Document:

Exhibit 4.4 

 

Form of Subordinated Note 

 

(FACE OF SECURITY) 

 

[Each Global Security shall bear substantially the following
legend: 

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES
IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

[If the Security has original issue discount for U.S. federal
income tax purposes, insert tax legend: 

 

[FOR PURPOSES OF SECTIONS 1272, 1273, and 1275 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (“THE CODE”), THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE AMOUNT
OF ORIGINAL ISSUE DISCOUNT (AS DEFINED IN SECTION 1273(A)(1) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-1(A)) WITH RESPECT
TO THIS SECURITY IS , THE ISSUE DATE (AS DEFINED IN SECTION 1275(A)(2) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-2(A)(2))
OF THIS SECURITY IS , THE ISSUE PRICE (AS DEFINED IN SECTION 1273(B) OF THE CODE AND TREASURY REGULATION SECTION 1.1273-2(A)) OF
THIS SECURITY IS , AND THE YIELD TO MATURITY (AS DEFINED IN TREASURY REGULATION SECTION 1.1272-1(B)) OF THIS SECURITY IS .]
] 

 

     

     

    

  

AQUA METALS, INC.

[ Title of Security ]

 

	 	 	 
	No. [ ]	 	CUSIP No.: [ ]
	 	 	[Common Code][ISIN]: [ ]
	 	 	[$ ]

 

AQUA METALS, INC., a Delaware corporation (“Issuer”,
which term includes any successor corporation), for value received promises to pay to [If the Security is a Global Security
— CEDE & CO.][If the Security is not a Global Security — ] or registered assigns, the principal sum
of on , (the “Maturity Date”) [If the Security is to bear interest prior to maturity, insert—, and to
pay interest thereon from or from the most recent interest payment date to which interest has been paid or duly provided for, [semiannually
in arrears on and in each year], commencing , (each, an “Interest Payment Date”) at the rate of [ % per annum],
until the principal hereof is paid or made available for payment [If applicable insert—, and (to the extent that the
payment of such interest shall be legally enforceable) at the rate of % per annum on any overdue principal and on any overdue installment
of interest]. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in the Indenture (as defined below), be paid to the Holder in whose name this Security (or one or more predecessor Securities)
is registered at the close of business on the record date for such interest, which shall be the or (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date (each, an “Interest Record Date”). Interest will be computed
on the basis of [a 360-day year of twelve 30-day months].]

 

[If the Security is not to bear interest prior to maturity,
insert—The principal of this Security shall not bear interest except in the case of a default in payment of principal
upon acceleration, upon redemption or at maturity and, in each such case, the overdue principal of this Security shall bear interest
at the rate of % per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from
the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue
principal shall be payable on demand.]

 

Reference is made to the further provisions set forth on the
reverse of this Security contained herein, which will for all purposes have the same effect as if set forth at this place.

 

     

     

    

  

IN WITNESS WHEREOF, the Issuer has caused this Security to be
signed manually or by facsimile by its duly authorized officer under its corporate seal.

 

 

	 	AQUA METALS, INC.
	 	 	 
	 	By:	 	
 
	 	 	Name:	
  
	 	 	Title:	
 
	 	 	 	 	 

 

	Attest:
	 	 
	By:	
 
	Name:	
 
	Title:	
 

 

This is one of the Securities of the series designated herein
and referred to in the within-mentioned Indenture.

 

Dated: [ ]

 

	 	, as Trustee
	 	 	 
	 	By:	
 
	 	 	Title:	
 

 

     

     

    

  

(REVERSE OF SECURITY) 

 

AQUA METALS, INC. 

 

[ Title of Security ] 

 

	1.	Indenture 

 

This Security is one of a duly authorized issue of debentures,
notes or other evidence of indebtedness (hereinafter called the “Securities”) of the Issuer of the series hereinafter
specified, which series is initially limited in aggregate principal amount to [$] , all of such Securities issued and to
be issued under an Indenture dated as of , (the “Indenture”) between the Issuer and as trustee (the “Trustee”).
Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the
date of the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture
Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the
terms of this Security and the terms of the Indenture, the terms of the Indenture shall control. 

