefits Package. The Company’s “Executive Benefits Package” means those
benefits (including benefits for which substantially all of the employees of the Company are from time to time generally eligible), as determined from time to time by the Company’s Board of Directors (the “Board”). The Company
reserves the right to amend or cancel any employee benefit plans, programs, or practices at any time in its sole discretion, subject to the terms of the employee benefit plan and applicable law. 

 

	 	(e)	Vacation. During the Employment Term, you shall be entitled to the greater of (i) the number of paid vacation days pursuant to the Company’s existing policies regarding paid vacations or
(ii) twenty (20) days of paid vacation per calendar year. Beginning on the Effective Date, your vacation time will accrue on a monthly basis at a rate of 1.67 days per month. Vacation time that is not used by you in the calendar year it
accrues may be carried over to the next calendar year, but you will cease to accrue additional vacation time beyond your annual accrual (i.e., 20 days) in any calendar year until you have taken vacation and your accrued vacation time has dropped
below the maximum annual accrual of 20 days. 

  

	 	(f)	Business Expenses. The Company will reimburse you for reasonable and necessary business expenses incurred by you in the conduct of Company business, in accordance with the Company’s reimbursement policies
and procedures. 

  

	7.	Termination Events. 

 Your employment with the Company will continue until terminated
upon the occurrence of any of the following events: 

  
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	 	(a)	Your death; 

  

	 	(b)	Your Permanent Disability; 

  

	 	(c)	Your written notice of your termination of your employment to the Board of Directors; 

  

	 	(d)	The termination of your employment by the Company at any time Without Cause (as defined in paragraph10) with the termination to take effect as determined by the Company; or 

 

	 	(e)	The termination of your employment by the Company For Cause (as defined in paragraph 10), with the termination to take effect immediately upon written notice by the Company to the Employee or upon a date determined by
the Company. 

  

	8.	Consequences of Termination. 

  

	 	(a)	Compensation upon Termination by Company – For Cause. Upon the termination of your employment For Cause, you will cease to have any rights to Base Salary, bonus awards, expense reimbursements, fringe benefits or
any other compensation or benefits of any nature, except that you will be entitled to receive any Base Salary that has accrued but is unpaid, any reimbursable expenses that have been incurred but are unpaid, and any unused vacation days that have
accrued under the Company’s vacation policy, as of your Termination Date, which will be paid in accordance with Company’s usual payroll procedures. (collectively, the “Accrued Amounts”). 

 

	 	(b)	Compensation upon Termination by Company – Not For Cause. 

  

	 	(i)	Upon the termination Without Cause of your employment provided for in paragraph 7(d), you will cease to have any rights to Base Salary, bonus awards, expense reimbursements, fringe benefits or any other compensation or
benefits of any nature, except that you will be entitled to receive the Accrued Amounts and Annual Performance Bonus on a prorata temporis basis. 

  

	 	(ii)	 So long as you are complying with the non-compete and other applicable obligations set forth in this agreement,
the Company shall continue to pay you Severance Pay in an amount equal to twelve (12) months of Base Salary at a rate in effect on the date of termination, reduced by any required federal, state and local taxes and any other applicable

  
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withholdings or deductions, with the Company’s payment of such salary continuation payable in periodic installments in accordance with the Company payroll practices. You agree and
acknowledge that the Company may condition the receipt of any Severance Pay due to you pursuant to this paragraph upon: (i) you entering into a full release of claims in favour of the Company, its affiliates and subsidiaries and their
respective officers and directors and separation agreement in such form as to be provided by the Company and (ii) such general release becomes effective within twenty-one (21) business days after the day it is provided to you for
execution, and is not thereafter revoked by you, and provided further that you comply with all terms and conditions of this separation agreement, you will receive the benefit to which you are entitled. In the event the Company invokes its
non-compete option as provided for in paragraph 9(b), your severance payment will end and the other terms and conditions of this separation agreement will continue. 

 

	 	(c)	Compensation upon Termination – By You. Upon your voluntary termination of your employment provided for in paragraph 7(c), you will cease to have any rights to Base Salary, bonus awards, expense
reimbursements, fringe benefits or any other compensation or benefits of any nature, except that you will be entitled to receive the Accrued Amounts. 

