Document:

Sale arago shares

 

Register of Deeds No. 65 / 2022

 

 

 

Recorded

 

on this 14 March 2022

 

before me, the undersigned

 

Rechtsanwalt Dr. Michael R. Fischer as

 

duly appointed deputy (hereinafter also the “Notary”) of the

 

notary in the district of the Higher Regional Court Frankfurt am Main

 

Dr. Karsten Müller-Eising

 

with offices in Frankfurt am Main, Nextower, Thurn-und-Taxis-Platz 6,

 

 

     

     

    

Sale arago shares

appeared there today:

1.

Mr. Hans-Christian Boos, born on 2 October
1972, residing at * * *, identifying himself with his valid German photo identification document, (the „Person Appearing
No. 1“), acting, in each case as managing director authorized to act alone and being released from the restrictions set
forth by Section 181 of the German Civil Code, in the name and for the account of

 

		a.	

 

Aquilon Invest GmbH, a limited liability company (Gesellschaft
mit beschränkter Haftung) organized and existing under the laws of Germany, registered with the commercial register of the local
court of Darmstadt under registration no. HRB 96862, with registered seat in Darmstadt and having its business address at Hei nrich-Delp-Straße
196, 64297 Darmstadt,

 

- hereinafter „Aquilon”
–

 

and

 

		.	OGARA GmbH, a limited liability company (Gesellschaft mit beschränkter Haftung) organized
and existing under the laws of Germany, registered with the commercial register of the local court (Amtsgericht) of Frankfurt am Main
under registration no. HRB 107907, with registered seat in Frankfurt am Main and having its business address at c/o HSMV Hansen Schrotenroehr
Müller Voets Partnerschaftsgesellschaft mbH, Grafenberger Allee 337b, 40235 Düsseldorf, Germany,

 

- hereinafter „OGARA”
–

 

and acting as representative without power of attorney (Vertreter
ohne Vertreungsmacht), excluding any personal liability regarding the due approval of this deed (unter Ausschluß der persönlichen
Haftung für die Genehmigung der Urkunde)

 

		.	Neutrino ENERGY Property GmbH & Co. KG, a limited partnership (Kommanditgesellschaft) organized and existing under
the laws of Germany, registered with the commercial register of the local court (Amtsgericht) of Charlottenburg (Berlin) under
registration no. HRA 58120 B, with registered seat in Berlin and having its business address at Unter den Linden 21, 10117 Berlin, Germany,

 

- hereinafter „Neutrino Energy”
–

 

2.

Dr. Kai Birke, Rechtsanwalt, born on 17
May 1973, residing at * * *, with business address at Gleiss Lutz, Taunusanlage 11, 60329 Frankfurt am Main, Germany, identifying
himself with his valid German photo identification document, (the „Person Appearing No. 2“), acting as
representative in the name and on behalf of

 

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Sale arago shares

 

WISeKey International Holding AG, a Swiss public
limited company (Aktiengesellschaft), organized and existing under the laws of Switzerland, registered with the commercial register
of the Canton of Zug under registration no. CHE-143.782.707 and with registered office at General-Guisan-Strasse 6, 6300 Zug, Switzerland,

 

- hereinafter „WISeKey” –

 

based on a power of attorney dated
17 February 2022, which was presented at the meeting.

 

The Person Apearing No. 1 and No. 2 collectively
the “Persons Appearing”. Ogara, Aquilon, Neutrino Energy and WISeKey each a “Party” and collectively
the “Parties”.

 

The Notary took photocopies of the Persons Appearing
No. 1 and 2 identification documents to his file, to which they agreed. The Notary advised the Persons Appearing No. 1 and 2 that their
personal data will – in each case to the extent necessary – be collected, stored, processed and, if and to the extent necessary,
provided to third parties to prepare this deed and to complete the transactions set forth in this deed. Each of the Persons Appearing
gave their consent thereto.

 

Pursuant to Section 21 German Notary Act and based
on inspection of the electronic commercial registers of the local courts of Frankfurt am Main, Darmstadt and Berlin on 14 March 2022 under
the respective registration numbers, I, the undersigned Notary, certify that (i) OGARA, Aquilon and Neutrino Deutschland (the “Companies”)
are each limited liability companies, organized and existing under German law, that (ii) Neutrino Energy is registered as a limited partnership
under German law with Neutrino Deutschland GmbH as its sole general partner, that (iii) OGARA, Aquilon and Neutrino Energy are each registered
under the registration numbers and with the registered seat and business address as stated above, respectively, and that (iv) Mr. Hans-Christian
Boos, born on 2 October 1972, residing in Darmstadt, is the sole managing director, authorized to act alone and released from the restrictions
set forth in Section 181 German Civil Code (BGB), of each of OGARA and Aquilon.

 

I.

 

The Persons Appearing denied the question as to
the prior involvement of the acting notary or any of his partners with regard to the subject matter hereof beyond the notarial activity
according to section 3 subsection 1 sentence 1 number 7 German Notarization Act (BeurkG).

 

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Sale arago shares

II.

 

The Persons Appearing requested that this Deed
be recorded in the English language and stated that they were in sufficient command of the English language. The Notary, who himself is
in sufficient command of the English language, assured himself that the Persons Appearing were, in fact, in such sufficient command of
the English language. Advised by the Notary of their rights to have the assistance of a sworn interpreter and to have a certified translation
attached to this Deed, the Persons Appearing waived such rights.

 

III.

 

Acting as aforesaid, the Persons Appearing then declared the following:

 

The Parties herewith conclude and agree to the
Share Purchase and Transfer Agreement regarding the sale of shares in arago GmbH attached hereto as Annex Share Purchase and Transfer
Agreement.

 

IV.

 

The cost of the notarization of this deed and
its implementation (Vollzug) shall be borne by Ogara GmbH. Each Party shall bear the cost of its representation, including its
legal advisers, on its own.

 

Should the due approval in notarial form (notariell
beglaubigt) by Neutrino Energy not been provided to the Notary by 18 March 2022, the parties shall no longer be bound by the declarations
in this deed except for their joint responsibility for the notarization of this deed and its implementation.

 

Each Party shall receive one certified copy of this deed.

 

The Parties confirmed that the Company does not own real estate.

 

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Sale arago shares

V.

 

The Notary advised the Persons Appearing:

 

		-	that he has to file a new shareholders’ list upon effectiveness of the share transfer stipulated
in this deed;

 

		-	that the English original version of this notarial deed will not be acceptable for enforcement in German
courts but will have to be translated, by a certified translator, into German language for such purposes at the expense of the party enforcing
this agreement;

 

		-	that he has not, in any regard, rendered any tax advice to the Persons Appearing or the Parties represented
by them;

 

-that the Parties are liable as secondary obligors for the Notary’s
fees; and

 

		-	that this deed must contain all stipulations and agreements of the Parties with regard to the subject
matter of the notarized document and that absent thereof this agreement may be void.

 

Those annexes (Anlagen) that are not required
to be read aloud in compliance with Section 14 para. 1 German Notarization Act (Beurkundungsgesetz), in particular, but not limited
to, financial accounts, inventories, hereditary inventories and other itimezed lists (Bilanzen, Inventare, Nachlassverzeichnisse und
Bestandsverzeichnisse), were presented to the Persons Appearing for review and inspection and signed by them on every page. The Persons
Appearing waived their right to have these annexes (Anlagen) read aloud to the Persons Appearing by the Notary.

 

Those annexes (Anlagen) that were attached
to this deed with the indication “for evidentiary purposes” (zu Beweiszwecken) only were not read aloud to the Parties
either.

 

All other annexes (Anlagen) were read aloud to the Persons Appearing
by the Notary.

 

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Sale arago shares

 

This notarial deed, including the Annex
Share Purchase and Transfer Agreement and the annexes thereto, was — except as stated above - read aloud to the Persons Appearing
by the Notary, approved by them and signed by them and the Notary as follows:

 

	
    /s/ Carlos Moreira

     

    /s/ Hans-Christian Boos

     
	

 

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Sale arago shares

 

Annex

 

Share Purchase and Transfer Agreement

 

 

 

     

     

    

 

Share
Purchase and Transfer Agreement

 

 

dated as of 14 March 2022

 

by and between

 

	WISeKey International Holding AG

                         General-Guisan-Strasse 6

                         6300 Zug Switzerland,

                         registered with the commercial register of

                         the Canton of Zug under CHE-143.782.707
	(the Seller)
	 	 
	and	 
	 	 
	OGARA GmbH

      Heinrich-Delp-Stra1e 196

      D-64297 Darmstadt

      Germany

      registered with the commercial register of

      the local court (Amtsgericht) of Frankfurt am

      Main under HRB 107907
	(the Buyer)
	 	 
	and	 
	 	 
	Neutrino Energy Property GmbH & Co KG

      Unter den Linden 21

      10117 Berlin

      Germany,

      registered with the commercial register of

      the local court (Amtsgericht) of Berlin under

      HRA 58120
	(the Buyer Guarantor)
	 	 
	and	 
	 	 
	Aquilon Invest GmbH

      Heinrich-Delp-Stra1e 196
	(Aquilon)

 

     

     

    

Share Purchase Agreement

 

D-64297 Darmstadt

Germany registered with the commercial register of

the local court (Amtsgericht) of Darmstadt

under 96862

 

the Seller and the Buyer
each a Party, and collectively the Parties

 

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Share Purchase Agreement

 

	Whereas	5
	1.	Definitions	6
	2.	Sale, Purchase and Transfer	6
	2.1	Sale of Shares	6
	2.2	Transfer of Shares	6
	2.3	Sale of Intragroup Financing Claims	7
	2.4	Transfer of Claims	7
	2.5	Consideration	7
	2.6	Transfer of Risk and Benefit	7
	2.7	No Settlement of Intragroup Financing Claims	7
	2.8	Indemnification of Seller	8
	3.	Pre-Closing	8
	3.1	Date and Place	8
	3.2	Pre-Closing Actions	8
	 	3.2.1	Actions by the Seller	8
	 	3.2.2	Actions by the Buyer	8
	 	3.2.3	Joint Actions by the Parties	9
	 	3.2.4	Concurrent Pre-Closing Actions	9
	 	3.2.5	Withdrawal rights	9
	4.	Closing Date	10
	5.	Other Covenants	10
	5.1	Press Releases and Other Public Announcements	10
	5.2	No Claims Against Directors, Officers and Shareholders	10
	5.3	Access to Books and Records	11
	5.4	Confidentiality	 11
	5.5	Termination of Harbert LoC and entering into a new letter of comfort after the Closing Date	11
	6.	Taxes, Costs, Expenses and Interest	 11
	6.1	Taxes	11
	6.2	Costs and Expenses	11
	6.3	Interest	12
	7.	Representations	 12
	7.1	Representations of the Seller	12
	 	7.1.1	Capacity and Authority / Validity of Agreement	12
	 	7.1.2	Title to Shares	12
	7.2	Representations of the Buyer and Buyer Guarantor	13
	7.3	Exclusive Representations	 13
	8.	Remedies	13

 

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Share Purchase Agreement

 

	8.1	Buyer’s Remedies	13
	8.2	Seller’s Remedies	14
	9.	Remedies Procedure	14
	9.1	Notification / Third Party Claims	14
	9.2	Time Limitations and Preclusion	 15
	9.3	Liability Limitations	 16
	9.4	Intentional or Fraudulent Behaviour	 16
	10.	General Provisions	 16
	10.1	Effect on Third Parties	 16
	10.2	Notices	 	 16
	10.3	Entire Agreement	17
	10.4	Amendments	17
	10.5	No Assignment	18
	10.6	Set-off	 18
	10.7	Joint and Several Liability of Buyer Guarantor	 18
	10.8	Severability	 18
	11.	Governing Law and Dispute Resolution	 18
	11.1	Governing Law	18
	11.2	Dispute Resolution	 18
	Annex E – Shareholder resolution consenting the transfer	20
	Annex F – Termination of the ISHA	21
	Annex G – Termination of the Equity Funding Agreement	25
	Annex H(i) – Harbert LoC	26
	Annex H(ii) – arago LoC	27
	Annex H(iii) – Termination of arago LoC	28
	Annex 1 – Definitions	29
	Annex 2.3 – Intragroup Financing Claims	31
	Annex 3.2.1 – Resignation Letter Peter Ward	 
	Annex 3.2.2 (c) – Resignation Letter Christian Boos	 

 

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Share Purchase Agreement

 

Whereas

 

		A.	arago GmbH is a limited liability company organized and existing under the laws of Germany, registered
with the commercial register of the local court (Amtsgericht) of Frankfurt am Main under HRB 100909, having its registered seat
in Frankfurt am Main, Germany and with registered business address at Lindleystraße 8a, 60314 Frankfurt am Main, Germany (the Company).

 

		B.	The registered share capital (Stammkapital) of the Company amounts to EUR 266,808.00, divided into
266,808 shares (Geschäftsanteile), each with a nominal value (Nennbetrag) of EUR 1 (the Shares, and each a Share).

 

		C.	The Seller holds 136,072 Shares with the consecutive numbers 130.737 to 266.808, each with a nominal value
(Nennbetrag) of EUR 1, corresponding to approx. 51% of the Com-pany’s share capital (the Sale Shares, and each a Sale
Share).

 

		D.	The Seller desires to sell and transfer the Sale Shares to the Buyer, and the Buyer desires to purchase
and acquire the Sale Shares from the Seller, on the terms and subject to the conditions set forth in this Agreement (the Transaction).
Buyer Guarantor intends to act as joint and several debtor for the obligations of Buyer under or in connection with this Agreement in
accordance with the terms and conditions of this Agreement.

 

		E.	Pursuant to section 10 of the articles of association of the Company, the transfer of the Shares requires
the written consent of the shareholders’ meeting of the Company with a majority of 90% of the votes cast to be valid. By resolution
dated 11/26 February 2022, a copy of which is attached hereto for evidentiary purposes as Annex E, the shareholders’ meeting
of the Company has unanimously approved the sale and transfer of the Shares in accordance with this Agreement.

 

		F.	By notarial deed dated 27 January 2021 (deed no. 16/2021 of the notary public Dr. Karsten Müller-Eising
with offices in Frankfurt am Main, Nextower, Thurn-und-Taxis-Platz 6), the Seller, the Company, Aquilon Invest GmbH, OGARA GmbH and Mr.
Hans-Christian Boos entered into an Investement and Shareholders’ Agreement (the ISHA). The parties of the ISHA have terminated
the ISHA by way of a termination agreement subject to the condition precedent (aufschiebende Bedingung) according to Section 158
(1) BGB that the transfer of the Sale Shares in the Company to the Buyer has become effective, a copy of which is attached hereto for
evidentiary purposes as Annex F.

 

		G.	The parties of the Equity Funding Agreement have terminated the Equity Funding Agreement by way of a termination
agreement subject to the condition precedent (aufschiebende Bedingung) according to Section 158 (1) BGB that the transfer of the
Sale Shares in the Company to the Buyer has become effective, a copy of which is attached hereto for evidentiary purposes as Annex
G.