 

This Security is one of a series of Securities designated pursuant
to the Indenture [and an [Supplemental Indenture] dated ____________, issued pursuant to Section 2.01 and Section 2.03 thereof
(the “Supplement”)] as . The Securities are general unsecured obligations of the Issuer. The Issuer may, subject to
the provisions of the Indenture and applicable law, issue additional Securities of any series under the Indenture. 

 

	2.	Method of Payment. 

 

The Issuer shall pay interest on the Securities (except defaulted
interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding
the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and
prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect principal payments. The Issuer
shall pay Principal and interest in money of [the United States] that at the time of payment is legal tender for payment
of public and private debts. [However, the payments of interest, and any portion of the Principal (other than interest payable
at maturity or on any redemption or repayment date or the final payment of Principal) shall be made by the Paying Agent, upon receipt
from the Issuer of immediately available funds by [a./p.m.], New York City time (or such other time as may be agreed to
between the Issuer and the Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the
Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be
so made and designating the bank account to which such payments shall be so made and in the case of payments of Principal surrenders
the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed principal
amount of the Securities surrendered.] 

 

	3.	Redemption. 

 

[The Securities of this series may be redeemed at any time
[on or after , ], as a whole or in part, at the option of the Issuer, upon mailing notice of such redemption not
less than 30 and not more than 60 days to the Holders of such Securities, at a redemption price equal to .] 

 

	4.	Paying Agent and Security Registrar 

 

Initially, the Trustee will act as Paying Agent and Security
Registrar. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders.

 

	5.	Denominations; Transfer; Exchange. 

 

The Securities are in registered form, without coupons, in denominations
of [$1,000] and multiples of [$1,000]. A Holder shall register the transfer of or exchange Securities in accordance
with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture.
[The Issuer need not register the transfer of or exchange (a) any Securities for a period of fifteen (15) days preceding the
first mailing of notice that such Securities are to be redeemed, or (b) any Securities selected, called or being called for redemption
in whole or in part, except, in the case of any Security to be redeemed in part, the portion thereof not to be so redeemed.] 

 

    1

     

    

 

 

	6.	Persons Deemed Owners. 

 

The registered Holder of a Security shall be treated as the
owner of it for all purposes.

 

	7.	Unclaimed Funds. 

 

If funds for the payment of principal or interest remain unclaimed
for two years, the Trustee and the Paying Agent will repay the funds to the Issuer. After that, all liability of the Trustee and
such Paying Agent with respect to such funds shall cease.

 

	8.	Defeasance. 

 

The Indenture [as amended by the Supplement] contains
provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on this Security and (b) certain restrictive
covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth therein, which provisions
[apply] to this Security. 

 

	9.	Amendment; Supplement; Waiver. 

 

Subject to certain exceptions, the Securities of this series,
[the Supplement] and the provisions of the Indenture relating to the Securities of this series may be amended or supplemented with
the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of this series then outstanding,
and any existing Default or Event of Default, other than the non-payment of the principal amount of or interest on the Securities
of this series, or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate
principal amount of all the Securities of this series, then outstanding.

 

Without notice to or consent of any Holder, the parties thereto
may amend or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide
for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely
affect the rights of any Holder of a Security.

 

	10.	Defaults and Remedies. 

 

If an Event of Default (other than certain bankruptcy Events
of Default with respect to the Issuer) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of Securities of this series then outstanding (voting as a separate class) by notice in writing to the Issuer (and also
to the Trustee if such notice is given by the Holders) may declare [the entire principal] of the Securities of this series
and the interest accrued thereon, if any, to be due and payable immediately in the manner and with the effect provided in the Indenture.
If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then [the entire principal] of the
Securities then outstanding and interest accrued thereon, if any, shall become due and payable immediately in the manner and with
the effect provided in the Indenture. Holders of Securities may not enforce the Indenture or the Securities except as provided
in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory
to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount
of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders
of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest. 

 

	11.	Subordination. 

 

Reference is made to the Indenture, including, without limitation,
provisions subordinating the payment of principal of and premium, if any, and interest on the Securities to the prior payment in
full of all Senior Indebtedness as defined in the Indenture. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

	12.	Trustee Dealings with Issuer. 

 

The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee.

 

    2

     

    

 

 

	13.	No Recourse Against Others. 

 

No stockholder, director, officer, employee or incorporator,
past, present or future as such, of the Issuer or any predecessor or successor corporation thereof shall have any liability for
any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations
or their creation. Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release
are part of the consideration for the issuance of the Securities.

