Document:

Exhibit 4.17

 

Execution Version

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT is made as of June 22,
2017 (the “Agreement”), by and among Proteon Therapeutics, Inc., a Delaware corporation (the “Company”),
and TVM Life Science Ventures VI LP (the “Stockholder”). Capitalized terms used in this Agreement without definition
shall have the respective meanings ascribed to such terms in the Purchase Agreement (as defined below).

 

W I T N E S S E T H

 

WHEREAS, contemporaneously with the execution
and delivery of this Agreement, the Company is entering into (a) a Securities Purchase Agreement, dated as of the date hereof (as
such agreement may hereafter be amended from time to time, the “Purchase Agreement”), with certain investors
(the “Buyers”) that provides for, upon the terms and subject to the conditions set forth therein, the sale by
the Company to the Buyers of shares of the Company’s Series A Convertible Preferred Stock, par value $0.001 (the “Preferred
Stock”), and (b) Voting Agreements, dated as of the date hereof (together with this Agreement, each a “Voting Agreement”
and, collectively, the “Voting Agreements”), with certain of the Company’s other stockholders, which Voting
Agreements contain substantially the same terms as those contained herein; and

 

WHEREAS, pursuant to the Purchase Agreement,
the Company has agreed to call a meeting of its stockholders for the purpose of seeking approval of the Company’s stockholders
for (a) the sale and issuance by the Company of an aggregate of 22,000 shares of Preferred Stock (the “Preferred Shares”)
to the Buyers pursuant to, and in accordance with, the terms of the Purchase Agreement and (b) the issuance of shares of the Company’s
common stock, par value $0.001 per share (the “Common Stock”), upon conversion of such Preferred Stock in accordance
with the terms of the Certificate of Designation, which approval is required to satisfy the applicable requirements of The NASDAQ
Stock Market (the “Proposal”);

 

WHEREAS, as of the date hereof, the Stockholder
beneficially owns the number of shares of Common Stock set forth opposite the Stockholder’s name on Schedule I
hereto (all such shares so beneficially owned and which may hereafter be acquired by such Stockholder prior to the termination
of this Agreement, whether upon the exercise of options, conversion of convertible securities, exercise of warrants or by means
of purchase, dividend, distribution or otherwise, being referred to herein as the “Shares”); and

 

WHEREAS, in order to induce the Company and
the Buyers to enter into the Purchase Agreement, the Stockholder is willing to enter into this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained, and intending to be legally bound hereby, the Company and the Stockholder
hereby agree as follows:

 

     

     

    

 

ARTICLE I.

 

TRANSFER AND VOTING OF SHARES; AND

OTHER COVENANTS OF THE STOCKHOLDER

 

SECTION 1.1. Voting of Shares. From
the date hereof until termination of this Agreement pursuant to Section 3.1 hereof (the “Term”), at any
meeting of the stockholders of the Company, however called and at any adjournment or postponement thereof, and in any action by
written consent of the stockholders of the Company, in either case at or pursuant to which the Proposal is to be considered and
voted on by the stockholders of the Company, the Stockholder shall (a) appear at such meeting or otherwise cause the Shares
to be counted as present thereat for purposes of establishing a quorum and (b) vote (or cause to be voted) the Shares (i)
in favor of the Proposal and such other matters as may be necessary or advisable to consummate the transactions contemplated by
the Purchase Agreement (the “Transactions”) and (ii) against the approval or adoption of any proposal made in
opposition to, or in competition with, the Proposal or the Transactions, and against any other action that is intended, or could
reasonably be expected, to otherwise materially impede, interfere with, delay, postpone, discourage or adversely affect the consummation
of the Transactions. If the Stockholder is the beneficial owner, but not the record holder, of any of the Shares, the Stockholder
agrees to cause the record holder and any nominees to vote all of such Shares in accordance with this Section 1.1, including by
executing such documentation as shall be requested by the record holder or any such nominee for purposes of giving voting instructions
thereto.

 

SECTION 1.2. Grant of Irrevocable
Proxy.

 

(a)               
The Stockholder hereby irrevocably and unconditionally (to the fullest extent permitted by law) grants to, and appoints, the Company
and each of its executive officers and any of them, in their capacities as officers of the Company (the “Grantees”),
as the Stockholder’s proxy and attorney-in-fact (with full power of substitution and re-substitution), for and in the name,
place and stead of the Stockholder, to vote the Shares, to instruct nominees or record holders to vote the Shares, or to grant
a consent or approval or dissent or disapproval in respect of the Shares, in each case in accordance with Section 1.1 hereof and,
in the discretion of the Grantees, with respect to any proposed adjournments or postponements of any meeting of stockholders of
the Company at which any of the matters described in Section 1.1 hereof are to be considered.

 

(b)              
The Stockholder hereby affirms that the irrevocable proxy set forth in this Section 1.2 is given in connection with the execution
of the Purchase Agreement and the proposed issuance of the Preferred Shares as contemplated thereby, and that such irrevocable
proxy is given to secure the performance of the duties of the Stockholder under this Agreement. The Stockholder hereby further
affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be revoked, except as otherwise set
forth herein. The Stockholder hereby ratifies and confirms all that the Grantees may lawfully do or cause to be done by virtue
hereof. The irrevocable proxy set forth in this Section 1.2 is executed and intended to be irrevocable in accordance with the provisions
of Section 212 of the Delaware General Corporation Law. Notwithstanding this Section 1.2, the proxy granted by the Stockholder
shall be revoked upon termination of this Agreement in accordance with its terms.

 

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(c)               
The Grantees may not exercise this irrevocable proxy on any other matter except as provided above. 

 

SECTION 1.3. No Inconsistent Arrangements.
Except as contemplated by this Agreement, from the date hereof until the record date for the Company Stockholders Meeting, the
Stockholder will not (a) directly or indirectly, sell, transfer, assign, pledge, hypothecate, tender, encumber or otherwise
dispose of in any manner any of the Shares, or consent or agree to do any of the foregoing, (b) directly or indirectly, limit
its right to vote in any manner any of the Shares (other than as set forth in this Agreement), including without limitation by
the grant of any proxy, power of attorney or other authorization in or with respect to the Shares (other than any such proxy, power
of attorney or other authorization consistent with, and for purposes of complying with, the provisions of Section 1.1 hereof),
by depositing the Shares into a voting trust, or by entering into a voting agreement, or consent or agree to do any of the foregoing
or (c) take any action which would have the effect of preventing or disabling the Stockholder from performing its obligations
under this Agreement. Notwithstanding the foregoing, the Stockholder may sell or transfer any or all of the Shares to any Person
in a private transaction at any time on or prior to the record date for the Company Stockholders Meeting, provided that the transferee
of such Shares executes and delivers to the Company a Voting Agreement with respect to such transferred Shares containing substantially
the same terms as this Agreement. For purposes of this Section 1.3, the term “sell” or “transfer”
or any derivatives thereof shall include, but not be limited to, (A) a sale, transfer or disposition of record or beneficial
ownership, or both and (B) a short sale with respect to the Shares or substantially identical property, entering into or acquiring
an offsetting derivative contract with respect to the Shares or substantially identical property, entering into or acquiring a
futures or forward contract to deliver the Shares or substantially identical property or entering into any transaction that has
the same effect as any of the foregoing.

 

SECTION 1.4. Stop Transfer. The Company
shall issue stop-transfer instructions to the transfer agent for the Shares instructing the transfer agent not to register any
transfer of Shares during the Term except in compliance with the terms of this Agreement.

 

SECTION 1.5. Additional Shares. The
Stockholder hereby agrees that, while this Agreement is in effect, the Stockholder shall promptly notify the Company of any new
Shares acquired (whether upon the exercise of options, conversion of convertible securities, exercise of warrants or by means of
purchase, dividend, distribution or otherwise) by such Stockholder after the date hereof.