 

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Share Purchase Agreement

 

		H.	The Seller issued a letter
of comfort to Harbert European Specialty Lending Company II, Sarl, Luxembourg, Grand Duchy of Luxembourg (Harbert), on 18 November
2020, such letter attached hereto for evidentiary purposes in Annex H(i) (the Harbert LoC), and, under the corporate name WISeKey International
Holding Ltd, agreed upon a letter of comfort with the Company, dated 19 November 2020, attached hereto as Annex H(ii) (the arago
LoC). Seller intends to terminate the arago LoC on the Pre-Closing Date subject to the condition precedent (aufschiebende Bedingung)
according to Section 158 (1) BGB that the transfer of the Sale Shares in the Company to the Buyer has become effective and has therefore
agreed with arago on the termination agreement as included in Annex H(iii). Buyer intends to enter into a new letter of comfort
with arago on the Pre-Closing Date with a corresponding content as the arago LoC subject to the condition precedent (aufschiebende
Bedingung) according to Section 158 (1) BGB that the transfer of the Sale Shares in the Company to the Buyer has become effective.
Seller further intends to terminate the Harbert LoC as soon as possible after the Closing Date and therefore agrees with Harbert on a
termination agreement and Buyer intends to enter into a new letter of comfort with Harbert with a corresponding content as the Harbert
LoC.

 

		I.	Prior to the execution of this Agreement, the Seller has given the Buyer, its representatives and its
advisors access to, and the Buyer, its representatives and its advisors have reviewed, analysed and assessed, legal, financial, accounting,
tax, operational, commercial and other information in relation to the Company and the Company's business, made available by the Seller
to the Buyer; the Buyer has further had the opportunity to discuss with the Seller, its representatives and its advisors and the management
of the Company and clarify with them any matters pertaining to the Company and the Company's business (together the Due Diligence Process).
The Buyer herewith confirms that he received sufficient information in course of the Due Diligence Process.

 

Now, therefore, the Parties, the Buyer Guarantor and Aquilon
agree as follows:

 

		1.	Definitions

 

Capitalized terms used in this Agreement have
the meanings assigned to such terms as set forth in the body of this Agreement and referenced in Annex 1  to this Agreement.

 

		2.	Sale, Purchase and Transfer

 

		2.1	Sale of Shares

 

On the terms and subject to the conditions of
this Agreement the Seller hereby sells to the Buyer the Sale Shares, and the Buyer hereby purchases the Sale Shares from the Seller.

 

		2.2	Transfer of Shares

 

The Seller hereby transfers (tritt ab)
to the Buyer the Sale Shares with in rem effect (mit dinglicher Wirkung), subject to the condition precedent (aufschiebende
Bedingung) according to Section 158 (1) BGB that a EUR amount equal to the Purchase Price has been deposited in the following bank
account of the Seller:

 

Bank name:* * *

 

Address:*
* *

 

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 Share Purchase Agreement

 

	Account name:	WISeKey International Holding AG
	IBAN:	* * *
	BIC:	* * *

 

(the Seller's Account) (the Sale Shares
Transfer). The Buyer hereby accepts the Sale Shares Transfer.

 

		2.3	Sale of Intragroup Financing Claims

 

The Seller provided funds to the Company under
the Equity Funding Agreement, the arago LoC and the Interim Funding Agreement (together the Intragroup Financing Agreements) resulting
in open claims of the Seller against the Company totalling EUR 8,573,150.91 as listed in detail in Annex 2.3 (the Intragroup
Financing Claims). On the terms and subject to the conditions of this Agreement the Seller hereby sells to the Buyer the Intragroup
Financing Claims, and the Buyer hereby purchases the Intragroup Financing Claims from the Seller.

 

		2.4	Transfer of Claims

 

The Seller hereby transfers (tritt ab)
to the Buyer the Intragroup Financing Claims with in rem effect (mit dinglicher Wirkung), subject to the condition precedent
(aufschiebende Bedingung) according to Section 158 (1) BGB that a EUR amount equal to the Purchase Price has been deposited in
the Seller's Account (the Intragroup Financing Claims Transfer). The Buyer hereby accepts the Intragroup Financing Claims Transfer.

 

		2.5	Consideration

 

The consideration for the Sale Shares and the
Intragroup Financing Claims shall be EUR 25,527,955.30 (Euros twenty-five million five-hundred-twentyseven-thousand, nine hundred and
fiftyfive and thirty cents) (the Purchase Price). The Purchase Price is calculated as follows:

 

		(a)	Consideration for the Sale Shares: EUR 17,167,729.49

 

		(b)	Consideration for the Intragroup Financing Claims: EUR 8,573,150.91

 

		(c)	Deductible for the cost of dismissing Patrick Williamson: EUR 212,925

 

The Purchase Price may be paid either by Buyer or Aquilon.

 

		2.6	Transfer of Risk and Benefit

 

Subject to the occurrence of the Sale Shares Tranfer,
all risks and benefits associated with the Sale Shares and the position of the Buyer of a holder of Shares in the Company shall economically
transfer with effect as of 1 January 2022.

 

		2.7	No Settlement of Intragroup Financing Claims

 

Buyer
shall procure that none of the Intragroup Financing Claims will be fulfilled or otherwise settled by the Company prior to the expiry of
one (1) year after the Closing Date.

 

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Share Purchase Agreement

 

		2.8	Indemnification of Seller

 

With effect as of the Closing Date, Seller shall
not have any liability vis-à-vis Buyer or the Company under or in connection with the Intragroup Financing Agreements. Buyer (i)
shall not, and shall procure that neither the Company nor any other person will, assert any claim against Seller under or in connection
with any of the Intragroup Financing Agreements, in particular the Intragroup Financing Claims, and under or in connection with the Harbert
LoC and (ii) shall indemnify and hold harmless (freistellen) Seller from any such claims and from any costs and expenses (including
legal fees and disbursements) arising out of or in connection with the Intragroup Financing Agreements and with the Harbert LoC.

 

		3.	Pre-Closing

 

3.1       Date and Place

		 	 

		(a)	The Pre-Closing shall take place on the date of execution of this Agreement or on such other date as agreed
by the Parties but no later than 18 March 2022 (the Pre-Closing Date).

 

		(b)	The Pre-Closing shall take place at the offices of the acting notary in Frankfurt am Main, Germany, selected
by the Buyer, or at such other location as the Parties may agree.

 

		3.2	Pre-Closing Actions

 

		3.2.1	Actions by the Seller

 

At the Pre-Closing, the Seller shall provide the
Buyer with a resignation letter from Peter Ward, resident in Thonex, Switzerland, born 5 January 1952 as managing director of the Company
with the resignation being subject to the Sale Shares Transfer a copy of which is attached hereto for evidentiary purposes as Annex 3.2.1.

 

		3.2.2	Actions by the Buyer

 

At the Pre-Closing, the Buyer shall:

 

		(a)	enter into a new letter of comfort with arago similar to the arago LoC attached hereto as Annex 3.2.2(a)
(ii); and

 

		(b)	hand over a copy of an International Bill of Exchange providing for an amount equal to the Purchase Price
to Seller and stating the following:

 

Bank name: * * *

 

Bank address: * * *

 

Name of Bank Manager: *
* *

 

Direct
Dial: * * *

 

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Share Purchase Agreement

 

E-mail: * * *

 

Account number (IBAN): *
* *

 

Account Name: WISeKey International Holding AG

 

The Seller hereby agrees that the copy of the International
Bill of Exchange may also be handed over by the Buyer Guarantor to the Seller.

 

		(c)	deliver to the Seller a resignation letter, duly executed by Mr.
Hans-Christian Boos, in which he declares to resign with effect as of the Sale Shares Transfer from the board of directors of the Seller
and waives any claims he may have in connection with his membership on the board of directors of the Seller a copy of which is attached
hereto for evidentiary purposes as Annex 3.2.2 (c).

 

		3.2.3	Joint Actions by the Parties

 

Each Party hereby authorizes the notary public
establishing the notarial deed at Pre-Closing to file with the competent commercial register of the Company in accordance with §
40 para. 2 GmbHG, an updated shareholders’ list (Gesellschafterliste) of the Company reflecting the change in the shareholder
structure (the actions to be taken by the Parties pursuant to this Section 3.2 hereinafter the Pre-Closing Actions). The Parties
will inform the notary public without undue delay by a joint written declaration that the Pre-Closing Actions have been taken and that
the Purchase Price has been deposited in the Seller’s Account and will advise the notary public in such declaration to file the
aforementioned shareholders’ list with the compentent commercial register of the Company.

 

		3.2.4	Concurrent Pre-Closing Actions

 

The Pre-Closing Actions shall be effected concurrently
with, and in exchange for (Zug um Zug), each other. All documents and items delivered at the Pre-Closing pursuant to this Section
3.2 shall be held by the recipient to the order of the person delivering the same until such time as the Sale Shares Transfer shall be
deemed to have taken place.

 

		3.2.5	Withdrawal rights

 

Seller
shall be entitled to withdraw (zurücktreten) from this agreement by written notice to Buyer if (i) the Buyer has not performed the
Pre-Closing Actions as described in Sections 3.2.2 and 3.2.3 of this Agreement by 18 March 2022, (ii) the International Bill of Exchange
is not handed over (in person or via mail) to Seller or (iii) the International Bill of Exchange is not honoured by 14 April 2022 due
to reasons within the responsibility of the Buyer or of the Buyer Guarantor. A withdrawal pursuant to this Section 3.2.5 shall not prejudice
or limit any rights and claims (including those against Buyer Guarantor) that the Seller may have under or in connection with this Agreement
and subject to the rights and limitations stipulated thereunder (i) due to the reason for the withdrawal, or (ii) due to a breach of this
Agreement by the Buyer prior to such withdrawal. The provisions of this Section 3.2.5, Section 4.4, Section 5.2, Section 7.2 and Sections
9 and 10 shall survive a withdrawal.

 

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Share Purchase Agreement

 

		4.	Closing Date

 

The Closing Date shall be deemed to occur on the
date the Sale Shares Transfer has become effective (the Closing Date).

 

Seller will inform Buyer of the Sale Shares Transfer
after the Purchase Price has been deposited in the Seller’s Account without undue delay.

 

		5.	Other Covenants

 

		5.1	Press Releases and Other Public Announcements

 

From the date of this Agreement, all public announcements
or press releases concerning any of the transactions contemplated by this Agreement shall only be issued after the Parties shall have
consulted and agreed on the contents and timing of the relevant public announcement or press release. Notwithstanding the foregoing, nothing
in this Agreement shall restrict or prohibit:

 

		(a)	any announcement or disclosure required by Law, any competent judicial or regulatory authority or any
competent securities exchange or applicable securities Laws or stock exchange regulations (in which case the Parties shall endeavour in
good faith to agree on the content of any such announcement or disclosure prior to its issuance); or

 

		(b)	the Buyer and the Seller from making any disclosure to any of their respective directors, officers, employees,
agents or advisors who are required to receive such information to carry out their duties (conditional upon any such Person agreeing to
keep such information confidential for so long as the Buyer and the Seller are obligated to do so in accordance with this Section 5.1,
any other provision of this Agreement or applicable Law).

 

		5.2	No Claims Against Directors, Officers and Shareholders

 

		(a)	The Buyer covenants and undertakes not to make any claim against any director, officer or employee of
the Company representing the Seller (the Released Persons) in connection with his or her acts or omissions in such capacity before
the Closing Date.

 

		(b)	The Buyer shall procure that, immediately following the Closing Date and on the same day, the Company
grants unconditional discharge to the Released Persons serving on the management board of the Company for their conduct of business in
the period up to and including the Closing Date.

 

		(c)	The Buyer shall not,
and shall procure that the Company will not, make any claim (i) against any Released Person in connection with his mandate(s) or activities
for the Company in the period up to and including the Closing Date or in connection with the Transaction; and/or (ii), without prejudice
to the Buyer's right to bring a claim against the Seller under this Agreement, against
the Seller in connection with the Seller's position as a direct shareholder of the Company.

 

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Share Purchase Agreement

 

		5.3	Access to Books and Records

 

After the Closing Date, the Buyer shall cause
the Company and the Company's staff and employees to provide the Seller, the Seller's directors, officers, employees and the Seller's
external auditors and advisors with all financial information of the Company as reasonably required for the Seller to establish its consolidated
financial statements under U.S. GAAP.

 

		5.4	Confidentiality

 

The Seller, the Buyer and Buyer Guarantor shall
keep confidential the contents of this Agreement and other confidential information concerning the Company and shall not inform any third
party about its content; it being understood and agreed that the foregoing confidentiality undertaking shall not restrict (i) the Buyer,
the Seller or Buyer Guarantor from pursuing its rights and exercising its remedies under this Agreement, (ii) the Buyer, the Seller or
Buyer Guarantor from a disclosure of information which is required by applicable Law (including applicable securities Laws or stock exchange
regulations) or any competent judicial or regulatory authority (in which case the Parties shall endeavour in good faith to agree on the
content of any such disclosure prior to it being made) or by any competent securities exchange, or (iii) the Parties or Buyer Guarantor
from disclosing information that is known to the public without any fault of, or breach of any confidentiality undertaking by, the disclosing
Party or Buyer Guarantor if Buyer Guarantor indends to disclose information.

 

		5.5	Termination of Harbert LoC and entering into a new letter of comfort after the Closing Date

 

Seller and Buyer will use best efforts to agree
after the Closing Date with Harbert on a termination of the Harbert LoC and the entering of the Buyer into a new letter of comfort with
Harbert with a corresponding content as the Harbert LoC. Should the Seller and Buyer not be able to agree with Harbert on such termination
and the entering of the Buyer into a new letter of comfort with a corresponding content as the Harbert LoC, clause 2.8 of this Agreement
shall apply.

 

		6.	Taxes, Costs, Expenses and Interest

 

		6.1	Taxes

 

Except as expressly provided otherwise in this
Agreement, each Party shall bear all Taxes incurred by or levied on it in connection with the transactions contemplated under this Agreement,
including any duties imposed on it by applicable Law on the transfer of the Shares, it being agreed that the Swiss transfer Tax (Umsatzabgabe)
shall be borne by the Buyer.

 

		6.2	Costs and Expenses

 

Except as expressly provided otherwise in
this Agreement, each Party and Buyer Guarantor shall bear its own costs and expenses (including advisory fees) incurred in the
negotiation, preparation and execution of this Agreement and the consummation of the transactions contemplated hereby, except that the Buyer shall bear all notarial
fees incurred in connection with the execution of this Agreement and the Pre-Closing.

 

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Share Purchase Agreement

 

		6.3	Interest

 

If a Party or Buyer Guarantor defaults in the
payment when due of any sum payable by it under this Agreement (howsoever determined), interest shall accrue on such overdue sum from
(and including) the date on which such sum was due to (and excluding) the date on which such Party or Buyer Guarantor actually makes payment
(whether before or after any judgment) at a rate of 5 (five) percent per annum (calculated on the basis of the Day-Count Convention).

 

		7.	Representations

 

		7.1	Representations of the Seller

 

The Seller hereby represents and warrants by way
of an independent promise of guarantee (selbständiges Garantieversprechen) pursuant to section 311 (1) BGB the following to
the Buyer as of the date of this Agreement (the Seller Representations). No Seller Warranty shall qualify as a quality agreement
within the meaning of section 434 (1) BGB (Beschaffenheitsvereinbarung) or as a guarantee of condition within the meaning of sections
443, 444 BGB (Garantie für die Beschaffenheit der Sache).

 

		7.1.1	Capacity and Authority / Validity of Agreement

 

		(a)	The Seller is duly incorporated and organized and validly existing under the Laws of Switzerland and has
the full corporate capacity, power and authority, duly authorized by all requisite corporate actions, to enter into this Agreement and
any transactions contemplated hereunder and to perform its respective obligations.

 

		(b)	This Agreement constitutes the legal, valid and binding obligation of the Seller, enforceable against
the Seller in accordance with its terms, except to the extent that the enforceability may be limited by applicable bankruptcy, reorganization,
insolvency, moratorium or other Laws affecting the enforcement of creditors’ rights generally. There exist no limitations under
applicable Law, the constituting or governing documents of the Seller or any contracts by which the Seller is bound that would prevent
the Buyer from entering into or performing its obligations under this Agreement.