 

	14.	Authentication. 

 

This Security shall not be valid until the Trustee manually
signs the certificate of authentication on this Security.

 

	15.	Abbreviations and Defined Terms. 

 

Customary abbreviations may be used in the name of a Holder
of a Security or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

	16.	CUSIP Numbers. 

 

Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and
reliance may be placed only on the other identification numbers printed hereon.

 

	17.	Governing Law. 

 

The laws of the State of New York shall govern the Indenture
and this Security thereof, and for all purposes this Security shall be governed by and construed in accordance with the laws of
such State without regard to any principle of conflict of laws that would require or permit the application of the laws of any
other jurisdiction, except as may otherwise be required by mandatory provisions of law.

 

    3

     

    

 

 

ASSIGNMENT FORM 

 

I or we assign and transfer this Security to

 

	  
	

	(Print or type name, address and zip code of assignee or transferee)
	 
	  
	

	(Insert Social Security or other identifying number of assignee or transferee)

 

and irrevocably appoint agent to transfer this Security on
the books of the Issuer. The agent may substitute another to act for him.

	 	 	 	 	 	 	 	 	 
	Dated:	 	
	 	 	 	Signed:	 	
 
	 	 	 	 	 	 	 	 	(Signed exactly as name appears on the other side of this Security)

 

	Signature	 	 
	Guarantee:	 	

	 	 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)

 

    4EX-4.2

 Exhibit 4.2 

FULGENT THERAPEUTICS LLC 

INVESTOR’S RIGHTS AGREEMENT 

Dated as of May 17, 2016 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	Registration Rights 
	  	 	1	  
				
		  	1.1	  	Definitions	  	 	1	  
		  	1.2	  	Request for Registration	  	 	2	  
		  	1.3	  	Company Registration	  	 	4	  
		  	1.4	  	Form S-3 Registration	  	 	4	  
		  	1.5	  	Obligations of the Company	  	 	5	  
		  	1.6	  	Information from Holder	  	 	7	  
		  	1.7	  	Expenses of Registration	  	 	8	  
		  	1.8	  	Delay of Registration	  	 	8	  
		  	1.9	  	Indemnification	  	 	9	  
		  	1.10	  	Reports Under Securities Exchange Act of 1934	  	 	11	  
		  	1.11	  	Assignment of Registration Rights	  	 	11	  
		  	1.12	  	Limitations on Subsequent Registration Rights	  	 	12	  
		  	1.13	  	“Market Stand-Off” Agreement	  	 	12	  
		  	1.14	  	Termination of Registration Rights	  	 	13	  
			
	 2.
	  	 Covenants of the Company
	  	 	13	  
				
		  	2.1	  	Delivery of Financial Statements	  	 	13	  
			
	 3.
	  	 Miscellaneous
	  	 	14	  
				
		  	3.1	  	Successors and Assigns	  	 	14	  
		  	3.2	  	Governing Law; Venue	  	 	14	  
		  	3.3	  	Counterparts	  	 	14	  
		  	3.4	  	Titles and Subtitles	  	 	14	  
		  	3.5	  	Notices	  	 	14	  
		  	3.6	  	Expenses	  	 	15	  
		  	3.7	  	Amendments and Waivers	  	 	15	  
		  	3.8	  	Severability	  	 	15	  
		  	3.9	  	Aggregation of Stock	  	 	15	  
		  	3.10	  	Entire Agreement	  	 	15	  

  
 -i- 

 FULGENT THERAPEUTICS LLC 

INVESTOR’S RIGHTS AGREEMENT 

THIS INVESTOR’S RIGHTS AGREEMENT (this “Agreement”) is entered into effective as of May 17, 2016, by and between Fulgent
Therapeutics LLC, a California limited liability company (the “Company”), and Xi Long USA, Inc., a Delaware corporation (the “Investor”). The Company and the Investor are sometimes collectively referred to herein as
the “Parties” and individually as a “Party.” 
 RECITALS 

 

	A.	WHEREAS, the Investor and the Company are parties to that certain Class D-2 Preferred Share Purchase and Exchange Agreement, dated as of the date hereof (the “Purchase Agreement”), relating to the
Company’s issuance and sale of 5,131,579 shares (the “Investment Shares”) of the Company’s Class D-2 Preferred Shares (the “D-2 Preferred Shares”) to the Investor; 