 

SECTION 1.6. Disclosure. The Stockholder
hereby authorizes the Company to publish and disclose in any announcement or disclosure required by the United States Securities
and Exchange Commission (the “SEC”), including in any proxy statement filed with the SEC in connection with
any meeting of stockholders of the Company at which the Proposal is to be considered and all documents and schedules filed with
the SEC in connection with the foregoing, the Stockholder’s identity and ownership of the Shares and the nature of the Stockholder’s
commitments, arrangements and understandings under this Agreement.

 

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ARTICLE II.

 

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER

 

The Stockholder hereby represents and warrants
to the Company as of the date hereof and as of the date of any stockholder meeting at which the Proposal is considered, including
any adjournment or postponement thereof (or the date of the taking of any action by written consent with respect to the Proposal)
as follows:

 

SECTION 2.1. Due Authorization, etc.
The Stockholder has all requisite power and authority to execute, deliver and perform this Agreement and to take the actions contemplated
hereby (including the granting of the irrevocable proxy pursuant to Section 1.2 hereof), all of which have been duly authorized
by all action necessary on the part of the Stockholder. The execution, delivery and performance of this Agreement and the consummation
of the transactions contemplated hereby have been duly authorized by all necessary action on the part of the Stockholder. This
Agreement has been duly executed and delivered by or on behalf of the Stockholder and constitutes a legal, valid and binding obligation
of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as enforcement may be limited by bankruptcy,
insolvency, moratorium or other similar laws and except that the availability of equitable remedies, including specific performance,
is subject to the discretion of the court before which any proceeding for such remedy may be brought.

 

SECTION 2.2. No Violation. Neither the
execution and delivery of this Agreement nor the performance of this Agreement by the Stockholder will (a) require the Stockholder
to file or register with, or obtain any material permit, authorization, consent or approval of, any governmental agency, authority,
administrative or regulatory body, court or other tribunal, foreign or domestic, or any other entity, or (b) violate, or cause
a breach of or default under, or conflict with any contract, agreement or understanding, any statute or law, or any judgment, decree,
order, regulation or rule of any governmental agency, authority, administrative or regulatory body, court or other tribunal, foreign
or domestic, or any other entity or any arbitration award binding upon the Stockholder, except for such violations, breaches, defaults
or conflicts which would not, individually or in the aggregate, be reasonably likely to impair or have an adverse effect on the
Stockholder’s ability to satisfy its obligations under this Agreement or render inaccurate any of the other representations
made by the Stockholder in this Agreement. No proceedings are pending which, if adversely determined, will have an adverse effect
on the Stockholder’s ability to vote any of the Shares.

 

SECTION 2.3. Ownership of Shares. The
Stockholder has good and marketable title to, and is the sole legal and beneficial owner (determined in accordance with Rule 13d-3
under the Securities Exchange Act of 1934, as amended, the “Exchange Act”) of the Shares set forth opposite
its name on Schedule I hereto, in each case free and clear of all liabilities, claims, liens, options, security interests,
proxies, voting trusts, voting agreements, charges, participations and encumbrances of any kind or character whatsoever, except
as may be imposed by federal, state or foreign securities laws and this Agreement. The Stockholder has not previously assigned
or sold any of the Shares to any third party. On the date hereof, the Shares set forth opposite the Stockholder’s name on
Schedule I hereto constitute all of the Shares owned of record or beneficially by the Stockholder. The Stockholder
has sole voting power and sole power of disposition with respect to the Shares with no restrictions on its voting rights or rights
of disposition pertaining thereto.

 

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SECTION 2.4. Voting Authority. The Stockholder
has full legal power, authority and right to vote all of the Shares owned of record and/or beneficially by the Stockholder in favor
of the Proposal and the approval and authorization of the Transactions without the consent or approval of, or any other action
on the part of, any other Person. Without limiting the generality of the foregoing, the Stockholder has not entered into any voting
agreement (other than this Agreement) with any Person with respect to any of the Shares, granted any Person any proxy (revocable
or irrevocable) or power of attorney with respect to any of the Shares, deposited any of the Shares in a voting trust or entered
into any arrangement or agreement with any Person limiting or affecting Stockholder’s legal power, authority or right to
vote the Shares on any matter. For purpose hereof, “Person” means any individual, corporation, limited or general
partnership, limited liability company, limited liability partnership, trust, association, joint venture, governmental entity or
any other entity or group (as such term is defined in Section 13(d)(3) of the Exchange Act).

 

SECTION 2.5. Reliance by the Company.
The Stockholder understands and acknowledges that the Company is entering into the Purchase Agreement in reliance upon the Stockholder’s
execution and delivery of this Agreement and the representations and warranties of the Stockholder contained herein.

 

ARTICLE III.

 

MISCELLANEOUS

 

SECTION 3.1. Termination. This Agreement
shall terminate and be of no further force and effect upon the earliest of (i) immediately following a meeting of the Company’s
stockholders at which the Proposal is voted upon and approved by the Company’s stockholders, which meeting is duly called
and held for such purpose and at which a quorum was present and acting throughout, and (ii) the termination of the Purchase Agreement
at any time prior to the consummation of the Closing contemplated under the Purchase Agreement. No such termination of this Agreement
shall relieve any party hereto from any liability for any breach of this Agreement prior to such termination.

 

SECTION 3.2. Further Assurances. From
time to time at the request of the Company and without further consideration, the Stockholder will execute and deliver to the Company
such documents and take such action as the Company may reasonably deem to be necessary or desirable to carry out the provisions
hereof.

 

SECTION 3.3. No Waiver. The failure
of any party hereto to exercise any right, power or remedy provided under this agreement or otherwise available in respect hereof
at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, or any custom or practice
of the parties at variance with the terms hereof shall not constitute a waiver by such party of its right to exercise any such
or other right, power or remedy or to demand such compliance.

 

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SECTION 3.4. Specific Performance. The
Stockholder acknowledges that the Company will be irreparably harmed and that there will be no adequate remedy at law for a violation
of any of the covenants or agreements of the Stockholder that are contained in this Agreement. It is accordingly agreed that, in
addition to any other remedies which may be available to the Company upon the breach by the Stockholder of such covenants and agreements,
the Company will have the right without the posting of a bond or other security to obtain injunctive relief to restrain any breach
or threatened breach of such covenants or agreements or otherwise to obtain specific performance of any of such covenants or agreements.
Accordingly, should the Company institute an action or proceeding seeking specific enforcement of the provisions hereof, the Stockholder
hereby waives the claim or defense that the Company has an adequate remedy at law and hereby agrees not to assert in any such action
or proceeding the claim or defense that such a remedy at law exists.

 

SECTION 3.5. Notice. Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will
be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent by facsimile
(except notice may not be delivered to the Company via facsimile) or e-mail (provided confirmation of transmission is mechanically
or electronically generated and, in the case of an email, a read receipt is received, and in each case kept on file by the sending
party); or (c) upon receipt, when delivered by a nationally recognized overnight delivery service, in each case properly addressed
to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

(i)       if to the
Company, to:

 

Proteon Therapeutics, Inc.

200 West Street

Waltham, Massachusetts 02451

Attention: Chief Executive Officer

Email: SeriesA@Proteontx.com

 

with a copy to:

 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110-1726

Attn: Julio E. Vega, Esq.

Fax No.: (617) 341-7701

Email: julio.vega@morganlewis.com

 

(ii)       if to the
Stockholder, as set forth in Schedule I hereto

 

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SECTION 3.6. Capacity. Notwithstanding
anything in this Agreement to the contrary, the Stockholder makes no agreement or understanding herein in any capacity other than
in the Stockholder’s capacity as a record holder and beneficial owner of the Shares.

 

SECTION 3.7. Expenses. Each of the parties
hereto will pay its own expenses incurred in connection with this Agreement.