 

		(c)	No authorizations, permits or consents are required from any Governmental Authority or any third party
for the consummation of the transactions contemplated by this Agreement.

 

		7.1.2	Title to Shares

 

The
Seller is the sole legal and beneficial owner of the Sale Shares, free and clear of any Liens. All Sale Shares have been validly issued
and are fully paid.

 

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Share Purchase Agreement

 

		7.2	Representations of the Buyer and Buyer Guarantor

 

The Buyer and Buyer Guarantor hereby make the
following representations (the Buyer Representations) to the Seller as of the date of this Agreement:

 

		(a)	The Buyer is a limited liability company duly incorporated and organized and validly existing under the
Laws of Germany, and has the full corporate capacity, power and authority to own or use its assets and properties and to conduct its business
as the same is presently being conducted. The Buyer Guarantor is a limited partnership with a limited liability company as general partner
duly incorporated and organized and validly existing under the Laws of Germany, and has the full corporate capacity, power and authority
to own or use its assets and properties and to conduct its business as the same is presently being conducted.

 

		(b)	The Buyer and the Buyer Guarantor have the full power and authority to enter into this Agreement and any
transactions contemplated hereunder and to perform its respective obligations. This Agreement constitutes the legal, valid and binding
obligation of the Buyer and Buyer Guarantor, enforceable against the Buyer and Buyer Guarantor in accordance with its terms, except to
the extent that the enforceability may be limited by applicable bankruptcy, reorganization, insolvency, moratorium or other Laws affecting
the enforcement of creditors' rights generally. There exist no limitations under applicable Law, the constituting or governing documents
of the Buyer or Buyer Guarantor or any contracts by which the Buyer or Buyer Guarantor is bound that would prevent the Buyer or Buyer
Guarantor from entering into or performing its obligations under this Agreement.

 

		(c)	No authorizations, permits or consents are required from any Governmental Authority or any third party
for the consummation of the transactions contemplated by this Agreement.

 

		7.3	Exclusive Representations

 

Each Party and Buyer Guarantor acknowledge that,
other than as expressly provided in this Agreement, the other Party and Buyer Guarantor have not made, and do not make, and have not relied
and do not rely on, any representation or warranty, express or implied, relating to the subject matter of this Agreement. The Buyer and
Buyer Guarantor acknowledge that the Seller does not make any representations or warranties as to the future development of the Company
and does not and did not make any statements about budgets, business plans or other forward-looking statements or other projections of
a financial, technical or commercial nature relating to the business of the Company.

 

		8.	Remedies

 

		8.1	Buyer’s Remedies

 

Subject to Section 9, the Seller shall be liable
to the Buyer for any Loss suffered or incurred by the Buyer arising as a result of (adäquate Kausalität) the breach of:

 

		(a)	any of the representations made by the Seller pursuant to Section
7.1 irrespective of any fault on the part of the Seller; or

 

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Share Purchase Agreement

 

		(b)	any covenant or agreement of the Seller contained in this Agreement.

 

		8.2	Seller’s Remedies

 

The Buyer Guarantor shall be liable for any Loss
suffered or incurred by the Seller if any of the representation of the Buyer and the Buyer Guarantor pursuant to Section 7.2 is incorrect
or in the event of a breach of any obligation of the Buyer or the Buyer Guarantor under or in connection with this Agreement in accordance
with the applicable Law.

 

The Buyer’s liability under this Agreement
(including but not limited to liability for any Loss incurred by the Seller due to an incorrect representation of the Buyer or a breach
of any obligation of the Buyer under or in connection with this Agreement) shall be, to the extent legally permissible, excluded.

 

		9.	Remedies Procedure

 

		9.1	Notification / Third Party Claims

 

		(a)	At the earlier of (i) 15 (fifteen) Business Days after the Buyer has obtained knowledge of a matter or
circumstance that could give rise to a claim for liability under Section 8.1 or (ii) promptly upon receipt by the Buyer of a notice from
a third party of any pending or threatened Action against the Buyer or a submission to, or a decision or order by, any Governmental Authority
that has given or could give rise to a claim for liability under Section 8.1 (any such Action, a Third Party Claim), the Buyer
shall give notice thereof to the Seller indicating the nature of such matter, circumstance or Third Party Claim and the basis for its
claim for liability under Section 8.1 (such notice the Notice of Breach).

 

		(b)	Failure to give Notice of Breach in accordance with Section 9.1(a) shall exclude the Seller's liability
hereunder.

 

		(c)	With respect to any misrepresentation or other breach of covenant or agreement pursuant to this Agreement
with respect to which the Buyer has given Notice of Breach to the Seller, the Seller shall have the right, within 45 (forty-five) Business
Days after the receipt of the Notice of Breach, to put the Buyer in the same position in which it would have been if no such misrepresentation
or other breach of covenant or agreement pursuant to this Agreement had occurred.

 

		(d)	In the case of any Third Party Claim asserted by a Person that is not a party to this Agreement
                                                           against the Buyer, the Buyer shall (i) oppose such Third Party Claim, (ii) request the Seller as soon as practicable to provide
                                                           instructions regarding the conduct of the relevant proceedings, and (iii) conduct the proceedings (including any appeals proceeding)
                                                           in accordance with the instructions of the Seller, it being agreed and understood that the Buyer shall not have the right to settle
                                                           the Third Party Claim without the Seller's prior written consent; provided, however, that the Seller shall have the right
                                                           (but not the obligation), at its request and subject to an undertaking to keep the Buyer fully informed of the relevant proceedings,
                                                           to defend, at its own expense and with its own counsel, any Third Party Claim. The Seller shall procure that the Third Party Claim
                                                           is not settled without the prior written consent of the Buyer, which consent shall not be unreasonably withheld, provided that such consent shall be
deemed to be given if the Buyer does not object within ten (10) Business Days following receipt of the Seller's written notification of
its intention to settle the Third Party Claim. The Buyer shall cooperate with, and provide at its own cost appropriate documentation (subject
to any statutory privilege or statutory duties of confidentiality) and support as reasonably requested by, the Seller or its counsel in
connection with such compromise or defence. The Buyer shall have the right to participate, at its own expense, in the defence of any asserted
Third Party Claim.

 

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Share Purchase Agreement

 

		(e)	Notwithstanding anything of the foregoing, the Buyer (to the extent it is in control of the proceedings
pertaining to the Third Party Claim) shall be permitted to conduct any proceedings pertaining to a Third Party Claim other than as instructed
by the Seller and/or to settle any Third Party Claim without the Seller's prior written consent; provided, however, that the Buyer
shall then be deemed to have forfeited any claim against the Seller under this Agreement in relation to such Third Party Claim.

 

		(f)	The Seller may, in its sole discretion, settle any Third Party Claim in full or in part without consent
of the Buyer, for as long as any such settlement does not impose any liability on the Buyer or for as long as the Seller, concurrently
with such settlement provides the Buyer with a full release from any liability against the Person making the Third Party Claim subject
to the settlement.

 

		(g)	Subject to any constraints under applicable Law, the Buyer shall procure that the Seller, its representatives
or its advisors are promptly given access, during normal business hours and without undue interference with the business and operations
of the Company, to the Company's premises, management, personnel, legal and financial advisors and auditors as well as to the Company's
books, accounts, records, contracts and other documents as may be reasonably required by the Seller to exercise its rights pursuant to
this Section 9.1.

 

		9.2	Time Limitations and Preclusion

 

		(a)	Any claim subject to the remedy under Section 8.1(a) shall become time-barred (verjäh-ren)
2 (two) years after the Closing Date; and

 

		(b)	Any claim for Losses subject to the remedy under Section 8.1(b) shall become time-barred (verjähren)
twelve (12) months after the Closing Date.

 

		(c)	Section 203 sentence 1 BGB shall not apply. Any limitation period pursuant to this Agreement shall be
tolled (gehemmt) only by filing of a statement of claims (Klageerhebung) with the arbitral tribunal in accordance with Section
11.2.

 

		(d)	Notwithstanding the foregoing,
any claim by the Buyer against the Seller under this Agreement shall be precluded if the Buyer fails to commence formal proceedings against
the Seller with respect to such claim or claims in accordance with Section 11.2 within six (6) months after the respective Notice of Breach
of the Buyer.

 

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Share Purchase Agreement

 

		9.3	Liability Limitations

 

The Parties agree that the rights and remedies
that Buyer may have against Seller under or in connection with this Agreement and the transactions contemplated hereunder shall be limited
to the rights and remedies expressly provided for herein and shall be solely governed by this Agreement. All other rights or remedies
of any legal nature that Buyer may otherwise have against Seller under or in connection with this Agreement or the transactions contemplated
hereunder are hereby waived by Buyer and excluded to the largest extent permitted under applicable law, in particular any (i) right to
withdraw (zurücktreten) from this Agreement or to require the winding up (Rückabwicklung) of the transactions
contemplated hereunder (e.g. by way of großer Schadensersatz), (ii) claims for breach of pre-contractual obligations (culpa
in contrahendo, including claims arising under sections 241 (2), 311 (2) and (3) BGB) or ancillary obligations (positive Forderungsverletzung,
including claims arising under sections 280, 282 BGB), (iii) claims in connection with frustration of contract pursuant to section 313
BGB (Störung der Ges-chäftsgrundlage), (iv) claims for defects of the sold assets (Mängelrechte) under sections
434 et seq. BGB, (v) rights to rescind (anfechten) or otherwise terminate this Agreement and (vi) other statutory rights or remedies.

 

		9.4	Intentional or Fraudulent Behaviour

 

The limitations of liability in this Agreement
shall not apply to the extent the respective limitation is not permitted pursuant to section 202 (1) or 276 (3) BGB. Seller shall not
be liable for intentional or willful misconduct (Vorsatz) or fraud (Arglist) of any auxiliary persons (Erfüllungsgehilfen)
within the meaning of section 278 BGB.

 

		10.	General Provisions

 

		10.1	Effect on Third Parties

 

Except as otherwise expressly provided in this
Agreement, no Person (including Buyer Guarantor) other than the Parties shall have any rights or benefits under this Agreement, and nothing
in this Agreement is intended to confer on any Person (including Buyer Guarantor) other than the Parties any rights, benefits or remedies
(kein echter Vertrag zugunsten Dritter), except that each Released Person shall have a direct claim against the Buyer under this
Agreement for any right or benefit granted to it by Section 5.2.

 

		10.2	Notices

 

		(a)	All notices or other communications to be given under or in connection with this Agreement shall be in
writing and delivered by hand or sent (postage prepaid) by registered, certified or express post (return receipt requested), courier or
by electronic transmission in .pdf format or similar format as follows:

 

 

	 	if to the Seller:	WISeKey International Holding Ltd

                           Peter Ward, Chief Financial Officer

                           General-Guisan-Strasse 6

                           6300 Zug  

                           Switzerland

                           Email: peter.ward@wisekey.com

 

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Share Purchase Agreement

 

	 	with a copy to:	Homburger AG

                           David Oser

                           Prime Tower

                           Hardstrasse 201

                           8005 Zurich

                           Switzerland

                           Email: david.oser@homburger.ch

	 	 	 
	 	if to the Buyer:	OGARA GmbH

        Heinrich-Delp-Straße 196

        D-64297 Darmstadt

	 	 	 
	 	with a copy to:	Felipe Villena

        Taylor Wessing Partnerschaftsgesellschaft mbB

        Thurn-und-Taxis-Platz 6

        60313 Frankfurt a.M.

        Email: F.Villena@taylorwessing.com

	 	 	 
	 	if to the Buyer Guarantor:	Neutrino Energy Property GmbH & Co KG

        Holger Schubart, CEO

        Unter den Linden 21

        10117 Berlin

        Germany

        Email: hts@neutrino-energy.com

 

		(b)	Notices delivered by hand shall be deemed delivered when actually delivered. Notices given by post or
courier shall be deemed delivered on the second (2nd) Business Day after posting or couriering them or in the case of airmail/air-courier
on the fifth (5th) Business Day after posting or couriering them (except if delivery is promised by the post or the courier at a later
date, then such notices shall be deemed delivered on the date that delivery is promised). Notices given by electronic submission shall
be deemed to be received at the time confirmation that the electronic submission has been received by the recipient is received by the
sender.

 

		10.3	Entire Agreement

 

This Agreement, including the Annexes, constitutes
the entire agreement and understanding among the Parties and Buyer Guarantor with respect to the subject matter hereof, and supersedes
all prior oral or written agreements and understandings of the Parties and Buyer Guarantor relating to such subject matter.

 

		10.4	Amendments

 

Unless
expressly set forth otherwise herein, amendments to this Agreement (including to this Section 10.4) shall only be valid if explicitly
referring to this Agreement and made in written form within the meaning of section 126 (1) alt. 1 and (2) BGB. Section 127 (2) BGB shall
not apply. Stricter requirements under mandatory law shall remain unaffected.

 

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Share Purchase Agreement

 

		10.5	No Assignment

 

This Agreement and all or any of the rights and
obligations hereunder shall not be assigned by any of the Parties.

 

		10.6	Set-off

 

The Buyer and Buyer Guarantor shall not be entitled
to exercise any right to set-off, retention or other right to refuse performance (Aufrechnung, Zurückbehaltung oder sonstige Leistungsver-weigerungsrechte)
with respect to any of their payment obligations under or in connection with this Agreement, except in case the respective claim of Buyer
or Buyer Guarantor, respectively, was expressly acknowledged (anerkannt) by Seller in the form of Section 10.2 or has been awarded
in a legally binding (rechtskräftig) decision in principal proceedings (im Hauptsachever-fahren) by a competent court
or arbitral tribunal.

 

		10.7	Joint and Several Liability of Buyer Guarantor

 

Buyer Guarantor shall be jointly and severally
liable (gesamtschuldnerische Haftung) with Buyer for all obligations of Buyer under or in connection with this Agreement. The Buyer
Guarantor and the Buyer agree that section 426 (1) BGB shall be excluded (abbedungen) in favour of the Buyer.

 

		10.8	Severability

 

Should any provision of this Agreement be or become
invalid or unenforceable, the other provisions of this Agreement shall remain in full force and effect. In such case, the Parties and
Buyer Guarantor shall agree on such valid and enforceable substitute provision(s) that correspond(s) as closely as possible with the intentions
of the Parties and Buyer Guarantor at the time of the conclusion of this Agreement. This shall apply mutatis mutandis in the event
that this Agreement contains any unintended gaps (unbeabsichtigte Vertragslücken). It is the express intent of the Parties
and Buyer Guarantor that this Section 10.8 shall not only result in a reversal of the burden of proof (Beweislastumkehr) but that
section 139 BGB is hereby excluded in its entirety so as to maintain the validity and enforceability of this Agreement to the fullest
extent possible.

 

		11.	Governing Law and Dispute Resolution

 

		11.1	Governing Law

 

This Agreement shall be governed by, and construed
in accordance with, German law, excluding the German conflict of law rules and excluding the United Nations Convention on Contracts for
the International Sale of Goods (CISG).

 

		11.2	Dispute Resolution

 

Any
dispute, controversy or claim arising out of, or in relation to, this Agreement, including the validity, invalidity, breach, or termination
thereof, shall be resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Arbitration Centre
in force on the date on which the Notice of Arbitration is submitted in accordance with those Rules. The arbitral tribunal
shall be comprised of three (3) arbitrators. The seat of the arbitration shall be Zurich. The arbitration proceedings shall be conducted
in English.