  

	 	(d)	Compensation Upon Termination – Death or Permanent Disability. In the event your employment is terminated because of death or Permanent Disability, you will cease to have any rights to Base Salary, bonus
awards, expense reimbursements, fringe benefits or any other compensation or benefits of any nature, except that you will be entitled to receive the Accrued Amounts. In the event your employment is terminated as a result of your death, your spouse
or, if you are not married at the time of your death, your estate will be entitled to the Accrued Amounts. 

  

	9.	Competitive Activity; Confidentiality; Non-Solicitation; Discoveries and Inventions; Works Made for Hire. 

  

	 	(a)	 Acknowledgements and Agreements. You hereby acknowledge and agree that in the performance of your duties to the
Company, you will be brought into frequent contact with existing Customers and Potential Customers of the Company throughout the world. You agree that trade secrets and confidential information of the Company, more fully described in

  
 Page 6 of 21 

 

 
  
  

	 	
subparagraph 9(e)(i), gained by you during your association with the Company, have been developed by the Company through substantial expenditures of time, effort and money and constitute valuable
and unique property of the Company. You further understand and agree that the foregoing makes it necessary for the protection of the Company’s Business that you do not compete with the Company during your employment with the Company and that
you do not compete with the Company for a reasonable period thereafter, as further provided in the following subparagraphs. 

  

	 	(b)	Competitive Activity. 

  

	 	(i)	While employed by the Company, and for a period of one (1) year following your Termination Date, you are obligated to provide notice to Cayxt of future activity and responsibilities (as provided for in subparagraph
9(b)(ii)) prior to starting a new position. Upon receipt of such notice, the Company will have a 10-day window to exercise a non-compete for a period not to exceed 12 months from the Termination Date. In such event, the Company will pay you your
base salary according to the Company payroll schedule less applicable withholdings. In the even (i) you are terminated without cause by the Company, (ii) the Company is paying a severance payment to you, and (iii) the Company invokes
its non-compete option, your severance payments will end and the non-compete payment will begin for a period not to exceed one year from Termination Date. In the event you breach this clause, you agree to reimburse immediately all severance and
non-compete payments you received from the Company. 

  

	 	(ii)	Direct or Indirect Competition. For the purpose of subparagraph 9(b)(i) but without limitation thereof, you shall notify the Company if you engage in any or all of the activities set forth therein directly as an
individual on your own account, or indirectly as a partner, joint venturer, employee, agent, salesperson, consultant, officer and/or director of any firm, association, partnership, corporation or other entity, or as a stockholder of any corporation
in which you or your spouse, child or parent owns, directly or indirectly, individually or in the aggregate, more than five percent of the outstanding stock. 

  

	 	(iii)	If it is judicially determined that you have violated subparagraph 9(b)(i), then the period applicable to each obligation that you have been determined to have violated will automatically be extended from the date of
judicial determination by a period of time equal in length to the period during which such violation(s) occurred. 

  
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	 	(c)	The Company. For purposes of this subparagraph 9(c), the Company will include any and all direct and indirect subsidiary, parent, affiliated, or related companies of the Company for which you worked or had
responsibility at the time of termination of your employment and at any time during the two-year period prior to such termination. 

  

	 	(d)	Non-Solicitation. 

  

	 	(i)	Of Customers. You will not directly or indirectly at any time during the period of your employment or for a period of twenty-four (24) months following your Termination Date, directly or indirectly, solicit,
divert, or take away or supervise any other person, firm, or other entity in soliciting, diverting, or taking away any Customer or Prospective Customer of the Company for the purpose of selling, performing or providing services related to he Company
Business to that Customer or Prospective Customer. 