 

SECTION 3.8. Headings. The headings
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement.

 

SECTION 3.9. Severability. If any term
or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public policy, all
other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner
to the end that obligations hereunder are fulfilled to the maximum extent possible.

 

SECTION 3.10. Entire Agreement. This
Agreement constitutes the entire agreement and supersedes any and all other prior agreements and undertakings, both written and
oral, among the parties, or any of them, with respect to the subject matter hereof.

 

SECTION 3.11. Successors and Assigns.
Except as otherwise expressly provided herein, this Agreement shall inure to the benefit of, and be binding upon, the successors,
assigns, heirs, executors, administrators and permitted assigns of the parties hereto. No assignment or delegation by any party
to this Agreement of any obligations of such party under this Agreement shall operate to relieve or release such party from such
obligations or from any liability hereunder for failure of such obligations to be performed in accordance with their respective
terms.

 

SECTION 3.12. Governing Law; Consent to
Jurisdiction; Waiver of Jury Trial. This Agreement will be governed by and construed and enforced in accordance with the laws
of the State of Delaware, without regard to its principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts sitting in Delaware for the adjudication of any dispute hereunder or in connection
herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of this Agreement),
and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN
ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

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SECTION 3.13. Amendment. This Agreement
may not be amended except by an instrument in writing signed on behalf of the Company and the Stockholder. If any material amendment
or waiver is proposed to be made with respect to any other Voting Agreement, the Company hereby covenants and agrees that the Stockholder
shall be afforded the opportunity to enter into or receive (as applicable) a comparable amendment or waiver with respect to this
Agreement.

 

SECTION 3.14. Remedies Not Exclusive.
All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity will
be cumulative and not alternative, and the exercise of any thereof by any party will not preclude the simultaneous or later exercise
of any other such right, power or remedy by such party.

 

SECTION 3.15. Counterparts. This Agreement
may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together,
shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto
and delivered to the other parties. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or “.pdf”
signature were the original thereof.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed as of the date first written above.

 

	 	PROTEON THERAPEUTICS, INC.
	 	 	 
	 	By: 	/s/ Timothy Noyes	 
	 	Name: 	Timothy Noyes	 
	 	Title:	President and Chief Executive Officer

 

 

 

 

Signature Page to Voting Agreement

    

     

    

 

	 	NAME OF STOCKHOLDER
	 	 	 
		TVM LIFE SCIENCE VENTURES VI LP
	 	 	 
	 	By:	its General Partner TVM Life Science Ventures VI (Cayman) Ltd.
	 	 	 
	 	 	 
	 	By: 	/s/ Josef Moosholzer	 
	 	Name: 	Josef Moosholzer	 
	 	Title: 	Authorized Officer	 

 

	 	By: 	/s/ Stefan Fischer	 
	 	Name: 	Stefan Fischer	 
	 	Title: 	Authorized Officer	 

 

 

 

Signature Page to Voting Agreement

    

     

    

 

Schedule I

 

	Name of Stockholder	 	
        Number of Shares

        Beneficially Owned

	 	 	 
	TVM Life Science Ventures VI LP

75 Arlington Street, Suite 500

Boston, MA 02116

 

 

Telephone No.: +49 (89) 998
992-0

 

Facsimile No.: +49 (89) 998 992 55

 

Email Address: fischer@tvm-capital.com

	 	495,984Exhibit 4.18

 

Execution Version

 

 

 

 

 

 

FIFTH AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT

 

 

 

 

 

     

     

    

Table
of Contents

 

 

	 	 	Page
	 	 	 
	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	REGISTRATION RIGHTS	6
	 	2.1.	Demand Registration	6
	 	2.2.	Company Registration	7
	 	2.3.	Form S-3 Registration	7
	 	2.4.	Underwriting Requirements	8
	 	2.5.	Obligations of the Company	9
	 	2.6.	Furnish Information	11
	 	2.7.	Expenses of Registration	11
	 	2.8.	Delay of Registration	11
	 	2.9.	Indemnification	11
	 	2.10.	Reports Under Exchange Act	13
	 	2.11.	Limitations on Subsequent Registration Rights	14
	 	2.12.	Assignment of Registration Rights	14
	 	2.13.	Restrictions on Transfer	15
	 	2.14.	Termination of Registration Rights	16
	 	 	 	 
	3,	MISCELLANEOUS	16
	 	3.1.	Successors and Assigns	16
	 	3.2.	Governing Law	17
	 	3.3.	Counterparts	17
	 	3.4.	Titles and Subtitles	17
	 	3.5.	Notices	17
	 	3.6.	Amendments and Waivers	18
	 	3.7.	Severability	18
	 	3.8.	Aggregation of Stock	18
	 	3.9.	Additional Investors	18
	 	3.10.	Entire Agreement	18
	 	3.11.	Dispute Resolution	18
	 	3.12.	Delays or Omissions	19
	 	3.13.	Confidentiality	19
	 	3.14.	Successor Indemnification	20
	 	3.15.	Effectiveness	20

 

	Schedule A        -	Schedule of Investors	 

 

    i 

     

    

FIFTH AMENDED AND RESTATED INVESTORS’
RIGHTS AGREEMENT

 

THIS FIFTH AMENDED
AND RESTATED INVESTORS’ RIGHTS AGREEMENT (“Agreement”) is made as of the 22nd day of June, 2017, by
and between Proteon Therapeutics, Inc., a Delaware corporation (the “Company”), and each of the investors listed
on Schedule A hereto, together with any persons or entities that become parties hereto pursuant to Section 3.9 (the
“Investors”).

 

RECITALS

 

WHEREAS, the
Company and the Investors are parties to that certain Fourth Amended and Restated Investors’ Rights Agreement, dated as of
May 13, 2014, as previously amended and in effect prior to the date hereof (the “Prior Agreement”);

 

WHEREAS, the
Company has entered into the Securities Purchase Agreement, dated as of the date hereof (the “2017 Securities Purchase
Agreement”), pursuant to which the Company has agreed to sell to the investors party thereto (the “2017 Buyers”)
an aggregate of 22,000 shares (the “2017 Preferred Shares”) of the Company’s Series A Convertible Preferred
Stock, par value $0.001 per share (the “2017 Series A Preferred Stock”), for a purchase price of $1,000 per
Preferred Share, or an aggregate purchase price of $22.0 million (the “2017 Series A Offering”), subject to
the terms and conditions of the 2017 Securities Purchase Agreement;

 

WHEREAS, in
connection with the 2017 Series A Offering, the Company will, subject to obtaining the requisite approval of the Company’s
stockholders as required by the rules of the NASDAQ Stock Market, adopt, execute and file with the Office of the Secretary of State
of the State of Delaware, immediately prior to the consummation of the 2017 Series A Offering, the Certificate of Designation of
Preferences, Rights and Limitations of the 2017 Series A Preferred Stock in order to fix the designation, authorized number of
shares, powers, preferences, rights, qualifications, limitations and restrictions of the 2017 Series A Preferred Stock, including
the conversion rights of the 2017 Series A Preferred Stock into shares of the Company’s common stock, par value $0.001 per
share (the “Common Stock”) (the shares of Common Stock issued or issuable upon conversion of the 2017 Preferred
Shares being referred to as the “2017 Conversion Shares”);

 

WHEREAS,in
connection with the Series A Offering, the Company will enter into a Registration Rights Agreement with the 2017 Buyers (the “2017
Registration Rights Agreement”), pursuant to which the Company will grant the 2017 Buyers certain shelf and “piggyback”
registration rights, including with respect to the 2017 Conversion Shares;

 

WHEREAS, the
2017 Buyers have made it a condition precedent to their purchase of the 2017 Preferred Shares pursuant to the 2017 Securities Purchase
Agreement that the parties enter into this Agreement;

 

WHEREAS, the
Company and Investors holding the requisite number of shares of Registrable Securities (as defined in the Prior Agreement) desire
to amend and restate the Prior Agreement in the manner provided below; and

 

     

     

    

WHEREAS, in
order to induce the 2017 Buyers to invest funds in the Company pursuant to the 2017 Securities Purchase Agreement, the Investors
and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register Registrable
Securities (as defined below) of the Investors.