 

	B.	WHEREAS, the Investor also entered into Share Purchase Agreements pursuant to which the Investor purchased from the other parties thereto a total of 10,263,158 shares of the Company’s issued and outstanding Shares
(the “Seller Shares”); 

  

	C.	WHEREAS, pursuant to the terms of the Purchase Agreement, the Investor and the Company exchanged the Seller Shares for Class D-2 Preferred Shares (“Exchanged Shares” and together with the Investment
Shares, the “Acquired Shares”) as described therein; and 

  

	D.	WHEREAS, the obligations of the Company and the Investor under the Purchase Agreement are conditioned, among other things, upon the execution and delivery of this Agreement by the Investor and the Company.

 AGREEMENT 

NOW, THEREFORE, in consideration of the mutual premises and covenants set forth herein, the Parties agree as follows: 

1. Registration Rights. 

1.1 Definitions. For purposes of this Section 1: 

(a) The term “Act” means the Securities Act of 1933, as amended. 

(b) The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act
subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
 1 

 (c) The term “Holder” means any person owning or having the right to acquire
Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof. 
 (d) The term “Initial Public
Offering” means the first firm commitment underwritten public offering of securities of the Company pursuant to an effective registration statement under the Act (other than a registration statement relating either to the sale of securities
to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145 transaction). 
 (e) The term
“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or
ordering of effectiveness of such registration statement or document. 
 (f) The term “Registrable Securities” means
(i) the Acquired Shares, and (ii) any Common Shares of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in
exchange for, or in replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person (x) in a transaction in which his, her or its rights under this Section 1 are not
assigned, (y) pursuant to a registration statement under the Act that has been declared effective and such Registrable Securities have been disposed of pursuant to such effective registration statement or (z) in a transaction in which such
Registrable Securities are sold pursuant to Rule 144 (or any similar provision then in force) under the Act. 
 (g) The number of
shares of “Registrable Securities then outstanding” shall be determined by the number of shares of Common Shares outstanding that are, and the number of shares of Common Shares issuable pursuant to then exercisable or convertible
securities that are, Registrable Securities. 
 (h) The term “SEC” shall mean the Securities and Exchange Commission. 

(i) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

Capitalized terms that are not otherwise defined herein shall have the respective meanings assigned to them in the Third Amended and Restated Operating
Agreement of the Company. 
 1.2 Request for Registration. 

(a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time three (3) years after the date of this
Agreement a written request from the Holders of a majority or more of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of
at least fifty percent (50%) of the then outstanding Registrable Securities, provided that the anticipated aggregate offering price from such offering would exceed $35,000,000, then the Company shall, within twenty (20) days of the receipt thereof,
give written notice of such request 

  
 2 

 
to all Holders, and subject to the limitations of this Section 1.2, use best efforts to effect, as soon as practicable, the registration under the Act of all Registrable Securities that the
Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a). 

(b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they
shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any Holder to include
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a
majority in interest of the Initiating Holders and such Holder) to the extent provided herein. 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 by the Company. Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities
underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be
allocated to the Holders of such Registrable Securities on a pro rata basis (as nearly as practicable) based on the number of Registrable Securities held by all such Holders (including the Initiating Holders), provided that no Registrable Securities
shall be excluded unless and until all other securities of the Company have been excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) In addition, the Company shall not be required to effect a registration pursuant to this Section 1.2: 

(i) after the Company has effected one (1) registration pursuant to this Section 1.2, and such registration has been declared or ordered
effective; 
 (ii) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of
the filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3, provided that the Company is actively employing in good faith all reasonable efforts to
cause such registration statement to become effective; 
 (iii) if the Initiating Holders propose to dispose of Registrable Securities that
may be registered on Form S-3 pursuant to Section 1.4; 
 (iv) if the Company shall furnish to Holders requesting a registration pursuant
to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company
and its shareholders for such registration to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders, provided that
such right to delay a request shall be exercised by the Company not more than twice in any twelve (12)-month period; or 
 (v) in any
particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required
under the Act. 