  

	 	(ii)	Of Employees. You will not, directly or indirectly, at any time during the period of your employment or for a period of twenty-four (24) months following your Termination Date solicit, hire, employ, engage,
affiliate with for profit, retain (or assist any other person or entity in soliciting, hiring, employing, engaging, affiliating for profit or retaining) any person who was a Company employee or consultant or independent contractor at any time during
the one (1)-year period prior to your soliciting, hiring, employing, engaging, affiliating for profit or retaining, whether for your benefit or the benefit of any other person or organization other than the Company, or solicit, induce, or encourage
any such person to terminate or leave the Company’s employ, engagement, or other remunerative relationship with the Company. You acknowledge that this covenant is necessary to enable the Company to maintain a stable workforce and remain in
business. 

  

	 	(e)	Confidentiality. 

  

	 	(i)	 You will keep in strict confidence, and will not, directly or indirectly, at any time, during or after your
employment with the Company, disclose, furnish, disseminate, make available or, except in the course of performing your duties of employment, use any trade secrets or confidential business and technical information of the Company or its Customers,
suppliers or vendors, without limitation as to when or how you may have acquired such information. Such confidential information will include, without limitation, all information belonging to the Company,

  
 Page 8 of 21 

 

 
  
  

	 	
its affiliates, subsidiaries, or any other person or entity that has entrusted information to the Company in confidence, technology, computer programs or programming, systems, software, software
codes, designs, data bases, trade secrets, know-how, research, methods, manuals, records, product or service ideas or plans, work-in-progress, results, algorithms, inventions, developments, original works of authorship, discoveries, experimental
processes, experimental results, unpublished patent applications, laboratory notebooks, processes, formulas, investigation or research techniques, engineering designs and drawings, hardware configuration information, regulatory information, medical
reports, clinical data and analysis reagents, cell lines, biological materials, chemical formulas, financial information including but not limited to price lists, pricing methodologies, cost data, financial forecasts, historical financial data, and
budgets, marketing information, including but not limited to market share data, marketing plans, licenses, business plans, lists of the needs and preferences of Customers and Prospective Customers, promotional materials, training courses and other
training and instructional materials, vendor and product information, all agreements with third parties and terms of agreements, transactions and potential transactions, negotiations, information relating to employees and consultants of the Company,
including names, contact information, and expertise, lists of or information relating to suppliers and vendors and other business information disclosed by the Company (whether by oral, written, graphic or machine-readable format) which confidential
information is designated in writing to be confidential or proprietary, or if given orally, is confirmed in writing as having been disclosed as confidential or proprietary within a reasonable time (not to exceed 30 days after the oral
disclosure), or which information would, under the circumstances appear to a reasonable person to be confidential or proprietary. 

  

	 	(ii)	You specifically acknowledge that all such confidential information, whether reduced to writing, maintained on any form of electronic media, or maintained in your mind or memory and whether compiled by the Company,
and/or you, derives independent economic value from not being readily known to or ascertainable by proper means by others who can obtain economic value from its disclosure or use, that reasonable efforts have been made by the Company to maintain the
secrecy of such information, that such information is the sole property of the Company and that any retention and your use of such information during your employment with the Company (except in the course of performing your duties and obligations to
the Company) or after the termination of your employment will constitute a misappropriation of the Company’s trade secrets. 

  
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	 	(iii)	You agree that upon termination of your employment with the Company, for any reason, you will return to the Company, in good condition, all property of the Company, including without limitation, the originals and all
copies of any documents in whatever form (electronic, hard copy, etc.) or materials which contain, reflect, summarize, describe, analyze or refer or relate to any items of information listed in subparagraph 9(e)(i) of this Letter. You agree that all
confidential information, as listed in subparagraph 9(e)(i) of this Letter is the sole property of the Company and you have no right, title or interest to this property. In the event that such items are not so returned, the Company will have the
right to charge you for all reasonable damages, costs, attorneys’ fees and other expenses incurred in searching for, taking, removing and/or recovering such property. 

 

	 	(iv)	Notwithstanding the above, you will have no liability to the Company with regard to any confidential information you can prove was in the public domain at the time it was disclosed or entered the public domain through
no fault of yours. 

  

	 	(f)	Discoveries and Inventions; Work Made for Hire. 

