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Exhibit 4.5  

 
  THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT    
    

        This
THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this "Agreement") is entered into as of December 29, 2006 by and among
(i) EnerNOC, Inc., a Delaware corporation (the "Company"); and (ii) the individuals and entities listed under the heading
"Investors" on the signature pages hereto and each person who shall, after the date hereof, acquire shares of Preferred Stock and join in and become a party to this Agreement by executing and
delivering to the Company an Instrument of Accession in the form of Schedule I hereto (the
"Investors"). 

        WHEREAS,
the Company entered into that certain Investors Rights Agreement dated June 17, 2003 (the "Original Agreement") with
certain of the Investors listed under the heading "Investors" on the signature pages thereto (the "Original Stockholders"); 

        WHEREAS,
those Investors holding shares of Company's Series A Convertible Preferred Stock, $.001 par value (the "Series A Preferred
Stock") subsequently acquired shares of the Company's Series A-1 Convertible Preferred Stock, $.001 par value
("Series A-1 Preferred Stock"); 

        WHEREAS,
the Company entered into that certain Amended and Restated Investor Rights Agreement dated January 11, 2005 with the Original Stockholders, the Investors holding shares
of Series A-1 Preferred Stock and the Investors holding shares of the Company's Series B Convertible Preferred Stock, $.001 par value
("Series B Preferred Stock"); 

        WHEREAS,
the Company entered into that certain Second Amended and Restated Stockholders Agreement dated May 16, 2006 (the "Restated
Agreement") with the Original Stockholders and the Investors holding shares of Series A-1 Preferred Stock, the Investors holding shares of Series B
Preferred Stock and the Investors holding shares of the Company's Series B-1 Convertible Preferred Stock, $.001 par value ("Series B-1
Preferred Stock"); 

        WHEREAS,
simultaneously with the execution of this Agreement, the Company and certain Investors have entered into that certain Series C Preferred Stock Purchase Agreement dated of
even date herewith (the "Purchase Agreement"), pursuant to which the Company is selling to certain of the Investors shares of the Company's
Series C Convertible Preferred Stock, $.001 par value ("Series C Preferred Stock"); 

        WHEREAS,
pursuant to Section 6.4 of the Restated Agreement, the Company and the requisite number of Major Investors desire to amend and restate the Restated Agreement in order to,
among other things, reflect the issuance of the Series C Preferred Stock; and 

        WHEREAS,
the Company and the Investors desire to provide for certain arrangements with respect to, among other things: (i) the registration of shares of capital stock of the
Company under the Securities Act of 1933 and (ii) certain covenants and restrictions with respect to the Company and its operations. 

        NOW,
THEREFORE, in consideration of the mutual promises and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

 
 

ARTICLE I
  DEFINITIONS    
    

        1.1   Certain Definitions.    As used in this Agreement, the following terms shall have the following meanings: 

        "Board of Directors" shall mean the board of directors of the Company as constituted from time to time. 

        "Braemar" shall mean Braemar Energy Ventures, LP. 

        "Commission" shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 

        "Common Stock" shall mean the Common Stock, par value $.001 per share, of the Company, as constituted as of the date of this Agreement. 

        "Conversion Shares" shall mean shares of Common Stock issued or issuable upon conversion of the Preferred Shares. 

        "DFJ-NE" shall mean Draper Fisher Jurvetson New England Fund I, L.P. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and regulations
of the Commission thereunder, all as the same shall be in effect at the time. 

        "Foundation Capital" shall mean Foundation Capital IV, L.P., FC IV Active Advisors, LLC and Foundation Capital IV Principals Fund, LLC. 

        "Founders" shall mean David B. Brewster and Timothy G. Healy. 

        "Fully Diluted Basis" shall assume conversion of all Preferred Stock and exercise of all then outstanding warrants, options and other
rights to purchase capital stock of the Company. 

        "Indebtedness" shall mean all obligations, contingent and otherwise, which should, in accordance with generally accepted accounting
principles, be classified upon the obligor's balance sheet (or the notes thereto) as liabilities, but in any event including liabilities secured by any mortgage on property owned or acquired subject
to such mortgage, whether or not the liability secured thereby shall have been assumed, and also including (i) all guaranties, endorsements and other contingent obligations, in respect of
Indebtedness of others, whether or not the same are or should be so reflected in said balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or
collection or similar transactions in the ordinary course of business and (ii) the present value of any lease payments due under leases required to be capitalized in accordance with applicable
Statements of Financial Accounting Standards, determined by discounting all such payments at the interest rate determined in accordance with applicable Statements of Financial Accounting Standards. 

        "Intellectual Property" shall mean all (i) patents and patent applications, (ii) copyrights and registrations thereof,
(iii) mask works and registrations and applications for registration thereof, (iv) computer software, data and documentation, (v) trade secrets and confidential business
information, whether patentable or unpatentable and whether or not reduced to practice, know-how, manufacturing and production processes and techniques, research and development
information, copyrightable works, financial, marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and information,
(vi) trademarks, service marks, trade names, domain names and applications and registrations therefor and (vii) other proprietary rights relating to any of the foregoing. 

        "Investor Directors" shall mean the members of the Board of Directors designated by DFJ-NE, Braemar and Foundation Capital. 

        "Key Employee" or "Key Employees" shall mean and include the President, chief executive
officer, chief financial officer, chief operating officer, chief technology officer, vice presidents of operations, 

research,
development, sales or marketing, or any other individual who performs a significant role in the operations of the Company or a Subsidiary and who is so designated by the Board of Directors
of the Company. 

        "Major Investor" shall mean any Investor which holds at least 500,000 shares of Preferred Stock, appropriately adjusted to reflect stock
splits, stock dividends, combinations of shares and the like. 

        "Material Adverse Effect (Change)" shall mean a material adverse effect (change) in the business, operations, affairs, or condition
(financial or otherwise) of the Company. 

        "Person" or "Persons" shall mean an individual, corporation, partnership, joint venture,
trust, limited liability company, or unincorporated organization, or a government or any agency or political subdivision thereof. 

        "Preferred Shares" shall mean the shares of Series C Preferred Stock, Series B Preferred Stock,
Series B-1 Preferred Stock, Series A-1 Preferred Stock and Series A Preferred Stock. 

        "Preferred Stock" shall mean the Company's Preferred Stock, par value $.001 per share, and each series thereof. 

        "Qualified Public Offering" shall mean a fully underwritten, firm commitment public offering pursuant to an effective registration under
the Securities Act covering the offer and sale by the Company of its Common Stock in which (i) the market capitalization of the Company is at least $50,000,000 and (ii) the aggregate
gross proceeds (before deduction of underwriting discounts and registration expenses) from such offering to the Company are at least $10,000,000. 

        "Registration Expenses" shall mean the expenses so described in Section 2.7. 

        "Reserved Employee Shares" shall mean shares of Common Stock not to exceed in the aggregate 1,372,400 shares (appropriately adjusted to
reflect stock splits, stock dividends, combinations of shares and the like with respect to the Common Stock) reserved by the Company for issuance pursuant to stock purchase, stock grant or stock
option arrangements for employees, directors or consultants of the Company, all under arrangements approved by the Board of Directors. The foregoing number of Reserved Employee Shares may be increased
by vote or written consent of the holders of at least sixty-six and two-thirds percent (662/3%) of the then outstanding Preferred Shares or by vote or written
consent of the Board of Directors, including in all cases the affirmative vote or consent of the Investor Directors, which shall include the Series B Director. 

        "Restricted Stock" shall mean the Conversion Shares excluding Conversion Shares which have been (a) included in a transaction
registered under the Securities Act pursuant to an effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) publicly
sold pursuant to Rule 144 under the Securities Act. 

        "Securities Act" shall mean the Securities Act of 1933 or any similar federal statute, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the time. 

        "Selling Expenses" shall mean the expenses so described in Section 2.7. 

        "Series B Director" shall mean the member of the Board of Directors designated by the Series B and
Series B-1 Preferred Stock. 

        "Subsidiary" or "Subsidiaries" shall mean any corporation or trust of which the Company
and/or any of its other Subsidiaries (as herein defined) directly or indirectly owns at the time outstanding shares of every class of such corporation or trust other than directors' qualifying shares
comprising at least fifty percent (50%) of the voting power of such corporation or trust. 

 
 

ARTICLE II
  RESTRICTIONS ON TRANSFER AND REGISTRATION RIGHTS    
    

        2.1   Restrictive Legend.    Each certificate representing Preferred Shares, Conversion Shares or Restricted Stock
shall, except as otherwise provided in this Section 2.1 or in Section 2.2, be stamped or otherwise imprinted with a legend substantially in the following form: 

        "The
securities represented by this certificate have not been registered under the Securities Act of 1933 or applicable state securities laws. These securities have been acquired for
investment and not with a view to distribution or resale, and may not be sold, mortgaged, pledged, hypothecated or otherwise transferred without an effective registration statement for such securities
under the Securities Act of 1933 and applicable state securities laws, or the availability of an exemption from the registration provisions of the Securities Act of 1933 and applicable state
securities laws." 

        A
certificate shall not bear such legend if in the opinion of counsel satisfactory to the Company the securities represented thereby may be publicly sold without registration under the
Securities Act and any applicable state securities laws. 

        2.2   Notice of Proposed Transfer.    Prior to any proposed transfer of any Preferred Shares, Conversion Shares or
Restricted Stock (other than under the circumstances described in Section 2.3, 2.4 or 2.5), the holder thereof shall give written notice to the Company of its intention to effect such transfer.
Each such notice shall describe the manner of the proposed transfer and, if requested by the Company, shall be accompanied by an opinion of counsel reasonably satisfactory to the Company to the effect
that the proposed transfer may be effected without registration under the Securities Act and any applicable state securities laws, whereupon the holder of such stock shall be entitled to transfer such
stock in accordance with the terms of its notice; provided, however, that no such opinion of counsel shall be required for a transfer to one or more partners or members of the transferor (in the case
of a transferor that is a partnership or a limited liability company, respectively) or to an affiliated corporation (in the case of a transferor that is a corporation); provided, further, however,
that any transferee shall execute and deliver to the Company a representation letter in form reasonably satisfactory to the Company's counsel to the effect that the transferee is acquiring such shares
for its own account, for investment purposes and without any view to distribution thereof. Each certificate for Preferred Shares, Conversion Shares or Restricted Stock transferred as above provided
shall bear the legend set forth in Section 2.1, except that such certificate shall not bear such legend if (i) such transfer is in accordance with the provisions of Rule 144 (or
any other rule permitting public sale without registration under the Securities Act) or (ii) the opinion of counsel referred to above is to the further effect that the transferee and any
subsequent transferee (other than an affiliate of the Company) would be entitled to transfer such securities in a public sale without registration under the Securities Act. The restrictions provided
for in this Section 2.2 shall not apply to securities which are not required to bear the legend prescribed by Section 2.1 in accordance with the provisions of that Section. 

        2.3   Required Registration. 

        (a)   At
any time after the earlier of (i) six (6) years from the first day on which any shares of Preferred Stock are outstanding or (ii) one year after
the Company's initial public offering, the holders of Restricted Stock constituting at least 20% in interest of the total shares of Restricted Stock then outstanding may request the Company to
register under the Securities Act at least 20% of the shares of Restricted Stock held by such requesting holder or holders (or any lesser percentage if the anticipated gross receipts by such holders
of Restricted Stock from the proposed registration exceed $2,000,000) for sale in the manner specified in such notice. For purposes of this Section 2.3 and Sections 2.4, 2.5, 6.1 and 6.4, the
term "Restricted Stock" shall be deemed to include the number of shares of Restricted Stock which would be issuable to a holder of Preferred Shares upon conversion of all shares of Preferred Stock;  provided, however, that the only securities which the Company shall be required to register pursuant
hereto shall be shares of Common Stock; provided, further,  however, that, in any underwritten public
offering contemplated by this Section 2.3 or Sections 2.4 and 2.5, the holders of Preferred Shares
shall be entitled to sell such Preferred Shares to the underwriters for conversion and sale of the shares of Common Stock 

issued
upon conversion or exercise and conversion, as applicable, thereof. Notwithstanding anything to the contrary contained herein, no request may be made under this Section 2.3 within
180 days after the effective date of the first registration statement on Form S-1 filed by the Company. If the offering is to be underwritten, the initiating holders shall
select the underwriters and the managing underwriters (subject to the consent of the Company, which consent will not be unreasonably withheld). 

        (b)   Following
receipt of any notice under this Section 2.3, the Company shall immediately notify all holders of Restricted Stock and Preferred Shares from whom notice
has not been received and such holders shall then be entitled within 15 days thereafter to request the Company to include in the requested registration all or any portion of their shares of
Restricted Stock. The Company shall use its best efforts to register under the Securities Act, for public sale in accordance with the method of disposition described in paragraph (a) above, the
number of shares of Restricted Stock specified in such notice (and in all notices received by the Company from other holders within 15 days after the giving of such notice by the Company). The
Company shall be obligated to register Restricted Stock pursuant to this Section 2.3 on two occasions only (except for registrations on Form S-3 or any equivalent successor
form); provided, however, that such obligation shall be deemed satisfied with respect to each such
occasion only when a registration statement covering seventy-five percent (75%) of the shares of Restricted Stock specified in notices received as aforesaid for sale in accordance with the
method of disposition specified by the requesting holders shall have become effective or if such registration statement has been withdrawn prior to the consummation of the offering at the request of
the holders of Restricted Stock and Preferred Shares (other than as a result of a Material Adverse Change) and, if such method of disposition is a firm commitment underwritten public offering, all
such shares shall have been sold pursuant thereto (including shares sold pursuant to the underwriters' over-allotment option). 

        (c)   The
Company shall be entitled to include in any registration statement referred to in this Section 2.3 shares of Common Stock to be sold by the Company for its
own account, except as and to the extent that, in the opinion of the managing underwriter, such inclusion would adversely affect the marketing of the Restricted Stock to be sold. Except for
registration statements on Form S-4, S-8 or any successor thereto, the Company will not file with the Commission any other registration statement with respect to its
Common Stock, whether for its own account or that of other stockholders, from the date of receipt of a notice from requesting holders requesting sale pursuant to an underwritten offering pursuant to
this Section 2.3 until the completion of the period of distribution of the registration contemplated thereby. 

        (d)   If
in the opinion of the managing underwriter the inclusion of all of the Restricted Stock requested to be registered under this Section would adversely affect the
marketing of such shares, shares to be sold by the holders of Restricted Stock, if any, shall be excluded only after any shares to be sold by the Company have been excluded, in such manner that the
shares to be sold shall be allocated among the selling holders pro rata based on their ownership of Restricted Stock. 

        2.4   Incidental Registration.    If the Company at any time (other than pursuant to Section 2.3 or
Section 2.5) proposes to register any of its securities under the Securities Act for sale to the public, whether for its own account or for the account of other security holders or both (except
with respect to registration statements on Forms S-4, S-8 or another form not available for registering the Restricted Stock for sale to the public), each such time it will
give written notice to all holders of outstanding Restricted Stock of its intention so to do. Upon the written request of any such holder, received by the Company within 15 days after the
giving of any such notice by the Company, to register any of its Restricted Stock, the Company will use its best efforts to cause the Restricted Stock as to which registration shall have been so
requested to be included in the securities to be covered by the registration statement proposed to be filed by the Company, all to the extent requisite to permit the sale or other disposition by the
holder of such Restricted Stock so registered. In the event that any registration pursuant to this Section 2.4 shall be, in whole or in part, an underwritten public offering of Common Stock,
the number of shares of Restricted Stock to be included in such an underwriting may 

be
reduced (pro rata among the requesting holders based upon the number of shares of Restricted Stock owned by such holders) if and to the extent that the managing underwriter shall be of the opinion
that such inclusion would adversely affect the marketing of the securities to be sold by the Company therein, provided, however, that such number of shares of Restricted Stock shall not be reduced if
any shares are to be included in such underwriting for the account of any person other than the Company or requesting holders of Restricted Stock, and provided, further, however, that in no event may
less than twenty percent (20%) of the total number of shares of Common Stock to be included in such underwriting be made available for shares of Restricted Stock unless the underwriting is in
connection with the Company's initial public offering and the managing underwriter shall in good faith advise the holders proposing to distribute their securities through such underwriting that such
level of participation would, in its opinion, materially adversely affect the offering price or its ability to complete the offering and shall specify the number of shares of Restricted Stock which,
in its opinion, can be included in the registration and underwriting without such an effect. 