  
 3 

 1.3 Company Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
Company for shareholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities to participants in a
Company stock plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities, a registration in which the only Common Shares being registered are Common Shares issuable upon conversion of debt securities that are also being registered, or a registration
in connection with the Initial Public Offering), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by
the Company, the Company shall, subject to the provisions of Section 1.5(e), use its best efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. 

(b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance
with Section 1.7 hereof. 
 1.4 Form S-3 Registration. In case the Company shall receive from the Holders of at least fifty
percent (50%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities
owned by such Holder or Holders, the Company shall: 
 (a) promptly give written notice of the proposed registration, and any related
qualification or compliance, to all other Holders; and 
 (b) use best efforts to effect, as soon as practicable, such registration and all
such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such
portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall
not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: 
 (i) if Form S-3 is not
available for such offering by the Holders; 

  
 4 

 (ii) if the Holders, together with the holders of any other securities of the Company entitled
to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000; 

(iii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer or Chairman of the Board of the Company
stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its shareholders for such Form S-3 registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 1.4; 

(iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two registration on Form
S-3 for the Holders pursuant to this Section 1.4; or 
 (v) in any particular jurisdiction in which the Company would be required to
qualify to do business, where not otherwise required, or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) Subject to the foregoing, the Company shall use best efforts to file a registration statement covering the Registrable Securities and
other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as requests for registration effected
pursuant to Section 1.2 or Section 1.4. 
 1.5 Obligations of the Company. Whenever required under this Section 1
to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and
file with the SEC a registration statement with respect to such Registrable Securities and use best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities
registered thereunder, keep such registration statement effective for a period of up to 60 days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; provided, however, that (i) such 60 day period
shall be extended for a period of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of Common Shares (or other securities) of the Company; and (ii) in the
case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such 60 day period shall be extended, if necessary, to keep the registration statement effective until all such
Registrable Securities are sold, provided that Rule 

  
 5 

 
415, or any successor rule under the Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Act governing the obligation to file a
post-effective amendment permit, in lieu of filing a post-effective amendment which (I) includes any prospectus required by Section 10(a)(3) of the Act or (II) reflects facts or events representing a material or fundamental change in the
information set forth in the registration statement, the incorporation by reference of information required to be included in (I) and (II) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934 Act in the
registration statement; 
 (b) prepare and file with the SEC such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to each Holder (i) a draft copy of the registration statement, and (ii) such numbers of copies of a prospectus, including a
preliminary prospectus, in conformity with the requirements of the Act, and such other documents as it may reasonably request in order to facilitate the disposition of Registrable Securities owned by it; 

(d) use best efforts to register and qualify the securities covered by such registration statement under such other securities or “blue
sky” laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business, where not otherwise required, or to
file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Act; 

(e) 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 managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. In connection with any offering involving an underwriting of
shares of the Company’s capital stock, the Company shall not be required to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the
underwriters selected by the Company and enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company. If the total amount of securities, including Registrable Securities, requested by
shareholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then subject to Section 1.2
above, the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering but in no
event shall the amount of securities of the selling Holders included in the offering be reduced below twenty five percent (25%) of the total amount of securities included in such offering, unless such offering is the Initial Public Offering of the
Company’s securities, in which case the selling shareholders may be excluded if the underwriters make the determination described above. For purposes of the preceding provision concerning apportionment, for any selling shareholder that is a
Holder of Registrable Securities and that is a partnership or corporation, the partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of
any of the foregoing persons shall be deemed to be a single “selling shareholder,” and any pro rata reduction with respect to such “selling shareholder” shall be based upon the aggregate amount of Registrable Securities owned by
all entities and individuals included in such “selling shareholder,” as defined in this sentence; 

  
 6 

 (f) notify each Holder of Registrable Securities covered by such registration statement, at any
time when a prospectus relating thereto is required to be delivered under the Act, of (i) the issuance of any stop order by the SEC in respect of such registration statement, or (ii) the happening of any event as a result of which the prospectus
included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of
the circumstances then existing; 
 (g) cause all such Registrable Securities registered pursuant hereunder to be listed on each securities
exchange on which similar securities issued by the Company are then listed; 
 (h) provide a transfer agent and registrar for all
Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 

(i) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this
Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, or, if such securities
are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration,
in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters and to the Holders
requesting registration of Registrable Securities. 
 1.6 Information from Holder. 