  

	 	(i)	You agree that upon conception and/or development of any idea, discovery, invention, improvement, software, writing or other material or design that: (A) relates to the business of the Company, or (B) relates
to the Company’s actual or demonstrably anticipated research or development, or (C) results from any work performed by you for the Company, you will assign to the Company the entire right, title and interest in and to any such idea,
discovery, invention, improvement, software, writing or other material or design. (together, “Discoveries and Inventions”) Subject to the requirements of applicable state law, if any, you understand that Discoveries and Inventions will not
include, and the provisions of this Letter will not apply to any idea, discovery, invention, improvement, software, writing or other material or design that qualifies fully for exclusion under the provisions of applicable state law. You also agree
that any idea, discovery, invention, improvement, software, writing or other material or design that relates to the business of the Company or relates to the Company’s actual or demonstrably anticipated research or development which is
conceived or suggested by you, either solely or jointly with others, within one year following termination of your employment under this Letter or any successor agreements will be presumed to have been so made, conceived or suggested in the course
of such employment with the use of the Company’s equipment, supplies, facilities, and/or trade secrets. 

  
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	 	(ii)	You agree that during your employment, and for one year after termination of your employment under this Letter or any successor agreements, you will disclose immediately and fully to the Company any Discovery and
Invention conceived, made or developed by you solely or jointly with others. The Company agrees to keep any such disclosures confidential. You also agree to record descriptions of all work in the manner directed by the Company, agree that all such
records and copies, samples and experimental materials will be the exclusive property of the Company, and agree not to remove these records from the Company’s place of business except as expressly permitted by Company policy which may, from
time to time, be revised at the sole election of the Company for the purpose of furthering the Company’s business. You agree that at the request of and without charge to the Company, but at the Company’s expense, you will execute a written
assignment of the idea, discovery, invention, improvement, software, writing or other material or design to the Company and will assign to the Company any application for letters patent or for trademark registration made thereon, and to any
common-law or statutory copyright therein; and that you will do whatever may be necessary or desirable to enable the Company to secure any patent, trademark, copyright, or other property right therein in the United States and in any foreign country,
and any division, renewal, continuation, or continuation in part thereof, or for any reissue of any patent issued thereon. In the event the Company is unable, after reasonable effort, and in any event after ten business days, to secure you signature
on a written assignment to the Company of any application for letters patent or to any common-law or statutory copyright or other property right therein, whether because of your physical or mental incapacity or for any other reason whatsoever, you
irrevocably designate and appoint the General Counsel of the Company as your attorney-in-fact to act on your behalf to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of such
letters patent, copyright or trademark. Any assignment of the rights to an idea, discovery, invention, improvement, software, writing or other material or design includes all rights of attribution, paternity, integrity, modification, disclosure and
withdrawal, any other rights throughout the world that may be known or referred to as “moral rights,” “artists rights,” “droit moral,” or the like. (“Moral Rights”) To the extent that Moral Rights cannot be
assigned under applicable law, you hereby waive and agree not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under applicable law. 

  
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	 	(iii)	You acknowledge that, to the extent permitted by law, all work papers, reports, documentation, drawings, photographs, negatives, tapes and masters therefor, prototypes and other materials (hereinafter,
“items”), including without limitation, any and all such items generated and maintained on any form of electronic media, generated by you during your employment with the Company will be considered a “work made for hire” and that
ownership of any and all copyrights in any and all such items will belong to the Company. The item will recognize the Company as the copyright owner, will contain all proper copyright notices, e.g., “(creation date), All Rights Reserved,”
and will be in condition to be registered or otherwise placed in compliance with registration or other statutory requirements throughout the world. 

  

	 	(g)	Communication of Contents of Letter. While employed by the Company and for one year thereafter, you may communicate the contents of paragraph 9 of this Letter to any person, firm, association, partnership, corporation
or other entity that you intend to be employed by, associated with, or represent. 

  

	 	(h)	Former Agreements and Obligations. You agree that you will not disclose to the Company or induce the Company to use any secret or confidential information belonging to your former employers. Except as indicated, you
warrant that you are not bound by the terms of a confidentiality agreement or other agreement with a third party that would preclude or limit your right to work for the Company and/or to disclose to the Company any ideas, inventions, discoveries,
improvements or designs or other information that may be conceived during employment with the Company. Prior the Effective Date of employment with the Company, you agree to provide the Company with a copy of any and all agreements with a third party
that preclude or limit your right to make disclosures or to engage in any other activities contemplated by your employment with the Company. Without prejudice of the above, the Company hereby acknowledges and understands that, as part of your
confidential employment contract with your previous employer, you may have confidentiality provisions that survive termination of employment. 