        2.5   Registration on Form S-3.    If at any time (i) a holder or holders of Restricted
Stock request that the Company file a registration statement on Form S-3 or any successor thereto for a public offering of all or any portion of the shares of Restricted
Stock held by such requesting holder or holders and the reasonably anticipated aggregate price to the public of such shares of Restricted Stock equals or exceeds $500,000, and (ii) the Company
is a registrant entitled to use Form S-3 or any successor thereto to register such shares, then the Company shall use its best efforts to register under the Securities Act on
Form S-3 or any successor thereto, for public sale in accordance with the method of disposition specified in such notice, the number of shares of Restricted Stock specified in such
notice. Whenever the Company is required by this Section 2.5 to use its best efforts to effect the registration of Restricted Stock, each of the procedures and requirements of
Section 2.3 (including but not limited to the requirement that the Company notify all holders of Restricted Stock from whom notice has not been received and provide them with the opportunity to
participate in the offering) shall apply to such registration; provided, however, that there shall be no limitation on the number of registrations on Form S-3 which may be requested
and obtained under this Section 2.5; and provided, further, however, that the requirements contained in the first sentence of Section 2.3(a) shall not apply to any registration on
Form S-3 which may be requested and obtained under this Section 2.5. 

        Notwithstanding
anything to the contrary in this Section 2.5, the Company shall not be required to effect more than two registrations pursuant to this Section 2.5 in any
12 month period. 

        2.6   Registration Procedures.    If and whenever the Company is required by the provisions of Sections 2.3, 2.4, or
2.5 to use its best efforts to effect the registration of any shares of Restricted Stock under the Securities Act, the Company will, as expeditiously as possible: 

        (a)   prepare
and file with the Commission a registration statement (which, in the case of an underwritten public offering pursuant to Section 2.3, shall be on
Form S-1 or other form of general applicability satisfactory to the managing underwriter selected as therein provided) with respect to such securities and use its best efforts to
cause such registration statement to become and remain effective for the period of the distribution contemplated thereby (determined as hereinafter provided); 

        (b)   prepare
and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all
Restricted Stock covered by such registration statement in accordance with the sellers' intended method of disposition set forth in such registration statement for such period; 

        (c)   furnish
to each seller of Restricted Stock and to each underwriter such number of copies of the registration statement and the prospectus included therein (including
each preliminary prospectus) as such persons reasonably may request in order to facilitate the public sale or other disposition of the Restricted Stock covered by such registration statement; 

        (d)   use
its best efforts to register or qualify the Restricted Stock covered by such registration statement under the securities or "blue sky" laws of such jurisdictions as
the sellers of Restricted Stock or, in the case of an underwritten public offering, the managing underwriter reasonably shall request; provided,  however,
that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any
jurisdiction where it is not so qualified or to consent to general service of process in any such jurisdiction; 

        (e)   use
its best efforts to list the Restricted Stock covered by such registration statement with any securities exchange on which the Common Stock of the Company is then
listed; 

        (f)    provide
a transfer agent and registrar for all such Restricted Stock, not later than the effective date of such registration statement; 

        (g)   immediately
notify each seller of Restricted Stock and each underwriter under such registration statement, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of the happening of any event of which the Company has knowledge as a result of which the prospectus contained in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing; 

        (h)   if
the offering is underwritten and at the request of any seller of Restricted Stock, use its best efforts to furnish on the date that Restricted Stock is delivered to
the underwriters for sale pursuant to such registration: (i) an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters
and to such seller, to such effect as reasonably may be requested by counsel for the underwriters and (ii) a letter dated such date from the independent public accountants retained by the
Company, addressed to the underwriters and to such seller, stating that they are independent public accountants within the meaning of the Securities Act and that, in the opinion of such accountants,
the financial statements of the Company included in the registration statement or the prospectus, or any amendment or supplement thereof, comply as to form in all material respects with the applicable
accounting requirements of the Securities Act, and such letter shall additionally cover such other financial matters (including information as to the period ending no more than five business days
prior to the date of such letter) with respect to such registration as such underwriters reasonably may request; 

        (i)    make
available for inspection by each seller of Restricted Stock, any underwriter participating in any distribution pursuant to such registration statement, and any
attorney, accountant or other agent retained by such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company's
officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement. The
rights granted pursuant to this subsection (i) may not be assigned or otherwise conveyed by such person or by any subsequent transferee of any such rights without the written consent of the
Company, which consent shall not be unreasonably withheld; provided, however, that the Company may
refuse such written consent if the proposed transferee is a competitor of the Company as determined by the Board of Directors; and provided,  further, that
no such written consent shall be required if the transfer is made to a party who is not a competitor of the Company and who is a parent,
subsidiary, affiliate, partner or group member of such person; 

        (j)    advise
each selling holder of Restricted Stock, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use all reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such stop order should be issued; 

        (k)   cooperate
with the selling holders of Restricted Stock and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates
representing Restricted Stock to be sold, such certificates to be in such denominations and registered in such names as such holders or the managing underwriters may request at least two business days
prior to any sale of Restricted Stock; and 

        (l)    permit
any holder of Restricted Stock which holder, in the sole and exclusive judgment, exercised in good faith, of such holder, might be deemed to be a controlling
person of the Company, to participate in good faith in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in
writing, which in the reasonable judgment of such holder and its counsel should be included, subject to review by the Company and its counsel after consultation with such holder. 

        For
purposes of Sections 2.6(a) and 2.6(b) and of Section 2.3(c), the period of distribution of Restricted Stock in a firm commitment underwritten public offering shall be deemed
to extend until each underwriter has completed the distribution of all securities purchased by it, and the period of distribution of Restricted Stock in any other registration shall be deemed to
extend until the earlier of the sale of all Restricted Stock covered thereby and 120 days after the effective date thereof. 

        In
connection with each registration hereunder, the sellers of Restricted Stock will furnish to the Company in writing such information with respect to themselves and the proposed
distribution by them as reasonably shall be necessary in order to assure compliance with federal and applicable state securities laws. 

        In
connection with each registration pursuant to Sections 2.3, 2.4, or 2.5 covering an underwritten public offering, the Company and each seller agree to enter into a written agreement
with the managing underwriter selected in the manner herein provided in such form and containing such provisions as are customary in the securities business for such an arrangement between such
underwriter and companies of the Company's size and investment stature. 

        2.7   Expenses.    All expenses incurred by the Company in complying with Sections 2.3, 2.4 and 2.5, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including counsel
fees) incurred in connection with complying with state securities or "blue sky" laws, fees of the National Association of Securities Dealers, Inc., transfer taxes, fees of transfer agents and
registrars, costs of insurance, and fees and disbursements of one special counsel for the sellers of Restricted Stock, but excluding any Selling Expenses, are called "Registration Expenses." All
underwriting discounts and selling commissions applicable to the sale of Restricted Stock are called "Selling Expenses." 

        The
Company will pay all Registration Expenses in connection with each registration statement under Sections 2.3, 2.4, or 2.5; provided,  however, that if a
registration statement is withdrawn at the request of the participating holders of Restricted Stock (other than as a result of a
Material Adverse Change), such Registration Expenses shall be borne by the participating holders of Restricted Stock in proportion to the number of shares of Restricted Stock proposed to be sold by
each. All Selling Expenses in connection with each registration statement under Sections 2.3, 2.4, or 2.5 shall be borne by the participating sellers in proportion to the number of shares sold by
each, or by such participating sellers other than the Company (except to the extent the Company shall be a seller) as they may agree. 

        2.8   Indemnification and Contribution. 

        (a)   In
the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Sections 2.3, 2.4, or 2.5, the Company will indemnify and hold
harmless each seller of such Restricted Stock thereunder, each underwriter of such Restricted Stock thereunder and each other person, if any, who controls such seller or underwriter within the meaning
of the Securities 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 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 Restricted Stock was registered under the Securities Act
pursuant to Sections 2.3, 2.4, or 2.5, any preliminary prospectus or final prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse each such seller, each such underwriter
and each such controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action;  provided,
however, that the Company will not be liable in any such case if and to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by
any such seller, any such underwriter or any such controlling person in writing specifically for use in such registration statement or prospectus. 

        (b)   In
the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Sections 2.3, 2.4 or 2.5, each seller of such Restricted Stock
thereunder, severally and not jointly, will indemnify and hold harmless the Company, each person, if any, who controls the Company within the meaning of the Securities Act, each officer of the Company
who signs the registration statement, each director of the Company, each underwriter and each person who controls any underwriter within the meaning of the Securities Act, against all losses, claims,
damages or liabilities, joint or several, to which the Company or such officer, director, underwriter or controlling person may become subject under the Securities Act 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 the
registration statement under which such Restricted Stock was registered under the Securities Act pursuant to Sections 2.3, 2.4 or 2.5, any preliminary prospectus or final prospectus contained therein,
or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse the Company and each such officer, director, underwriter and controlling person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided,  however, that such seller will be liable hereunder
in any such case if and only to the extent that any such loss, claim, damage or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information pertaining to such seller, as such,
furnished in writing to the Company by such seller specifically for use in such registration statement or prospectus; and, provided,  further, however, that the liability of each seller hereunder shall be limited to the proportion of any
such loss, claim, damage, liability or expense which is equal to the proportion that the public offering price of the shares sold by such seller under such registration statement bears to the total
public offering price of all securities sold thereunder, but not in any event to exceed the net proceeds received by such seller from the sale of Restricted Stock covered by such registration
statement. 

        (c)   Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to
be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which
it may have to such indemnified party other than under this Section 2.8 and shall only relieve it from any liability which it may have to such indemnified party under this Section 2.8 if
and to the extent the indemnifying party is prejudiced by such omission. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be
liable to such indemnified party 

under
this Section 2.8 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison
with counsel so selected; provided, however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be reasonable defenses available to it which are different from or additional to
those available to the indemnifying party or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party, the indemnified party shall
have the right to select a separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other
expenses related to such participation to be reimbursed by the indemnifying party as incurred. 

        (d)   In
order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any holder of Restricted Stock
exercising rights under this Agreement, or any controlling person of any such holder, makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced
in such case notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any
such selling holder or any such controlling person in circumstances for which indemnification is provided under this Section 2.8; then, and in each such case, the Company and such holder will
contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that such holder is responsible for the portion
represented by the percentage that the public offering price of its Restricted Stock offered by the registration statement bears to the public offering price of all securities offered by such
registration statement, and the Company is responsible for the remaining portion; provided, however,
that, in any such case, (A) no such holder will be required to contribute any amount in excess of the public offering price of all such Restricted Stock offered by it pursuant to such
registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution
from any person or entity who was not guilty of such fraudulent misrepresentation. 

        2.9   Changes in Common Stock or Preferred Stock.    If, and as often as, there is any change in the Common Stock or
the Preferred Stock by way of a stock split, stock dividend, combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate
adjustment shall be made in the provisions hereof so that the rights and privileges granted hereby shall continue with respect to the Common Stock and the Preferred Stock as so changed. 

        2.10 Rule 144 Reporting.    With a view to making available the benefits of certain rules and regulations of
the Commission which may at any time permit the sale of the Restricted Stock to the public without registration, at all times after 90 days after any registration statement covering a public
offering of securities of the Company under the Securities Act shall have become effective, the Company agrees to: 

        (a)   make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act; 

        (b)   use
its 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; and 

        (c)   furnish
to each holder of Restricted Stock forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of such
Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as
such holder may 

reasonably
request in availing itself of any rule or regulation of the Commission allowing such holder to sell any Restricted Stock without registration. 

        2.11 Suspension of Registration Rights.    Notwithstanding the provisions of Section 2.3, the Company's
obligation to file a registration statement, or cause such registration statement to become and remain effective, shall be suspended for a period not to exceed 120 days (in the case of a
registration statement on Form S-1) or 90 days (in the case of a registration statement on Form S-3) in any 12-month period if the Company
shall furnish to the Investors requesting such registration a certificate signed by the President of the Company stating either (i) that in the good faith judgment of the Company it would
likely be detrimental to the Company or its stockholders (whether due to a potential adverse effect on a pending transaction or otherwise) for a registration statement to be filed in the near future
or (ii) that there exists at the time material non-public information relating to the Company which, in the reasonable opinion of the Company, should not be disclosed. 

        2.12 No More Favorable "Piggy-Back" Registration Rights.    The Company shall not grant to any third
party any "piggy-back" registration rights of the type set forth in Section 2.4 that are more favorable than or inconsistent with any of those contained herein, so long as any of
the registration rights under this Agreement remains in effect without the prior written consent of at least sixty-six and two-thirds percent (662/3%) in
interest of the Preferred Stock held by Major Investors. 

 
 

ARTICLE III
  RIGHT OF FIRST REFUSAL    
    

        3.1   Right of First Refusal.    The Company shall not issue, sell or exchange, agree or obligate itself to issue,
sell or exchange, or reserve or set aside for issuance, sale or exchange, any (i) shares of Common Stock, (ii) any other equity security of the Company, including without limitation,
Preferred Shares, (iii) any debt security of the Company (other than debt with no equity feature) including without limitation, any debt security which by its terms is convertible into or
exchangeable for any equity security of the Company, (iv) any security of the Company that is a combination of debt and equity, or (v) any option, warrant or other right to subscribe
for, purchase or otherwise acquire any such equity security or any such debt security of the Company, unless in each case the Company shall have first offered to sell such securities (the
"Offered Securities") to the Major Investors (each an "Offeree" and collectively, the
"Offerees") as follows: Each Offeree shall have the right (the "Right of First Refusal") to purchase
(x) that portion of the Offered Securities as the number of shares of Restricted Stock then held by such Offeree bears to the total number of shares of Common Stock of the Company on a Fully
Diluted Basis (the "Basic Amount"), and (y) such additional portion of the Offered Securities as such Offeree shall indicate it will purchase
should the other Offerees subscribe for less than their Basic Amounts (the "Undersubscription Amount"), at a price and on such other terms as shall have
been specified by the Company in writing delivered to such Offeree (the "Offer"), which Offer by its terms shall remain open and irrevocable for a
period of twenty (20) days from receipt of the offer. 

        3.2   Notice of Acceptance.    Notice of each Offeree's intention to accept, in whole or in part, any Offer made
pursuant to Section Article III shall be evidenced by a writing signed by such Offeree and delivered to the Company prior to the end of the 20-day period of such offer, setting
forth such of the Offeree's Basic Amount as such Offeree elects to purchase and, if such Offeree shall elect to purchase all of its Basic Amount, such Undersubscription Amount as such Offeree shall
elect to purchase (the "Notice of Acceptance"). If the Basic Amounts subscribed for by all Offerees are less than the total Offered Securities, then
each Offeree who has set forth Undersubscription Amounts in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, all Undersubscription Amounts it
has subscribed for; provided, however, that should the Undersubscription Amounts subscribed for exceed the difference between the Offered Securities and the Basic Amounts subscribed for (the
"Available Undersubscription Amount"), each Offeree who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion
of the Available Undersubscription Amount as the Undersubscription Amount subscribed for by such Offeree bears to the total Undersubscription Amounts subscribed for by all Offerees, subject to
rounding by the Board of Directors to the extent it reasonably deems necessary. 

        3.3   Conditions to Acceptances and Purchase. 

        (a)   Permitted Sales of Refused Securities.    In the event that Notices of Acceptance are not given by the Offerees
in respect of all the Offered Securities, the Company shall have ninety (90) days from the expiration of the period set forth in Section Article III to close the sale of all or any part
of such Offered Securities as to which a Notice of Acceptance has not been given by the Offerees (the "Refused Securities") to the Person or Persons
specified in the Offer, in all material respects upon terms and conditions, including, without limitation, unit price and interest rates, which are no more favorable, in the aggregate, to such other
Person or Persons or less favorable to the Company than those set forth in the Offer. 

        (b)   Reduction in Amount of Offered Securities.    In the event the Company shall propose to sell less than all the
Refused Securities (any such sale to be in the manner and on the terms specified in Section 3.3(a) above), then each Offeree may, at its sole option and in its sole discretion, reduce the
number of shares or other units of the Offered Securities specified in its respective Notices of Acceptance to an amount which shall be not less than the amount of the Offered Securities which the
Offeree elected to purchase pursuant to Section 3.2 multiplied by a fraction, (i) the numerator of which shall be the amount of Offered Securities which the Company actually proposes to
sell, and (ii) the denominator of which shall be the amount of all Offered 

Securities.
In the event that any Offeree so elects to reduce the number or amount of Offered Securities specified in its respective Notices of Acceptance, the Company may not sell or otherwise
dispose of more than the reduced amount of the Offered Securities until such securities have again been offered to the Offerees in accordance with Section Article III. 

        (c)   Closing.    Upon the closing, which shall include full payment to the Company, of the sale to such other Person
or Persons of all or less than all the Refused Securities, the Offerees shall purchase from the
Company, and the Company shall sell to the Offerees, the number of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 3.3(b) if the Offerees have so
elected, upon the terms and conditions specified in the Offer. The purchase by the Offerees of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company
and the Offerees of a purchase agreement relating to such Offered Securities reasonably satisfactory in form and substance to the Offerees and their respective counsel. 

        (d)   Further Sale.    In each case, any Offered Securities not purchased by the Offerees or other Person or Persons
in accordance with Section 3.3 may not be sold or otherwise disposed of until they are again offered to the Offerees under the procedures specified in Sections Article III, 3.2 and 3.3. 