 

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Sale arago shares

 

Annex

 

Annex E

 

 

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Sale arago shares

 

Annex

 

Annex F

 

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Termination Agreement

 

		(a)	WISeKey International
                                            Holding Ltd, a stock corporation organized and existing under the laws of Switzerland, registered
                                            with the commercial register of the Canton of Zug under CHE-143.782.707 and with business
                                            address at General-Guisan-Strasse 6, 6300 Zug, Switzerland ("WISeKey"),

 

		(b)	arago GmbH, a limited
                                            liability company organized and existing under the laws of Germany, registered with the commercial
                                            register of the local court (Amtsgericht) of Frankfurt am Main under HRB 100909, having
                                            its registered seat in Frankfurt am Main, Germany and with registered business address at
                                            Lindleystrafle 8a, 60314 Frankfurt am Main, Germany ("arago"),

 

		(c)	Aquilon Invest GmbH, a limited liability company organized and existing under the
laws of Germany, registered with the commercial register of the local court (Amtsgericht) of Darmstadt under HRB 96862, having
its registered seat in Darmstadt, Germany and with registered business address at Heinrich-Delp-Str. 196, 64297 Darmstadt, Germany,

 

		(d)	OGARA GmbH a limited liability company organized and existing under the laws of
Germany, registered with the commercial register of the local court (Amtsgericht) of Frankfurt am Main under HRB 107907, having
its registered seat in Frankfurt am Main, Germany and with registered business address at c/o HSMV — Hansen Schrotenroehr Muller
Voets Partnerschaftsgesellschaft mbH, Grafenberger Allee 337b, 40235 Dusseldorf, Germany, and

 

		(e)	Mr. Hans-Christian Boos, born on 2 October 1972, residing
at * * *

 

each a "Party" and together,
the "Parties"

 

entered into an Investement and Shareholders' Agreement
("ISHA").

 

		1.	The parties of the ISHA hereby terminate the ISHA subject to the condition precedent
(aufschiebende Bed ingung) according to Section 158 (1) BGB that the planned transfer of WISeKey's shares in arago to OGARA GmbH
has become effective.

 

		2.	Each Party shall bear its own costs and expenses, including the fees of its advisors,
incurred in connection with the preparation, negotiation, execution and performance of this Termination Agreement.

 

		3.	This Termination Agreement shall be governed by, and construed in accordance with,
German law, excluding the German conflict of law rules and excluding the United Nations Convention on Contracts for the International
Sale of Goods (CISG).

 

		4.	Any dispute, controversy or claim arising out of, or in relation to, this Termination
Agreement, including the validity, invalidity, breach, or termination thereof, shall be resolved by arbitration in accordance with the
Swiss Rules of International Arbitration of the Swiss Arbitration Centre in force on the date on which the Notice of Arbitration is submitted
in accordance with those Rules. The arbitral tribunal shall be comprised of three (3) arbitrators. The seat of the arbitration shall be
Zurich. The arbitration proceedings shall be conducted in English.

 

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		5.	Should any provision of this Termination Agreement be or become
invalid or unenforceable, the other provisions of this Termination Agreement shall remain in full force and effect. In such case, the
Parties shall agree on such valid and enforceable substitute provision(s) that correspond(s) as closely as possible with the intentions
of the Parties at the time of the conclusion of this Termination Agreement. This shall apply mutatis mutandis in the event that
this Termination Agreement contains any unintended gaps (unbeabsichtigte Vertragslacken). It is the express intent of the Parties
that this Section 5 shall not only result in a reversal of the burden of proof (Beweislastumkehr) but that section 139 BGB is
hereby excluded in its entirety so as to maintain the validity and enforceability of this Termination Agreement to the fullest extent
possible.

 

[signatures on next page]

 

 

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	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	Date: 14.3.2022
	Function: Chief Executive Officer	 	 
	 	 	 
	 	 	 
	Name: Peter Ward	 	Date
	Function: Chief Financial Officer	 	 
	 	 	 
	 	 	 
	arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	/s/ Peter Ward	 	 
	Name: Peter Ward	 	Date: 14.3.2022
	Function: Managing Director	 	 

 

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	Aquilon Invest GmbH	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	OGARA GmbH	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	Mr. Hans-Christian Boos	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022

 

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Termination Agreement

 

		(a)	WISeKey International Holding Ltd, a stock
                                            corporation organized and existing under the laws of Switzerland, registered with the commercial
                                            register of the Canton of Zug under CHE-143.782.707 and with business address at General-Guisan-Strasse
                                            6, 6300 Zug, Switzerland ("WISeKey"),

 

		(b)	arago GmbH, a limited liability company organized
                                            and existing under the laws of Germany, registered with the commercial register of the local
                                            court (Amtsgericht) of Frankfurt am Main under HRB 100909, having its registered seat
                                            in Frankfurt am Main, Germany and with registered business address at Lindleystrafle 8a,
                                            60314 Frankfurt am Main, Germany ("arago"),

 

		(c)	Aquilon Invest GmbH, a limited liability company organized and existing under the laws of Germany, registered
with the commercial register of the local court (Amtsgericht) of Darmstadt under HRB 96862, having its registered seat in Darmstadt,
Germany and with registered business address at Heinrich-Delp-Str. 196, 64297 Darmstadt, Germany,

 

		(d)	OGARA GmbH a limited liability company organized and existing under the laws of Germany, registered with
the commercial register of the local court (Amtsgericht) of Frankfurt am Main under HRB 107907, having its registered seat in Frankfurt
am Main, Germany and with registered business address at c/o HSMV — Hansen Schrotenroehr Muller Voets Partnerschaftsgesellschaft
mbH, Grafenberger Allee 337b, 40235 Dusseldorf, Germany, and

 

		(e)	Mr. Hans-Christian Boos, born on 2 October 1972, residing at * *
*

 

each a "Party" and together, the "Parties"

 

entered into an Investement and Shareholders' Agreement ("ISHA").

 

		1.	The parties of the ISHA hereby terminate the ISHA subject to the condition precedent (aufschiebende
Bedingung) according to Section 158 (1) BGB that the planned transfer of WISeKey's shares in arago to OGARA GmbH has become effective.

 

		2.	Each Party shall bear its own costs and expenses, including the fees of its advisors, incurred in connection
with the preparation, negotiation, execution and performance of this Termination Agreement.

 

		3.	This Termination Agreement shall be governed by, and construed in accordance with, German law, excluding
the German conflict of law rules and excluding the United Nations Convention on Contracts for the International Sale of Goods (CISG).

 

		4.	Any dispute, controversy or claim arising out of, or in relation to, this Termination Agreement, including
the validity, invalidity, breach, or termination thereof, shall be resolved by arbitration in accordance with the Swiss Rules of International
Arbitration of the Swiss Arbitration Centre in force on the date on which the Notice of Arbitration is submitted in accordance with those
Rules. The arbitral tribunal shall be comprised of three (3) arbitrators. The seat of the arbitration shall be Zurich. The arbitration
proceedings shall be conducted in English.

 

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		5.	Should any provision of this Termination Agreement be or become
invalid or unenforceable, the other provisions of this Termination Agreement shall remain in full force and effect. In such case, the
Parties shall agree on such valid and enforceable substitute provision(s) that correspond(s) as closely as possible with the intentions
of the Parties at the time of the conclusion of this Termination Agreement. This shall apply mutatis mutandis in the event that
this Termination Agreement contains any unintended gaps (unbeabsichtigte Vertragsliicken). It is the express intent of the Parties
that this Section 5 shall not only result in a reversal of the burden of proof (Beweislastumkehr) but that section 139 BGB is
hereby excluded in its entirety so as to maintain the validity and enforceability of this Termination Agreement to the fullest extent
possible.

 

[signatures on next page]

 

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	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	Date: 14.3.2022
	Function: Chief Executive Officer	 	 
	 	 	 
	 	 	 
	Name: Peter Ward	 	Date
	Function: Chief Financial Officer	 	 
	 	 	 
	 	 	 
	arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	/s/ Peter Ward	 	 
	Name: Peter Ward	 	Date: 14.3.2022
	Function: Managing Director	 	 

 

     27/65

     

    

 

	Aquilon Invest GmbH	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	OGARA GmbH	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	Mr. Hans-Christian Boos	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date: 14.3.2022

 

     28/65

     

    

 

Annex

 

Annex G

 

 

     29/65

     

    

 

 

Termination
Agreement

 

 

 

dated as of 14 March 2022

 

by and among

 

	WISeKey International Holding Ltd	(WISeKey)
	General-Guisan-Strasse 6, 6300 Zug, Switzerland	 
		 
	 	 
	and	 
	 	 
	Hans-Christian Boos	(CB)
	 	 
	* * *	 
	 	 
	and	 
	 	 
	arago GmbH	(arago)
	Eschersheimer LandstraRe 526, 60433	 
	Frankfurt am Main, Germany	 
	 	 
	and	 
	 	 
	Aquilon Invest GmbH	(Aquilon)
	Heinrich-Delp-Strafle 196, D-64297 Darmstadt,	 
	 Germany	 

 

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Termination Agreement

 

	and	 
	 	 
	OGARA GmbH	(Ogara)
	do HSMV - Hansen Schrotenroehr Muller	 
	Voets Partnerschaftsgesellschaft mbH, Grafenberger	 
	 Allee 337b, 40235 Dusseldorf,	 
	Germany	 

 

(WISeKey,
CB, arago, Aquilon and Ogara each a Party and collectively the Parties)

 

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Termination Agreement

 

Whereas

 

		A.	WISeKey, CB and arago are parties to that certain "Draft Term Sheet: Equity
Financing Mechanism", dated 29 April 2021 (the Draft Term Sheet), such draft term sheet attached hereto as Annex A.

 

		B.	WISeKey, CB and
                                            arago are parties to that certain Amendment Agreement to the Draft Term Sheet, dated 27/28
                                            July 2021, such amendment agreement attached hereto as Annex B (the Amendment Agreement;
                                            the Term Sheet, the Letter of Comfort, the Draft Term Sheet and the Amendment Agreement
                                            collectively the Transaction Agreements)).

 

		C.	WISeKey
is currently in the process of selling all its 136,072 shares (Geschaftsanteile), 

with consecutive numbers 130,737 to 266,808, each with a nominal value (Nennbetrag) of EUR 1, corresponding to approximately
51% of the Company's share capital, to [·]
(the arago Equity Sale).

 

Now, therefore, the Parties and Harbert agree as follows:

 

		1.	Termination of the Transaction Agreements

 

Subject to completion, and with
effect as of completion, of the sale and purchase agreement regarding the arago Equity Sale (the Condition Precedent), each Party
consents to and agrees with the termination of the Transaction Agreements, with the effect that none of the parties thereto shall have
any further rights or obligations thereunder. Each party to the Transaction Agreements hereby confirms that it does not have any outstanding
claim or is entitled to enforce any right under the Transaction Agreements against any other party thereto.

 

		2.	Governing Law / Jurisdiction

 

		(a)	This termination agreement shall be governed by Swiss law.

 

		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising
under, out of or in connection with or related to this termination agreement (or any subsequent amendments thereof), including, without
limitation, disputes, claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall
be the courts in the city of Zurich, Canton of Zurich, Switzerland.

 

[Signatures on next page]

 

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Termination Agreement

 

Executed as of the date written on the cover page to this Agreement.

 

	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	Date:  14.3.2022
	Function: Chief Executive Officer	 	 
	 	 	 
	 	 	 
	Name: Peter Ward	 	Date
	Function: Chief Financial Officer	 	 
	 	 	 
	 	 	 
	Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Date:  14.3.2022
	Function: Managing Director	 	 
	 	 	 
	/s/ Peter Ward	 	 
	Name: Peter Ward	 	 
	Function: Managing Director	 	 

 

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	Aquilon Invest GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	OGARA GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian BoosName:	 	 
	Hans-Christian Boos        	 	 
	Function: Managing Director	 	 

 

     34/65

     

    

 

 

Termination
Agreement

 

 

dated as
of 14 March 2022

by and among

 

	WiSeKey International Holding Ltd	(WISeKey)
	General-Guisan-Strasse 6, 6300 Zug, Switzerland	 
	 	 
	and	 
	 	 
	Hans-Christian Boos	(CB)
	 	 
	* * *	 
	 	 
	and	 
	 	 
	arago GmbH	(arago)
	Eschersheimer Landstrage 526, 60433	 
	Frankfurt am Main, Germany	 
	 	 
	and	 
	 	 
	AquiIon Invest GmbH	(AquiIon)
	Heinrich-Delp-Strafle 196, D-64297 Darmstadt,	 
	Germany	 

 

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Termination Agreement

 

	and	 
	 	 
	OGARA GmbH	(Ogara)
	do HSMV - Hansen Schrotenroehr Muller	 
	Voets Partnerschaftsgesellschaft mbH, Grafenberger	 
	Allee 337b, 40235 Dusseldorf,	 
	Germany	 

 

(WISeKey,
CB, arago, Aquilon and Ogara each a Party and collectively the Parties)

 

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Termination Agreement

 

Whereas

 

		A.	WISeKey, CB and arago are parties to that certain "Draft Term Sheet: Equity Financing Mechanism",
dated 29 April 2021 (the Draft Term Sheet), such draft term sheet attached hereto as Annex A.

 

		B.	WISeKey, CB and arago are parties to
                                            that certain Amendment Agreement to the Draft Term Sheet, dated 27/28 July 2021, such amendment
                                            agreement attached hereto as Annex B (the Amendment Agreement; the Term Sheet,
                                            the Letter of Comfort, the Draft Term Sheet and the Amendment Agreement collectively the
                                            Transaction Agreements)).

 

		C.	WISeKey is currently in the process of selling all its 136,072 shares (Geschaftsanteile), with
consecutive numbers 130,737 to 266,808, each with a nominal value (Nennbetrag) of EUR 1, corresponding to approximately 51% of
the Company's share capital, to [a] (the arago Equity Sale).

 

Now, therefore, the Parties and Harbert agree as follows:

 

		1.	Termination of the Transaction Agreements

 

Subject to completion, and with effect
as of completion, of the sale and purchase agreement regarding the arago Equity Sale (the Condition Precedent), each Party consents
to and agrees with the termination of the Transaction Agreements, with the effect that none of the parties thereto shall have any further
rights or obligations thereunder. Each party to the Transaction Agreements hereby confirms that it does not have any outstanding claim
or is entitled to enforce any right under the Transaction Agreements against any other party thereto.

 

		2.	Governing Law / Jurisdiction -

 

		(a)	This termination agreement shall be governed by Swiss law.

 

		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out of or in
connection with or related to this termination agreement (or any subsequent amendments thereof), including, without limitation, disputes,
claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be the courts in
the city of Zurich, Canton of Zurich, Switzerland.

 

[Signatures
on next page]

 

     37/65

     

    

 

Executed as of the date written on the cover page to this Agreement.

 

	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	 
	Function: Chief Executive Officer	 	 
	 	 	 
	 	 	 
	Name: Peter Ward	 	 
	Function: Chief Financial Officer	 	 
	 	 	 
	 	 	 
	Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	Arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	Name: Peter Ward	 	 
	Function: Managing Director	 	 
	 	 	 
	 	 	 
	Aquilon GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 
	Function: Managing Director	 	 

 

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	Ogara GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 
	Function: Managing Director	 	 

 

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Sale arago shares

 

Annex

 

Annex A

 

 

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Sale arago shares

 

Annex

 

Annex B

 

 

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Sale arago shares

 

Annex

 

Annex H (i)

 

 

     42/65

     

    

 

W IS@key

 

Harbert European Speciality Lending Company II, S.a.r.l.