  
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	 	(i)	Relief. You acknowledge and agree that the remedy at law available to the Company for breach of any of your obligations under this Letter would be inadequate. You therefore agree that, in addition to any other rights or
remedies that the Company may have at law or in equity, temporary and permanent injunctive relief may be granted in any proceeding which may be brought to enforce any provision contained in subparagraphs 9(b), 9(d), 9(e), 9(f), 9(g) and 9(h)
inclusive, of this Letter, without the necessity of proof of actual damage or the need to post a bond. 

  

	 	(j)	Reasonableness. You acknowledge that your obligations under this paragraph 9 are reasonable in the context of the nature of the Company’s Business and the competitive injuries likely to be sustained by the
Company if you were to violate such obligations. You further acknowledge that this Letter is made in consideration of, and is adequately supported by the agreement of the Company to perform its obligations under this Letter and by other
consideration, which you acknowledge constitutes good, valuable and sufficient consideration. 

  

	10.	Definitions. 

  

	 	(a)	“Customer” means any client, customer or account, including, but not limited to any person, firm, corporation, association or other business entity of any kind to which the Company has provided or is providing
products or services. 

  

	 	(b)	“Company’s Business” means the research, development, and/or commercialization of products and services based on gene-editing technologies in the field of
agriculture, food and plant sciences, which is to be construed to include all research, development, and/or commercialization of products and services as may hereinafter evolve within the gene editing field or is in planning or developmental stages
at the Company. 

  

	 	(c)	“Permanent Disability” means that, because of accident, disability, or physical or mental illness, you are incapable of performing your duties to the Company or any subsidiary, as determined by the Board.
Notwithstanding the foregoing, you will be deemed to have become incapable of performing your duties to the Company or any subsidiary, if you are incapable of so doing for (i) a continuous period of 90 days and remain so incapable at the end of
such 90 day period or (ii) periods amounting in the aggregate to 180 days within any one period of 365 days and remain so incapable at the end of such aggregate period of 180 days. 

  
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	 	(d)	“Prospective Customer” means any prospective client, customer or account, including, without limitation, any person, firm, corporation, association or other business entity of any kind with which the Company
had any negotiations or substantial discussions regarding the possibility of providing products or services within the one (1) year period preceding your Termination Date 

 

	 	(e)	“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and any guidance issued thereunder. 

 

	 	(f)	“Termination Date” means the effective date of your termination of employment with the Company. 

  

	 	(g)	“Termination For Cause” means the termination by the Company of your employment with the Company or any subsidiary as a result of (i) your conviction of or plea of guilty or nolo contendere to a crime
that constitutes a felony or a crime that constitutes a misdemeanor involving moral turpitude; (ii) your engagement in an act of fraud, dishonesty, or unauthorized disclosure of Confidential Information (as defined in this Letter);
(iii) your willful failure or refusal to comply with any valid and legal directive of the Board of Directors; (iv) your gross negligence or willful misconduct with respect to the Company or any subsidiary or affiliate of the Company;
(v) your failure or refusal to substantially perform your duties and responsibilities as CEO, (other than such failure resulting from incapacity due to physical or mental illness) which is not cured within five (5) days after written
notice thereof to you; (vi) your material failure to comply with the Company’s written policies or rules, as they may be in effect from time to time during your employment, which is not cured within five (5) days after written notice
thereof to you; or (vii) your material breach of this Letter or any other agreement with the Company, which is not cured within thirty (30) days after written notice thereof to you. 

 

	 	(h)	“Termination Without Cause” means the termination by the Company of your employment with the Company for any reason other than a termination for Permanent Disability, death, or a Termination for Cause.