        3.4   Exceptions.    The Right of First Refusal of the Investors under this Article III shall not
apply to: 

        (a)   Common
Stock issued as a stock dividend to holders of Common Stock or upon any subdivision or combination of shares of Common Stock, 

        (b)   Preferred
Stock issued as a dividend to holders of Preferred Stock upon any subdivision or combination of shares of Preferred Stock, 

        (c)   the
Conversion Shares, 

        (d)   any
Reserved Employee Shares, 

        (e)   any
securities issued pursuant to the acquisition of another entity by the Company by merger (whereby the Company owns no less than 51% of the voting power of such
corporation) or purchase of substantially all of such entity's stock or assets, if such acquisition is approved by the Board of Directors (which approval shall include the affirmative vote or consent
of the Investor Directors), 

        (f)    any
securities issued in connection with a bona fide strategic partnership, joint venture or other similar agreement, provided that such is approved by a majority of the
Board of Directors and such majority includes a majority of the Investor Directors, and 

        (g)   any
securities issued to financial institutions or lessors in connection with any bona fide bank loan, leasing or similar transaction, provided that such is approved by
a majority of the Board of Directors and such majority includes a majority of the Investor Directors. 

        3.5   Default by an Investor.    An Investor shall be immediately deemed a "Defaulting Investor" in the event the
Company consummates a Subsequent Financing (as defined below) and such Investor (either alone or with or through its partners, stockholders or affiliates) does not, by exercise of such Investor's
Right of First Refusal or otherwise, acquire in the Subsequent Financing at least a number of Offered Securities equal to the lesser of (i) such Investor's Basic Amount or (ii) such
Investor's Maximum Required Amount (as defined below). Any Investor who is deemed a "Defaulting Investor" under this Section 3.5 shall immediately forfeit its Right of First Refusal with
respect to any and all future equity financings of the Company, and such Investor's Right of First Refusal shall immediately terminate, without further action of the parties. In addition, the
Preferred Shares held by such Defaulting Investor shall be subject to the special mandatory conversion set forth in paragraph 5P of the Company's certificate of incorporation. 

        3.6   Certain Definitions.    For purposes hereof, the following terms shall have the following meanings: 

        An
Investor's "Maximum Required Amount" in the Subsequent Financing" shall be the number of Offered Securities equal to the quotient of (i) the aggregate dollar amount invested by
such Investor in the Series A Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock, Series B-1 Preferred Stock and/or
Series C Preferred Stock under the relevant purchase agreement divided by (ii) the per share price of such Offered Securities in the
Subsequent Financing. 

        "Subsequent Financing" shall mean the first issuance, sale or exchange of Offered Securities after the Closing (as defined in the Purchase
Agreement) in which: (A) the Investors are entitled to exercise their respective Rights of First Refusal as set forth in Section Article III with respect to such Offered Securities;
(B) the Company has complied with its obligations pursuant to this Article III in respect thereof; and (C) such Right of First Refusal has not been waived or eliminated as
contemplated by Section 3.7 with respect to the Offered Securities so issued, sold or exchanged. 

        3.7   Termination and Waiver. 

        (a)   Termination.    The rights and obligations of the parties under this Article III shall terminate
immediately prior to, but subject to, the consummation of a Qualified Public Offering. 

        (b)   Waiver.    The rights of the Investors under this Article III (including the Investors' Right of First
Refusal) may be waived as to all of such Investors by the affirmative vote or written consent of holders of at least sixty-six and two-thirds percent (662/3%) in
interest of the then outstanding shares of Restricted Stock held by the Major Investors, and any such waiver shall be
binding on all Investors, even if any of such Investors do not execute such waiver and irrespective of whether one or more Investors participates in the purchase of the Offered Securities. 

 
 

ARTICLE IV
  COVENANTS OF THE COMPANY    
    

        4.1   Affirmative Covenants of the Company Other Than Reporting Requirements.    Without limiting any other covenants
and provisions hereof, and except to the extent the following covenants and provisions of this Section 4.1 are waived in any instance in accordance with Section 4.3 below, the Company
covenants and agrees that until the consummation of a Qualified Public Offering, it will perform and observe the following covenants and provisions, and will cause each Subsidiary, if and when such
Subsidiary exists, to perform and observe such of the following covenants and provisions as are applicable to such Subsidiary, and will: 

        (a)   Payment of Taxes and Trade Debt.    Pay and discharge, and cause each Subsidiary to pay and discharge, all
taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits or business, or upon any properties belonging to it, prior to the date on which penalties attach
thereto, and all lawful claims which, if unpaid, might become a lien or charge upon any properties of the Company or any Subsidiary; provided, however, that neither the Company nor any Subsidiary
shall be required to pay any such tax, assessment, charge, levy or claim which is being contested in good faith and by appropriate proceedings if the Company or any Subsidiary shall have set aside on
its books sufficient reserves, if any, with respect thereto. Pay and cause each Subsidiary to pay, when due, or in conformity with customary trade terms, all lease obligations, all trade debt, and all
other Indebtedness incident to the operations of the Company or its Subsidiaries, except such as are being contested in good faith and by proper proceedings if the Company or Subsidiary concerned
shall have set aside on its books sufficient reserves, if any, with respect thereto. 

        (b)   Maintenance of Insurance.    Obtain and maintain, and cause each Subsidiary to obtain and maintain, insurance
with responsible and reputable insurance companies or associations in such amounts and covering such risks as is customarily carried by companies engaged in similar businesses and owning similar
properties in the same general areas in which the Company or such Subsidiary operates, but in any event in amounts sufficient to prevent the Company or Subsidiary from becoming a
co-insurer. The Company will not cause or permit any assignment of the proceeds of the life insurance policy specified in the first sentence of this paragraph and will not borrow against
such policies. The Company will add DFJ-NE as a notice party to such policy and will request that the issuer(s) of such policy provide such designee with at least ten (10) days'
notice before
such policy is terminated (for failure to pay premiums or otherwise) or assigned, or before any change is made in the designation of the beneficiary thereof. 

        (c)   Preservation of Corporate Existence.    Preserve and maintain, and, unless the Company deems it not to be in
its best interests, cause each Subsidiary to preserve and maintain, its corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain
qualified, and cause each Subsidiary to qualify and remain qualified, as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business and
operations or the ownership or lease of its properties. Secure, preserve and maintain, and cause each Subsidiary to secure, preserve and maintain, all licenses and other rights to use its Intellectual
Property rights owned or possessed by it and deemed by the Company to be necessary to the conduct of its business and the businesses of its Subsidiaries, taken as a whole. 

        (d)   Compliance with Laws.    Comply, and cause each Subsidiary to comply, with the requirements of all applicable
laws, rules, regulations and orders of any governmental authority, where noncompliance would have a Material Adverse Effect. 

        (e)   Inspection.    Permit, upon reasonable request and notice, each of the Major Investors or any agents or
representatives thereof, to examine and make copies of and extracts from the books of account of, and visit and inspect the properties of the Company and any Subsidiary, to discuss the affairs,
finances and accounts of the Company and any Subsidiary with any of its officers, directors or Key Employees and independent accountants, and consult with and advise the 

management
of the Company and any Subsidiary as to their affairs, finances and accounts, all at reasonable times during normal business hours. 

        (f)    Keeping of Records and Books of Account.    Keep, and cause each Subsidiary to keep, adequate records and books
of account in which complete entries will be made in accordance with generally accepted accounting principles consistently applied, reflecting all financial transactions of the Company and any
Subsidiary, and in which, for each fiscal year, all proper reserves for depreciation, depletion, returns of merchandise, obsolescence, amortization, taxes, bad debts and other purposes in connection
with its business shall be made. 

        (g)   Maintenance of Properties.    Maintain and preserve, and cause each Subsidiary to maintain and preserve, all of
its properties and assets, necessary for the proper conduct of its business, in good repair, working order and condition, ordinary wear and tear excepted. 

        (h)   Compliance with ERISA.    Comply, and cause each Subsidiary to comply, with all minimum funding requirements
applicable to any pension, employee benefit plans or employee contribution plans which are subject to the Employee Retirement Income Security Act of 1974
("ERISA") or to the Internal Revenue Code of 1986 (the "Code") or any similar foreign laws, and comply,
and cause each Subsidiary to comply, in all other material respects with the provisions of ERISA and the Code and any similar foreign laws, and the rules and regulations thereunder, which are
applicable to any such plan. The Company shall not permit any event or condition to exist which could permit any such plan to be terminated under circumstances which would cause the lien provided for
in Section 4068 of ERISA or any similar foreign laws to attach to the assets of the Company or any Subsidiary. 

        (i)    Budgets Approval.    Not later than 30 days prior to the commencement of each fiscal year, prepare and
submit to, and obtain the approval of a majority of the Board of Directors, which majority shall include a majority of the Investor Directors, of, a business plan and monthly operating budgets in
detail for the upcoming fiscal year, including capital and operating expense budgets, cash flow projections and profit and loss projections, all itemized in reasonable detail (including itemization of
provisions for officers' compensation). Review the budget and business plan periodically, and resubmit all changes therein and all material deviations therefrom to the Board of Directors. The Company
shall not enter into any activity not in the ordinary course of business and not envisioned by the budget and business plan, unless approved by the affirmative vote of a majority of the members of the
Board of Directors which majority includes a majority of Investor Directors. 

        (j)    Financings.    Inform the Board of Directors of any negotiations, offers or contracts relating to possible
financings of any nature for the Company, whether initiated by the Company or any other Person, except for (A) arrangements with trade creditors, and (B) utilization by the Company or
any Subsidiary of commercial lending arrangements with financial institutions. 

        (k)   Bylaws.    At all times, cause the bylaws of the Company to provide that, unless otherwise required by the laws
of the State of Delaware, (i) any two directors and (ii) any holder or holders of at least 25% of the outstanding Preferred Shares, shall have the right to call a meeting of the Board of
Directors or stockholders. At all times maintain provisions in the bylaws or certificate of incorporation of the Company indemnifying all directors against liability to the maximum extent permitted
under the laws of the State of Delaware. 

        (l)    Non Competition, Non-Solicitation and Non-Disclosure Agreements.    The Company will
obtain a duly executed Non-Competition, Non-Solicitation and Non-Disclosure Agreement (which will endure for a minimum of one year) in a form agreed upon by all
members of the Board of Directors from each Key Employee of the Company. 

        (m)  New Developments.    Take reasonable efforts to cause all technological developments, patentable or
unpatentable inventions, discoveries or improvements by the Company's or any Subsidiary's officers or employees to be documented in accordance with appropriate professional standards, cause all
officers and Key Employees and, to the best of the Company's or any 

Subsidiary's
ability, consultants of the Company or any Subsidiary, to execute Nondisclosure and Developments Agreements in a form agreed upon by all members of the Board of Directors in favor of the
Company or any Subsidiary and, where possible and deemed by management to be commercially appropriate based on the advice of legal counsel and other considerations, to file and prosecute United States
and foreign patent or copyright applications relating to and protecting such developments on behalf of the Company or any Subsidiary. 

        (n)   Meetings of Directors.    Hold meetings of the Board of Directors not less frequently than quarterly. 

        (o)   Expenses of Directors.    Promptly reimburse in full, each director of the Company who is not an employee of
the Company for all of his reasonable out of pocket expenses incurred in attending each meeting of the Board of Directors or any committee thereof. 

        (p)   Continued Business Operations.    Use commercially reasonable efforts to cause its officers and Key Employees
to refrain from carrying on any for-profit business activity outside of the Company. 

        (q)   Observer Rights.    Permit a representative of each of (i) Draper Fisher Jurvetson Fund VI, L.P.
("DFJ"), Braemar and Foundation Capital to attend each meeting of the Board of Directors; (ii) send to each of DFJ, Braemar and Foundation
Capital or their representative, notice of the time and place of any such meeting in the same manner and at the same time as notice is sent to the directors; and (iii) provide to each of DFJ
and Braemar, Foundation Capital or their representative copies of all notices, reports, minutes, consents and other documents at the time and in the manner as they are provided to the Board of
Directors. 

        (r)   Superior Rights.    Grant the Investors any rights of first refusal or registration rights subsequently granted
to any future purchasers of the Company's equity securities to the extent that such rights of first refusal or registration rights are superior, in the good faith judgment of the Board of Directors,
to those set forth in this Agreement or as otherwise granted to the Investors in connection with the transactions contemplated by the Purchase Agreement. 

        (s)   SBIC Information.    Upon the request of any Investor, promptly furnish (and in any event within 20 days
of such request) all information necessary for the Investor to prepare and file SBA Form 468 or
1031 (to the extent that, and for so long as, such forms are applicable to the Company) and any other information requested or required by any governmental authority asserting jurisdiction over such
Investor. Notify the Investors if, at any time, the Company no longer qualifies as a "qualified small business" under Section 1202 of the Code. 

        4.2   Negative Covenants of the Company.    Without limiting any other covenants and provisions hereof, and except to
the extent the following covenants and provisions of this Section 4.2 are waived in any instance in accordance with Section 4.3 below, the Company covenants and agrees that, until the
consummation of a Qualified Public Offering, it will comply with and observe the following covenants and provisions, and will cause each Subsidiary, if and when such Subsidiary exists, to comply with
and observe such of the following covenants and provisions as are applicable to such Subsidiary, and will not: 

        (a)   Capital Expenditures.    Make or agree to make any capital expenditure in excess of $50,000 per occurrence
(including expenditures with respect to capital lease obligations) unless such expenditures are set forth in the Company's operating budget approved pursuant to Section 4.1(i) above. 

        (b)   Equity Issuances.    Issue, sell or grant any shares of its capital stock or any options, warrants, convertible
securities, subscription rights, conversion rights, or exchange rights or enter into any other agreements relating to the issuance or sale of any of shares of its capital stock, other than the
Reserved Employee Shares. 

        (c)   Maintenance of Ownership of Subsidiaries.    Sell or otherwise dispose of any shares of capital stock of any
Subsidiary, except to another Subsidiary, or permit any Subsidiary to issue, sell 

or
otherwise dispose of any shares of its capital stock or the capital stock of any Subsidiary, except to the Company or another Subsidiary; provided, however, that the Company may liquidate, merge or
consolidate any Subsidiary or Subsidiaries into or with itself, provided that the Company is the surviving entity, or into or with another Subsidiary or Subsidiaries. 

        (d)   Assumptions or Guaranties of Indebtedness of Other Persons.    Assume, guarantee, endorse or otherwise become
directly or contingently liable on, or permit any Subsidiary to assume, guarantee, endorse or otherwise become directly or contingently liable on (including, without limitation, liability by way of
agreement, contingent or otherwise, to purchase, to provide funds for payment, to supply funds to or otherwise invest in the debtor or otherwise to assure the creditor against loss) any Indebtedness
of any other Person, except for guarantees by endorsement of negotiable instruments for deposit or collection in the ordinary course of business, and except for the guarantees of the permitted
obligations of any Subsidiary incurred in the ordinary course of business. 

        (e)   Stock Option Plans and Options.    Authorize or adopt any stock option or stock purchase plan or program with
respect to directors, officers, employees or consultants of the Company; or grant any option to purchase stock of the Company, award stock of the Company or provide opportunities to purchase stock of
the Company pursuant to any such plan or program, except for the Reserved Employee Shares. Modify or amend any equity-related agreement with the Company's directors, officers, employees or consultants
as in effect on the date hereof or granted after the date hereof, or waive any provision thereof, in a manner, or otherwise take action, that (i) accelerates, or on the occurrence of any future
event or condition, would accelerate, the vesting of the shares of stock subject to such agreement without the specific approval of the Board of Directors or (ii) eliminates or waives a
material right of the Company under such agreement or grants or accelerates a material benefit under such agreement. Any stock option, restricted stock or other stock based award granted by the
Company from and after the date hereof shall be subject to at least a four year vesting period, with no more than twenty-five percent (25%) of the shares subject to such grant or purchase
vesting one (1) year after the date of such grant or purchase; and not more than 1/36th of the remaining shares vesting on a monthly basis over the remaining three years. 

        (f)    Distributions.    Declare or pay any dividends, purchase, redeem, retire, or otherwise acquire for value any of
its capital stock (or rights, options or warrants to purchase such shares) now or hereafter outstanding, return any capital to its stockholders as such, or make any distribution of assets to its
stockholders as such, or permit any Subsidiary to do any of the foregoing (such transactions being hereinafter referred to as "Distributions"), except
that any such Subsidiary may declare and make payment of cash and stock dividends, return capital and make distributions of assets to the Company; provided, however, that nothing herein contained
shall prevent the Company from: 

        (x)   effecting
a stock split (except for a reverse stock split) or declaring or paying any dividend consisting of shares of any class of capital stock to the holders of
shares of such class of capital stock, or 

        (y)   redeeming
any stock of a deceased stockholder out of insurance held by the Company on that stockholder's life, or 

        (z)   repurchasing
the shares of Common Stock held by officers, employees, directors or consultants of the Company which are subject to restrictive stock purchase agreements
under which the Company has the option to repurchase such shares upon the occurrence of certain events, including the termination of employment, at a price not in excess of the original purchase price
paid to the Company by such officer, employee, director or consultant for such shares, if in the case of any such transaction the payment can be made in compliance with the other terms of this
Agreement. 