26 Boulevard Royal

L-2449 Luxembourg

 

18 November 2020

 

Letter of Comfort to Harbert European Speciality Lending Company
II, S.a.r.l.

 

Dear Sirs,

 

Background to the Letter of Comfort:

 

		1.1	WISeKey International Holding AG ("WISeKey"), a
Swiss corporation whose shares are listed on the SIX Swiss Exchange entered into a Convertible Loan Agreement ("CLA") dated
on or about the date hereof with Arago GmbH ("Arago"), a limited liability company incorporated under the laws of Germany.

 

		1.2	WISeKey shall own 51% of the fully diluted share capital of Arago
and hold 51% of the voting rights associated therewith, on conversion of the loans outstanding under the CLA into shares in Arago per
the terms of the CLA (the "Transaction")

 

		1.3	Under a framework subscription agreement for the purchase of bearer
bonds dated 17 September 2018, Harbert European Speciality Lending Company II, S.6 r.l. ("Harbert") purchased bearer
bonds issued by Arago in the total nominal amount of EUR 7,000,000 (the "Bonds") per the terms and conditions dated
17 September 2018 (the "Bond T&Cs") and as amended by the agreement dated 28 May 2020 ("Amended Bond T&Cs").
The principal amount of EUR 5,041,000 remains outstanding on the Bonds as at the date hereof.

 

In addition to the undertakings by WISeKey to
Arago per a separate comfort letter issued to it dated on or about the date hereof ("Arago LoC"):

 

		2.1	WISeKey hereby undertake towards Harbert, as bond holder, that
until full repayment of the Bonds, we will ensure that our subsidiary Arago GmbH, at any time, has sufficient financial means in order
to fulfil all its present and future payment obligations under the Bonds when due and payable.

 

		2.2	WISeKey acknowledges that Arago is bound by Clause 5.3(f) of the
Bond T&Cs and Amended Bond T&Cs providing for an accelerated Event of Default on liquidation or a Change of Control as defined
therein. Harbert shall grant, on the date hereof, in the form attached hereto, a waiver to Arago of the Event of Default (as defined
in the Amended Bond T&Cs) arising as a result of the Change of Control (as defined in the Amended Bond T&Cs) effected by the
Transaction. WISeKey acknowledges, following the Transaction, that Arago remains bound by Clause 5.3(f) of the Bond T&Cs and Amended
Bond T&Cs on any future Change of Control.

 

None of the terms set out in this letter are intended
for the benefit of any third party and should be enforceable or enforced by a third party.

 

Yours sincerely,

 

	/s/ Carlos Moreira	 	/s/ Peter Ward
	Name: Carlos Moreira	 	Name: Peter Ward
	Title: CEO	 	Title: CFO
	 	 	 

WISeKey International Holding AG - General Guisan,
Strasse 6

CH-6303 Zug, Switzerland

Phone: +41 (22) 594 30 00, Fax +41 (22) 594 30
01 - www.wisekey.com

 

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Sale arago shares

 

Annex

 

Annex H (ii)

 

 

     44/65

     

    

 

 

Letter of Comfort

 

 

dated as of 19 November 2020

 

by and between

 

	WISeKey International Holding Ltd	(WISeKey)
	General-Guisan-Strasse 6, 6300 Zug, Switzerland	 
	 	 
	and	 
	 	 
	arago GmbH	(arago)
	Eschersheimer LandstraRe 526, 60433	 
	Frankfurt am Main, Germany	 

 

(WISeKey and arago each a Party and
together the Parties)

 

     45/65

     

    

 

Whereas

 

		A.	WISeKey is a corporation incorporated under Swiss law whose registered shares, par value CHF 0.05 each
(the Class B Shares), are listed on the SIX Swiss Exchange under the symbol "WINN". In addition, WISeKey's has issued
American Depositary Shares, each representing five Class B Shares, which are listed on the NASDAQ Stock Market under the symbol "WKEY".

 

		B.	arago is a limited liability company incorporated under the laws of Germany which aims to provide the
benefits of artificial intelligence to enterprise customers globally through knowledge automation. Founded in 1995, arago uses modern
technologies such as inference and machine learning in order to automatically operate the entire IT stack — from heterogeneous environments
to individual applications. Aquilon Invest GmbH, limited liability company incorporated under the laws of Germany, and OGARA GmbH, a limited
liability company incorporated under the laws of Germany (the Existing Shareholders), are the sole shareholders of arago as of
the date of this letter of comfort (the LoC).

 

		C.	On the date hereof, WISeKey entered into a convertible loan agreement (the CLA) with arago, pursuant
to which it has committed to provide arago with (1) convertible loans in the aggregate amount of CHF 5,000,000 (the Loan) and (2)
a comfort letter in relation to arago's obligations under the bearer bonds in the aggregate nominal amount remaining outstanding of EUR
5,000,000 (collectively the Bonds) issued to Harbert European Specialty Lending Company II, S.a r.l. (Harbert) pursuant
to the terms and conditions for the bearer bonds of arago GmbH, dated 17 September 2018, and all other documents executed in that context,
including that certain warrant instrument currently held by Harbert to subscribe for warrant shares in arago (the Harbert Financing).

 

		D.	Under the terms of the CLA, WISeKey, and, in dependently from WISeKey, subject to certain prerequisites,
arago may request conversion of the Loan into arago shares at any time after the date of the execution of the CLA. Upon such conversion,
WISeKey will hold 51% of arago's share capital, calculated on a fully diluted basis, and 51% of the voting rights associated therewith
(the date on which WISeKey will hold 51% of arago's share capital, calculated on a fully diluted basis, and 51% of the voting rights associated
therewith).

 

		E.	WISeKey intends, in accordance with the provisions set forth in this LoC, to safeguard the equity and
liquidity of arago

 

Now, therefore, the Parties agree as follows:

 

		1.	Endowment with Equity and Liquidity

 

		(a)	WISeKey hereby undertakes to arago to provide to arago such funds as are necessary for arago not to become
illiquid or over-indebted and that the continued existence of arago is safeguarded.

 

		(b)	The funds which WISeKey
has committed to make available to arago pursuant to Section 1(a) above will be made available, at the discretion of WISeKey, in cash
or by way of wire transfer of immediately available
funds, as a loan or as a series of loans, as a contribution or contributions to the capital reserve of arago or otherwise.

 

     46/65

     

    

 

		(c)	The Parties agree that any loans granted under this LoC shall be subordinated to the claims of any other
creditor of the Company pursuant to Sec. 39(1) no. 1 through no. 5 of the German Insolvency Act; provided, however, that that any
repayment claim of WISeKey upon the extension of a loan in execution of this LoC shall rank pail passu with any other financial
instrument (including, without limitation, any convertible loan, (convertible) promissory notes and alike) convertible into equity of
arago, and further provided that arago shall procure that any such repayment claim shall be satisfied prior to any distributions to the
Existing Shareholders, including for the avoidance of the doubt the subordinated shareholder loan granted by Aquilon Invest GmbH on 27
May 2020 in the principal amount of EUR 1,918,047.09. Any repayment claim shall be paid only after all present and future claims of other
higher ranking creditors of arago have been settled. WISeKey may only require payment in relation to any repayment claim if (i) such payments
can be made out of balance sheet profits (annual profit plus profit carried forward), any surplus assets on winding-up or any other disposable
assets that exceed the assets necessary to maintain the Company's registered share capital (sonstiges freies Ver-mOgen), and (ii)
the Company is neither illiquid or over-indebted, nor would become or is threatened to become illiquid or over-indebted as a result of
such payment.

 

		2.	Term of this LoC

 

The obligations of WISeKey under this
LoC shall become effective upon the date hereof and shall expire on the date on which WISeKey ceases to hold 51% of arago's share capital,
calculated on a fully diluted basis, and 51% of the voting rights associated therewith.

 

		3.	Third Party Rights

 

None of the term set out in this LoC
is intended for the benefit of any third party, and the Parties do not intend that any term of this Agreement should be enforceable or
enforced by a third party.

 

		4.	Governing Law  / Jurisdiction

 

		(a)	This LoC shall be governed by Swiss law.

 

		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out of or in
connection with or related to this LoC (or any subsequent amendments thereof), including, without limitation, disputes, claims or controversies
regarding its existence, validity, interpretation, performance, breach or termination, shall be the courts in the city of Zurich, Canton
of Zurich, Switzerland.

 

[Signatures
on next page]

 

     47/65

     

    

 

Executed as of the date written on the cover page to this
Agreement

 

	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	/s/ Peter Ward
	Name: Carlos Moreira	 	Name: Peter Ward
	Function: CEO	 	Function: CFO
	 	 	 
	 	 	 
	Arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Chris Boos	 	 
	Name: Chris Boos	 	 
	Function: Managing Director (Geschaftsfithrer)	 	 

 

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Sale arago shares

 

Annex

 

Annex H (iii)

 

 

     49/65

     

    

 

 

Termination Agreement

 

 

dated as of 21 February 2022

 

	by and between	 
	 	 
	WISeKey International Holding Ltd	(WISeKey)
	General-Guisan-Strasse 6, 6300 Zug, Switzerland	 
	 	 
	and	 
	 	 
	arago GmbH	(arago)
	Lindleystrasse 8a	 
	60314 Frankfurt/Main	 
	Germany	 
	 	 
	and	 
	 	 
	Hans-Christian Boos	(CB)
	with business address at	 
	Lindleystrasse 8a	 
	60314 Frankfurt/Main	 
	Germany	 

 

(WISeKey, arago and CB each a Party and together the Parties)

 

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Termination Agreement

 

Whereas

 

		A.	WISeKey and arago are parties to that certain letter of comfort, dated 19 November 2020, such letter of
conform attached hereto as Annex A (the Letter of Comfort).

 

		B.	WISeKey has received an offer from OGARA GmbH to purchase WISeKey's 51% of arago's share capital, such
51% corresponding to 136,072 shares (Geschaftsanteile), with consecutive numbers 130,737 to 266,808, each with a nominal value
(Nennbetrag) of EUR 1 (the Sale).

 

Now, therefore, the Parties agree as follows:

 

		(a)	The Letter of Comfort is hereby terminated with immediate effect.

 

		(b)	In lieu and in place of the Letter of Comfort, the following is agreed amongst the Parties:

 

		(i)	While WISeKey maintains 51% of arago's share capital, WISeKey
confirms its intention to provide arago with financial support to the extent necessary to ensure that arago does not have to commence
insolvency proceedings and that arago will continue as a going concern in the foreseeable future.

 

		(ii)	WISeKey's financial support shall immediately cease upon completion of the Sale or any transaction with
a similar effect (including any transaction as a result of which WISeKey's equity interest in arago falls below 51%).

 

		(iii)	WISeKey undertakes to inform arago immediately if any circumstances arise that would make it no longer
possible or practicable for WISeKey to continue to provide the financial support outlined herein.

 

		(iv)	Any financial support made available by WISeKey to arago hereunder shall be made available as WISeKey,
in its full discretion, deems appropriate, and shall be extended as a loan, as a series of loans, as a contribution or contributions to
the capital reserve of arago or otherwise, in each case as WISeKey in its full discretion deems fit.

 

		(v)	CB expressly agrees and acknowledges that any funding made available hereunder will be provided on the
condition that the number of WISeKey common shares (i.e., Class B Shares) to be issued to CB (currently 12,327,506 WISeKey Class B Shares)
in exchange for his remaining equity interest in arago to be acquired by WISeKey upon exercise by CB (or any of the other shareholders
in arago controlled by him) of the put option granted by WISeKey pursuant to the Term Sheet by and among WISeKey and the other shareholders
of arago, dated as of 2 November 2020, is reduced in accordance with the methodology agreed in the equity financing letter agreement by
and between WISeKey and CB, dated 29 April 2021.

 

		(vi)	It is agreed amongst the
Parties that WISeKey shall at all times have the right to reduce its equity interest in arago's share capital to below 51%, and neither
arago nor CB (nor any of the other shareholders
of arago controlled by CB) shall take any action that would prevent WISeKey from reducing its position from 51% of arago's share capital
to a lower percentage.

 

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Termination Agreement

 

		(vii)	The Parties agree that any financial support provided by WISeKey hereunder shall, to the extent required
under German law, be subordinated to the claims of any other creditor of the Company pursuant to Sec. 39(1) no. 1 through no. 5 of the
German Insolvency Act; provided, however, that that any repayment claim of WISeKey upon the extension of a loan in execution of
this letter of support shall rank pan passu with any other financial instrument (including, without limitation, any convertible
loan, (convertible) promissory notes and alike) convertible into equity of arago, and further provided that arago shall procure that any
such repayment claim shall be satisfied prior to any distributions to Aquilon Invest GmbH, OGARA GmbH or any other shareholder in arago
(other than WISeKey), including for the avoidance of the doubt the subordinated shareholder loan granted by Aquilon Invest GmbH on 27
May 2020 in the principal amount of EUR 1,918,047.09.

 

		2.	Governing Law / Jurisdiction

 

		(a)	This termination agreement shall be governed by Swiss law.

 

		(b)	The exclusive place of jurisdiction for any dispute, claim or controversy arising under, out of or in
connection with or related to this termination agreement (or any subsequent amendments thereof), including, without limitation, disputes,
claims or controversies regarding its existence, validity, interpretation, performance, breach or termination, shall be the courts in
the city of Zurich, Canton of Zurich, Switzerland.

 

[Signatures
on next page]

 

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 Termination Agreement

 

 

 

Annex A — Letter of Comfort

 

[separate document]

 

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Termination Agreement

 

Executed as of the date written on the cover page
to this Agreement. WISeKey International Holding Ltd

 

	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	Name: Peter Ward
	Function: Chief Executive Officer	 	Function: Chief Financial Officer
	 	 	 
	 	 	 
	arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	/s/ Peter Ward
	Name: Hans-Christian Boos	 	Name: Peter Ward
	Function: Managing Director	 	Function: Managing Director
	 	 	 
	 	 	 
	Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 

 

(Signature Page to the Termination Agreement)

 

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Termination Agreement

 

 

dated as of 21 February 2022

by and between

 

	WISeKey International Holding Ltd	(WISeKey)
	General-Guisan-Strasse 6, 6300 Zug, Switzerland	 
	 	 
	and	 
	 	 
	arago GmbH	(arago)
	Lindleystrasse 8a	 
	60314 Frankfurt/Main	 
	Germany	 
	 	 
	and	 
	 	 
	Hans-Christian Boos	(CB)
	with business address at	 
	Lindleystrasse 8a	 
	60314 Frankfurt/Main	 
	Germany	 

 

(WISeKey, arago and CB each a Party
and together the Parties)

 

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Termination Agreement

 

Whereas

 

		A.	WISeKey and arago are parties to that certain letter of comfort, dated 18November
2020, such letter of conform attached hereto as Annex A (the Letter of Comfort).

 

		B.	WISeKey has received an offer from OGARA GmbH to purchase WISeKey's 51% of arago's
share capital, such 51% corresponding to 136,072 shares (Geschaftsanteile), with consecutive numbers 130,737 to 266,808, each with
a nominal value (Nennbetrag) of EUR 1 (the Sale).

 

Now, therefore, the Parties agree as follows:

 

		(a)	The Letter of Comfort is hereby terminated with immediate effect.

 

		(b)	In lieu and in place of the Letter of Comfort, the following is agreed amongst the Parties:

 

		(i)	While WISeKey maintains 51% of arago's share capital, WISeKey
confirms its intention to provide arago with financial support to the extent necessary to ensure that arago does not have to commence
insolvency proceedings and that arago will continue as a going concern in the foreseeable future.