  

	11.	Section 409(A). 

  

	 	(a)	 General Compliance. This Letter is intended to comply with Section 409(A) or an exemption thereunder and
will be construed and administered in accordance with Section 409(A). Notwithstanding any other provision of this Letter, payments provided under this Letter may only be made upon an event and in a manner that complies with Section 409(A)
or an applicable exemption. Any payments under this Letter that may be excluded from Section 409(a) either as separation pay provided due to an 

  
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involuntary separation from service or as a short-term deferral will be excluded from Section 409(A) to the maximum extent possible. For purposes of Section 409(A), each installment
payment provided under this Letter will be treated as a separate payment. Any payments to be made under this Letter upon a termination of employment will only be made upon a “separation from service” under Section 409A.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Letter comply with Section 409A and in no event will the Company be liable for all or any portion of any taxes, penalties,
interest or other expenses that may be incurred by you on account of non-compliance with Section 409A. 

  

	 	(b)	Specified Employees. Notwithstanding any other provision of this Letter, if any payment or benefit provided to you in connection with your termination of employment is determined to constitute “non-qualified
deferred compensation” within the meaning of Section 409A and you are determined to be a “specified employee” at that time as defined in Section 409A(a)(2)(b)(i), then such payment or benefit will not be paid until the first
payroll date to occur following the six-month anniversary of the Termination Date (the “Specified Employee Payment Date”) or, if earlier, on your death. The aggregate of any payments that would
otherwise have been paid before the Specified Employee Payment Date (and interest on such amounts calculated based on the applicable federal rate published by the Internal Revenue Service for the month in which your separation from service occurs
shall be paid to the you in lump sum on the specified Employee Payment date and thereafter, any remaining payments will be paid without delay in accordance with their original schedule. 

 

	12.	Representations. As of the Effective Day, you represent and warrant to the Company that: 

  

	 	(a)	Your acceptance of employment with the Company and your performance of the duties and responsibilities under this Letter will not conflict with or result in a violation of, a breach of, or a default under any contract,
agreement or understanding to which he is a party or otherwise bound. 

  

	 	(b)	Your acceptance of employment with the Company and the performance of your duties and responsibilities under this Letter will not violate any non-solicitation, non-competition or other similar covenant or agreement of a
prior employer. 

  
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	13.	Survival. Upon the termination of this Letter, the respective rights and obligations of the parties hereto will survive this termination to the extent necessary to carry out the intention of the parties to this
Letter. 

  

	14.	Taxes. The Company may withhold from any amounts payable under this Letter all federal, state, city or other taxes as the Company is required to withhold pursuant to any applicable law, regulation or ruling.
Notwithstanding any other provision of this Letter, the Company will not be obligated to guarantee any particular tax result for you with respect to any payment provided to you hereunder, and you will be responsible for any taxes imposed on you with
respect to any such payment. 

  

	15.	Notices. Any notice provided for in this Letter will be in writing, with a copy to respective individual email addresses, and will be either personally delivered, sent by reputable overnight carrier or mailed by
first class mail, return receipt requested, to the recipient at the address below indicated: 

 Notices to You: 

Mr Federico Tripodi 
 12510 Cinema
Lane 
 Saint Louis, MO 63127 

Notices to the Company: 

Mr. André CHOULIKA, President 

Calyxt, Inc 
 600 County Road D
STE 8 
 New Brighton, MN 55112 

or such other address or to the attention of such other person as the recipient party will have specified by prior written notice to the
sending party. Any notice under this Letter will be deemed to have been given when so delivered. 
  

	16.	 Severability. Whenever possible, each provision of this Letter will be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Letter is held to be invalid or unenforceable in any respect under any applicable law, such invalidity or unenforceability will not affect any other provision, but this Letter
will be reformed, construed and enforced as if such invalid or unenforceable provision had never been contained herein. Should a determination be made by the Court designated in paragraph 21 hereof that the character or duration scope of paragraph 9
of the Letter is unreasonable in light 

  
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of the circumstances as they then exist, then it is the intention and the agreement of the parties to the Letter that the provision be construed by the Court in such a manner as to impose only
those restrictions on the parties that are reasonable in light of the circumstances as they then exist and as are necessary to assure the parties of the intended benefit of the Letter. If, in any judicial proceeding, the Court refuses to enforce all
of the separate provisions included in the Letter because, taken together, they are more extensive than necessary to assure the parties of the intended benefit of the Letter, those provisions which, if eliminated, would permit the remaining separate
provisions to be enforced in such proceeding, will, for the purpose of such proceeding, be deemed eliminated from the Letter. 
  