        (g)   Merger or Sale.    Except as contemplated by this Agreement and subject to the terms of the Preferred Shares,
merge with or into any other entity (except a Subsidiary or merger in which the Company is the surviving Company and the holders of Company voting stock outstanding immediately prior to the
transaction constitute a majority of the holders of voting stock outstanding immediately following the transaction), sell to any person or entity any assets constituting all or substantially all of
the assets of the Company, or agree to do or permit any Subsidiary to do any of the foregoing. 

        (h)   Change in Nature of Business.    Make or permit any Subsidiary to make, any material change in the nature of
its business as contemplated in written materials delivered to the Investors prior to the date hereof. 

        (i)    Transfers of Technology.    Transfer any ownership or interest in, or material rights relating to (or grant any
other exclusive rights in) any of the Company's material Intellectual Property to any Person or entity which is not a member of the consolidated group of the Company and its Subsidiaries; provided,
however, that this Section shall not apply to non-exclusive license grants entered into in the ordinary course of business. 

        (j)    Investments.    Make any loans, advances, or capital contributions to, or otherwise acquire the capital stock
of, or any equity interest in, any other Person, unless such Person is a wholly owned Subsidiary of the Company, other than loans or advances for reasonable travel or other incidental expenses
incurred in connection with business activities; provided, however, nothing in this Section shall prevent the company from acquiring all or substantially all of the assets of a Person (whether by way
of merger, asset sale, stock sale or otherwise) if the consideration to be paid by the Company in connection with such acquisition represents less than ten percent (10%) of the Company's consolidated
net worth as of the end of the fiscal quarter ended immediately prior to the consummation of such acquisition. 

        (k)   Indebtedness.    Create, incur, assume or suffer to exist, or permit any Subsidiary to create, incur, assume or
suffer to exist, any loan or other liability with respect to Indebtedness for money borrowed which exceeds $100,000 in the aggregate. 

        (l)    Dealings with Affiliates and Others.    Other than as contemplated by this Agreement, other than transactions
in the ordinary course of business involving less than $1,000, enter into, after the date of this Agreement, any transaction, including, without limitation, any loans or extensions of credit or
royalty agreements, with any officer, director or affiliate of the Company or any Subsidiary or any member of their respective immediate families or any corporation or other entity directly or
indirectly affiliated with one or more of such officers, directors or members of their immediate families unless such transaction is approved in advance by a majority of the disinterested members of
the Board of Directors; provided, however, that the Company shall not enter into any transaction with any officer or director of the Company (or any of their respective affiliates) unless such
transaction is also approved in advance by all of the Investor Directors (or if one of such directors is interested in such transaction, then the other of such directors). 

        (m)  Compensation.    Pay either of the Founders any increase in base annual salary, any commissions or other
incentive compensation plans, unless approved by all of the Investor Directors. 

        (n)   Issuance of Reserved Employee Shares.    Grant to any of its employees options or other rights to purchase
Reserved Employee Shares unless authorized by vote of the Board of Directors or its Compensation Committee, if such committee has been formed, which shall include at least one Investor Director. 

        (o)   Compliance with Use of Proceeds Restrictions.    Use the proceeds from the sale of Preferred Stock in any
manner that would violate the "non-discrimination" requirements of 13 C.F.R. Parts 112 and 113. 

        (p)   Limitations of Subsequent Registration Rights.    From and after the date of this Agreement, the Company shall
not, without the prior written consent of the holders of at least sixty-six and two-thirds percent (662/3%) in interest of the outstanding Restricted Stock held
by the Major Investors, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective holder (a) to include such
securities in any registration filed under Section 2 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration
only to the extent that the inclusion of his securities will not reduce the amount of the Remittable Securities of the Investors which is included or (b) to make a demand registration which
could result in such registration statement being declared effective prior to one hundred twenty (120) days after the effective date of any registration effected pursuant to Section 2
hereof. 

        4.3   Waiver. 

        (a)   Waiver.    The rights of the Investors under Sections 4.1 and 4.2 may be waived as to all of such Investors by
the affirmative vote or written consent of holders of at least sixty-six and two-thirds percent (662/3%) in interest of the then outstanding Restricted Stock
held by the Major Investors. In addition, and without limiting the foregoing, the rights of the Investors under subsections (a) through (e) of Section 4.2 may be waived as to all
of the Investors by the affirmative vote (as reflected in the minutes of the director meetings or a director consent in lieu thereof) by the unanimous written consent of the Investor Directors. Any
such waiver shall be binding on all Investors, even if any of such Investors do not execute such waiver. 

        4.4   Reporting Requirements.    As long as twenty percent (20%) of the originally issued Preferred Shares are
outstanding or until the consummation of a Qualified Public Offering, the Company will furnish the following to the Major Investors: 

        (a)   Monthly Reports:    as soon as available and in any event within 30 days after the end of each calendar
month, unaudited financial statements of the Company and its Subsidiaries as of the end of such month and statements of income and retained earnings of the Company and its Subsidiaries for such month
and for the period commencing at the end of the previous fiscal year and ending with the end of such month, setting forth in each case in comparative form the corresponding figures for the
corresponding period of the preceding fiscal year, and including comparisons to monthly budgets, a cash flow analysis for such month, a schedule showing each expenditure of a capital nature during
such month, and a summary discussion of the Company's principal functional areas, all in reasonable detail; 

        (b)   Quarterly Reports:    to the extent not otherwise provided to any Person, as soon as available and in any event
within 45 days after the end of each of the first three quarters of each fiscal year of the Company, financial statements of the Company and its Subsidiaries as of the end of such quarter and
statements of income and cash flows of the Company and its Subsidiaries for such quarter and for the period commencing at the end of the previous fiscal year and ending with the end of such quarter,
setting forth in each case in comparative form the corresponding figures for the corresponding period of the preceding fiscal year, and including comparisons to quarterly budgets and a summary
discussion of the Company's principal functional areas, all in reasonable detail and duly certified by the chief financial officer of the Company (or if there shall be no chief financial officer, a
principal officer of the Company) as having been prepared in accordance with generally accepted accounting principles consistently applied (subject to year-end audit adjustments); 

        (c)   Annual Reports:    as soon as available and in any event within 90 days after the end of each fiscal
year of the Company, a copy of the annual audit report for such year for the Company and its Subsidiaries, including therein consolidated balance sheets of the Company and its Subsidiaries as of the
end of such fiscal year and consolidated statements of income and of the Company and its Subsidiaries for such fiscal year, setting forth in each case in comparative form the corresponding figures for
the preceding fiscal year, all such consolidated statements to be duly certified by the chief financial officer of the Company (or if there shall be no chief financial 

officer,
a principal officer of the Company) and by such independent public accountants of recognized national standing approved by a majority of the Board of Directors;  provided, however, that the Investors hereby acknowledge that, as of the date hereof, the Company has
not yet provided any financial reports required by this Section 4.4. 

        (d)   Budgets:    as soon as available after approval by the Board of Directors and in any event within
30 days after the end of each year at the Company, a business plan and monthly operating budgets for the forthcoming fiscal year; 

        (e)   Notice of Adverse Changes:    promptly after the occurrence thereof and in any event within 10 days
after each occurrence, notice of any Material Adverse Change in the operations or financial condition of the Company or any material default in any other material agreement to which the Company is a
party; 

        (f)    Notice of Proceedings:    promptly after the commencement thereof, notice of all actions, suits, litigations
and proceedings pending or, to the knowledge of the Company, threatened against the Company affecting any of its respective properties or assets, or against any officer, director, Key Employee or
holder of more than 5% of the capital stock of the Company relating to such person's performance of duties for the Company or relating to his stock ownership in the Company or otherwise relating to
the business of the Company including, without limiting their generality, actions pending or, to the knowledge of the Company, threatened involving the prior employment of any of the Company's
officers or employees in their use in connection with the Company's business of any information or techniques allegedly proprietary to any of their former employees, or any event or condition on the
basis of which such litigation, proceeding or investigation might properly be instituted before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or
foreign, affecting the Company or any Subsidiary; 

        (g)   Other Information:    such other information respecting the business, properties or the condition or
operations, financial or other, of the Company or any of its Subsidiaries as any such Investor may from time to time reasonably request. 

 
 

ARTICLE V
  FOUNDER OBSERVER RIGHTS    
    

        5.1   Founder Observer Rights.    Subject to the provisions of Section 5.2, if, at any time, a Founder is no
longer employed with the Company, then the Company shall (i) permit such Founder to attend each meeting of the Board of Directors; (ii) send to such Founder notice of the time and place
of any such meeting in the same manner and at the same time as notice is sent to the directors; and (iii) provide to such Founder copies of all notices, reports, minutes, consents and other
documents at the time and in the manner as they are provided to the Board of Directors. 

        5.2   Limitations.    Notwithstanding the foregoing, the rights of a Founder under Section 5.1 shall be
subject to the following limitations: (i) none of such rights may be exercised by a Founder if, in the reasonable judgment of the Board of Directors, the exercise of such rights would adversely
affect the governance of the Company or otherwise have a Material Adverse Effect; and (ii) a Founder may be excluded from any meeting of the Board of Directors if the agenda with respect to
such meeting includes (or if it is anticipated that any such meeting will include), any discussions or actions to be taken, with respect to any matter in which the excluded Founder has an interest
adverse to the Company, and the Company shall not be obligated to provide the excluded Founder any reports, minutes, consents or other documents pertaining to any such matter. 

        5.3   Termination.    A Founder's observer rights under Section 5.1 shall terminate (i) upon the
consummation of a Qualified Public Offering; or (ii) with respect to a Founder individually, at such time as such Founder owns less than 2% of the then outstanding capital stock of the Company,
determined on a Fully Diluted Basis. 

 
 

ARTICLE VI
  MISCELLANEOUS    
    

        6.1   Binding Effect.    All covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including without limitation transferees of any Preferred Shares or Restricted
Stock), whether so expressed or not; provided, however, that registration rights conferred herein on the holders of Preferred Shares, Conversion Shares or Restricted Stock shall only inure to the
benefit of a transferee of Preferred Shares, Conversion Shares or Restricted Stock if the Company is given written notice thereof and either: (i) there is transferred to such transferee all of
the shares (but in any event at least 100,000 shares) of Restricted Stock originally issued pursuant to the Purchase Agreement to the direct or indirect transferor of such transferee or
(ii) such transferee is a limited or general partner, stockholder, member, unitholder or affiliate of a party hereto or any beneficial owner of any interest in a party hereto and such
transferee agrees in writing the Company to take action under this Agreement through a single representative. 

        6.2   Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in
person, mailed by certified or registered mail, return receipt requested or via overnight courier, or sent by telecopier or telex, addressed as follows: 

             if
to the Company or any other party hereto, at the address of such party set forth in the Purchase Agreement; 

             if
to any subsequent holder of Preferred Shares, Conversion Shares or Restricted Stock, to it at such address as may have been furnished to the
Company in writing by such holder; 

or,
in any case, at such other address or addresses as shall have been furnished in writing to the Company (in the case of a holder of Preferred Shares, Conversion Shares or Restricted Stock) or to
the holders of Preferred Shares, Conversion Shares or Restricted Stock (in the case of the Company) in accordance with the provisions of this paragraph. 

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

        6.4   Amendment and Waiver.    Except as otherwise expressly set forth herein, this Agreement may not be amended or
modified, and no provision hereof may be waived, without the written consent of the Company and the holders of at least sixty-six and two-thirds percent (662/3%)
in interest of the Restricted Stock held by the Major Investors. 

        6.5   Counterparts; Facsimile Signatures.    This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signatures. 

        6.6   Termination of Registration Rights.    The obligations of the Company to register shares of Restricted Stock
under Sections 2.3, 2.4 or 2.5 shall terminate on the later of (1) fifth anniversary of the date of a Qualified Public Offering; or (ii) the date all holders of Restricted Stock can sell
all of their Restricted Stock within a three month period pursuant to Rule 144 under the Securities Act. 

        6.7   Lock-Up.    Each holder of Restricted Stock agrees not to (i) offer to sell, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any interest
in shares of Restricted Stock or other shares of Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock (including, without limitation any shares of Common
Stock that such holder then holds or thereafter acquires the power of disposition over) or (ii) enter into any swap or any other agreement or any transaction that transfers, in whole or in
part, directly or indirectly, the economic consequence of ownership of the Restricted Stock, whether any such swap transaction is to be settled by delivery of the Restricted Stock or other securities,
in cash or otherwise, whether in 

privately
negotiated or open market transactions, without the consent of the managing underwriters during the 180-day period following the effective date of a registration statement filed
in connection with the Company's initial Qualified Public Offering under the Securities Act, and to enter into a separate written agreement with the managing underwriters of such registration to such
effect in form and substance satisfactory to the Company and such underwriters; provided, that each executive officer, director and beneficial or record
holder of at least two percent (2%) of the outstanding equity securities of the Company are also required to execute such an agreement. The Company may impose stop-transfer instructions
with respect to the shares subject to the foregoing restrictions until the end of said 180-day period. 

        6.8   Severability.    If any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such
illegality, invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and
this Agreement shall be carried out as if any such illegal, invalid or unenforceable provision were not contained herein. 

        6.9   Section Headings; Pronouns.    The headings contained in this Agreement are for reference purposes only and
shall not in any way affect the meaning or interpretation of this Agreement. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine
or neuter forms and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

        6.10 Confidentiality.    Each Investor agrees that he, she or it will keep confidential and will not disclose,
divulge or use for any purpose other than to monitor his, her or its investment in the Company any confidential, proprietary or secret information which such Investor may obtain from the Company
pursuant to financial statements, reports and other materials submitted by the Company to such Investor pursuant to this Agreement, or pursuant to visitation or inspection rights granted hereunder
("Confidential Information"), unless such Confidential Information is known, or until such Confidential Information becomes known, to the public (other
than as a result of a breach of this Section 6.10 by such Investor); provided, however, that an Investor may disclose Confidential Information (i) to its attorneys, accountants,
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (ii) to any prospective purchaser of any
Shares from such Investor as long as such prospective purchaser agrees in writing to be bound by the provisions of this Section 6.10, (iii) to any affiliate of such Investor or to a
partner, stockholder, employee or subsidiary of such Investor, provided that such affiliate agrees in writing to be bounds by the provisions of this Section 6.10, or (iv) as may
otherwise be required by law, provided that the Investor takes reasonable steps to minimize the extent of any such required disclosure; and, provided, further, however, that Confidential Information
shall not include information related to the tax treatment or tax structure of the transactions contemplated herein. For this purpose, "tax structure" is limited to any facts relevant to the U.S.
federal income tax treatment of the transaction and does not include information relating to the identity of the parties. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

        IN
WITNESS WHEREOF, the parties hereto have caused this Third Amended and Restated Investor Rights Agreement to be executed as an instrument under seal of the date first above written. 

	

 	
 	
ENERNOC, INC.
	

 	
 	
By:	

/s/  DAVID BREWSTER      

	 	 	Name:	David Brewster
	 	 	Title:	President

	

 	
 	
INVESTORS:
	

 	
 	
FOUNDATION CAPITAL IV, L.P.

By Foundation Capital Management Co. IV, LLC
	

 	
 	

By:	

/s/  ADAM GROSSER      

	 	 	Name:	Adam Grosser
	 	 	Title:	Manager

	

 	
 	
FOUNDATION CAPITAL IV PRINCIPALS FUND, LLC

By Foundation Capital Management Co. IV, LLC
	

 	
 	

By:	

/s/  ADAM GROSSER      

	 	 	Name:	Adam Grosser
	 	 	Title:	Manager

	

 	
 	
FC IV ACTIVE ADVISORS, LLC

By Foundation Capital Management Co. IV, LLC
	

 	
 	

By:	

/s/  ADAM GROSSER      

	 	 	Name:	Adam Grosser
	 	 	Title:	Manager

	

 	
 	
DRAPER FISHER JURVETSON

NEW ENGLAND FUND I (SBIC), L.P.
	

 	
 	
By:	

    

	 	 	Name:	 
	 	 	Title:	 

	

 	
 	
DRAPER FISHER JURVETSON

FUND VI, L.P.
	

 	
 	
By:	

/s/  JOHN FISHER      

	 	 	Name:	John Fisher
	 	 	Title:	Managing Director

	

 	
 	
DRAPER FISHER JURVETSON

PARTNERS VI, LLC
	

 	
 	
By:	

/s/  JOHN FISHER      

	 	 	Name:	John Fisher
	 	 	Title:	Managing Member

	

 	
 	
DRAPER ASSOCIATES, L.P.
	

 	
 	
By:	

/s/  TIMOTHY C. DRAPER      

	 	 	Name:	Timothy C. Draper
	 	 	Title:	General Partner

	

 	
 	
BRAEMAR ENERGY VENTURES, LP
	

 	
 	
By:	

/s/  WILLIAM D. LESE      

	 	 	Name:	William D. Lese
	 	 	Title:	Managing Director

	

 	
 	

 William Hart
	

 	
 	

 Philip Giudice
	

 	
 	

 Michael Horvath

SCHEDULE I  

 
  ENERNOC, INC.
  