 

		(ii)	WISeKey's financial support shall immediately cease upon completion of the Sale
or any transaction with a similar effect (including any transaction as a result of which WISeKey's equity interest in arago falls below
51%).

 

		(iii)	WISeKey undertakes to inform arago immediately if any circumstances arise that
would make it no longer possible or practicable for WISeKey to continue to provide the financial support outlined herein.

 

		(iv)	Any financial support made available by WISeKey to arago hereunder shall be made
available as WISeKey, in its full discretion, deems appropriate, and shall be extended as a loan, as a series of loans, as a contribution
or contributions to the capital reserve of arago or otherwise, in each case as WISeKey in its full discretion deems fit.

 

		(v)	CB expressly agrees and acknowledges that any funding made available hereunder
will be provided on the condition that the number of WISeKey common shares (i.e., Class B Shares) to be issued to CB (currently 12,327,506
WISeKey Class B Shares) in exchange for his remaining equity interest in arago to be acquired by WISeKey upon exercise by CB (or any of
the other shareholders in arago controlled by him) of the put option granted by WISeKey pursuant to the Term Sheet by and among WISeKey
and the other shareholders of arago, dated as of 2 November 2020, is reduced in accordance with the methodology agreed in the equity financing
letter agreement by and between WISeKey and CB, dated 29 April 2021.

 

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Termination Agreement

 

		(vi)	It
is agreed amongst the Parties that WISeKey shall at all times have the right to reduce its equity interest in arago's share capital to
below 51%, and neither arago nor CB (nor any of the other shareholders
of arago controlled by CB) shall take any action that would prevent WISeKey from reducing its position from 51% of arago's share capital
to a lower percentage.

 

		(vii)	The Parties agree that any financial support provided by WISeKey hereunder shall, to the extent required
under German law, be subordinated to the claims of any other creditor of the Company pursuant to Sec. 39(1) no. 1 through no. 5 of the
German Insolvency Act; provided, however, that that any repayment claim of WISeKey upon the extension of a loan in execution of
this letter of support shall rank pad passu with any other financial instrument (including, without limitation, any convertible
loan, (convertible) promissory notes and alike) convertible into equity of arago, and further provided that arago shall procure that any
such repayment claim shall be satisfied prior to any distributions to Aquilon Invest GmbH, OGARA GmbH or any other shareholder in arago
(other than WISeKey), including for the avoidance of the doubt the subordinated shareholder loan granted by Aquilon Invest GmbH on 27
May 2020 in the principal amount of EUR 1,918,047.09.

 

		2.	Governing Law / Jurisdiction -

 

		(a)	This termination agreement shall be governed by Swiss law.

 

		(b)	The exclusive place of jurisdiction for any
                                            dispute, claim or controversy arising under, out of or in connection with or related to this
                                            termination agreement (or any subsequent amendments thereof), including, without limitation,
                                            disputes, claims or controversies regarding its existence, validity, interpretation, performance,
                                            breach or termination, shall be the courts in the city of Zurich, Canton of Zurich, Switzerland.

 

[Signatures
on next page]

 

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Termination Agreement

 

 

Annex A — Letter of Comfort

 

[separate document]

 

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Termination Agreement

 

Executed as of the date written on
the cover page to this Agreement.

 

	WISeKey International Holding Ltd	 	 
	 	 	 
	 	 	 
	/s/ Carlos Moreira	 	 
	Name: Carlos Moreira	 	Name: Peter Ward
	Function: Chief Executive Officer	 	Function: Chief Financial Officer
	 	 	 
	 	 	 
	arago GmbH	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	Name: Peter Ward
	Function: Managing Director	 	Function: Managing Director
	 	 	 
	 	 	 
	Hans-Christian Boos	 	 
	 	 	 
	 	 	 
	/s/ Hans-Christian Boos	 	 
	Name: Hans-Christian Boos	 	 

[Signature Page to the Termination Agreement]

 

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Sale arago shares

 

Annex 1 - Definitions

 

 

     60/65

     

    

Share Purchase Agreement

 

 

Annex 1 — Definitions

 

 

1.       Terms Defined
in the Body of the Agreement

 

	arago LoC 	7	Party 	1
	Buyer 	1	Pre-Closing Actions 	10
	Buyer Guarantor 	1	Pre-Closing Date 	9
	Buyer Representations  	13	Purchase Price  	8
	Closing Date 	11	Released Persons  	11
	Company 	6	Sale Share 	6
	Due Diligence Process 	7	Sale Shares 	6
	Harbert 	6	Sale Shares Transfer 	8
	Harbert LoC 	6	Seller 	1
	Intragroup Financing Agreements 	8	Seller Representations  	13
	Intragroup Financing Claims 	8	Seller's Account 	8
	Intragroup Financing Claims Transfer	8	Share 	6
	ISHA 	6	Shares 	6
	Notice of Breach 	15	Third Party Claim 	15
	Parties 	1	Transaction  	6

 

2.      Other Definitions

 

As used in this Agreement in capitalized form, the following
terms shall have the following meaning:

 

Action means any action,
claim, complaint, reclamation or objection of any third party or any order, injunction, judgment, fine, action, claim, suit, arbitration,
subpoena investigation, inquiry or proceeding by or before any court or grand jury, any Governmental Authority or arbitration tribunal.

 

Agreement means this Share Purchase Agreement, including
all of its Annexes.

 

BGB means the German Civil Code (Burgerliches
Gesetzbuch)

 

Business Day means any day that is a trading day
at SIX Swiss Exchange Ltd.

 

Pre-Closing means the consummation of the transactions
as described in Section 3.2.

 

Pre-Closing Date means the
date on which the Pre-Closing actually occurs, as provided in Section 3.1.

 

Day-Count Convention means
a calculation of interest on the basis of a 360-day year consisting of twelve (12) months of thirty (30) calendar days each.

 

GmbHG
means the German Limited Liability Companies Act (Gesetz betreffend die Gesell-schaften mit beschrankter Haftung).

 

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Share Purchase Agreement

 

Governmental Authority means
any foreign, domestic, federal, territorial, supranational, national, state or local governmental authority, quasi-governmental authority,
instrumentality, court, government or self-regulatory organization, commission, tribunal or organization or any regulatory, administrative
or other body or agency, or any political or other subdivision, department or branch of any of the foregoing.

 

Law means any law, statute,
ordinance, regulation, rule, code, treaty, order, judgment, writ, injunction, act, decree, decision, ruling, award or other requirement
having the force of law of any Governmental Authority.

 

Liability means any obligation
or liability of any nature whatsoever, whether direct or indirect, matured or unmatured, known or unknown, absolute, accrued, contingent
or otherwise.

 

Lien means any lien, charge,
encumbrance, or security interest, including but not limited to interests arising from options, pledges, mortgages, indentures, security
agreements, rights of first refusal or rights of pre-emption, irrespective of whether such Lien arises under any agreement, covenant,
other instrument, the mere operation of statutory or other Laws or by means of a judgment, order or decree of any court, judicial or administrative
authority, and shall also mean any approval or consent required from a third Party to the exercise or full vesting of a right or title.

 

Loss(es) means any and all
actual damages, losses, Liabilities, costs and expenses, excluding in any event any indirect, punitive and consequential damages, indirect
costs and expenses, or any loss of profit. Any determination or calculation of Loss(es) shall be calculated on a EUR-for-EUR basis, and
any determination or calculation by reference to methods of enterprise valuation, such as discounted cash-flow, multipliers, comparables
or the like, shall be expressly excluded.

 

Person means any natural
person or a general or limited partnership, a corporation, a business trust, a limited liability company, a trust, an unincorporated organization
doing business, a government or any department or agency thereof, a joint venture or any other person or entity doing business.

 

Taxes means all tax Liabilities,
including income taxes (personal or corporate), capital taxes, stamp duties (both on the issuance and on the transfer of securities),
withholding taxes, value added taxes, real estate gains taxes, real estate transfer taxes, property and land taxes, business taxes, customs
duties, social security contributions or payments of equivalent nature, unemployment, intangibles and other taxes, and all other taxes,
duties, levies or imposts payable to any competent taxing authority in any jurisdiction, as well as any related interest, penalties, costs
and expenses.

 

VAT
means value added tax.

 

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Sale arago shares

 

Annex 2.3 - Intragroup Financing Claims

 

 

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Sale arago shares

 

Annex 3.2.1 - Amtsniederlegung Peter Ward

 

 

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Sale arago shares

 

Annex 3.2.2 - Amtsniederlegung
Hans-Christian Boos

 

65/65EX-4.1

 Exhibit 4.1 

LYRA THERAPEUTICS, INC. 
 NINTH
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 This Agreement dated as of April 7, 2022 is entered into by and among Lyra
Therapeutics, Inc., a Delaware corporation (the “Company”) and the individuals and entities listed as investors on Schedule A attached hereto (individually, an “Investor” and collectively, the
“Investors”). 
 Recitals 

WHEREAS, the Company was a party with the stockholders of the Company named therein to an Eighth Amended and Restated Investor Rights
Agreement dated as of January 10, 2020, by and among the Company, the Investors and the other parties thereto (as amended, the “Prior IRA”). 

WHEREAS, certain parties, concurrently herewith are purchasing shares of the Company’s Common Stock pursuant to that certain Securities
Purchase Agreement of even date herewith (the “Purchase Agreement”). 
 WHEREAS, the Investors’ obligations in the
Purchase Agreement are conditioned upon the Company’s execution and delivery of this Agreement. 
 WHEREAS, the signatories to this
Agreement hold the requisite number of shares to effect the amendment of the Prior IRA and desire to amend and restate the Prior IRA in its entirety. 

WHEREAS, the Company and the Investors desire to provide for certain arrangements with respect to the registration of shares of capital stock
of the Company under the Securities Act of 1933, as amended. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Certain Definitions.  

As used in this Agreement, the following terms shall have the following respective meanings: 

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

“Commission” means the Securities and Exchange Commission, or any other federal agency at the time administering the
Securities Act. 
 “Common Stock” means the common stock, $0.001 par value per share, of the Company. 

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

 “Company Sale” means: (a) a merger or consolidation in which
(i) the Company is a constituent party, or (ii) a subsidiary of the Company is a constituent party and the Company issues shares of its capital stock pursuant to such merger or consolidation, except in the case of either clause (i) or
(ii), any such merger or consolidation involving the Company or any of its subsidiaries in which the shares of capital stock of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or
exchanged for equity interests which represent, immediately following such merger or consolidation, more than fifty percent (50%) by voting power of the equity interests of (A) the surviving or resulting entity or (B) if the surviving or
resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the entity that is the parent entity of such surviving or resulting entity, in each case in substantially the same proportions as
such stockholders held the outstanding stock of the Company immediately prior thereto; (b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Company or any of
its subsidiaries, of all or substantially all the assets of the company and its subsidiaries taken as a whole (except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company); or
(c) the sale or transfer, in a single transaction or series of related transactions, by the stockholders of the Company of more than fifty percent (50%) by voting power of the then-outstanding capital stock of the Company to any person or
entity or group of affiliated entities. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 

“Indemnifying Party” shall have the meaning set forth in Section 2.5(c). 

“Initiating Holders” means the Stockholders initiating a request for registration pursuant to Section 2.1(a) or 2.1(b),
as the case may be. 
 “Initial Public Offering” means the Company’s initial underwritten public offering of shares of
Common Stock pursuant to an effective Registration Statement, which closed on May 5, 2020. 
 “Investors” shall have
the meaning set forth in the Preamble. 
 “Maximum Number of Securities” shall have the meaning set forth in
Section 2.1(d). 
 “North Bridge” means, collectively, North Bridge Venture Partners
V-A, L.P., North Bridge Venture Partners V-B, L.P. and North Bridge Venture Partners IV, L.P. 

“Notice of Acceptance” shall have the meaning set forth in Section 3.1(b). 

“Other Holders” shall have the meaning set forth in Section 2.1(d). 

“Perceptive” means, collectively, Perceptive Life Sciences Master Fund Ltd and Perceptive LS (A), LLC. 

  
 2 

 “Prospectus” means the prospectus included in any Registration Statement,
as amended or supplemented by an amendment or prospectus supplement, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

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

“Registration Statement” means a registration statement filed by the Company with the Commission for a public offering and
sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a similar limited purpose, or
any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 

“Registration Expenses” means the expenses described in Section 2.4. 

“Registrable Shares” means (i) any shares of Common Stock held by an Investor or other Stockholder, and any shares of
Common Stock issued or issuable upon the conversion or exercise of any other securities, in each case that were acquired by such Investor or other Stockholder prior to the date hereof, (ii) the shares of Common Stock purchased by an Investor
pursuant to the Purchase Agreement and (iii) any other shares of Common Stock issued in respect of the shares described in clauses (i) and (ii) (because of stock dividends, splits or combinations of securities, reclassifications,
recapitalizations, or similar events occurring after the date of this Agreement); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares upon (i) any sale pursuant to a
Registration Statement or Rule 144 under the Securities Act, (ii) any sale in any manner to a person or entity which, by virtue of Section 4 of this Agreement, is not entitled to the rights provided by this Agreement or (iii) the
termination with respect to such shares of registration rights pursuant to Section 2.11 of this Agreement. 
 “Securities
Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 

“Selling Stockholder” means any Stockholder owning Registrable Shares included in a Registration Statement. 

“Stockholder” means any Investor and any person or entity to whom the rights granted under this Agreement are transferred by
any Investor, its successors or assigns pursuant to Section 4 hereof. 
 “Voting Securities” means any shares of
Common Stock and any other securities of the Company entitled to vote generally in the election of directors of the Company. 
 2.
Registration Rights 
 2.1. Required Registrations. 

(a) At any time and from time to time, a Stockholder or Stockholders holding in the aggregate at least thirty percent (30%) of the
Registrable Shares then outstanding may request, in writing, that the Company effect the registration on Form S-1 (or any successor form) of Registrable Shares owned by such Stockholder or Stockholders
having an aggregate value of at least Five Million Dollars ($5,000,000) (based on the market price or fair value on the date of such request). 