	17.	Prevailing Party’s Litigation Expenses. In the event of litigation between you and the Company related to this Letter, the non-prevailing party will reimburse the prevailing party for any costs and expenses
(including, without limitation, attorneys’ fees) reasonably incurred by the prevailing party in connection therewith. 

  

	18.	Complete Agreement. This Letter embodies the complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior
understandings, agreements or representations by or between the parties, written or oral, which may have related to the subject matter hereof in any way. 

  

	19.	Counterparts. This Letter may be executed in separate counterparts, each of which will be deemed to be an original and both of which taken together will constitute one and the same agreement. 

 

	20.	Successors and Assigns. This Letter will bind and inure to the benefit of and be enforceable by you, the Company and your and the Company’s respective heirs, executors, personal representatives, successors
and assigns, except that neither party may assign any rights or delegate any obligations hereunder without the prior written consent of the other party. You hereby consent to the assignment by the Company of all of its rights and obligations
hereunder to any successor to the Company by merger or consolidation or purchase of all or substantially all of the Company’s assets, provided such transferee or successor assumes the liabilities of the Company hereunder. 

 

	21.	Governing Law. This Letter will be governed by, and construed in accordance with the laws of the State or Minnesota, and any actions to enforce or concerning the interpretation or enforceability of this Letter
will take place in the District Courts of Minnesota, Count of Ramsey. You specifically agrees to submit yourself to the jurisdiction of said Courts in the event of a dispute. 

  
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	22.	Amendment and Waiver. The provisions of this Letter may be amended or waived only with the prior written consent of you and the Company, and no course of conduct or failure or delay in enforcing the provisions of
this Letter will affect the validity, binding effect or enforceability of this Letter. 

  

	23.	Acknowledgement of Full Understanding. I acknowledge and agree that I have fully read and understand this Letter, and I have had the opportunity to ask questions and consult with an attorney of my choice before
signing this Letter. 

 If these terms are acceptable to you, please sign and date this Letter in the appropriate space below and return it to
me as soon as possible. We look forward to you becoming a part of our team. 
 Please call me with any questions. 

Sincerely, 
  

	
	
	/s/ André Choulika
	André CHOULIKA
	
	Date: May 6, 2016
	
	Agreed and Accepted:
	
	/s/ Federico Alberto Tripodi
	Federico Alberto Tripodi

  

			
		
	Date:	 	May 6, 2016

  
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 EXHIBIT A 

Estimated vesting schedule of the Stock Option Plan, subject to other terms, conditions and definitions of this Plan: 

 

	 	•	 	20% of the Total Number of Shares on the Date of the Grant; 

  

	 	•	 	10% of the Total Number of Shares on the first anniversary of the Date of the Grant; and 

  

	 	•	 	5% of the Total Number of Shares on the last day of each calendar quarter beginning after the first anniversary of the Date of Grant; 

and provided that the vested portion of this Option shall only become exercisable in the event that a Triggering Event or Initial Public Offering of
the Company occurs prior to the Expiration Date of the Option, in which case, an additional 25% of the Total Number of Shares shall immediately vest; and provided further that 100% of the Total Number of Shares shall vest in the event of
(i) termination of Optionee without Cause or (ii) resignation of Optionee for Good Reason, each of (i) and (ii) occurs within the 12 months following a Triggering Event. In all cases, in no event will more than 100% of the Total
Number of Shares vest. 

  
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 EXHIBIT B 

If you relocated your primary residence to within fifty (50) miles of the Company’s headquarters, on or before November 22, 2016, the Company
will provide the following relocation allowances described in (i) below upon satisfaction of the additional conditions described in (iii). 
  