    INSTRUMENT OF ACCESSION    
    

        The undersigned,                         , as a condition
precedent to becoming the owner or holder of record of
                         (            ) shares of
Series C Preferred Stock, par value $.001 per share, of EnerNOC, Inc., a Delaware
corporation (the "Company"), hereby agrees to become an Investor party to and bound by that certain Third Amended and Restated Investor Rights Agreement dated as of December 29, 2006 by and
among the Company and certain stockholders of the Company. This Instrument of Accession shall take effect and shall become an integral part of the said Investor Rights Agreement immediately upon
execution and delivery to the Company of this Instrument. 

        IN
WITNESS WHEREOF, this INSTRUMENT OF ACCESSION has been duly executed by or on behalf of the undersigned, as a sealed instrument under the laws of the Commonwealth of Massachusetts, as
of the date below written. 

	

 	
 	

Signature:
	

 	
 	

 (Print Name)
	

 	
 	

Address:	

	

 	
 	

Date:	

	

 	
 	

Accepted:
	

 	
 	

ENERNOC, INC.
	

 	
 	

By:	

	

 	
 	

Name:	

	

 	
 	

Title:	

	

 	
 	

Date:	

QuickLinks

THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT

ARTICLE I DEFINITIONS

ARTICLE II RESTRICTIONS ON TRANSFER AND REGISTRATION RIGHTS

ARTICLE III RIGHT OF FIRST REFUSAL

ARTICLE IV COVENANTS OF THE COMPANY

ARTICLE V FOUNDER OBSERVER RIGHTS

ARTICLE VI MISCELLANEOUS

ENERNOC, INC. INSTRUMENT OF ACCESSIONQuickLinks
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Exhibit 10.1  

 
 

LOAN AND SECURITY AGREEMENT
  No. V06402    
    

        This
Loan and Security Agreement (this "Loan Agreement"), made as of November 20, 2006 by and between Ritchie Capital Finance, L.L.C. ("Lender"), a Delaware limited liability
company with its principal place of business at 2100 Enterprise Avenue, Geneva, Illinois 60134, and EnerNOC, Inc. ("Borrower"), a Delaware corporation with its principal place of business at 75
Federal Street, Suite 300, Boston, Massachusetts 02110. 

        In
consideration of the promises set forth herein, Lender and Borrower agree upon the following terms and conditions: 

1.     General Definitions

        The
following words, terms and /or phrases shall have the meanings set forth thereafter and such meanings shall be applicable to the singular and plural form thereof giving effect to the
numerical difference: 

        A.    "Account"
means any "account," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any
interest and, in any event, shall include all accounts receivable, book debts, rights to payment, and other forms of obligations now owned or hereafter received or acquired by or belonging or owing to
Borrower (including under any trade name, style or division thereof), whether or not arising out of goods or software sold or licensed or services rendered by Borrower or from any other transaction
(including any such obligation that may be characterized as an account or contract right under the UCC), and all of Borrower's rights in, to and under all purchase orders or receipts now owned or
hereafter acquired by it for goods or services, and all of Borrower's rights to any goods represented by any of the foregoing (including unpaid seller's rights of rescission, repletion, reclamation
and stoppage in transit and rights to returned, reclaimed or repossessed goods), and all monies due or to become due to Borrower under all purchase orders and contracts for the sale of goods or the
performance of services or both by Borrower or in connection with any other transaction (whether or not yet earned by performance on the part of Borrower), now in existence or hereafter occurring,
including the right to receive the proceeds of said purchase orders and contracts, and all collateral security and guarantees of any kind given by any Person with respect to any of the foregoing. 

        B.    "Account
Debtor" means any Person obligated on an Account. 

        C.    "Affiliate"
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, that Person. For the
purposes of this definition, "control" (including, with correlative meanings, the terms "controlling", "controlled by" and "under common control with"), as applied to any Person, means the possession,
directly or indirectly, of the power (i) to vote 5% or more of the securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the
direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. 

        D.    "Borrower's
Liabilities" means all obligations and liabilities of Borrower to Lender (including without limitation all debts, claims, and indebtedness) whether primary,
secondary, direct, contingent, fixed or otherwise, heretofore, now and/or from time to time hereafter owing, due or payable, however evidenced, created, incurred, acquired or owing and arising under
this Loan Agreement and/or any promissory note or other instrument issued pursuant hereto or the "Other Agreements" (hereinafter defined) or by operation of law. 

        E.    "Business
Day" means a day of the year on which banks are not required or authorized to close in New York City or Chicago, Illinois. 

        F.     "Cash"
means all cash, money (as such term is defined in the UCC), currency, and liquid funds, wherever held, in which Borrower now or hereafter acquires any right,
title, or interest. 

        G.    "Change
of Control" means, at any time, (i) the current shareholders of Borrower shall cease to beneficially own and control, directly or indirectly on a fully
diluted basis, a majority of the economic and voting interests in the capital stock or other ownership interests of Borrower or (ii) any Person or group other than the current shareholders of
Borrower shall have the right to elect a majority of the seats on Borrower's board of directors. 

        H.    "Charges"
means all national, federal, state, county, city, municipal and/or other governmental taxes, levies, assessments, charges, liens, claims or encumbrances upon
and/or relating to the Collateral, Borrower's Liabilities, Borrower's business, Borrower's ownership and/or use of any of its assets, and/or Borrower's income and/or gross receipts. 

        I.     "Chattel
Paper" means any "chattel paper," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest. 

        J.     "Cleanup"
means all actions required to: (1) clean up, remove, treat or remediate Hazardous Materials in the indoor or outdoor environment; (2) prevent the
release of Hazardous Materials so that they do not migrate, endanger or threaten to endanger public health or welfare or the indoor or outdoor environment; (3) perform pre-remedial
studies and investigations and post-remedial monitoring and care; or (4) respond to any government requests for information or documents in any way relating to cleanup, removal,
treatment or remediation or potential cleanup, removal, treatment or remediation of Hazardous Materials in the indoor or outdoor environment. 

        K.    "Collateral"
has the meaning set forth in Section 5.1(b) hereof. 

        L.    "Copyright
License" means any written agreement granting any right to use any Copyright or Copyright registration, now owned or hereafter acquired by Borrower or in which
Borrower now holds or hereafter acquires any interest. 

        M.   "Copyrights"
means all of the following property, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest:
(i) all copyrights, whether registered or unregistered, held pursuant to the laws of the United States, any State thereof or of any other country; (ii) all registrations, applications
and recordings in the United States Copyright Office or in any similar office or agency of the United States, of any State thereof or of any other country; (iii) all continuations, renewals or
extensions thereof; and (iv) all registrations to be issued under any pending applications. 

        N.    "Default"
means any condition or event that, after notice or lapse of time or both, would constitute an Event of Default. 

        O.    "Deposit
Accounts" means any "deposit accounts," as such term is defined in the UCC, and in any event includes any checking account, savings account, or certificate of
deposit now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest; provided, however, the term Deposit Account shall not include any account
designated as an employee payroll account or a tax withholding account. 

        P.     "Documents"
means any "documents," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires
any interest. 

        Q.    "Eligible
Equipment Loan Amount" means 90% of the value of Equipment to be acquired by Borrower with the proceeds of an advance in respect of the Equipment Loan, which
may include an amount of up to $1,000,000 for Equipment acquired by Borrower during the 12 months immediately preceding the date of this Loan Agreement and which may include "soft costs" not to
exceed at any time 35% of the aggregate principal amount of the Equipment Loan drawn by Borrower. For purposes hereof, "soft costs" shall include, without limitation, design, testing, transportation,
site preparation and installation related to the completion of the underlying projects. All financing requests in respect of the Equipment Loan shall specify the purchase price of the Equipment and
the nature and extent of any 

soft
costs to be included in such advance and shall include the invoices for all Equipment, services or other soft costs included therein. 

        R.    "Environmental
Claim" means any claim, action, cause of action, investigation or notice (written or oral) by any Person alleging potential liability (including, without
limitation, an obligation to conduct a Cleanup or potential liability for investigatory costs, Cleanup costs, governmental response costs, natural resources damages, property damages, personal
injuries, or penalties) arising out of, based on or resulting from (a) the presence or release of any Hazardous Materials at any location, whether or not owned, leased or operated by Borrower
or any of its Subsidiaries, or (b) circumstances forming the basis of any violation, or alleged violation, of any Environmental Law. 

        S.     "Environmental
Laws" means all federal, state, local and foreign laws and regulations relating to pollution or protection of human health or the environment, including,
without limitation, laws relating to releases or threatened releases of Hazardous Materials or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, release,
disposal, transport or handling of Hazardous Materials, laws and regulations with regard to recordkeeping, notification, disclosure and reporting requirements respecting Hazardous Materials and laws
relating to the management or use of natural resources. 

        T.     "Equipment"
means any "equipment", as such term is defined in the UCC, and in any event shall include but not be limited to computers and peripherals, laboratory
equipment, manufacturing equipment, networking equipment, switching and backbone equipment, servers and routers and other hardware including disk drives and laser printers, office furniture, fixtures
and office equipment, test and other equipment, and software, and all accessions, additions, attachments, accessories and improvements thereof and all replacements and/or substitutions therefore and
all proceeds and products thereof. 

        U.    "Equipment
Loan" has the meaning set forth in Section 2.1(b) hereof. 

        V.     "Equipment
Loan Collateral" has the meaning set forth in Section 5.1(b) hereof. 

        W.    "Event
of Default" has the meaning set forth in Section 8.1 hereof. 

        X.    "Financials"
means those financial statements described in Section 7.3 hereof. 

        Y.    "Fixtures"
means any "fixtures," as such term is defined in the UCC, together with all right, title and interest of Borrower in and to all extensions, improvements,
betterments, accessions, renewals, substitutes, and replacements of, and all additions and appurtenances to any of the foregoing property, and all conversions of the security constituted thereby,
immediately upon any acquisition or release thereof or any such conversion, as the case may be, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any
interest. 

        Z.    "GAAP"
means generally accepted accounting principles in the United States, in effect from time to time, consistently applied. 

        AA. "General
Intangibles" means any "general intangibles," as such term is defined in the UCC, and, in any event, shall include all right, title and interest which Borrower
may now or hereafter have in or under any rights to payment; payment intangibles; software; proprietary or confidential information; business records and materials; customer lists; interests in
partnerships, joint ventures, business associations, corporations, and limited liability companies; permits; claims in or under insurance policies (including unearned premiums and retrospective
premium adjustments); and rights to receive tax refunds and other payments and rights of indemnification now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest. 

        BB.  "Goods"
means any "goods," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any
interest. 

        CC. "Hazardous
Materials" means all substances defined as Hazardous Substances, Oils, Pollutants or Contaminants in the National Oil and Hazardous Substances Pollution
Contingency Plan, 40 C.F.R. § 300.5, or defined as such by, or regulated as such under, any Environmental Law. 

        DD. "Instruments"
means any "instrument," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter
acquires any interest. 

        EE. "Intellectual
Property" means all Copyrights; Trademarks; Patents; and Licenses; and applications therefor and reissues, extensions, or renewals thereof; and goodwill
associated with any of the foregoing; together with rights to sue for past, present and future infringement of Intellectual Property and the goodwill associated therewith. 

        FF.   "Inventory"
means any "inventory," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires
any interest, and, in any event, shall include all Goods and personal property that are held by or on behalf of Borrower for sale or lease or are furnished or are to be furnished under a contract of
service, or that constitute raw materials, work in process or materials used or consumed or to be used or consumed in Borrower's business, or the processing, packaging, promotion, delivery or shipping
of the same, and all finished goods, whether or not the same is in transit or in the constructive, actual or exclusive possession of Borrower or is held by others for Borrower's account, including all
property covered by purchase orders and contracts with suppliers and all Goods billed and held by suppliers and all such property that may be in the possession or custody of any carriers, forwarding
agents, truckers, warehousemen, vendors, selling agents or other Persons. 

        GG. "Investment
Property" means all "investment property," as such term is defined in the UCC, and in any event includes any certificated security, uncertificated security,
money market funds, bonds, mutual funds, and U.S. Treasury bills or notes, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 

        HH. "Letter
of Credit Rights" means any "letter of credit rights," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now
holds or hereafter acquires any interest, including any right to payment or performance under any letter of credit. 

        II.    "License"
means any Copyright License, Patent License, Trademark License or other license of rights or interests now held or hereafter acquired by Borrower or in which
Borrower now holds or hereafter acquires any interest and any renewals or extensions thereof. 

        JJ.   "Loan"
has the meaning set forth in Section 2.2 hereof. 

        KK. "Material
Adverse Effect" means a material adverse effect upon (i) the business operations, properties, assets, business prospects, results of operations or
financial condition of Borrower, (ii) the validity, perfection, value or priority of Lender's security interest in the Collateral (not caused by Lender), (iii) the enforceability of any
material provision of this Loan Agreement or any Other Agreement or (iv) the ability of Lender to enforce its rights and remedies under this Loan Agreement or any Other Agreement. 

        LL.  "Other
Agreements" means all agreements, instruments and documents, including, without limitation, the Warrants, any notes, guaranties, letters of credit, mortgages,
deeds of trust, pledges, powers of attorney, consents, assignments, contracts, notices, security agreements, leases, warrants, account pledge and control agreements, fee arrangements, financing
statements and all other written matter heretofore contemplated by the Loan Agreement, now and/or from time to time hereafter executed by and/or on behalf and/or for the benefit of Borrower and
delivered to Lender in connection with the Loan Agreement. 

        MM. "Patent
License" means any written agreement granting any right with respect to any invention on which a Patent is in existence or a Patent application is pending, in
which agreement Borrower now holds or hereafter acquires any interest. 

        NN. "Patents"
means all of the following property, now owned or hereafter acquired by Borrower: (a) all letters patent of, or rights corresponding thereto, in the
United States or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States or any other country,
including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the 

United
States, any State thereof or any other country; (b) all reissues, continuations, continuations-in-part or extensions thereof; (c) all petty patents,
divisionals, and patents of addition; and (d) all patents to be issued under any such applications. 

        OO. "Permitted
Debt" means (i) Borrower's indebtedness to Lender under this Loan Agreement or any of the Other Agreements; (ii) indebtedness of Borrower
existing on the date hereof and set forth on Schedule 00; (iii) indebtedness for equipment financing in an aggregate outstanding principal amount not to exceed $4,000,000 at any time,
provided Borrower has provided prior written notice thereof to Lender; and (iv) indebtedness to trade creditors incurred in the ordinary course of business on ordinary trade terms and accrued
expenses incurred in the ordinary course of business. 

        PP.   "Permitted
Liens" means all (i) Charges for amounts not yet delinquent or being contested in good faith by appropriate proceedings and for which adequate reserves
have been made in accordance with GAAP; (ii) statutory liens of landlords, carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet
delinquent or that are being contested in good faith by appropriate proceedings being diligently conducted and for which Borrower maintains adequate reserves in accordance with GAAP;
(iii) liens arising from judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder; (iv) the following deposits, to the extent made in the
ordinary course of business: deposits under worker's compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other
than for the repayment of borrowed money) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money)
or to secure statutory obligations (other than liens arising under ERISA or environmental liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds;
(v) banker's liens, rights of setoff and similar liens arising by operation of law on deposits made in the ordinary course of business, provided such liens do not arise in respect of borrowed
money; and (vi) liens granted in connection with clauses (ii) and (iii) of the definition of Permitted Debt, provided that the lien granted in connection with clause (ii)
or (iii) of the definition of Permitted Debt is limited to the Equipment so financed and any Proceeds thereof 

        QQ. "Person"
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization, association, corporation,
institution, entity, party or government (whether national, federal, state, county, city, municipal or otherwise, including without limitation, any instrumentality, division, agency, body or
department thereof). 

        RR. "Proceeds"
means "proceeds," as such term is defined in the UCC. 

        SS.   "Provider
Agreement" means a Demand Response Sales and Service Agreement or other similar operating agreement for Equipment for which an advance was given under the
Equipment Loan. 

        TT.  "Receivables"
means (i) all of Borrower's Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters of credit, proceeds of any letter of
credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

        UU. "Securities
Account" means any "securities account" as such term is defined in the UCC, and in any event includes any account to which a financial asset is or may be
credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that
comprise the financial asset. 

        VV.  "Subsidiary"
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which
more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons
(whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof. 

        WW. "Supporting
Obligations" means any "supporting obligations," as such term is defined in the UCC, now owned or hereafter acquired by Borrower or in which Borrower now
holds or hereafter acquires any interest. 

        XX. "Term
Loan" has the meaning set forth in Section 2.1(a) hereof. 

        YY. "Term
Loan Amortization Commencement Date" means the first Business Day of the month following the date on which the relevant tranche of the Term Loan was made. 

        ZZ. "Term
Loan Collateral" has the meaning set forth in Section 5.1(a) hereof. 