 

NOW, THEREFORE,
the parties hereby agree as follows:

 

1.                 
Definitions.
For purposes of this Agreement:

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“Affiliate”
means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls, is controlled by,
or is under common control with such specified Person, including without limitation any partner, officer, director, manager or
employee of such Person and any venture capital fund now or hereafter existing that is controlled by or under common control with
one or more general partners or managing members of, or shares the same management company with, such Person.

 

“Charter”
means the Company’s Fifth Amended and Restated Certificate of Incorporation, as amended and in effect from time to time.

 

“Common Stock”
shall have the meaning set forth in the Recitals.

 

“Company”
shall have the meaning set forth in the Preamble.

 

“Damages”
means any loss, claim, damage, or liability (joint or several) to which a party hereto may become subject under the Securities
Act, the Exchange Act, or other federal or state law, insofar as such loss, claim, damage, or liability (or any action in respect
thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any
registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto; (ii) an 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 any other party hereto
of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act,
the Exchange Act, or any state securities law.

 

“Demand Notice”
shall have the meaning set forth in Section 2.1.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Excluded Registration”
means (i) a registration relating either 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; (ii) 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;
(iii) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities
that are also being registered; or (iv) a registration effected pursuant to the 2017 Registration Rights Agreement.

 

    2

     

    

“Final Prospectus”
shall have the meaning set forth in Section 2.9(d).

 

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

 

“Holder”
means any holder of Registrable Securities who is a party to this Agreement.

 

“Immediate Family
Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to
herein.

 

“Initiating
Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 

“IPO”
means the Company’s initial public offering of its Common Stock under the Securities Act, which was consummated on October
27, 2014.

 

“Investors”
shall have the meaning set forth in the Preamble.

 

“Major Holder”
means any Investor that, individually or together with such Investor’s Affiliates, holds at least 2,000,000 shares of Registrable
Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected
after the date hereof).

 

“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

“Preferred Stock”
means, collectively, shares of the Company’s Series A Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, and Series D Preferred Stock. For clarity, the term “Preferred Stock” does not include
the 2017 Series A Preferred Stock.

 

“Prior Agreement”
shall have the meaning set forth in the Recitals.

 

“Register,”
“registered,” and “registration” refer to a registration effected by preparing and filing
a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement or document.

 

“Registrable
Securities” means (i) the Common Stock issued upon conversion of the Preferred Stock; (ii) Common Stock issued pursuant
to the Series D Purchase Agreement; (iii) the Warrant Shares; and (iv) any Common Stock 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 clauses (i)-(iii) above; excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which the rights under Section 2 hereof are not assigned and any shares
for which registration rights have terminated pursuant to Section 2.14 of this Agreement. For the avoidance of doubt, the
term “Registrable Securities” shall not include any of the 2017 Registrable Securities.

 

    3

     

    

“Registrable
Securities then outstanding” means the number of shares of Registrable Securities determined by adding the shares of
Common Stock outstanding that are Registrable Securities and the shares of Common Stock issuable pursuant to then exercisable or
convertible securities that are Registrable Securities.

 

“Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 2.13(b).

 

“S-3 Notice”
shall have the meaning set forth in Section 2.3(a).

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act.

 

“SEC Rule 145”
means Rule 145 promulgated by the SEC under the Securities Act.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Expenses”
means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities,
and fees and disbursements of one counsel for the Holders, except as provided in Section 2.7.

 

“Series A Preferred
Stock” means the Company’s Series A Preferred Stock, par value $0.001 per share, the designation, powers, rights,
preferences and privileges of which were cancelled following the conversion of all outstanding shares of such series into Common
Stock at or prior to the closing of the IPO. For the avoidance of doubt, the term “Series A Preferred Stock”
does not mean or include the 2017 Series A Preferred Stock.

 

“Series A-1
Preferred Stock” means the Company’s Series A-1 Preferred Stock, par value $0.001 per share, the designation, powers,
rights, preferences and privileges of which were cancelled following the conversion of all outstanding shares of such series into
Common Stock at or prior to the closing of the IPO.

 

“Series B Preferred
Stock” means shares of the Company’s Series B Preferred Stock, par value $0.001 per share, the designation, powers,
rights, preferences and privileges of which were cancelled following the conversion of all outstanding shares of such series into
Common Stock at or prior to the closing of the IPO.

 

    4

     

    

“Series C Preferred
Stock” means shares of the Company’s Series C Preferred Stock, par value $0.001 per share, the designation, powers,
rights, preferences and privileges of which were cancelled following the conversion of all outstanding shares of such series into
Common Stock at or prior to the closing of the IPO.

 

“Series C Purchase
Agreement” means that certain Series C Preferred Stock and Warrant Purchase Agreement, dated as of August 2, 2011, by
and among the Company and the investors that are parties thereto, as amended and in effect from time to time.

 

“Series D Preferred
Stock” means shares of the Company’s Series D Preferred Stock, par value $0.001 per share, the designation, powers,
rights, preferences and privileges of which were cancelled following the conversion of all outstanding shares of such series into
Common Stock at or prior to the closing of the IPO.

 

“Series D Purchase
Agreement” means that certain Series D Preferred Stock Purchase Agreement dated as of May 13, 2014, as amended and in
effect from time to time.

 

“2017 Buyers”
shall have the meaning set forth in the Recitals.

 

“2017 Conversion
Shares” shall have the meaning set forth in the recitals.

 

“2017 Holder”
means any holder of 2017 Registrable Securities who has registration rights under the 2017 Registration Rights Agreement.

 

“2017 Preferred
Shares” shall have the meaning set forth in the Recitals.

 

“2017 Registrable
Securities” shall mean Registrable Securities (as such term is defined in the 2017 Registration Rights Agreement).

 

“2017 Registration
Rights Agreement” shall have the meaning set forth in the Recitals.

 

“2017 Securities
Purchase Agreement” shall have the meaning set forth in the Recitals.

 

“2017 Series
A Offering” shall have the meaning set forth in the Recitals.

 

“2017 Series
A Preferred Stock” shall have the meaning set forth in the Recitals.

 

“Warrants”
means the warrants issued pursuant to, and in accordance with, the terms and conditions of the Series C Purchase Agreement.

 

“Warrant Shares”
means the shares of Common Stock issued or issuable upon the exercise of the Warrants.

 

    5

     

    

2.                 
Registration Rights.
The Company covenants and agrees as follows:

 

2.1.           
Demand
Registration.

 

(a)               
If at any time after the date of this Agreement, the Company receives a request from Holders of a majority of the Registrable
Securities then outstanding that the Company effect a registration with respect to an amount of the Registrable Securities then
outstanding, then the Company shall (A) within ten (10) calendar days after the date such request is given, give notice thereof
(the “Demand Notice”) to all Holders other than the Initiating Holders; and (B) as soon as practicable, and
in any event within sixty (60) calendar days after the date such request is given by the Initiating Holders, file a registration
statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and
any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty (20) calendar days of the date the Demand Notice is given, and in each case,
subject to the limitations of Section 2.1(b).

 

(b)              
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this
Section 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment
of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required
to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization,
or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company
has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements
under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing,
and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more
than sixty (60) calendar days after the request of the Initiating Holders is given; provided, however, that the Company
may not invoke this right more than once in any twelve (12) month period; and provided, further that the Company
shall not register any securities for its own account or that of any other stockholder during such sixty (60) day period other
than pursuant to an Excluded Registration.