	(i)	Relocation Assistance Reimbursement. The Company shall reimburse you for the following for the following types of expenses related to your relocation to a maximum reimbursement of Seventy Eight Thousand Dollars
($78,000): 

  

	 	(a)	Home Sale Assistance: The reasonable expenses incurred in disposing of your current residence, including the legal fees, document preparation fees, re-conveyance or recording fees, real estate transfer taxes, realtor
fees and commissions (up to 7%), title policy, mortgage prepayment penalties and other closing costs. Reimbursement will (A) not be provided for loss of value on sale of the home, fixing up and repair costs, prorated taxes after its sale,
principal on any mortgage or costs normally paid by buyer, (B) not exceed $50,000 and (C) not be applicable to any expenses incurred in paragraph (i)(a) of this Exhibit B after May 22, 2019. 

 

	 	(b)	House Hunting Trip. The expenses incurred for your and your spouse for up to 5 days/nights to travel to New Brighton, Minnesota area and surrounding counties to locate a new residence which will include air or ground
transportation (mileage at the Company’s reimbursement rate or coach class airfare), meals, lodging, baggage handling and transfer, and use of a rental car and shall not exceed $2,000. 

 

	 	(c)	Temporary living and transition expenses. During the period commencing May 23, 2016 through November 22, 2016, Company shall reimburse you for expenses Temporary Living Expenses. Eligible temporary living
expenses incurred while living within fifty (30) miles of the Company’s corporate headquarters and prior to relocation to a new residence. Eligible expenses include furnished long-term stay facility (a Residence Inn style facility) or
rental home (including utilities), mileage or airfare to St Louis, Missouri for 4 trips per month (on weekends), the use of a rental car until you make permanent transportation arrangements and storage of household. Reimbursement for these costs
shall be limited to $5,500 per month for up to six months. 

  

	 	(d)	Home Purchase Closing Costs. Closing costs related to the acquisition of a residence as described in paragraph 4(b) of this letter. Eligible costs would include survey and appraisal fees, legal fees and normal closing
costs (such as certification of title fee, loan origination fees and expenses, costs of inspections, filing fees, credit report) and any other typical residential acquisition transaction costs excluding actual mortgage costs or purchase price.

  
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	 	(e)	Movement of Household Goods. The actual cost of preparation, packing, loading, transport, and unloading of household goods for relocation to a new residence. Reimbursable costs include storage costs for your household
goods and personal effects either at the destination or point of departure (not both) until a new permanent residence is available, for up to 90 days, as well as travel costs to move Employee and his immediate family members to the new residence. In
addition, up to $2,000 would be available for the actual expenses for temporary lodging and meals (for up to 5 days) for you and your spouse while and after household goods are being and have been moved as well as the mileage costs for the actual
relocation trip. 

  

	(ii)	Income Tax Gross Up Payment. To the extent that the expenses reimbursed pursuant to paragraph (i)(a) of this Exhibit A are not deductible to you for federal income tax purposes, then the Company shall make an
additional payment to Employee to compensate you for the income tax cost associated with such non-tax deductible. This payment shall equal thirty percent (30%) of the amount of any reimbursements that are not deductible by you for federal
income tax purposes. Provided, however, the foregoing payment shall not, in any instance exceed Twenty Thousand Dollars ($20,000). 

  

	(iii)	Conditions of Payment. The foregoing expense reimbursements shall be paid as incurred upon submission for reimbursement requests by you. Further, reimbursement shall be conditioned upon presentation to the Company of
all appropriate documentation consistent with the Company’s expense reimbursement policies. 

  

	(iv)	Reimbursement of Relocation Expenses. You shall be required to repay all (or a portion of all) of the amounts paid to you, or your behalf, pursuant to paragraph (i)(a) of this Exhibit B under the following conditions.

  

	 	(a)	If you have not substantially completed relocation on or before November 22, 2016, you shall repay all amounts paid to you to the Company. 

 

	 	(b)	If you do timely complete relocation but voluntarily terminates your employment with the Company or your employment is involuntarily terminated for Cause prior to May 23, 2019, you shall repay a prorated portion of
the sums paid to you, within thirty (30) days of termination of employment. 

  
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