(a) It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 1 with respect to
the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of such securities as shall be reasonably
required to effect the registration of such Holder’s Registrable Securities. 
 (b) The Company shall have no obligation with respect
to any registration requested pursuant to Section 1.2 if, due to the operation of Section 1.6(a), the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not
equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 1.2(a). 

  
 7 

 1.7 Expenses of Registration. 

(a) All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications
pursuant to Sections 1.2, 1.3 and 1.4, including, without limitation, all registration, filing and qualification fees (including “blue sky” fees), printers’ and accounting fees, fees and disbursements of counsel for the Company
(including fees and disbursements of counsel for the Company in its capacity as counsel to the selling Holders hereunder; if Company counsel does not make itself available for this purpose, the Company will pay the reasonable fees and disbursements
of one counsel for the selling Holders not to exceed $10,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2
or Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based
upon the number of Registrable Securities that were to be registered in the withdrawn registration). 
 (b) All expenses other than
underwriting discounts and commissions incurred in connection with the first two (2) registrations, filings or qualifications pursuant to Section 1.4, including, without limitation, all registration, filing and qualification fees (including
“blue sky” fees), printers’ and accounting fees, fees and disbursements of counsel for the Company (including fees and disbursements of counsel for the Company in its capacity as counsel to the selling Holders hereunder; if Company
counsel does not make itself available for this purpose, the Company will pay the reasonable fees and disbursements of one counsel for the selling Holders not to exceed $10,000) shall be borne by the Company. Notwithstanding the foregoing, the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities
to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be registered in the withdrawn registration), unless the Holders of a majority of the
Registrable Securities agree to forfeit their right to have the Company bear the expenses of one (1) registration pursuant to Section 1.4. Except as provided in the immediately preceding sentence, all expenses incurred in connection with a
registration requested pursuant to Section 1.4, including, without limitation, all registration, filing and qualification fees (including “blue sky” fees), printers’ and accounting fees, fees and disbursements of counsel for the
Company and the fees and disbursements of counsel for the selling Holder or Holders, shall be borne pro rata by the Holder or Holders participating in the registration. 

1.8 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

  
 8 

 1.9 Indemnification. In the event any Registrable Securities are included in a
registration statement under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each
Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter, within the meaning of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to
which they may become subject under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions
or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained
therein or any amendments or supplements thereto, (ii) 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 or (iii) any violation or
alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws; and the Company will reimburse each such Holder, underwriter or
controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this
Section 1.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall
the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly
for use in connection with such registration by any such Holder, underwriter or controlling person; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any
Holder, partner, officer, director, stockholder, counsel, accountant or underwriter, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the
offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or underwriter to such person, if required by law
so to have been delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 

(b) To the extent permitted by law, each selling Holder, on a several and not joint basis, will indemnify and hold harmless the Company, each
of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other shareholder
selling securities in such registration statement and any controlling person of any such underwriter or other shareholder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become
subject, under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation (but excluding clause (iii) of the definition
thereof), in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such
Holder will reimburse any person intended to be indemnified pursuant to this Section 1.9(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability
or action; provided, however, that the indemnity agreement contained in this Section 1.9(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 Holder (which consent shall not be unreasonably withheld). 

  
 9 

 (c) Promptly after receipt by an indemnified party under this Section 1.9 of actual
knowledge of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a
written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability
to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.9. 
 (d) If the
indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect
the relative fault of and the relative benefits received by the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or
expense, as well as any other relevant equitable considerations, provided that no person guilty of fraud shall be entitled to contribution. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. The relative benefits received by the indemnifying party and the indemnified party shall be determined by reference to the net proceeds and
underwriting discounts and commissions from the offering received by each such party. 
 (e) Notwithstanding the foregoing, to the extent
that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 (f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any
offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 