 

(c)               
The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section
2.1 (i) during the period that is sixty (60) calendar days before the Company’s good faith estimate of the date of filing
of, and ending on a date that is one hundred eighty (180) calendar days after the effective date of, a Company-initiated registration;
provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
statement to become effective; (ii) after the Company has effected two registrations pursuant to this Section 2.1; (iii)
if the Holders, together with the holders of any other securities of the Company entitled to and requesting inclusion in such registration,
propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of Selling Expenses)
of less than $5,000,000; or (iv) if, in a distribution not underwritten, the Initiating Holders propose to dispose of shares of
Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.3.
A registration shall not be counted as “effected” for purposes of this Section 2.1 until such time as the applicable
registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration,
elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.7,
in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section
2.1.

 

    6

     

    

2.2.           
Company Registration. If the Company proposes to register (including, for this purpose, a registration effected by
the Company for stockholders other than the Holders) any of its stock or other securities under the Securities Act in connection
with the public offering of such securities solely for cash (other than an Excluded Registration), the Company shall, at such time,
promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) calendar days after
such notice is given by the Company, the Company shall, subject to the provisions of Section 2.4, cause to be registered
all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have
the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of
such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses of
such withdrawn registration shall be borne by the Company in accordance with Section 2.7.

 

2.3.           
Form S-3 Registration. If the Company receives a request from one or more Holders of the Registrable Securities then
outstanding that the Company effect a registration on Form S-3 with respect to all or a part of the Registrable Securities owned
by such Initiating Holders, then the Company shall:

 

(a)               
within ten (10) calendar days after the date such request is given, give notice of the proposed registration to all Holders
other than the Initiating Holders (the “S-3 Notice”); and

 

(b)              
as soon as practicable, use its commercially reasonable efforts to effect such registration as would permit or facilitate
the sale and distribution of all or such portion of such Initiating 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 request given to the Company within fifteen (15) calendar days after the S-3 Notice is given; provided, however, that
the Company shall not be obligated to effect any such registration pursuant to this Section 2.3 (i) if Form S-3 is not then
available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company
entitled to and requesting inclusion in such registration, propose to sell Registrable Securities and such other securities (if
any) at an aggregate price to the public (without regard to Selling Expenses) of less than $1,000,000; (iii) if the Company furnishes
to the Holders a certificate signed by the chief executive officer of the Company stating that in the good-faith judgment of the
Board of Directors of the Company, it would be materially detrimental to the Company and its stockholders 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 sixty (60) calendar days after receipt of the request of the Initiating Holders under this Section
2.3; provided, however, that the Company shall not invoke this right more than once in any twelve (12) month
period; and provided, further that the Company shall not register any securities for its own account or that of any
other stockholder during such sixty (60) day period other than pursuant to an Excluded Registration; or (iv) if the Company
has, within the twelve (12) month period preceding the date of such request, already effected two registrations on Form S-3 for
the Holders pursuant to this Section 2.3; or (v) during the period ending one hundred eighty (180) calendar days after the
effective date of a registration made under Section 2.2 hereof.

 

    7

     

    

(c)               
Registrations effected pursuant to this Section 2.3 shall not be counted as demands for registration or registrations
effected pursuant to Section 2.1.

 

2.4.           
Underwriting
Requirements.

 

(a)               
If, pursuant to Section 2.1 or Section 2.3, 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 Section 2.1(a) or Section 2.3, and the Company shall include such information in the Demand Notice or the S-3
Notice, as the case may be. The underwriter will be selected by the Company and shall be reasonably acceptable to a majority in
interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s 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 to the extent provided herein. All Holders proposing to distribute their
securities through such underwriting shall (together with the Company as provided in Section 2.5(e)) enter into an underwriting
agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this
Section 2.4, if the underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation
on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that
otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be allocated among all Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable)
to the number of Registrable Securities of the Company owned by each Holder; provided, however, the number of Registrable
Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely
excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or
the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares.

 

(b)              
In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section
2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless
the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such
quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company.
If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering
exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine
is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine
will not jeopardize the success of the offering. Except to the extent otherwise provided below in this Section 2.4(b), in no event
shall any Registrable Securities be excluded from such offering unless all other stockholders’ securities have been first
excluded. If the underwriters determine that less than all of the Registrable Securities and the 2017 Registrable Securities requested
to be registered can be included in such offering, then the Registrable Securities and the 2017 Registrable Securities that are
included in such offering shall be apportioned pro rata among the selling Holders and the selling 2017 Holders based on the number
of Registrable Securities held by all selling Holders and the number of 2017 Registrable Securities held by all selling 2017 Holders
or in such other proportions as shall mutually be agreed to by all such selling Holders and all such selling 2017 Holders. Notwithstanding
the foregoing, in no event shall the aggregate number of Registrable Securities and 2017 Registrable Securities included in the
offering be reduced below thirty percent (30%) of the total number of securities included in such offering. For purposes of the
provisions in this Section 2.4(b) concerning apportionment, for any selling stockholder that is a Holder or a 2017 Holder
and a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders,
and Affiliates of such Holder or such 2017 Holder, as the case may be, or the estates and Immediate Family Members of any such
partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall
be deemed to be a single “selling Holder” or “selling 2017 Holder,” as the case may be, and any pro rata
reduction with respect to such “selling Holder” or such “selling 2017 Holder” shall be based upon the aggregate
number of Registrable Securities or 2017 Registrable Securities, as the case may be, owned by all Persons included in such “selling
Holder” or such “selling 2017 Holder”, as the case may be, as defined in this sentence.

 

    8

     

    

(c)               
For purposes of Section 2.1 and Section 2.3, a registration shall not be counted as “effected”
if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.4(a), fewer than seventy-five
(75%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are
actually included.

 

2.5.           
Obligations of the Company. Whenever required under this Section 2 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 its commercially
reasonable 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 one hundred
twenty (120) calendar days or, if earlier, until the distribution contemplated in the registration statement has been completed;
provided, however, that (i) such one hundred twenty (120) calendar day period shall be extended for a period of time equal
to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from
selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form
S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one
hundred twenty (120) calendar day period shall be extended for up to an additional one hundred twenty (120) calendar days, if necessary,
to keep the registration statement effective until all such Registrable Securities are sold;

 

    9

     

    

(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 Securities Act in order to enable the disposition
of all securities covered by such registration statement;

 

(c)               
furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by
the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of
their Registrable Securities;

 

(d)              
use its commercially reasonable 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 selling Holders; provided
that the Company shall not be required to qualify to do business 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 Securities 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;

 

(f)               
use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement
to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which
similar securities issued by the Company are then listed;

 

(g)              
provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide
a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;

 

(h)              
promptly make available for inspection by the selling Holders, any underwriter participating in any disposition pursuant
to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s
officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller,
underwriter, attorney, accountant, or agent in connection with any such registration statement;

 

(i)                
notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement
has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and

 

(j)                
after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company
amend or supplement such registration statement or prospectus.

 

2.6.           
Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant
to this Section 2 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 is reasonably required to effect the registration of such Holder’s Registrable Securities.

 

    10

     

    

2.7.           
Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings,
or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and
accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one (1) counsel
for the selling Holders, shall be borne and paid by the Company; provided, however, that the Company shall not be
required to pay for any expenses of any registration proceeding begun pursuant to Section 2.1 or Section 2.3 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 selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities
that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to
forfeit their right to one (1) registration pursuant to Section 2.1 or Section 2.3, as the case may be; provided,
further that if, at the time of such withdrawal, the Holders have learned of a material adverse change in the condition,
business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request
with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses
and shall not forfeit their right to one registration pursuant to Section 2.1 or Section 2.3. All Selling Expenses
relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata
on the basis of the number of Registrable Securities registered on their behalf.