        AAA. "Trademark
License" means any written agreement granting any right to use any Trademark or Trademark registration, now owned or hereafter acquired by Borrower or in
which Borrower now holds or hereafter acquires any interest. 

        BBB. "Trademarks"
means all of the following property, now owned or hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest:
(a) all trademarks, tradenames, corporate names, business names, trade styles, service marks, logos, other source or business identifiers, prints and labels on which any of the foregoing have
appeared or appear, and designs of like nature, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and any applications in connection therewith, including
registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, and (b) all reissues, extensions or renewals thereof. 

        CCC. "UCC"
means the Uniform Commercial Code as in effect from time to time in the State of Illinois, provided that if by reason of mandatory provisions of law, the
perfection, the effect of perfection or non-perfection or the priority of the security interest granted hereunder in any Collateral (as hereinafter defined) or the availability of any
remedy hereunder is governed by the Uniform Commercial Code as in effect on or after the date hereof in other jurisdiction(s), then "UCC" means the Uniform Commercial Code as in effect on or after the
date hereof in such other jurisdiction(s) for the purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection, or priority or availability of such
remedy. 

        DDD. "Warrant"
has the meaning set forth in Section 2.5(b) hereof. 

2.     The Loans

        2.1   (a)
Term Loan. On the terms and subject to the conditions contained in this Loan Agreement, including those listed in
Section 2.5 hereof, Lender agrees to loan to Borrower and Borrower agrees to borrow from Lender, a term loan in principal amount of up to $7,500,000 (the "Term Loan"). The Term Loan shall be
made in two or more tranches: (i) the first tranche (the "Initial Term Loan") shall be in an original principal amount of up to $5,000,000 to be made on or before November 20, 2006 and
(ii) the additional tranche(s) (each an "Additional Term Loan"), in those amount(s) listed on one or more funding requests submitted to Lender in such form and substance reasonably acceptable
to the Lender, shall be in an original principal amount of up to $2,500,000 to be made on or before March 31, 2007. Each funding request (substantially in the form of Exhibit B hereto)
shall be in an amount not less than $1,000,000 and shall be given by Borrower to Lender not later than 2:00 p.m. (prevailing Chicago time) not less than ten (10) Business Days prior to
the date of such proposed borrowing. The Initial Term Loan shall be repaid as follows: (i) commencing on January 1, 2007, three (3) monthly payments of interest only (paid in
arrears) and (ii) commencing on April 1, 2007, thirty-six (36) equal monthly payments of principal and interest (paid in arrears); provided that Borrower shall also
pay an interim, partial month interest-only payment on December I, 2006 for the period from the date of the Initial Loan to but not including such payment date. The Additional Term Loan(s)
shall be repaid in thirty-six (36) equal monthly payments of principal and interest (paid in arrears), commencing on the relevant Term Loan Amortization Commencement Date. The Term
Loan provided for in this Section 2.1 is not a revolving line of credit and Borrower may not repay and re-borrow the amounts 

advanced
or to be advanced hereunder. Each payment shall be due and payable on the first Business Day of the applicable month. 

        (b)   Equipment Loan. On the terms and subject to the conditions contained in this Loan Agreement, including those listed in
Section 2.5 hereof, Lender shall loan to Borrower from time to time on or prior to December 31, 2007, one or more advances in respect of an equipment loan (the "Equipment Loan") in an
aggregate amount not to exceed $12,000,000. Borrower may draw (i) an amount of up to $4,000,000 in respect of the Equipment Loan on or before December 31, 2006, (ii) an amount of
up to another $4,000,000 on or before June 30, 2007, and an amount of up to a third $4,000,000 on or before December 31, 2007. Notwithstanding the foregoing, with prior written notice to
Lender, Borrower may obtain up an aggregate principal amount of $4,000,000 for Equipment financing from a third party lender, which third party loan shall serve to reduce the amount available in
respect of the Equipment Loan hereunder on a dollar-for-dollar basis. This is not a revolving line of credit and, except for monies repaid pursuant to Section 4.2
hereof, Borrower may not repay and re-borrow under this Section 2.1(b) the amounts advanced or to be advanced under this Section 2.1(b). Each advance in respect of the
Equipment Loan shall be in an amount of not less than $250,000 and shall be made on notice (substantially in the form of Exhibit B hereto and setting forth a schedule describing in detail the
Equipment against which an advance is to be made hereunder) and providing the Eligible Equipment Loan Amount and all invoices related thereto, such notice to be given by Borrower to Lender no later
than 2:00 p.m. (prevailing Chicago time) not less than ten (10) Business Days prior to the date of such proposed borrowing. Each Equipment Loan shall be repaid as follows: (i) for
any advance in respect of Equipment purchased on or after October 15, 2005, such advance shall be repaid on an amortization schedule (not to exceed 84 months) which corresponds to the
remaining term of the Provider Agreement for the Equipment so financed; (ii) for any advance in respect of Equipment installed in respect of any Provider Agreement involving Connecticut
Power & Light, such advance shall be repaid on an 84 month amortization schedule having a balloon payment of all remaining principal and interest due on December 31, 2010 (unless
the Provider Agreement in respect of such Equipment is renewed, in which case the amortization of such advance shall continue over the remainder of such financing period (not to exceed
84 months)); and (iii) for any Equipment purchased not under a Provider Agreement, such advance shall be repaid on an 36 month amortization schedule. All payments hereunder shall
be due and payable on the first Business Day of each month commencing on the first Business Day of the month following the date of such advance in respect of the Equipment Loan. 

        2.2   Evidence and Nature of Loans. Each Term Loan and the Equipment Loan to be made by Lender to Borrower pursuant to this
Loan Agreement (each, a "Loan") will be evidenced by one or more promissory notes (in form and substance satisfactory to Lender) to be executed and delivered by Borrower to Lender before or
concurrently with Lender's disbursement of such Loan to or for the account of Borrower. All of Borrower's Liabilities (including all Loans under this Loan Agreement) shall be secured by Lender's
security interest in the Term Loan Collateral or the Equipment Loan Collateral, as appropriate, and by all other security interests, liens, claims and encumbrances now and/or from time to time
hereafter granted by Borrower to Lender, whether hereunder or under the Other Agreements. 

        2.3   Use of Proceeds. Borrower warrants and represents to Lender that Borrower (a) shall use the proceeds of each Term
Loan made by Lender to Borrower pursuant to this Loan Agreement for working capital purposes and to refinance certain indebtedness of Borrower to [Lighthouse] and
(b) shall use the proceeds of the Equipment Loan for the acquisition or financing of Equipment, and all Loans shall be solely for legal and proper corporate purposes (duly authorized by its
Board of Directors) and consistent with all applicable laws and statutes. 

        2.4   Direction to Remit. Borrower hereby authorizes and directs Lender to disburse, for and on behalf of Borrower and for
Borrower's account, the proceeds of the Loan made by Lender to Borrower pursuant to this Loan Agreement to such Person or Persons as an officer or director of Borrower shall direct, pursuant to a
funding request and/or borrowing request as described in this Loan Agreement. 

        2.5   Conditions Precedent. (a) The following conditions precedent must be met before each Loan is made hereunder:
(i) No event, condition or change that has had, or could reasonably be expected to have, a Material Adverse Effect shall have occurred since the date of this Loan Agreement and be continuing as
of the date of the Loan, (ii) The representations and warranties contained in this Loan Agreement and in the Other Agreements shall be true and correct in all material respects on and as of the
date of such Loan, (iii) As of the date of such Loan, no event shall have occurred and be continuing or would result from such Loan or the application of the proceeds thereof that would
constitute an Event of Default or a Default, (iv) As a condition to each advance in respect of the Equipment Loan, Lender shall have received a certificate as to the Eligible Equipment Loan
Amount and such supporting information in connection therewith, as Lender may request, including the relevant Provider Agreement, and (v) Such other documents, instruments, records,
assignments, consents, certificates, opinions, assurances and authorizations as the Lender shall require from time to time. 

        (b)   In
addition, the following conditions precedent must be met before the initial Loan is made hereunder: (i) Payment of all fees required under this Loan Agreement
or the Other Agreements, (ii) Receipt by Lender of satisfactory release documents from any and all conflicting secured creditors (other than holders of Permitted Liens), (iii) Receipt by
Lender of appropriate filings and other means of perfecting its security interest in the Collateral, including but not limited to specific assignments of Collateral consisting of instruments or
evidenced by titles, (iv) Lender shall have received copies of the certificates and evidences of insurance contemplated under Section 5.6 hereof and the Financials described in
Section 7.3, (v) Receipt by Lender of adequate proof of free and clear ownership of the Collateral, including but not limited to paid in full invoices and cancelled checks or other means
of payment for said invoices, (vi) Execution by Borrower and applicable financial institution(s) of any required account control agreements for the benefit of Lender, (vii) Receipt by
Lender of a Warrant to purchase $700,000 of shares of Borrower's Series B-1 Preferred Stock at a purchase price per share as determined in accordance with the terms of the Warrant,
in form and substance satisfactory to Borrower and Lender (the "Warrant"), and (viii) Delivery by Borrower of a legal opinion of counsel to Borrower relating to this Loan Agreement and the
Other Agreements in form and substance satisfactory to Lender. 

        2.6   Payments and Taxes. Any and all payments made by Borrower under this Loan Agreement or any Other Agreement shall be made
free and clear of and without deduction for any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any governmental
authority (including any interest, additions to tax or penalties applicable thereto) other than any taxes imposed on or measured by Lender's overall net income and franchise taxes imposed on it (in
lieu of net income taxes), by a jurisdiction (or any political subdivision thereof) as a result of Lender being organized or resident, conducting business (other than a business deemed to arise from
Lender having executed, delivered or performed its obligations or received a payment under, or enforced, or otherwise with respect to, this Loan Agreement or any Other Agreement) or having its
principal office in such jurisdiction ("Indemnified Taxes"). If any Indemnified Taxes shall be required by law to be withheld or deducted from or in respect of any sum payable under this Loan
Agreement or any Other Agreement to Lender (w) an additional amount shall be payable as may be necessary so that, after making all required withholdings or deductions (including withholdings or
deductions applicable to additional sums payable under this Section) Lender receives an amount equal to the sum it would have received had no such withholdings or deductions been made,
(x) Borrower shall make such withholdings or deductions, (y) Borrower shall pay the full amount withheld or deducted to the relevant taxing authority or other authority in accordance
with applicable law and (z) Borrower shall deliver to Lender evidence of such payment. Borrower's obligation hereunder shall survive the termination of this Loan Agreement. 

3.     Interest, Fees and Repayment  

        3.1   Interest. Each Term Loan shall bear interest payable monthly in arrears on the first Business Day of each month,
calculated on the basis of a 360 day year comprised of twelve (12) thirty day months at a per annum rate equal to the interest rate specified in the related note (the "Loan Interest 

Rate"),
which rate shall be the sum of (i) 655 basis points plus (ii) the greater of (a) 5.22% or (b) the yield on Three-Year U.S. Treasury Notes on the date of
such Loan, as reported in the Federal Reserve Statistical Release H-15 or in such other publication as Lender may reasonably select. Each advance in respect of the Equipment Loan shall
bear interest payable monthly in arrears on the first Business Day of each month, calculated on the basis of a 360 day year comprised of twelve (12) thirty day months at a per annum rate
equal to the interest rate specified in the related note (the "Loan Interest Rate"), which rate shall be the sum of (i) 695 basis points plus (ii) the greater of (a) 5.22% or
(b) the yield on Three-Year U.S. Treasury Notes on the date of such Loan, as reported in the Federal Reserve Statistical Release H-15 or in such other publication as
Lender may reasonably select. In no event shall interest accrue or be payable in connection with any Loan in an amount in excess of that permitted under applicable law. If the note(s) so provide, the
interest thereunder may be precomputed for the period ending when payments thereunder are due and on the assumption that all payments will be made on their respective due dates. Payments due under any
note and not made by their scheduled due date for a period in excess of five (5) days after their due date shall be overdue and shall be subject to a service charge in an amount equal to two
percent (2%) of the delinquent amount, but not more than the maximum rate permitted by law, whichever is less. In addition, and notwithstanding the forgoing, during the continuance of an Event of
Default all outstanding Borrower Liabilities in respect of the Loans shall bear interest (payable on demand) at a rate that is two percent (2%) per annum in excess of the Loan Interest Rate applicable
to each Loan and other Borrower Liabilities from time to time. 

        3.2   Fees. Borrower agrees to pay to Lender a fee of $60,000 to cover due diligence and other costs and expenses incurred in
connection with the Loan, of which Lender acknowledges receipt of $60,000. All fees payable hereunder shall be earned when due and payable hereunder, and shall not be refundable in whole or in part. 

        3.3   Repayment. Borrower's Liabilities under this Loan Agreement are absolute and unconditional. Any and all costs, fees and
expenses payable pursuant to this Loan Agreement or any of the Other Agreements shall be payable by Borrower to Lender or to such other person or persons designated by Lender, on demand. All payments
to Lender shall be payable by 2:00 p.m. (prevailing Chicago time) at Lender's principal place of business specified at the beginning of this Loan Agreement or at such other place or places as
Lender may designate in writing to Borrower. All payments to Persons other than Lender shall be payable at such place or places as Lender may designate in writing to Borrower. 

        3.4   Application of Payments. Provided that an "Event of Default" (hereinafter defined) does not exist, the application of
payments received by Lender pursuant to this Loan Agreement shall be applied first to any and all late charges, fees and expenses then due and payable; second to interest then due and payable
hereunder; third to the principal of the Loans then due and payable, fourth to the remaining Loans then outstanding and finally, to any other Borrower Liabilities then outstanding. From and after an
Event of Default that is continuing, Lender shall have the exclusive right to apply any and all such payments received by Lender to any portion of Borrower's Liabilities, including to any of
Borrower's Liabilities arising under any of the Other Agreements. Solely for the purpose of computing interest earned by Lender, payments received by Lender shall be applied as aforesaid on the
Business Day following receipt by Lender. Checks or other items of payment received after 2:00 p.m. prevailing Chicago, Illinois time shall be deemed received the following Business Day. 

        3.5   Accuracy of Statements. Each statement of account by Lender delivered to Borrower relating to Borrower's Liabilities
shall be presumed correct and accurate and shall constitute an account stated between Borrower and Lender unless thereafter waived in writing by Lender, in Lender's discretion. Any objection to the
statement that Borrower may have must be delivered to Lender, by registered or certified mail, within thirty (30) days after Borrower's receipt of said statement. 

4.     Term and Prepayment

        4.1   Term. This Loan Agreement shall be in effect until the indefeasible payment in full to Lender of all of Borrower's
Liabilities. Except as provided below, Borrower has no right to prepay Borrower's Liabilities under this Loan Agreement and the Other Agreements. 

        4.2   Mandatory Prepayment of Equipment Loan. In the event that: 

	(a)
	the
aggregate outstanding principal amount of the Equipment Loan exceeds the Eligible Equipment Loan Amount, for whatever reason, or

	(b)
	there
exists an event of default that is continuing, or circumstances which with the giving of notice or the passage of time would constitute a default that is not cured, by Borrower
in respect of a Provider Agreement for Equipment for which an advance was given under the Equipment Loan, 

then
Lender may demand that Borrower prepay the Equipment Loan in an amount equal to either (i) in the case of (a) such excess promptly, but not later than forty-five
(45) days after written notice, or (ii) in the case of (b) the outstanding principal amount of the relevant advance in respect of the Equipment Loan (the aggregate amount of
advances in respect of such undeployed Equipment not to exceed $1,800,000 at any time) not later than 180 days after Borrower's uncured default under the Provider Agreement unless the Equipment
financed hereunder in respect of such Provider Agreement is redeployed under a replacement Provider Agreement or such default is cured by Borrower on or before such time, in either case together with
all accrued interest thereon. Amounts advanced in excess of $1,800,000 in respect of undeployed Equipment shall be repaid by Borrower within three (3) Business Days following the conclusion of
the 180-day period. Such mandatory prepayment shall not be subject to the prepayment premium in Section 4.3 below. 

        4.3   Voluntary Prepayment. Borrower may, upon at least sixty (60) days prior written notice to Lender (stating the
proposed date of prepayment, which date shall then be the due date for such Loan), prepay the outstanding principal amount of all Term Loans then outstanding in whole, but not in part by paying to
Lender, immediately available funds, an amount equal to the sum of (i) the outstanding principal amount of all Term Loans then outstanding, (ii) all accrued and unpaid interest, fees and
expenses on the Term Loans through the date of prepayment, and (iii) (A) in the event that such prepayment is made on or prior to the first anniversary of the relevant Term Loan, a
prepayment premium equal to 2% of the principal amount being prepaid; (B) in the event that such prepayment is made after the first anniversary of the Term Loan but on or prior to the second
anniversary of the Term Loan, a prepayment premium equal to 1% of the principal amount being prepaid; and (C) in the event that such prepayment is made after the second anniversary of the Term
Loan, no prepayment premium shall be due; provided however, that notwithstanding the foregoing, no prepayment premium shall be payable hereunder upon a Change of Control or initial public offering of
the common stock of the Borrower if Lender realizes proceeds equal to at least three times the original exercise price of the Warrant issued and vested in connection with this Loan Agreement at the
time of the Change of Control or initial public offering. 