  
 3 

 (b) At any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary offerings), a Stockholder or Stockholders may request, in writing, that the Company effect the registration on
Form S-3 (or such successor form) (if Form S-3 (or such successor form) is available for such offering), of Registrable Shares having an aggregate value of at least
Two Million Dollars ($2,000,000) (based on the public market price on the date of such request). 
 (c) Upon receipt of any request for
registration pursuant to this Section 2.1, the Company shall within two (2) business days give written notice of such proposed registration to all other Stockholders. Such Stockholders shall have the right, by giving
written notice to the Company within five (5) days after the Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such Stockholders may request in such notice of election, subject in
the case of an underwritten offering to the approval of the managing underwriter as provided in Section 2.1(d) below. Thereupon, the Company shall use its reasonable best efforts to effect, as expeditiously as possible, but
no later than thirty (30) days following the date of the registration request under Section 2.1(a) or (b) as applicable, the registration on an appropriate registration form of all Registrable Shares which
the Company has been requested to so register (provided, however, that in the case of a registration requested under Section 2.1(b), the Company will only be obligated to effect such registration on Form S-3 (or any successor form)); provided further that if a request for registration shall be in the form of an underwritten offering, and the Company already has an effective Registration Statement that covers the
resale, from time to time, of Registrable Shares held by the Initiating Holder, the Company shall use reasonable best efforts to effectuate such underwritten offering as soon as practicable but, in any event, no later than ten (10) business
days of such request. 
 (d) If the Initiating Holders intend to distribute the Registrable Shares 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 (b), as the case may be, and the Company shall include such information in its written notice referred to
in Section 2.1(c). The right of any other Stockholder to include its Registrable Shares in such registration pursuant to Section 2.1(a) or (b), as the case may be, shall be conditioned upon
such other Stockholder’s participation in such underwriting on the terms set forth herein. If the Company desires that any securities of the Company held by officers and directors of the Company be included in any registration for an
underwritten offering requested pursuant to Sections 2.1(a) or (b) or if other holders of securities of the Company who are entitled, by contract with the Company, to have securities included in such a registration (the
“Other Holders”) request such inclusion, the Company may include the securities of such officers, directors and Other Holders in such registration and underwriting on the terms set forth herein. The Company shall (together with all
Stockholders, officers, directors and Other Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form (including, without limitation, customary indemnification and contribution
provisions on the part of the Company) with the managing underwriter. Notwithstanding any other provision of this Section 2.1(d), if the managing 

  
 4 

 
underwriter advises the Company that the inclusion of all shares requested to be registered would adversely affect the offering, the securities of the Company held by officers or directors of the
Company (other than Registrable Shares) and the securities held by Other Holders (other than Registrable Shares) shall be excluded from such registration and underwriting to the extent deemed advisable by the managing underwriter, and if a further
limitation of the number of shares is required, the number of shares that may be included in such registration (the “Maximum Number of Securities”) and underwriting shall be allocated (i) first to Perceptive and North Bridge, and
(ii) second, to the extent that the Maximum Number of Securities is not exceeded, among all holders of Registrable Shares requesting registration, in each case, in proportion, as nearly as practicable, to the respective number of Registrable
Shares held by them at the time of the request for registration made by the Initiating Holders pursuant to Section 2.1(a) or (b), as the case may be. If any holder of Registrable Shares, officer, director or Other
Holder who has requested inclusion in such registration as provided above disapproves of the terms of the underwriting, such person may elect to withdraw therefrom by written notice to the Company, and the securities so withdrawn shall also be
withdrawn from registration. If the managing underwriter has not limited the number of Registrable Shares or other securities to be underwritten, the Company may include securities for its own account in such registration if the managing underwriter
so agrees and if the number of Registrable Shares and other securities which would otherwise have been included in such registration and underwriting will not thereby be limited. 

(e) The Initiating Holders shall have the right to select the managing underwriter(s) for any underwritten offering requested pursuant to
Section 2.1(a) or (b), subject to the approval of the Company, which approval will not be unreasonably withheld or delayed. 

(f) The Company shall not be required to effect (i) more than three (3) registrations (for the avoidance of doubt, not including
any Permitted Withdrawn Registrations) pursuant to Section 2.1(a) or underwritten offerings pursuant to an effective shelf Registration Statement, in each case initiated by Perceptive, (ii) more than three
(3) registrations (for the avoidance of doubt, not including any Permitted Withdrawn Registrations) pursuant to Section 2.1(a) covering Registrable Shares held by any Investors or Stockholders other than Perceptive or
(iii) more than two (2) registrations (for the avoidance of doubt, not including any Permitted Withdrawn Registrations) in any 12-month period pursuant to Section 2.1(b). In
addition, the Company shall not be required to effect any registration (other than on Form S-3 or any successor form relating to secondary offerings) within six months after the effective date of any
other Registration Statement of the Company. For purposes of this Section 2.1(f), a Registration Statement shall not be counted (i) unless at least fifty percent (50%) of the Registrable Shares requested by the
Initiating Holders to be registered on such Registration Statement have been included therein and (ii) until such time as such Registration Statement has been declared effective by the Commission (unless the Initiating Holders withdraw their
request for such registration, other than a Permitted Withdrawn Registration). For purposes hereof, a “Permitted Withdrawn Registration” shall mean any registration for which the Initiating Holders (x) withdraw their request for such
registration as a result of material information concerning the business or financial condition of the Company which is made known to the Stockholders after the date on which such registration was requested or (y) otherwise withdraw their
request for such registration but elect to pay the Registration Expenses therefor pursuant to Section 2.4). For the avoidance of doubt, at any time prior to the effective date of the Registration Statement relating to a
registration requested pursuant to Section 2.1(a) or the “pricing” of any underwritten offering, an Initiating Holder may revoke or withdraw such registration with respect to itself without liability to any other
Stockholders participating in such registration, in each case by providing written notice to the Company. 

  
 5 

 (g) If at the time of any request to register Registrable Shares by Initiating Holders
pursuant to this Section 2.1, the Company is engaged or has plans to engage in a registered public offering or is engaged in any other activity which, in the good faith determination of the Company’s Board of Directors, would be adversely
affected by the requested registration, then the Company may at its option direct that such request be delayed for a period not in excess of ninety (90) days from the date of such request, such right to delay a request to be exercised by the
Company not more than once in any 12-month period. 
 2.2. Incidental Registration. 

(a) Whenever the Company proposes to file a Registration Statement (other than a Registration Statement filed pursuant to Section 2.1,
at any time and from time to time, it will, prior to such filing, give written notice to all Stockholders of its intention to do so. Upon the written request of a Stockholder or Stockholders, given within twenty (20) days after the Company
provides such notice (which request shall state the intended method of disposition of the Registrable Shares requested to be registered), the Company shall use its reasonable best efforts to cause all Registrable Shares which the Company has been
requested by such Stockholder or Stockholders to register to be registered under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in such request;
provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Stockholder. 

(b) If the registration for which the Company gives notice pursuant to Section 2.2(a) is a registered public
offering involving an underwriting, the Company shall so advise the Stockholders and Founders as a part of the written notice given pursuant to Section 2.2(a). In such event, the right of any Stockholder to include its
Registrable Shares in such registration pursuant to Section 2.2 shall be conditioned upon such Stockholder’s participation in such underwriting on the terms set forth herein. All Stockholders proposing to distribute
their securities through such underwriting shall (together with the Company, Other Holders, and any officers or directors distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for the underwriting by the Company. Notwithstanding any other provision of this Section 2.2, if the managing underwriter determines that the inclusion of all shares requested to be
registered would adversely affect the offering, the Company may limit (to zero) the number of Registrable Shares to be included in the registration and underwriting. The Company shall so advise all holders of Registrable Shares requesting
registration, and the number of shares that are entitled to be included in the registration and underwriting shall be allocated in the following manner: the securities of the Company held by officers and directors of the Company (other than
Registrable Shares) shall be excluded from such registration and underwriting to the extent deemed advisable by the managing underwriter, and, if a further limitation on the number of shares is required the other securities held by officers and
directors of the Company (including Registrable Shares), shall be excluded from such registration and underwriting to the extent deemed advisable by the managing 

  
 6 

 
underwriter, and if a further limitation on the number of shares is required, the number of shares that may be included in such registration and underwriting (other than shares to be sold by the
Company) shall be allocated (i) first to Perceptive and North Bridge and (ii) second to the extent that the Maximum Number of Securities is not exceeded among all Stockholders and Other Holders requesting registration, in each case, in
proportion, as nearly as practicable, to the respective number of shares of Common Stock (on an as-converted basis) which they held at the time the Company gave the notice specified in
Section 2.2(a) (excluding from calculation any securities excluded from such registrations as set forth above in this sentence, provided that, if any shares are to be sold in such offering other than on behalf of the
Company, then the total number of Registrable Shares permitted to be included therein shall in any event be at least fifty percent (50%) of the securities included therein (based on aggregate market values). If any Stockholder or Other Holder would
thus be entitled to include more securities than such holder requested to be registered, the excess shall be allocated among other requesting Stockholders and Other Holders pro rata in the manner described in the preceding sentence. If any holder of
Registrable Shares or any officer, director or Other Holder disapproves of the terms of any such underwriting, such person may elect to withdraw therefrom by written notice to the Company, and any Registrable Shares or other securities excluded or
withdrawn from such underwriting shall be withdrawn from such registration. For the avoidance of doubt, no shares to be offered on behalf of the Company shall be required to be excluded from such Registration Statement and underwriting unless all
shares held by holders of securities of the Company (including Stockholders and Other Holders) have been excluded from such Registration Statement and underwriting. 

(c) The Company shall have the right to select the managing underwriter for any underwritten offering requested pursuant to
Section 2.2, subject to the approval of the holders of a majority of the Registrable Shares, which approval will not be unreasonably withheld or delayed. 

2.3. Registration Procedures. 

(a) If and whenever the Company is required by the provisions of this Agreement to use its reasonable best efforts to effect the registration
of any Registrable Shares under the Securities Act, the Company shall: 
 (i) file with the Commission a Registration Statement with respect
to such Registrable Shares and use its reasonable best efforts to cause that Registration Statement to become and remain effective for one hundred eighty (180) days from the effective date or such lesser period until all such Registrable Shares
are sold; 
 (ii) as expeditiously as possible prepare and file with the Commission any amendments and supplements to the Registration
Statement and the Prospectus as may be necessary to comply with the provisions of the Securities Act (including the anti-fraud provisions thereof) and to keep the Registration Statement effective for one hundred eighty (180) days from the
effective date or such lesser period until all such Registrable Shares are sold; 
 (iii) as expeditiously as possible furnish to each
Selling Stockholder such reasonable number of copies of the Prospectus, including any preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as such Selling Stockholder may reasonably request in
order to facilitate the public sale or other disposition of the Registrable Shares owned by such Selling Stockholder; 

  
 7 

 (iv) use its reasonable best efforts to, as expeditiously as possible, register or qualify
the Registrable Shares covered by the Registration Statement under the securities or Blue Sky laws of such states as the Selling Stockholders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to
enable the Selling Stockholders to consummate the public sale or other disposition in such states of the Registrable Shares owned by the Selling Stockholder; provided, however, that the Company shall not be required in connection with
this paragraph (iv) to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; 
 (v)
as expeditiously as possible, cause all such Registrable Shares to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed; 

(vi) promptly provide a transfer agent and registrar for all such Registrable Shares not later than the effective date of such registration
statement; 
 (vii) promptly make available for inspection by the Selling Stockholders, any managing 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 Stockholders, 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 such
Registration Statement; 
 (viii) as expeditiously as possible, notify each Selling Stockholder of the time when such Registration
Statement has become effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; and 
 (ix)
as expeditiously as possible following the effectiveness of such Registration Statement, notify each Selling Stockholder of such Registrable Shares of any request by the Commission for the amending or supplementing of such Registration Statement or
Prospectus. 
 (b) If the Company has delivered a Prospectus to the Selling Stockholders, and after having done so the Prospectus is
amended to comply with the requirements of the Securities Act, the Company shall promptly notify the Selling Stockholders of such amendment and, if necessary, request that the Selling Stockholders immediately cease making offers of Registrable
Shares and return all Prospectuses to the Company. The Company shall promptly provide the Selling Stockholders with revised Prospectuses and, following receipt of the revised Prospectuses, the Selling Stockholders shall be free to resume making
offers of the Registrable Shares. 

  
 8 

 (c) In the event that, in the judgment of the Company, it is advisable to suspend use of a
Prospectus included in a Registration Statement due to pending material developments or other events that have not yet been publicly disclosed and as to which the Company believes public disclosure would be detrimental to the Company, the Company
shall notify all Selling Stockholders to such effect, and, upon receipt of such notice, each such Selling Stockholder shall immediately discontinue any sales of Registrable Shares pursuant to such Registration Statement until such Selling
Stockholder has received copies of a supplemented or amended Prospectus or until such Selling Stockholder is advised in writing by the Company that the then current Prospectus may be used and has received copies of any additional or supplemental
filings that are incorporated or deemed incorporated by reference in such Prospectus. Notwithstanding anything to the contrary herein, the Company shall not exercise its rights under this Section 2.3(c) to suspend sales of Registrable Shares
for a period in excess of ninety (90) days in any three hundred sixty-five-day (365-day) period. 

(d) In connection with any underwritten offering of Registrable Shares requested pursuant to Sections 2.1 or 2.2, the Company
shall cause to make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably requested by the managing underwriter(s) in any such offering. 

2.4. Allocation of Expenses. The Company will pay all Registration Expenses for all registrations under this Agreement;
provided, however, that if a registration under Section 2.1 is withdrawn at the request of the Initiating Holders (other than as a result of material information concerning the business or financial condition of the Company which
is made known to the Stockholders after the date on which such registration was requested) and if the Initiating Holders elect not to have such registration counted as a registration requested under Section 2.1, the requesting Stockholders
shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares included in such registration. For purposes of this Section, the term “Registration Expenses” shall mean all
expenses incurred by the Company in complying with this Agreement, including, without limitation, all registration and filing fees, exchange listing fees, printing expenses, fees and expenses of counsel for the Company and the reasonable fees and
expenses (not to exceed $75,000) of one counsel selected by a majority in interest of the Selling Stockholders to represent the Selling Stockholders, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by
any such registration, but excluding underwriting discounts, selling commissions and the fees and expenses of Selling Stockholders’ own counsel (other than the counsel selected to represent all Selling Stockholders). 

2.5. Indemnification and Contribution. 

(a) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, the Company will
indemnify and hold harmless the seller of such Registrable Shares, each of its directors, partners, and officers, each underwriter of such Registrable Shares, and each other person, if any, who controls such seller or underwriter within the meaning
of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such seller, underwriter or controlling person may become subject under the Securities Act, the Exchange Act, state securities
or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration
Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in 

  
 9 

 
the Registration Statement, or any amendment or supplement to such Registration Statement, or arise out of or are based upon the omission or alleged omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading; and the Company will reimburse such seller, underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such seller,
underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any untrue statement or omission of a material fact made in such Registration Statement, preliminary prospectus or final prospectus, or any such amendment or supplement, in reliance
upon and in conformity with information furnished to the Company, in writing, by or on behalf of such seller, underwriter or controlling person specifically for use in the preparation thereof or to the extent that such loss, claim, damage or
liability arises out of such seller’s failure to deliver a copy of the preliminary or final prospectus or any amendment or supplement thereto. 

(b) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, each seller of
Registrable Shares, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the Company or any such underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling person may become subject under the Securities
Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to the
Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if the statement or omission was made in
reliance upon and in conformity with information relating to such seller furnished in writing to the Company by or on behalf of such seller specifically for use in connection with the preparation of such Registration Statement, preliminary
prospectus or final prospectus, amendment or supplement; provided, however, that the obligations of a seller of Registrable Shares hereunder shall be limited to an amount equal to the net proceeds to such seller of Registrable Shares
sold in connection with such registration. 
 (c) Each party entitled to indemnification under this Section (the “Indemnified
Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the
Indemnified Party (whose approval shall not be unreasonably withheld); and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under
this Section except to the extent that the Indemnifying Party is adversely affected by such failure. The Indemnified Party may participate in such defense at such party’s expense; provided, however, that the Indemnifying Party
shall pay 

  
 10 

 
such expense 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 the
Indemnified Party and any other party represented by such counsel in such proceeding; provided further that in no event shall the Indemnifying Party be required to pay the expenses of more than one law firm per jurisdiction as counsel
for the Indemnified Party. The Indemnifying Party also shall be responsible for the expenses of such defense if the Indemnifying Party does not elect to assume such defense. No Indemnifying Party, in the defense of any such claim or litigation
shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a
release from all liability in respect of such claim or litigation, and no Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party, which consent shall
not be unreasonably withheld. 
 (d) In order to provide for just and equitable contribution in circumstances in which the indemnification
provided for in this Section 2.5 is due in accordance with its terms but for any reason is held to be unavailable to an Indemnified Party in respect to any losses, claims, damages and liabilities referred to herein, then
the Indemnifying Party shall, in lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities to which such party may be subject in such
proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and Indemnified Party on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities, as
well as any other relevant equitable considerations. The relative fault of a party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of material fact related to information supplied by such party
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and the sellers of Registrable Shares agree that it would not be just and equitable if contribution
pursuant to this Section 2.5 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
paragraph of Section 2.5, in no case shall any one seller of Registrable Shares be liable or responsible for any amount in excess of the net proceeds received by such seller of Registrable Shares from the offering of
Registrable Shares; provided, however, that no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another
party or parties under this Section 2.5, notify such party or parties from whom contribution may be sought, but the omission so to notify such party or parties from whom contribution may be sought shall not relieve such
party from any other obligation it or they may have thereunder or otherwise under this Section. No party shall be liable for contribution with respect to any action, suit, proceeding or claim settled without its prior written consent, which consent
shall not be unreasonably withheld. 