 

2.8.           
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying
any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation
or implementation of this Section 2.

 

2.9.           
Indemnification. If any Registrable Securities are included in a registration statement under this Section 2:

 

(a)               
To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members,
officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter
(as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within
the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter,
controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating
any matter or defending any proceeding from which Damages may result, as such expenses are incurred; provided, however,
that the indemnity agreement contained in this Section 2.9(a) shall not apply to amounts paid in settlement of any such
investigation or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions
made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling
Person, or other aforementioned Person expressly for use in connection with such registration.

 

    11

     

    

(b)              
To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company,
and 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 Securities Act, legal counsel and accountants for the Company, any underwriter (as defined in
the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon
actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling
Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating any investigation
or defending any proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Section 2.9(b) shall not apply to amounts paid in settlement of any such investigation
or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld;
and provided, further that in no event shall any indemnity under this Section 2.9(b) exceed the proceeds from
the offering (net of any Selling Expenses) received by such Holder, except in the case of fraud or willful misconduct by such Holder.

 

(c)               
Promptly after receipt by an indemnified party under this Section 2.9 of notice of the commencement of any action
(including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will,
if a claim in respect thereof is to be made against any indemnifying party under this Section 2.9, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the
extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given,
and 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 (1) 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 action. The failure to give notice
to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party
of any liability to the indemnified party under this Section 2.9, to the extent that such failure materially prejudices
the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve
it of any liability that it may have to any indemnified party otherwise than under this Section 2.9.

 

(d)              
The foregoing indemnity agreements of the Company and the selling Holders are subject to the condition that, insofar as
they relate to any Damages arising from any untrue statement or alleged untrue statement of a material fact contained in, or omission
or alleged omission of a material fact from, a preliminary prospectus (or necessary to make the statements therein not misleading)
that has been corrected in the form of prospectus included in the registration statement at the time it becomes effective, or any
amendment or supplement thereto filed with the SEC pursuant to Rule 424(b) under the Securities Act (the “Final Prospectus”),
such indemnity agreement shall not inure to the benefit of any Person if a copy of the Final Prospectus was furnished to the indemnified
party and such indemnified party failed to deliver, at or before the confirmation of the sale of the shares registered in such
offering, a copy of the Final Prospectus to the Person asserting the loss, liability, claim, or damage in any case in which such
delivery was required by the Securities Act.

 

    12

     

    

(e)               
To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i)
any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.9
but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding
the fact that this Section 2.9 provides for indemnification in such case, or (ii) contribution under the Securities Act
may be required on the part of any party hereto for which indemnification is provided under this Section 2.9, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which
they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each
of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted
in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. 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 allegedly untrue statement of a material fact, or the omission or alleged omission of 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; provided, however, that, in any such case, (x)
no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered
and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation; and provided, further that in no event shall a Holder’s liability pursuant to
this Section 2.9(e), when combined with the amounts paid or payable by such Holder pursuant to Section 2.9(b), exceed
the proceeds from the offering (net of any Selling Expenses) received by such Holder, except in the case of willful misconduct
or fraud by such Holder.

 

(f)               
Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering,
the obligations of the Company and Holders under this Section 2.9 shall survive the completion of any offering of Registrable
Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement.

 

2.10.       
Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 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 shall:

 

    13

     

    

(a)               
make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times after
the date of this Agreement;

 

(b)              
use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of
the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements);
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, the Securities Act, and the Exchange Act (at
any time after the Company 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 the Company 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 (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or
pursuant to such Form S-3 (at any time after the Company so qualifies to use such form).

 

2.11.       
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 at least seventy percent (70%) of the Registrable Securities then-outstanding
and the holders of at least a majority of the then-outstanding Registrable Securities issued upon conversion of the Series D Preferred
Stock, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder
or prospective holder (i) to include such securities in any registration 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 number of the Registrable Securities of the Holders that are included or (ii) to demand registration of any
securities held by such holder or prospective holder; provided, that the provisions of this Section 2.11 shall not apply
to (A) any additional Holder who becomes a party to this Agreement in accordance with Section 3.9 or (B) the 2017 Registration
Rights Agreement or any registration statement effected pursuant thereto.

 

2.12.       
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to
this Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee of such Registrable Securities
that (i) is an Affiliate, partner, member, limited partner, retired partner, retired member, or stockholder of a Holder; (ii) is
a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s
Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject to appropriate
adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that
(x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such
transferee and the Registrable Securities with respect to which such registration rights are being transferred; and (y) such
transferee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. For the purposes of determining
the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate,
limited partner, retired partner, member, retired member, or stockholder of a Holder; (2) who is a Holder’s Immediate
Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member
shall be aggregated together and with those of the transferring Holder; provided further that all 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 2.

 

    14

     

    

2.13.       
Restrictions on Transfer.

 

(a)               
The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize any
such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended, among other
things, to ensure compliance with the provisions of the Securities Act.

 

(b)              
Each certificate representing (i) the Registrable Securities, and (ii) any other securities issued in respect
of the Registrable Securities, upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event,
shall (unless otherwise permitted by the provisions of Section 2.13(c)) be stamped or otherwise imprinted with a legend
in the following form:

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN
CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF A CERTAIN INVESTORS’ RIGHTS AGREEMENT BETWEEN THE COMPANY AND THE
STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.

 

The Holders consent to the Company making a notation in its
records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer
set forth in this Section 2.13.

 

(c)               
The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects
with the provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless
there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall
give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe
the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the
Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and
whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed
transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the
SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result
in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably
satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may
be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled
to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company.
The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with
Rule 144 or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for
no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.13(c). Each
certificate evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant
to Rule 144, the appropriate restrictive legend set forth in Section 2.13(b), except that such certificate shall not
bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order
to establish compliance with any provisions of the Securities Act.

 

    15

     

    

2.14.       
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities
in any registration pursuant to Section 2.1, Section 2.2, or Section 2.3 shall terminate upon the earlier
of:

 

(a)               
the closing of a Deemed Liquidation Event, as such term is defined in the Charter; or

 

(b)              
such time as all of such Holder’s Registrable Securities constitute less than three percent (3%) of the outstanding
Common Stock and could be sold without restriction under SEC Rule 144.

 

3.                 
Miscellaneous.

 

3.1.           
Successors and Assigns. Each Investor hereby agrees that it shall not, and may not, assign any of its rights and
obligations hereunder, unless such rights and obligations are assigned by such Investor to any Person to which Registrable Securities
are transferred by such Investor pursuant to Section 2.12 and, in each case, such assignee shall be deemed an “Investor”
for purposes of this Agreement; provided, that such assignment of rights shall be contingent upon the assignee providing
a written instrument to the Company notifying the Company of such assignment and agreeing in writing to be bound by the terms of
this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors
and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities
under or by reason of this Agreement, except as expressly provided herein.

 

    16

     

    

3.2.           
Governing Law. This Agreement shall be governed by and construed in accordance with the General Corporation Law of
the State of Delaware as to matters within the scope thereof, and as to all other matters shall be governed by and construed in
accordance with the internal laws of the Commonwealth of Massachusetts, without regard to its principles of conflicts of laws.

 

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. This Agreement may also be executed and delivered by facsimile
signature and 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 for convenience only and are not to be
considered in construing or interpreting this Agreement.