  
 10 

 1.10 Reports Under Securities Exchange Act of 1934. With a view to making available to the
Holders the benefits of Rule 144 promulgated under the Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form
S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144,
at all times after ninety (90) days after the effective date of the Initial Public Offering; 
 (b) file with the SEC in a timely manner
all reports and other documents required of the Company under the Act and the 1934 Act; and 
 (c) furnish to any Holder, so long as the
Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the
Initial Public Offering), the Act and the 1934 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), (ii) 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 (iii) such other information as may be reasonably requested in availing any Holder of any
rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 1.11
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee, member, retired member
or assignee of such securities that after such assignment or transfer, holds at least 3,100,000 shares of Registrable Securities (subject to appropriate adjustment for Recapitalizations), provided: (a) the Company is, within a reasonable time
after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing, a
copy of which writing is provided to the Company at the time of transfer, to be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of Section 1.13 below; and (c) such assignment
shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. For the purposes of determining the number of shares of Registrable Securities
held by a transferee or assignee, the holdings of transferees and assignees of a partnership who are partners or retired partners of such partnership (including spouses and ancestors, lineal descendants and siblings of such partners or spouses who
acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership; provided that 

  
 11 

 
all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving
notices or taking any action under this Section 1. 
 1.12 Limitations on Subsequent Registration Rights. From and after the
date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company
that would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.3 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities
in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to make a demand registration which could result in such
registration statement being declared effective prior to the earlier of either of the dates set forth in Section 1.2(a) or within one hundred twenty (120) days of the effective date of any registration effected pursuant to Section 1.2.

 1.13 “Market Stand-Off” Agreement. Each Holder hereby agrees that it will not, directly or
indirectly, without the prior written consent of the Company and the managing underwriter, during the period commencing on the date of the final prospectus relating to the initial public offering by the Company and ending on the date specified by
the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days) (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Shares or any securities convertible into or exercisable or exchangeable for Common Shares (whether such shares or any such
securities are then owned by the Holder or are thereafter acquired), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Shares, whether
any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or such other securities, in cash or otherwise; provided, however, that such period may be extended to such longer period as the Company or the
managing underwriter may request in order to facilitate compliance with, to the extent applicable, Financial Industry Regulatory Authority, Inc. (“FINRA”) Rule 2711 or NYSE Member Rule 472 or any successor or similar rule or
regulation. The foregoing provisions of this Section 1.13 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers and directors and greater
than five percent (5%) shareholders of the Company enter into similar agreements. The underwriters in connection with the initial public offering by the Company are intended third party beneficiaries of this Section 1.13 and shall have the
right, power and authority to enforce the provisions hereof as though they were a party hereto; further, each Holder hereby agrees to enter into written agreement with such underwriters containing terms substantially equivalent to the terms of this
Section 1.13, and each Holder hereby agrees that such underwriters shall be entitled to require each such Holder to enter into such a written agreement. Any discretionary waiver or termination of the restrictions of any or all of such
agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements, except that, notwithstanding the foregoing, the Company and the underwriters may,
in their sole discretion, waive or terminate these restrictions with respect to up to 1,000,000 shares of the Common Shares. Notwithstanding the foregoing, nothing in this Section 1.13 shall prevent a Holder from making a transfer of any Common
Shares that was listed on a national stock exchange, actively traded over-the-counter or traded on the NASDAQ Global Market at the time it was acquired by the Holder or was acquired by such Holder pursuant to Rule 144A of the Act, including any
shares acquired in the initial public offering by the Company. 

  
 12 

 In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions
with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

1.14 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 1
after three (3) years following the consummation of the Initial Public Offering or, as to any Holder, such earlier time at which all Registrable Securities held by such Holder (and any affiliate of the Holder with whom such Holder must aggregate its
sales under Rule 144) can be sold in any ninety (90) day period without registration in compliance with Rule 144 of the Act. 
 2.
Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver to each Investor holding at least
10,000,000 (appropriately adjusted for any Recapitalizations) shares of Registrable Securities: 
 (a) as soon as practicable, but in any
event within one hundred twenty (120) days after the end of each fiscal year of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of shareholder’s equity as of the end of such year, and a
statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public
accountants of nationally recognized standing selected by the Company; 
 (b) as soon as practicable, but in any event within forty-five
(45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter;

 (c) as soon as practicable, but in any event at least thirty (30) days after Manager or Board approval, as applicable, a budget and
business plan for the next fiscal year, prepared on a monthly basis, including balance sheets, income statements and statements of cash flows for such months and, as soon as prepared, any other budgets or revised budgets prepared by the Company;

 (d) such other information relating to the financial condition, business, prospects or corporate affairs of the Company as such Investor
or any assignee of such Investor may from time to time reasonably request, provided, however, that the Company shall not be obligated under this Section 2.1 to provide information that it deems in good faith to be a trade secret or similar
confidential information, and provided further that the Company may require the Investor to execute a confidentiality and nondisclosure agreement prior to disclosure of any such information. 