  
 11 

 2.6. Other Matters with Respect to Underwritten Offerings. In the event that
Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering pursuant to Section 2.1 or Section 2.2, the Company agrees to (a) enter into an underwriting agreement
containing customary representations and warranties with respect to the business and operations of the Company and customary covenants and agreements to be performed by the Company, including without limitation customary provisions with respect to
indemnification by the Company of the underwriters of such offering; (b) use its reasonable best efforts to cause its legal counsel to render customary opinions to the underwriters with respect to the Registration Statement; and (c) use
its reasonable best efforts to cause its independent public accounting firm to issue customary “cold comfort letters” to the underwriters with respect to the Registration Statement; and (d) cause each of its directors and executive
officers to execute a lock-up, holdback or similar agreement (not to exceed 90 days) on terms reasonably requested by the underwriter(s) managing such underwritten offering. 

2.7. Information by Holder. As a condition to the Company’s obligation to register the Registrable Shares of any holder, such
holder shall furnish to the Company such information regarding such holder and the distribution proposed by such holder as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or
compliance referred to in this Agreement. 
 2.8. Confidentiality of Notices. Any Stockholder receiving any written notice from the
Company regarding the Company’s plans to file a Registration Statement shall treat such notice confidentially and shall not disclose such information to any person other than as necessary to exercise its rights under this Agreement. 

2.9. Limitations on Subsequent Registration Rights. The Company shall not, without the prior written consent of Stockholders holding at
least a majority of the Registrable Shares then held by all Stockholders, enter into any agreement (other than this Agreement) with any holder or prospective holder of any securities of the Company which grant such holder or prospective holder
rights to include securities of the Company in any Registration Statement, unless (a) such rights to include securities in a registration initiated by the Company or by Stockholders are junior in all respects to the rights granted to Other
Holders under Sections 2.1 and 2.2 of this Agreement, and (b) any such rights to initiate a registration provide that Stockholders are entitled to include Registrable Shares in priority to such holders. 

2.10. Rule 144 Requirements. After the earliest of (i) the closing of the sale of securities of the Company pursuant to a
Registration Statement, (ii) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (iii) the issuance by the Company of an offering circular pursuant to Regulation A under the Securities
Act, the Company agrees to, so long as any Stockholder is a holder of Registrable Shares: 
 (a) make and keep current public information
about the Company available, as those terms are understood and defined in Rule 144; 
 (b) use its reasonable best efforts to file with the
Commission 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 it has become subject to such reporting requirements); and 

  
 12 

 (c) furnish to any holder of Registrable Shares upon request (i) a written statement
by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or
quarterly report of the Company, and (iii) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any such securities without
registration. 
 2.11. Termination. The right of any Stockholder to request registration or inclusion of Registrable Shares in any
registration pursuant to Sections 2.1 and 2.2 of this Agreement or to receive any notices hereunder or to vote with respect to any amendment hereunder shall terminate upon the earliest of (i) eight (8) years after the closing of the Initial
Public Offering, (ii) the date on which such Stockholder holds no Registrable Shares, (iii) a Company Sale, (iv) at such time as SEC Rule 144 or another similar exemption under the Securities Act is available for the sale of all of
such Stockholder’s Registrable Shares without limitation during a three (3) month period without registration or (v) at such time at which such Stockholder is not an affiliate (as defined under the Act) of the Company. 

3. [Reserved]. 
 4.
Transfers of Rights. 
 (a) This Agreement, and the rights and obligations of each Stockholder hereunder, may be assigned by such
Stockholder to (i) any affiliate (as defined under the Act), partner or stockholder of such Stockholder to which such Stockholder transfers at least ten percent (10%) of the aggregate shares of Common Stock held by such Stockholder (or one
hundred percent (100%) of the Shares purchased by such Stockholder if fewer than five hundred thousand (500,000) (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization
occurring after the date of this Agreement)), and such transferee shall be deemed a “Stockholder” for purposes of this Agreement, provided that no transfer shall be made to any entity that is a competitor of the Company as
determined in good faith by the Board of Directors of the Company; provided further that the transferee provides prior written notice of such assignment to the Company and agrees in writing to be bound hereby as a
“Stockholder”. 
 (b) [Reserved]. 

(c) Each Institutional Investor (as defined in Section 6(j) below) may assign this Agreement and its rights and obligations hereunder to
any entity that may be considered an affiliate (as defined in Rule 12b-2 promulgated under the Exchange Act) of such Institutional Investor and such affiliate of such Institutional Investor shall be deemed a
“Stockholder” for purposes of this Agreement, and all such affiliates of such Institutional Investor may from time to time reassign their rights to other affiliates of such Institutional Investor; provided that the transferee
provides written notice of such assignment to the Company and agrees to be bound by the terms and conditions set forth herein as a “Stockholder”. 

  
 13 

 5. Covenants 

5.1. Perceptive Directors. 

(a) For so long as Perceptive (including for the avoidance of doubt any affiliates (as defined under the Act) of Perceptive and its permitted
assignees under Section 4) beneficially owns at least the percentage of the total Voting Securities outstanding equal to the percentage of the total Voting Securities set forth in the table below under the column “Voting Securities held by
Perceptive as a Percentage of total Voting Securities”, the Company shall take all reasonable actions within its control to include in the slate of nominees, recommended by the Board of Directors and/or the applicable committee thereof for
election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected, that number of individuals designated by Perceptive that, if elected, will result in Perceptive having the number of directors
serving on the Board of Director that is shown in the column labeled “Number of Perceptive Directors” below. 
  

					
	 Voting Securities held by Perceptive as a

Percentage of Total Voting Securities
	  	Number of Perceptive Directors	 
	 20% or greater
	  	 	2	 
	 10% or greater, but less than 20%
	  	 	1	 
	 Less than 10%
	  	 	0	 

 (b) In the event the Board of Directors reasonably finds the nominee to be unsuitable and reasonably objects
to the identified director, Perceptive shall be entitled to propose a different nominee to the Board of Directors within thirty (30) days of the Company’s notice to such person of its objection to the nominee. 

5.2. North Bridge Director. 

(a) For so long as North Bridge (including for the avoidance of doubt any affiliates (as defined under the Act) of North Bridge and its
permitted assignees under Section 4) beneficially owns at least the percentage of the total Voting Securities outstanding equal to the percentage of the total Voting Securities set forth in the table below under the column “Voting
Securities held by North Bridge as a Percentage of total Voting Securities”, the Company shall take all reasonable actions within its control to include in the slate of nominees, recommended by the Board of Directors and/or the applicable
committee thereof for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected, that number of individuals designated by North Bridge that, if elected, will result in North Bridge having
the number of directors serving on the Board of Director that is shown in the column labeled “Number of North Bridge Directors” below. 
  

					
	 Voting Securities held by North Bridge as a

Percentage of Total Voting Securities
	  	Number of North Bridge Directors	 
	 10% or greater
	  	 	1	 
	 Less than 10%
	  	 	0	 

  
 14 

 (b) In the event the Board of Directors reasonably finds the nominee to be unsuitable and
reasonably objects to the identified director, North Bridge shall be entitled to propose a different nominee to the Board of Directors within thirty (30) days of the Company’s notice to such person of its objection to the nominee. 

5.3. Any director serving on the Board of Directors pursuant to this Section 5 shall be entitled to the same expense
reimbursement, benefits, indemnity, exculpation and other arrangements as are provided to the other non-management members of the Board of Directors. 

6. General. 
 (a)
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. 

(b) Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this
Agreement, each Stockholder shall be entitled to specific performance of the agreements and obligations of the Company hereunder and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction. 

(c) Governing Law; Dispute Resolution. This Agreement shall be governed by and construed in accordance with the internal laws of the
State of Delaware (without reference to the conflicts of law provisions thereof). The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States
District Court for the District of Delaware 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 Delaware or the United States District Court for the District of Delaware, 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. WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH
ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 

  
 15 

 (d) Notices. All notices, requests, consents, and other communications under this
Agreement shall be in writing and shall be deemed delivered (i) two business days after being sent by registered or certified mail, return receipt requested, postage prepaid or (ii) one business day after being sent via a reputable
nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth below: 

If to the Company, Lyra Therapeutics, Inc., 480 Arsenal Street, Watertown, MA 02472, Attn: Chief Executive Officer, or at such other address or
addresses as may have been furnished in writing by the Company to the Investors, with a copy to Latham & Watkins LLP, 200 Clarendon Street, 27th Floor, Boston, Massachusetts 02116, Attn:
Peter N. Handrinos, Esq.; or 
 If to an Investor, at his or its address set forth on Schedule A, or at such other
address or addresses as may have been furnished to the Company in writing by such an Investor, with a copy to: Cooley LLP, 500 Boylston Street, 14th Floor, Boston, MA 02116-3736, Attention: Marc Recht. 

Any party may give any notice, request, consent or other communication under this Agreement using any other means (including, without
limitation, personal delivery, messenger service, telecopy, first class mail or electronic mail), but no such notice, request, consent or other communication shall be deemed to have been duly given unless and until it is actually received by the
party for whom it is intended. Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set forth in this Section. 

(e) Complete Agreement. This Agreement constitutes the entire agreement and understanding of the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. 
 (f) Amendments and
Waivers. Any term of this Agreement may be amended or terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of
the Company and the holders of a majority of the Registrable Shares held by all of the Stockholders; provided that (i) any amendment, termination or waiver of any term of this Agreement which has a disproportionately adverse effect on
any Investor shall also require the written consent of such Investor; (ii) this Agreement may be amended with the consent of the holders of less than all Registrable Shares only in a manner which affects all such holders in the same fashion and
no amendment shall be effected to any provision hereof which will have the effect of reducing the approval threshold for any matter herein unless such amendment is approved by holders holding such threshold of votes;
(iii) Section 5.1 and this Section 6(f)(iii) may not be amended, modified, terminated or waived without the prior written consent of Perceptive; and
(iv) Section 5.2 and this Section 6(f)(iv) may not be amended, modified, terminated or waived without the prior written consent of North Bridge. Any such amendment, termination or waiver
effected in accordance with this Section 6(f) shall be binding on all parties hereto, even if they do not execute such consent. 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. 

  
 16 

 (g) Pronouns. Whenever the context may require, any pronouns used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 

(h) Counterparts; Facsimile Signatures. This Agreement may be executed and delivered by facsimile signature and in any number of
counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same document. 
 (i)
Section Headings. The section headings are for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. 

(j) One Holder. For purposes of determining the number of Shares held by each Stockholder under this Agreement, (i) all
affiliates (as defined under the Act) of North Bridge and its permitted assignees under Section 4 shall be deemed to be one holder and (ii) all affiliates (as defined under the Act) of Perceptive and its permitted
assignees under Section 4 shall be deemed to be one holder (with North Bridge and Perceptive, collectively the “Institutional Investors” and each an “Institutional Investor”). 

(k) Addition of Investors. Notwithstanding anything to the contrary contained herein, with the written consent of the Company and the
holders of a majority of the Registrable Shares, any holder of shares of Common Stock 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. 
 (l) Prior IRA. The Prior IRA is hereby amended and restated in its entirety and
restated herein. Such amendment and restatement is effective upon execution of this Agreement by the Company and the Investors constituting the requisite votes necessary to amend such Prior IRA. Upon such execution, all provisions of, rights granted
and covenants made in the Prior IRA are hereby waived, released and superseded in their entirety and shall have no further force or effect. 

(m) Confidentiality. Each Stockholder agrees that such Stockholder 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 or in connection with the Company’s attempt to amend or seek any waiver of the
terms of this Agreement (including notice of the Company’s intention to file a registration statement or to seek any amendment of or waiver thereunder), 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 6(m) by such Stockholder), (b) is or has been independently developed or conceived by such Stockholder without use of the Company’s confidential information,
or (c) is or has been made known or disclosed to such Stockholder by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a

  
 17 

 
Stockholder 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 Shares from such Stockholder, if such prospective purchaser agrees to be bound by the provisions of this Section 6(m);
(iii) to any existing or prospective affiliate (as defined under the Act), partner, member, stockholder, or wholly owned subsidiary of such Stockholder in the ordinary course of business, provided that such Stockholder 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 such Stockholder promptly notifies the Company of such disclosure and takes
reasonable steps to minimize the extent of any such required disclosure 
 [Remainder of page intentionally left blank.] 

  
 18 

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

			
	LYRA THERAPEUTICS, INC.
		
	By:	 	/s/ Maria Palasis

 
			
	Name:	 	Maria Palasis, Ph.D.
	Title:	 	Chief Executive Officer

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

			
	INVESTORS:
	
	NORTH BRIDGE VENTURE PARTNERS V-A, L.P.
	
	By: North Bridge Venture Management V, L.P., its General Partner
	
	By: NBVM GP, LLC, its General Partner
		
	By:	 	/s/ Edward T. Anderson

 
			
	Name:	 	Edward T. Anderson
	Title:	 	Manager
	
	NORTH BRIDGE VENTURE PARTNERS V-B, L.P.
	
	By: North Bridge Venture Management V, L.P., its General Partner
	
	By: NBVM GP, LLC its General Partner

 
			
		
	By:	 	/s/ Edward T. Anderson

 
			
	Name:	 	Edward T. Anderson
	Title:	 	Manager
	
	NORTH BRIDGE VENTURE PARTNERS VI, L.P.
	
	By: North Bridge Venture Management VI, L.P., its General Partner
	
	By: NBVM GP, LLC, its General Partner

 
			
		
	By:	 	/s/ Edward T. Anderson

 
			
	Name:	 	Edward T. Anderson
	Title:	 	Manager

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

			
	INVESTORS:
	
	PERCEPTIVE LIFE SCIENCES MASTER FUND, LTD.
		
	By:	 	/s/ James H. Mannix

 
			
	Name:	 	James H. Mannix
	Title:	 	Chief Operating Officer
	
	PERCEPTIVE LS (A), LLC
	
	By: Perceptive LS GP, LLC, its Manager

 
			
		
	By:	 	/s/ Joseph Edelman

 
			
	Name:	 	Joseph Edelman
	Title:	 	Investment Manager

 SCHEDULE A 

Investors 
 North Bridge Venture Partners V-A, L.P. 
 60 William Street, Suite 350 

Wellesley, MA 02481 
 Telephone: 781-290-0004 
 Email: eta@northbridge.com 

North Bridge Venture Partners V-B, L.P. 

60 William Street, Suite 350 
 Wellesley, MA 02481 

Telephone: 781-290-0004 

Email: eta@northbridge.com 
 North Bridge Venture Partners VI,
L.P. 
 60 William Street, Suite 350 
 Wellesley, MA 02481 

Telephone: 781-290-0004 

Email: eta@northbridge.com 
 Perceptive Life Sciences Master
Fund, Ltd 
 51 Astor Place, 10th Floor 

New York, NY 10003 
 Perceptive LS (A), LLC 

51 Astor Place, 10th Floor 

New York, NY 10003

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