 

3.5.           
Notices. All notices, requests, and other communications given or made pursuant to this Agreement shall be in writing
and shall be deemed effectively given (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic
mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day;
(iii) five (5) calendar days after having been sent by registered or certified mail, return receipt requested, postage prepaid;
or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next-day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at their addresses as set forth on the signature pages,
or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this
Section 3.5. If notice is given to the Company, a copy shall also be sent to:

 

Julio E. Vega

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110

e-mail: julio.vega@morganlewis.com

fax: 617-345-5016

 

and if notice is given to the Investors, a copy shall also be
given to:

 

David R. Pierson

Foley Hoag LLP

Seaport West

155 Seaport Boulevard

Boston, Massachusetts 02210-2600

email:dpierson@foleyhoag.com

fax:617-832-7000

 

3.6.           
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement
may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent
of the Company and the holders of at least seventy percent (70%) of the Registrable Securities then-outstanding and the holders
of at least a majority of the then-outstanding Registrable Securities issued upon conversion of the Series D Preferred Stock; provided,
that the Company may in its sole discretion waive compliance with Section 2.13(c) (and the Company’s failure to object
promptly in writing to a proposed assignment allegedly in violation of Section 2.13(c) shall be deemed to be a waiver).
Notwithstanding the foregoing, (a) this Agreement may not be amended or terminated and the observance of any term hereof may not
be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver
applies to all Investors in the same fashion. The Company shall give prompt notice of any amendment or termination hereof or waiver
hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination,
or waiver effected in accordance with this Section 3.6 shall be binding on all parties hereto, regardless of whether any
such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one
or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

    17

     

    

3.7.           
Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision
of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law.

 

3.8.           
Aggregation of Stock. All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together
for the purpose of determining the availability of any rights under this Agreement.

 

3.9.           
Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional
Registrable Securities after the date hereof, any purchaser of such Registrable Securities may become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor”
for all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such
additional Holder, so long as such additional Holder has agreed in writing to be bound by all of the obligations as an “Investor”
hereunder.

 

3.10.       
Entire Agreement. This Agreement (including the Exhibits hereto) supersedes the Prior Agreement, and together with
the Charter constitutes the full and entire understanding and agreement between the parties with respect to the subject matter
hereof, and any other written or oral agreements relating to the subject matter hereof existing between the parties are expressly
canceled.

 

3.11.       
Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state
courts of Massachusetts and to the jurisdiction of the United States District Court for the District of Massachusetts for the purpose
of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action
or other proceeding arising out of or based upon this Agreement except in the state courts of Massachusetts or the United States
District Court for the District of Massachusetts, and (c) hereby waive, and agree not to assert, by way of motion, as a defense,
or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof
may not be enforced in or by such court. Each party will bear its own costs in respect of any disputes arising under this Agreement.
Each of the parties to this Agreement consents to personal jurisdiction for any equitable action sought in the U.S. District Court
for the District of Massachusetts or any court of the Commonwealth of Massachusetts having subject matter jurisdiction.

 

    18

     

    

3.12.       
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party under this
Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of
such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default,
or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver
of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise
afforded to any party, shall be cumulative and not alternative.

 

3.13.       
Confidentiality.
Subject, in the case of the 2017 Buyers, to the provisions of Section 5(i) of the 2017 Securities Purchase Agreement, each
Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to
monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement
(including notice of the Company’s intention to file a registration statement), unless such confidential information (a)
is known or becomes known to the public in general (other than as a result of a breach of this Section 3.13 by such Investor),
(b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information,
or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality
such third party may have to the Company; provided, however, that an Investor may disclose confidential information
(i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection
with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor,
if such prospective purchaser agrees to be bound by the provisions of this Section 3.13; (iii) to any Affiliate, partner,
member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such
Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information; or (iv) as may otherwise be required by law; provided, that the Investor promptly notifies the Company of such
disclosure and takes reasonable steps to minimize the extent of any such required disclosure. The Company acknowledges that certain
of the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary
information of many enterprises, including enterprises that may have products or services that compete directly or indirectly with
those of the Company. The Company further acknowledges that certain of the Investors may engage in the research, development or
commercialization of products or services that compete directly or indirectly with those of the Company. Nothing in this Agreement
shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise, or from engaging
in such research, development or commercialization activities, regardless of whether such enterprise or activities are competitive
with respect to the Company, so long as such activities do not result in a violation of the confidentiality provisions of this
Agreement.

 

    19

     

    

3.14.       
Successor Indemnification. If the Company or any of its successors or assignees (i) consolidates with or merges into
any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers
or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, to the extent necessary,
proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect
to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations
are contained in the Company’s Bylaws, its certificate of incorporation, the Indemnification Agreements (as defined in the
Series D Purchase Agreement) or elsewhere, as the case may be.

 

3.15.       
Effectiveness. Notwithstanding anything to the contrary contained herein, this Agreement shall automatically become
null and void and shall be of no further force and effect upon the termination of the 2017 Securities Purchase Agreement prior
to the closing of the 2017 Series A Offering, and in the event of such termination, the Prior Agreement shall remain in full force
and effect as though this Agreement were never entered into by the parties hereto.

 

[Remainder of Page Intentionally Left Blank]

    20

     

    

IN WITNESS WHEREOF,
the parties have executed this Fifth Amended and Restated Investors’ Rights Agreement as of the date first written above.

 

	 	PROTEON THERAPEUTICS, INC.
	 	 
	 	By: 	/s/ Timothy Noyes
	 	Name:	Timothy Noyes
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	Address:
	 	200 West Street
	 	Waltham, MA  02451
	 	 	 
	 	Email:	SeriesA@proteontx.com
	 	Fax:  	(781) 487-6729

 

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	ABINGWORTH BIOVENTURES VI, LP
	 	 
	 	By: 	Abingworth LLP
	 	 	its Manager
	 	 	 
	 	By:	/s/ James Abell
	 	Name:	James Abell
	 	Title:	Partner
	 	 	 
	 	 	 
	 	Address:
	 	38 Jermyn Street
	 	London SW1Y 6DN
	 	United Kingdom
	 	 
	 	 
	 	Email: legal@abingworth.com
	 	 
	 	 
	 	Fax: +44 207 534 1539

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	DEERFIELD PRIVATE DESIGN
 FUND III, L.P.
	 	 
	 	By:	Deerfield Mgmt III, L.P.

General Partner
	 	 	 
	 	 	 
	 	By:	J.E. Flynn Capital III, LLC

General Partner
	 	 	 
	 	 	 
	 	By:	/s/ David Clark
	 	Name:	David Clark
	 	Title:	Authorized Signatory
	 	 	 
	 	 	 
	 	 	 
	 	Address:
	 	780 Third Avenue, 37th Floor
 New York, NY  10017
	 	 
	 	Email:	dclark@deerfield.com
	 	 	 
	 	Fax	(646) 536-5662

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	DEERFIELD SPECIAL SITUATIONS FUND, L.P.
	 	 
	 	By:	Deerfield Mgmt, L.P.

General Partner
	 	 	 
	 	By:	J.E. Flynn Capital, LLC

General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ David J. Clark
	 	 	Name:  David Clark
	 	 	Title:  Authorized Signatory
	 	 	 
	 	 	 
	 	Address:
	 	780 Third Avenue, 37th Floor
 New York, NY 10017
	 	 	 
	 	Email:	dclark@deerfield.com
	 	 	 
	 	Fax	(646) 536-5662

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	INTERSOUTH PARTNERS VI, L.P.
	 	 
	 	By:	Intersouth Associates VI, LLC

its General Partner
	 	 	 
	 	 	 
	 	By:	/s/ Mitch Mumma
	 	Name:	Mitch Mumma
	 	Title:	Managing Member
	 	 	 
	 	Address:
 4711 Hope Valley Road, Suite 4F-632
 Durham, NC  27707
	 	 	 
	 	Email:  	DJD@Intersouth.com
	 	 	 
	 	Fax:  	919-493-6649

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	MPM BIO IV NVS STRATEGIC FUND, L.P.
	 	 