  
 13 

 3. Miscellaneous. 

3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of the Parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
Parties or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law; Venue. This Agreement is to be construed in accordance with and governed by the internal laws of the State of
California without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of California to the rights and duties of the Parties. All disputes and
controversies arising out of or in connection with this Agreement shall be resolved exclusively by the state and federal courts located in Los Angeles County in the State of California, and each Party hereto agrees to submit to the jurisdiction of
said courts and agrees that venue shall lie exclusively with such courts. 
 3.3 Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.5 Notices. Except as may be otherwise provided herein, all notices, requests, waivers
and other communications made pursuant to this Agreement shall be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other Party; (b) when sent by facsimile to the number set forth below if
sent between 8:00 a.m. and 5:00 p.m. recipient’s local time on a business day, or on the next business day if sent by facsimile to the number set forth below if sent other than between 8:00 a.m. and 5:00 p.m. recipient’s local time on a
business day, or when sent by electronic mail to the address set forth below if sent between 8:00 am and 5:00 pm recipient’s local time on a business day, or on the next business day if sent by electronic mail other than between 8:00 am and
5:00 pm recipient’s local time; (c) three business days after deposit in the U.S. mail with first class or certified mail receipt requested postage prepaid and addressed to the other Party at the address set forth below; or (d) the
next business day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth below with next business day delivery guaranteed, provided that the sending Party receives a confirmation of delivery
from the delivery service provider. Each person making a communication hereunder by facsimile or electronic mail shall promptly attempt to confirm by telephone to the person to whom such communication was addressed each communication made by it by
facsimile or electronic mail pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication. A Party may change or supplement the addresses given above, or designate additional addresses, for
purposes of this Section 3.5 by giving the other Party written notice of the new address in the manner set forth above. 

  
 14 

 3.6 Expenses. If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, the prevailing Party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such Party may be entitled. 

3.7 Amendments and Waivers. Any term of this Agreement may be amended only with the written consent of the Company and the holders of a
majority of the Registrable Securities then outstanding and the observance of any term of this Agreement by the Company may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written
consent of the holders of a majority of the Registrable Securities then outstanding. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all
such Registrable Securities and the Company. 
 3.8 Severability. If one or more provisions of this Agreement are held to be
unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

3.9 Aggregation of Stock. All shares of Registrable Securities held or acquired by entities advised by the same investment adviser and
affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

3.10 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties with
respect to the subject matter hereof and no Party shall be liable or bound to any other Party in any manner by any warranties, representations or covenants except as specifically set forth herein or therein. 

*         *         * 

  
 15 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above
written. 
  

			
	COMPANY:
	
	FULGENT THERAPEUTICS LLC,
	a California limited liability company
		
	By:	 	 /s/ Ming Hsieh

		 	Ming Hsieh
		 	Manager
		
	Address:	 	Fulgent Therapeutics LLC
		 	4978 Santa Anita Avenue
		 	Suite 205
		 	Temple City, California 91780
	Email:	 	MingHsieh@Fulgent-therapeutics.com
	
	with a copy, which shall not constitute notice, to:
		
	Address:	 	Morrison & Foerster LLP
		 	12531 High Bluff Drive
		 	Suite 100
		 	San Diego, California 92130
		 	Attn: Scott M. Stanton
	Email:	 	SStanton@MoFo.com

  

[SIGNATURE PAGE TO INVESTOR’S RIGHTS
AGREEMENT] 

 
			
	INVESTOR:
	
	XI LONG USA, INC.,
	a Delaware corporation
		
	By:	 	 /s/ Zhenjie Huang

		
	Name:	 	Zhenjie Huang
		
	Title:	 	Chief Executive Officer
		
	Address:	 	#6 Xinrui Rd., Science City, Luogang
		 	District, Guangzhou City
		 	Guangdong Province, PRC
		
	Facsimile:	 	  

	Email:	 	  

  

[SIGNATURE PAGE TO INVESTOR’S RIGHTS
AGREEMENT]

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