5.     Collateral and Security

        5.1   Grant of Security Interest. 

        (a)   Term Loan Collateral. To further secure to Lender the prompt full and faithful payment and performance of Borrower's
Liabilities in respect of the Term Loan and the prompt, full and complete performance by Borrower of each of its covenants and duties under this Loan Agreement and the Other Agreements related
thereto, Borrower grants to Lender, a valid, first priority continuing security interest in and lien upon all of the following (except as to assets or property with Permitted Liens,
upon which a lien which may be other than a first priority lien is granted), whether now owned or hereafter acquired and wherever located: 

	(i)
	All
Receivables; 

	(ii)
	All
Equipment (subject to the prior lien, if any, of any Equipment Loan hereunder);

	(iii)
	All
Fixtures;

	(iv)
	All
General Intangibles;

	(v)
	All
Inventory;

	(vi)
	All
Investment Property;

	(vii)
	All
Deposit Accounts and Securities Accounts;

	(viii)
	All
Cash;

	(ix)
	All
Documents;

	(x)
	All
Proceeds from the sale, transfer or other disposition of Intellectual Property;

	(xi)
	All
other Goods and tangible and intangible personal property of Borrower other than Intellectual Property, whether now or hereafter owned or existing, leased,
consigned by or to, or acquired by, Borrower and wherever located, and

	(xii)
	to
the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products
of each of the foregoing and all attachments, accessories, accessions, replacements, substitutions, additions or improvements to any of the foregoing, wherever located and all products and proceeds of
the foregoing including without limitation proceeds of insurance policies insuring the foregoing and all books and records with respect thereto; 

(all
of the foregoing personal property is hereinafter sometimes individually and sometimes collectively referred to as "Term Loan Collateral"). 

        (b)   Equipment Loan Collateral. To further secure to Lender the prompt full and faithful payment and performance of Borrower's
Liabilities in respect of the Equipment Loan and the prompt, full and complete performance by Borrower of each of its covenants and duties under this Loan Agreement and the Other Agreements related
thereto, Borrower grants to Lender, a valid, first priority continuing security interest in and lien upon all of the following (except as to assets or property with Permitted Liens, upon which a lien
which may be other than a first priority lien is granted), whether now owned or hereafter acquired and wherever located: 

	(i)
	All
Equipment which is financed with the proceeds of an advance in respect of the Equipment Loan; and

	(ii)
	to
the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products
of each of the foregoing and all attachments, accessories, accessions, replacements, substitutions, additions or improvements to any of the foregoing, wherever located and all products and proceeds of
the foregoing including without limitation proceeds of insurance policies insuring the foregoing and all books and records with respect thereto; 

(all
of the foregoing personal property is hereinafter sometimes individually and sometimes collectively referred to as "Equipment Loan Collateral", and together with the Term Loan Collateral, the
"Collateral"). 

        (c)   Intellectual Property. Notwithstanding anything herein contained or construed to the contrary, Borrower is not granting
to Lender, and Lender is not receiving from Borrower, any grant of a security interest in any of Borrower's now owned or hereafter acquired Intellectual Property (other than a security interest in the
Proceeds from the sale, transfer or other disposition of Intellectual Property); provided, however, that
software, firmware and operating systems that cannot be removed from the Collateral without rendering the Collateral inoperable shall be deemed to be part of the "Collateral" unless such construction
is prohibited by or inconsistent with any relevant license or other agreement respecting such software, firmware or operating system. 

Borrower
shall make appropriate entries upon its financial statements and its books and records disclosing Lender's security interest in the Collateral. 

        Borrower
hereby further agrees that, except as expressly permitted herein including with respect to Permitted Liens, Borrower shall not hereafter grant a security interest in or pledge
of its Intellectual Property to any other party. 

        5.2   Further Assurances. Borrower shall execute and/or deliver to Lender, at any time and from time to time hereafter at the
request of Lender, all agreements, instruments, UCC financing statements (or other required perfection instruments), documents and other written matter (hereinafter individually and/or collectively,
referred to as "Additional Documentation") that Lender reasonably may request, in a form and substance reasonably acceptable to Lender, to perfect and maintain Lender's perfected security interest in
the Collateral and to consummate the transactions contemplated in or by this Loan Agreement and the Other Agreements. Borrower, irrevocably, (a) hereby makes, constitutes and appoints Lender
(and all Persons designated by Lender for that purpose) as Borrower's true and lawful attorney (and agent-in-fact) to sign the name of Borrower on the Additional Documentation
and to deliver the Additional Documentation to such Persons as Lender, in its sole and absolute discretion, may elect, (b) authorizes completion and filing of any such Additional Documentation
by Lender or its agents, whether paper or electronic, (c) hereby ratifies and confirms the completion and filing of Additional Documentation by Lender or its agent, paper or electronic,
occurring prior to the date hereof, and (d) declares that Borrower has the present intention to authenticate and process any such Additional Documentation, whether paper or electronic, and
whether or not completed and filed by Lender or its agents before or after the date hereof. 

        5.3   Inspection of Collateral. Lender (by any of its officers, employees and/or agents) shall have the right, at any time or
times during Borrower's or third party's, as applicable, usual business hours (a) with respect to Equipment located on third party sites, upon at least ten (10) Business Day's notice,
and (b) with respect to all other Collateral, upon at least one (1) Business Days' notice, to inspect the Collateral and all related records (and the premises upon which it is located)
and to verify the amount and condition of or any other and all financial records and matters whether or not relating to the Collateral. During the continuance of an Event of Default, all costs, fees
and expenses incurred by Lender, or for which Lender has become obligated, in connection with such inspection and/or verification shall be payable by Borrower to Lender. Borrower agrees to use its
best efforts to cause its employees and agents to cooperate with Lender in all inspections. 

        5.4   Controlled Accounts; Proceeds of Collateral. (a) Borrower shall deliver, or cause to be delivered to Lender an
account control agreement in form and substance satisfactory to Lender and duly authorized, executed and delivered by Borrower and each bank or financial institution where Borrower maintains a deposit
or securities account (each a "Controlled Account"); provided, however, that Lender will not exercise its right to control amounts in a Controlled Account unless an Event of Default hereunder or under
the Other Agreements has occurred and is continuing. 

        (b)   All
proceeds arising from the disposition of any Collateral by Borrower shall be deposited in a Controlled Account within one Business Day after receipt by Borrower.
Nothing in this Section limits the restrictions on disposition of Collateral set forth elsewhere in this Loan Agreement. 

        5.5   Third Party Claims. Lender, in its sole and absolute discretion, without waiving or releasing any obligation, liability
or duty of Borrower under this Loan Agreement or the Other Agreements or any Event of Default, may (but shall be under no obligation to) at any time or times hereafter, pay, acquire and/or accept an
assignment of any security interest, lien, encumbrance or claim asserted (other than Permitted Liens) by any Person against the Collateral. All sums paid by Lender in respect thereof and all costs,
fees and expenses, including reasonable attorneys' fees, court costs, expenses and other charges relating thereto incurred by Lender on account thereof shall be payable by Borrower to Lender. 

        5.6   Insurance. Borrower shall at all times throughout the term of this Loan Agreement and any extension hereof procure and
maintain at its own expense the following minimum insurance coverages 

which
shall be provided by insurance carriers with an AM Best rating of A, Class X or as otherwise acceptable to Lender and with such deductibles and exclusions as approved by Lender:
(1) All risk property damage insurance covering the Collateral which shall include but not be limited to fire and extended coverage and where applicable mechanical breakdown and electrical
malfunction, and which shall be written in amount not less than the greater of (x) the outstanding loan balance or (y) the current replacement cost; and, (2) Commercial general
liability insurance which may include excess liability insurance written on occurrence basis with a limit of not less than $5,000,000, and (3) Workers' compensation insurance in accordance with
statutory limits and employers' liability coverage which may include excess liability in an amount not less than $500,000. Any insurance carried and maintained in accordance with this Loan Agreement
by Borrower shall be endorsed to provide that: (i) Lender shall be additional insured and loss payee with respect to the property insurance described in subsection (1) of the prior
paragraph (and such insurance shall provide that the interest of Lender shall not be invalidated by any act or neglect of Lender, Borrower or other person), and Lender shall be an additional insured
with respect to the liability insurance described in subsection (2) of the prior paragraph; and (ii) The insurers thereunder waive all rights of subrogation against Lender, any right of
setoff and counterclaim and any other right to deduction due to outstanding premiums, whether by attachment or otherwise; and (iii) Such insurance shall be primary without right of contribution
of any other insurance carried by or on behalf of Lender; and (iv) Inasmuch as such policies are written to cover more than one insured, all terms, conditions, insuring agreements and
endorsements (other than the limits of liability) shall operate in the same manner as if there were a separate policy covering each insured; and (v) If such insurance is canceled for any reason
whatsoever, including nonpayment of premium, or any substantial change is made in the coverage that affects the interests of Lender, such cancellation or change shall not be effective as to Lender
until thirty (30) days after receipt by Lender of written notice sent by registered mail from such insurer of such cancellation or change; providing, however, that such thirty (30) day
period shall be reduced to ten (10) days in the case where cancellation results from the nonpayment of premiums. Borrower irrevocably appoints Lender as Borrower's true and lawful attorney (and
agent-in fact) for the purpose of making, settling and adjusting claims under such policies, endorsing the name of Borrower on any check, draft, instrument or other item of payment for the
proceeds of such policies and for making all determinations and decisions with respect to such policies, and such appointment will be immediately effective upon the occurrence of an Event of Default
hereunder and continue until the Event of Default is no longer continuing. 

        On
or before the initial funding by Lender hereunder, and at each policy anniversary date, Borrower shall arrange to furnish Lender with appropriate Certificates of Insurance. Such
Certificates of Insurance shall be executed by each insurer or by an authorized representative of each insurer, and shall identify insurers, the type of insurance, the insurance limits and the policy
term and shall specifically list the special endorsements (i) through (v) above. 

        In
case of the failure to procure or maintain such insurance, Lender shall have the right, but not the obligation, to obtain such insurance and any premium paid by Lender shall be
immediately due and payable by Borrower to Lender. The maintenance of any policy or policies of insurance pursuant to this
Section shall not limit any obligation or liability of Borrower pursuant to any other Sections or provisions of this Loan Agreement. 

        5.7   Charges on Collateral. Borrower shall not permit any Charges (other than Permitted Liens) to arise, or to remain, and
Borrower shall pay promptly when due, and discharge, such Charges. In the event Borrower, at any time or times hereafter, shall fail to pay such Charges when due or to obtain such discharges, Borrower
shall so advise Lender thereof in writing. Lender may, without waiving or releasing any obligation or liability of Borrower hereunder or Event of Default, in its sole and absolute discretion, at any
time or times thereafter, make such payment, or any part thereof, or obtain such discharge and take any other action with respect thereto which Lender deems advisable. All sums so paid by Lender and
any expenses, including reasonable attorneys' fees, court costs, expenses and other charges relating thereto, shall be payable by Borrower to Lender upon demand. 

        5.8   UCC Filing Authorization. Borrower hereby authorizes Lender and its counsel and other representatives to file, at any
time on or after the date hereof, Uniform Commercial Code financing statements and continuation statements, and amendments to financing statements, in any jurisdictions and with any filing offices as
Lender may determine, in its sole discretion, are necessary or advisable to perfect the security interests granted to Lender hereunder and under the Other Agreements. Such financing statements must
describe the Collateral in the same manner as described herein or therein and, in addition, may contain an indication or description of Collateral that describes such property in any other manner as
Lender may determine is necessary or advisable to ensure the perfection of the security interest in the Collateral. 

        5.9   Accounts. So long as no Event of Default has occurred and is continuing, subject to Section 7.4 hereof, Borrower
may settle, adjust or compromise any claim, offset, counterclaim or dispute with any Account Debtor. At any time that an Event of Default has occurred and is continuing, Lender may, at its option,
notify Borrower that Lender intends to have the exclusive right to settle, adjust or compromise any claim, offset, counterclaim or dispute with Account Debtors or grant any credits, discounts or
allowances and on and after such notice from Lender to Borrower, Lender shall have such exclusive right. 

6.     Warranties and Representations

        6.1   Borrower Representations. Borrower warrants and represents to Lender, as of the date hereof and as of the date of any
Loan made hereunder, and agrees and covenants to Lender that: 

        (a)   Borrower
is and at all times hereafter shall be (i) a Person having that legal name and organizational structure as set forth above, duly organized and existing
and in good standing under the laws of the state of its organization as set forth above and (ii) qualified or licensed to do business in all other states in which the laws require Borrower to
be so qualified and/or licensed; 

        (b)   Borrower
is duly authorized and empowered to enter into, execute, deliver and perform this Loan Agreement and the Other Agreements and the execution, delivery and/or
performance by Borrower of this Loan Agreement and the Other Agreements, and the use by Borrower of the proceeds of the Loans hereunder, shall not, by the lapse of time, the giving of notice or
otherwise, conflict with or constitute a violation of any applicable law (including, without limitation, Regulation U or Regulation X of the Board of Governors of the Federal Reserve
System or any other regulation thereof) or a breach of any provision contained in Borrower's organizational documents or contained in any agreement, instrument or document to which Borrower is now or
hereafter a party or by which it is or may become bound or give rise to or result in any default thereunder; 

        (c)   This
Loan Agreement is (and when executed or delivered, each Other Agreement will be) the legally valid and binding obligation of Borrower, enforceable against Borrower
in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by
equitable principles (whether enforcement is sought in equity or at law); 

        (d)   Except
as disclosed to Lender in writing prior to the date hereof, there are no actions or proceedings which are pending, or to its knowledge threatened, against
Borrower. Borrower is not in breach of or a party to any contract or agreement or subject to any charge, restriction, judgment, decree or order which has or could reasonably be expected to have a
Material Adverse Effect, nor is Borrower in default with respect to any indenture, security agreement, mortgage, deed or other similar agreement relating to the borrowing of monies to which it is a
party or by which it is bound; 

        (e)   Borrower
has and is in good standing with respect to all licenses, patents, copyrights, trademarks, trade names, governmental permits, certificates, consents and
franchises necessary to continue to conduct its business as previously conducted by it and to own or lease and operate its properties as now owned or leased by it; 

        (f)    The
financial statements delivered by Borrower to Lender prior to the date hereof and the Financials delivered by Borrower to Lender pursuant to Section 7.3
hereof fairly and accurately present the assets, liabilities and financial conditions and results of operations of Borrower as of the dates and for the periods stated therein and have been prepared in
accordance with GAAP, and no event,
condition or change that has had, or could reasonably be expected to have, a Material Adverse Effect has occurred since the date of this Loan Agreement; 

        (g)   As
to the Accounts and other Collateral, (i) Borrower has and at all times hereafter shall have good, indefeasible and merchantable title to and ownership of the
Collateral, free and clear of all liens, claims, security interests and encumbrances except those of Lender and Permitted Liens; (ii) the Collateral shall be kept and/or maintained solely at
the addresses identified in writing to Lender; (iii) Borrower, immediately on demand by Lender, shall deliver to Lender any and all evidence of ownership of, including without limitation,
vendor invoices and proofs of payment thereof, certificates of title to and applications for title to, any Collateral; (iv) Borrower shall keep and maintain the Collateral in good operating
condition and repair and shall make all necessary replacements thereof and renewals thereto so that the value and operating efficiency thereof shall at all times be maintained and preserved; and
(v) Borrower shall not permit any such items to become a fixture to real estate or accession to other personal property; 

        (h)   As
to Lender's security interest, (i) Lender's security interest in the Collateral is now and at all times hereafter shall be perfected and have a first priority
(subject to Permitted Liens and except as otherwise provided herein); (ii) the offices and/or locations where Borrower keeps the Collateral and Borrower's books and records concerning the
Collateral are at the locations identified to Lender in writing and Borrower shall not remove such books and records and/or the Collateral therefrom to any other location unless Borrower gives Lender
written notice thereof at least thirty (30) days prior thereto and the same is within the contiguous forty-eight (48) states of the United States of America; and (iii) the
addresses identified to Lender in writing as Borrower's chief executive office and principal place(s) of business are Borrower's sole offices and place(s) of business, and Borrower, by written notice
delivered to Lender at least thirty (30) days prior thereto, shall advise Lender of any change thereto; 

        (i)    Borrower
is not an "investment company" or a company "controlled" by an "investment company" as such terms are defined in the Investment Company Act of 1940; 

        (j)    All
income and other tax returns and reports required to be filed by Borrower have been timely filed, and all taxes shown on such tax returns to be due and payable and
all other assessments, fees and governmental charges upon Borrower and its properties, assets, income, businesses and franchises have been paid when due and payable except to the extent that
(A) such taxes, assessments, charges or claims (i) are being contested in good faith by appropriate proceedings (promptly instituted and diligently conducted) so long as such reserve or
other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor and (ii) such proceeding shall stay the attachment, sale, disposition,
foreclosure or forfeiture of any asset of Borrower in connection with any such contested tax, assessment, charge or claim or, (B) the failure to timely pay such taxes, assessments, charges or
claims could not reasonably be expected to have a Material Adverse Effect. All necessary and appropriate estimated payments (including any interest and penalties) in respect of assessed tax liability
under Borrower's state and federal tax returns have been made on a timely basis; 

        (k)   As
of the date hereof and of each Loan (i) the sum of Borrower's debt (including contingent liabilities) does not exceed the present fair saleable value of
Borrower's present assets; (ii) Borrower's capital is not unreasonably small in relation to its business as it exists and as is contemplated at such time; and (iii) Borrower has not
incurred and does not intend to incur, or believe that it will incur, debts beyond its ability to pay such debts as they become due; 

        (l)    No
information furnished to Lender by or on behalf of Borrower for use in connection with the transactions contemplated hereby contains or will contain, any untrue
statement of a material fact or omits to state a material fact necessary in order to make the statements contained 

herein
or therein not misleading in light of the circumstances in which the same were made. Any projections contained in such materials are based upon good faith estimates and assumptions believed by
Borrower to be reasonable at the time made. There are no facts known to Borrower that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

        (m)  Borrower
has provided to Lender on or prior to the date hereof a schedule that correctly identifies the ownership interest (including all options, warrants and other
rights to acquire capital stock) of Borrower and each of its Subsidiaries as of the date hereof; 

        (n)   (i) Borrower
(A) has been and is in compliance in all material respects with all applicable Environmental Laws; (B) has not received any
communication, whether from a governmental authority or otherwise, alleging that Borrower is not in such compliance, and there are no past or present actions, activities, circumstances conditions,
events or incidents that may prevent or interfere with such compliance in the future; (ii) there is no Environmental Claim pending or, to the best knowledge of Borrower, threatened against
Borrower or against any Person whose liability for any Environmental Claim Borrower has or may have retained or assumed either contractually or by operation of law; and (iii) there are no past
or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release, threatened release or presence of any Hazardous Material, which could
reasonably be expected to form the basis of any Environmental Claim against Borrower or, to the best knowledge of Borrower, against any Person whose liability for any Environmental Claim Borrower has
or may have retained or assumed either contractually or by operation of law. 