	 	By:	MPM Bioventures IV GP LLC

its General Partner
	 	 	 
	 	By:	MPM Bioventures IV LLC

its Managing Partner
	 	 	 
	 	 	 
	 	By:	/s/ Todd Foley
	 	Name:	Todd Foley
	 	Title:	Member
	 	 	 
	 	 	 
	 	Address: 

450 Kendall Street 

Cambridge, MA  02142
	 	 
	 	Email:  	tfoley@mpmcapital.com
	 	 	 
	 	Fax: 	617-425-9201

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	PHARMSTANDARD INTERNATIONAL S.A.
	 	 
	 	 	 
	 	By:	/s/ Eriks Martinovskis
	 	Name:	Eriks Martinovskis
	 	Title:	Director
	 	 	 
	 	 	 
	 	Address:
	 	10A Rue Henri Schnadt
	 	Luxembourg L-2530
	 	 
	 	Email:	info@pharmstd.lu
	 	 	eriks.martinovskis@pharmstd.lu
	 	 	 
	 	Fax: 	+352 24840134

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	PRISM VENTURE PARTNERS V, LP
	 	 
	 	By:	Prism Investment Partners V, L.P.

    its General Partner
	 	 	 
	 	By:	Prism Venture Partners V, L.L.C.

    its General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Brendan M. O’Leary
	 	Name:	Brendan M. O’Leary
	 	Title:	Managing Director
	 	 	 
	 	Address:
	 	117 Kendrick Street, #200
	 	Needham, MA 02494
	 	 
	 	Email: 	boleary@prismventure.com
	 	 	 
	 	Fax: 	781-302-0404

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	PRISM VENTURE PARTNERS V-A, LP
	 	 
	 	By:	Prism Investment Partners V, L.P.

its General Partner
	 	 	 
	 	By:	Prism Venture Partners V, L.L.C.

its General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Brendan M .O’Leary
	 	Name:	Brendan M. O’Leary
	 	Title:	Managing Director
	 	 	 
	 	Address:
	 	117 Kendrick Street, #200
	 	Needham, MA 02494
	 	 	 
	 	Email: 	boleary@prismventure.com
	 	 	 
	 	Fax: 	781-302-0404

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	SKYLINE VENTURE PARTNERS QUALIFIED PURCHASER FUND IV, LP
	 	 
	 	By:	Skyline Venture Management IV, LLC, its General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ John G. Freund
	 	Name:	John G. Freund
	 	Title:	Managing Director
	 	 	 
	 	 	 
	 	Address:
	 	525 University Ave., Suite 1350
 Palo Alto, CA  94301
	 	 
	 	Email: 	John@SkylineVentures.com
	 	 	 
	 	Fax:  	650-329-1090

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

 

	 	TVM LIFE SCIENCE VENTURES VI GMBH & CO. KG
	 	 	 
	 	 	 
	 	By:	/s/ Joseph Moosholzer
	 	Name:	Joseph Moosholzer
	 	Title:	Authorized Officer
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Stefan Fischer
	 	Name: 	Stefan Fischer
	 	Title:	Authorized Officer
	 	 	 
	 	 	 
	 	Address:
	 	Ottostrasse 4 / Lenbachpalais
 80333 Munich
 Germany
	 	 
	 	Email: 	fischer@tvm-capital.com
	 	 	 
	 	Fax: 	+49 (89) 998 992 55

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

PROTEON THERAPEUTICS, INC.

 

Fifth Amended and Restated Investors’
Rights Agreement

 

Investor Signature Page

 

By executing this page
in the space provided, the undersigned hereby agrees (i) that he, she or it is an “Investor” as defined in the Fifth
Amended and Restated Investors’ Rights Agreement dated as of June 22, 2017, as amended and in effect from time to time (the
“Investors’ Rights Agreement”), by and among Proteon Therapeutics, Inc. and the parties named therein, (ii) that
he, she or it is a party to the Investors’ Rights Agreement for all purposes and (iii) that he, she or it is bound by all
terms and conditions of the Investors’ Rights Agreement.

 

EXECUTED this 22nd day of June, 2017.

 

	 	TVM LIFE SCIENCE VENTURES VI LP
	 	 
	 	By:	its General Partner TVM Life Science Ventures VI (Cayman) Ltd.
	 	 	 
	 	 	 
	 	By:	/s/ Joseph Moosholzer
	 	Name:	Joseph Moosholzer
	 	Title:	Authorized Officer
	 	 	 
	 	 	 
	 	By:	/s/ Stefan Fischer
	 	Name:	Stefan Fischer
	 	Title:	Authorized Officer
	 	 	 
	 	Address:
	 	75 Arlington Street, Suite 500
	 	Boston, MA 02116
	 	USA
	 	 	 
	 	Email:  	fischer@tvm-capital.com
	 	 	 
	 	Fax: 	+49 (89) 998 992 55

 

 

 

 

    
[SIGNATURE PAGE TO THE PROTEON THERAPEUTICS, INC.
Fifth Amended and Restated Investors’ Rights AGREEMENT]

     

    

SCHEDULE A

 

Investors

 

 

 

Abingworth Bioventures VI, LP

 

Pharmstandard International S.A.

 

Deerfield Private Design Fund III, L.P.

 

Deerfield Special Situations Fund, L.P.

 

TVM Life Science Ventures VI GmbH & Co. KG

 

TVM Life Science Ventures VI, L.P. c/o TVM Capital Corporation

 

Skyline Venture Partners Qualified Purchaser Fund IV, L.P.

 

Prism Venture Partners V, L.P.

 

Prism Venture Partners V-A, L.P.

 

Intersouth Partners VI, L.P.

 

MPM Bioventures IV, L.P.

 

MPM Bio IV NVS Strategic Fund, LP

 

Vectis Healthcare & Life Sciences Fund II, L.P.

 

Devon Park Bioventures, L.P.

 

BVP VII Special Opportunity Fund LP

 

Bessemer Venture Partners VII, L.P.

 

Bessemer Venture Partners VII Institutional L.P.

 

Rockhill Partners, LLC

 

Christena A. Gautreaux, Trustee of the Christena A. Gautreaux
Revocable Trust u/t/a 3/8/04

 

DeMars Pension Consulting Services, Inc.

 

Whitaker, William P. Trust u/t/a 3-1-1994

 

Patricia A. Henry, Trustee for Patricia A. Henry Trust

 

     

     

    

Robert F. Eltonhead Trust u/t/a 12-14-95

 

Sudarshan Hebbar Trust Trust U.T.A. dated October 30, 2011

 

Darcy A. Howe Trust

 

Kimberly Bland

 

Mark M. Weber & Dorothy M. Weber

 

Jill Embry

 

Mark Whitlow

 

Jimmy A. DeMars and Janice K. Rice DeMars

 

Lloyd J. Kissick, III

 

Michael P. Vandenbergh and Linda K. Breggin

 

Marc A. Lonesk Trust u/t/a 3-8-1999

 

William and Sayra Pingleton

 

Handler Clements and Associates, Inc.

 

David A. Atterbury

 

Alan I. Atterbury

 

Robert and Anne St. Peter

 

Gary A. Brukardt Preservation Trust UAD January 10, 2008

 

James T. Cook & Gail Berkowitz

 

Eagle One, LLC

 

Cameron Jones Trust u/t/a 5-3-03

 

IRA FOB Deborah E. Balentine

 

MMB Investments, LLC

 

John D. Hunkeler Revocable Trust u/t/a 10-13-88

 

Diane J. Seif

 

Mark Mendel

 

     

     

    

KTEC Holdings, Inc.

 

Brad and Theresa Frelich

 

Tom Crouch

 

Michael K. Fox Trust

 

Anne and Clayton Johnston

 

Minda and Dan Mason

 

Precede Fund, LLC

 

Michael H. Bombeck Trust dated 2/13/2009

 

F. Nicholas Franano and Lorie Beth Whitaker

 

Michael D. Franano and Deborah E. Balentine

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