        (o)   (i) Borrower
is an "operating company" within the meaning of the regulations of the United States Department of Labor included within 29 CFR
Section 2510.3-101 (the "DOL Regulations") or is in compliance with such other exception as may be available under such regulations to prevent the assets of Borrower from being
treated as the assets of any employee benefit plan for purposes of the DOL Regulations and (ii) neither Borrower nor any subsidiary of Borrower maintains or is obligated to make contributions
to any employee benefit plan that is subject to Title IV of the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute ("ERISA"). 

        6.2   Further Representations. Borrower warrants and represents to Lender, as of the date of any advance in respect of the
Equipment Loan made hereunder, that: 

	(a)
	The
amortization schedule of the advance does not exceed the remaining term of the Provider Agreement for the Equipment financed by such advance.

	(b)
	There
exists no default, or circumstances which with the passage of time or giving of notice would constitute a default, by Borrower in respect of the Provider Agreement for the
Equipment financed by such advance. 

7.     Affirmative and Negative Covenants

        7.1   Affirmative Covenants. Borrower covenants with Lender that Borrower shall, and shall cause each of its Subsidiaries to:
(a) preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business, (b) pay all income and other taxes and
assessments imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, (c) comply in all
material respects with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, (d) keep adequate books of record and account, in which complete
entries shall be made of all financial transactions and the assets and of its business, (e) on or prior to 120 days after the date hereof, deliver to Lender duly executed landlord or
collateral access agreements, in form and substance satisfactory to Lender, for all premises (including offices and co-location facilities) at which any Collateral (other than Equipment
Loan Collateral located on third-party end-user sites) is located (including Borrower's offices in Boston, Massachusetts), provided that Lender shall agree to extend 

such
period to the extent that Borrower is making a commercially reasonable effort to obtain such agreements, (1) to the extent not provided to the reasonable satisfaction of Lender in the
relevant Provider Agreement, in circumstances where the consent of a landlord or other third party is necessary to access the Equipment, promptly upon the request of Lender, deliver to Lender duly
executed landlord or collateral access agreements, in form and substance satisfactory to Lender, in respect of all premises at which any Equipment Loan Collateral located on third-party
end-user sites is located, and (g) promptly take any and all necessary Cleanup action on, under or affecting any property owned, leased or operated by Borrower in accordance with
all laws and the policies, orders and directives of all federal, state and local governmental authorities, and conduct and complete such Cleanup action in material compliance with all applicable
Environmental Laws. 

        7.2   Negative Covenants Borrower covenants with Lender that Borrower shall not, and shall not permit any of its Subsidiaries
to: (a) grant a security interest in, assign, sell or transfer any of the Collateral or any of its Intellectual Property to any person or permit, grant, or suffer or permit a lien, claim or
encumbrance upon any of the Collateral or Intellectual Property, except for (i) Permitted Liens or (ii) the sale of Inventory and obsolete or unneeded Equipment in the ordinary course of
business, and upon Lender's prior written consent; (b) permit or suffer any Charges to attach to or affect any of the Collateral (other than Permitted Liens) which is not removed or secured by
bond within fifteen (15) Business Days; (c) permit or suffer any receiver, trustee or assignee for the benefit of creditors to be appointed to take possession of any of the Collateral
(which in the case of the appointment a trustee not involving a bankruptcy proceeding, shall be a material portion of the Collateral); (d) merge or consolidate with or acquire any Person except
in a transaction in which Borrower is the surviving Person or, if Borrower is not the surviving Person, such transaction does not result in a Change of Control; (e) incur or permit or suffer to
exist any indebtedness for borrowed money or for the deferred purchase price for property or services (other than Permitted Debt); (f) voluntarily prepay any indebtedness prior to its scheduled
maturity other than pursuant to the terms hereof; (g) make or pay (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of Borrower
or (ii) any redemption, retirement or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of Borrower or any outstanding warrants,
options or other rights to acquire such shares; (h) enter into any transaction with any Affiliate or any transaction (including, without limitation, any sale of assets) not in the ordinary
course of its business; (i) make any change in any of its business objectives, purposes and operations, which has, or could reasonably be expected to have, a Material Adverse Effect;
(j) without thirty (30) days' prior written notice to Lender, make any change in its legal name or state of formation or organization; (k) adopt or otherwise become obligated to
contribute to any employee benefit plan that is subject to Title IV of ERISA; or (1) take any action or fail to take an action if, as a result of such action or inaction, Borrower would fail to
qualify as an "operating company" within the meaning of the DOL Regulations or otherwise comply with such other exception as may be available under such regulations to prevent the assets of Borrower
from being treated as the assets of any employee benefit plan for purposes of the DOL Regulations. 

        7.3   Covenants regarding Financial Statements. Borrower shall cause to be furnished to Lender, (i) the unqualified,
audited fiscal year end financial statements of Borrower (which shall not contain any "going concern" exception or any exception relating to scope of review) no later than 150 days after the
related fiscal year end, (ii) no later than 30 days after the related month end, the internally prepared monthly financial statements of Borrower, certified by Borrower's chief financial
officer, each containing consolidated and consolidating profit and loss statements for the month then ended and for Borrower's fiscal year to date, consolidated and consolidating balance sheets as at
the last day of such month and a consolidated statement of cash flows for the month then ended and for Borrower's fiscal year to date, (iii) summary monthly bank statements, no later than
30 days after the related month end, reflecting month-end cash balances, (iv) a monthly Compliance and Disclosure Certificate, substantially in the form of Exhibit A
attached hereto and made a part hereof, (v) promptly upon Borrower's Board of Directors approval thereof, copies of Borrower's annual operating plan and any revisions thereto and
(vi) such other financial and business information of Borrower as Lender may reasonably require, including such other financial and operating performance data as is provided to its outside
investors or 

commercial
lenders and, if applicable, required to be provided to shareholders by the Securities and Exchange Commission. Each financial statement to be furnished to Lender must be prepared in
accordance with GAAP. Borrower also agrees to promptly provide to Lender notice of, and such other data and information (financial and otherwise) at any time and from time to time relating to, any
legal actions or proceedings pending, or to its knowledge, threatened against Borrower or the occurrence of any event or change that has, or could reasonably be expected to have, a Material Adverse
Effect. Financial statements may be delivered via electronic mail to Lender. 

        7.4   Further Covenants. (a) Borrower may not grant any credit, discount, allowance or extension, or enter into any
agreement for any of the foregoing, except for credits, discounts, allowances or extensions made or given in the ordinary course of Borrower's business in accordance with Borrower's historic credit
and collection practices and policies without the prior consent of Lender. 

        (b)   Lender
shall have the right at any time or times, in Lender's name or in the name of a nominee of Lender, to verify the validity, amount or any other matter relating to
any Accounts, by mail, telephone, facsimile transmission or otherwise only after the occurrence of an Event of Default that is continuing. 

        (c)   Lender
shall have the right to participate, in an amount up to $1,000,000, in the next private equity offering of Borrower, upon the same terms and conditions as offered
to other participants. 

        7.5   Indemnification and Liability. Borrower hereby agrees to indemnify Lender and hold Lender harmless from and against any
and all claims, debts, liabilities, demands, obligations, actions, causes of action, penalties, reasonable costs and expenses (including reasonable attorneys' fees), of every nature, character and
description, which Lender may sustain or incur based upon or arising out of the Collateral, any of Borrower's Liabilities, any relationship or agreement between Lender and Borrower, or any other
matter, cause or thing whatsoever occurred, done, omitted or suffered to be done by Lender relating to Borrower or Borrower's Liabilities (except any such claims, debts, liabilities, demands,
obligations, actions, causes of action, penalties, reasonable costs and expenses (including reasonable attorneys' fees) that result from the gross negligence or willful misconduct of Lender). Should
any third-party suit or proceeding be instituted by or against Lender with respect to any Collateral or relating to Borrower, Borrower shall, without expense to Lender, make available Borrower and its
officers, employees and agents and Borrower's books and records, to the extent that Lender may deem them reasonably necessary in order to prosecute or defend any such suit or proceeding. Borrower's
obligation hereunder shall survive termination of this Loan Agreement. 

8.     Default

        8.1   Events of Default. The occurrence of any one of the following events shall constitute a default ("Event of Default") by
Borrower under this Loan Agreement: (a) if Borrower fails to pay any principal of any Loans when due and payable (including any period of time before which such payments become overdue) or
fails to pay any other Borrower's Liabilities within five (5) days after the same are due and payable; (b) if any representation, warranty, financial statement, statement, report or
certificate made, deemed made or delivered by Borrower, or any of its directors or officers to Lender is not true and correct in any material respect when made, deemed made or delivered; (c) if
Borrower fails or neglects to perform, keep or observe any term, provision, condition or covenant contained in this Loan Agreement or in the Other Agreements, which is required to be performed, kept
or observed by Borrower, other than the payment of Borrower's Liabilities, and, in the case of any covenant contained in Section 7.1 hereof, the same is not cured within fifteen
(15) days; (d) if any material portion of the Collateral or any other of Borrower's other material assets are attached, seized, subjected to a writ or distress warrant, or are levied
upon, or come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors (which in the case of the appointment a trustee not involving a bankruptcy proceeding,
shall be a material portion of the Collateral) and such attachment, other event or proceeding is not dismissed or otherwise resolved within fifteen (15) days; (e) if any event, condition
or change shall occur that has had a Material 

Adverse
Effect; (f) if a petition under any section or chapter of the Bankruptcy Code or any similar law or regulation shall be filed by or against Borrower or if Borrower shall make an
assignment for the benefit of its creditors or if any case or proceeding is filed by Borrower for its dissolution or liquidation and, if an involuntary proceeding, such petition, case or proceeding
(x) results in the entry of an order for relief against Borrower which order is not fully stayed within five (5) Business Days after entry thereof or (y) is not dismissed within
forty-five (45) days of commencement; (g) if Borrower is enjoined, restrained or in any way prevented by court order from conducting all or any material part of its business
affairs; (h) if an application is made by Borrower or any Person for the appointment of a receiver, trustee or custodian for the Collateral or any other of Borrower's assets; (i) if a
notice of lien or Charges are filed of record with respect to any of the Collateral by any Person and such lien or Charge is not removed or secured by bond within ten (10) Business Days;
(j) if any Change of Control shall occur; (k) if any money judgment, writ or warrant of attachment or similar process (if not adequately covered by insurance as to which a solvent and
unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Borrower or any of its Subsidiaries or any of their respective assets which is not satisfied or appealed and
secured by bond within fifteen (15) Business Days; (1) this Loan Agreement or any Other Agreement shall for any reason fail or cease to be valid and binding on, or enforceable against,
Borrower or any other party thereto or Borrower shall so assert; (m) this Loan Agreement or any Other Agreement shall for any reason cease to be in full force and effect or cease to create a
valid and enforceable lien and security interest on any Collateral purported to be covered thereby or any such lien and security interest shall fail or cease to be a perfected and first priority lien
and security interest (subject to Permitted Liens); or (n) if Borrower is in default (i) in the payment of any of Borrower's debt to Lender under any Other Agreement; or (ii) in
the payment of any debt to any Person other than Lender in excess of $100,000 or, in the case of clause (i) or (ii), any other event shall occur or condition shall exist under any agreement or
instrument relating to any such debt and such default, condition or event gives the holders of such debt (or any agent or trustee on their behalf) the then current right to accelerate such
indebtedness and such indebtedness is in fact accelerated. Borrower shall provide written notice of any events or circumstances which would give rise to an Event of Default under this
Section 8.1 promptly (but in no event more than one (1) Business Day) after becoming aware of such events or circumstances. Failure of Borrower to give such notice promptly shall
constitute an Event of Default hereunder. 

        8.2   Lender's
Rights and Remedies. Upon an Event of Default under Section 8.1(f), without notice by Lender to, or demand by Lender of, Borrower, all of Borrower's
Liabilities shall be automatically accelerated and shall be due and payable forthwith and any other commitments to provide any financing hereunder shall automatically terminate, and upon any other
Event of Default, without notice by Lender, to or demand by Lender of, Borrower, Lender may accelerate all of Borrower's Liabilities and same shall be due and payable forthwith and/or Lender may
terminate any other commitments to provide any financing hereunder. Lender may, in its sole and absolute discretion: (a) exercise any one or more of the rights and remedies accruing to a Lender
under the Uniform Commercial Code or other applicable law of the relevant state or states or other applicable jurisdiction, and in equity, and under any other instrument or agreement now or in the
future entered into between Lender and Borrower, including under this Loan Agreement and the Other Agreements; (b) enter, with or without process of law and without breach of the peace, any
premises where the Collateral or the books and records of Borrower related thereto is or may be located, and without charge or liability to Lender therefor seize and remove the Collateral (and copies
of Borrower's books and records relating to the Collateral) from said premises and/or remain upon said premises and use the same (together with said books and records) for the purpose of collecting,
preparing and disposing of the Collateral; (c) sell, lease, license or otherwise dispose of the Collateral or any part thereof by one or more contracts at one or more public or private sales
for cash or credit, provided, however, that Borrower shall be credited with the net proceeds of such sale(s) only when such proceeds are actually received by Lender; and (d) require Borrower to
assemble the Collateral and make it available to Lender at a place or places to be designated by Lender which is reasonably convenient to Lender and Borrower. 

        In
addition, at any time an Event of Default has occurred and is continuing, Lender may, in its discretion, enforce the rights of Borrower against any Account Debtor, secondary obligor
or other obligor in respect of any of the Accounts. Without limiting the generality of the foregoing, at any time or times that an Event of Default has occurred and is continuing, Lender may, in its
discretion, at such time or times (1) notify any or all Account Debtors, secondary obligors or other obligors in respect thereof that the Accounts have been assigned to Lender and that Lender
has a security interest therein and Lender may direct any or all accounts debtors, secondary obligors and other obligors to make payment of Accounts directly to Lender, (2) extend the time of
payment of, compromise, settle or adjust for cash, credit, return of merchandise or otherwise, and upon any terms or conditions, any and all Accounts or other obligations included in the Collateral
and thereby discharge or release the account debtor or any secondary obligors or other obligors in respect thereof without affecting any of Borrower's Liabilities, (3) demand, collect or
enforce payment of any Accounts or such other obligations, but without any duty to do so, and Lender shall not be liable for any failure to collect or enforce the payment thereof nor for the
negligence of its agents or attorneys with respect thereto and (4) take whatever other action Lender may deem necessary or desirable for the protection of its interests. At any time that an
Event of Default has occurred and is continuing, at Lender's request, all invoices and statements sent to any Account Debtor shall state that the Accounts and such other obligations have been assigned
to Lender and are payable directly and only to Lender and Borrower shall deliver to Lender such originals of documents evidencing the sale and delivery of goods or the performance of services giving
rise to any Accounts as Lender may require. 

        All
of Lender's rights and remedies under this Loan Agreement and the Other Agreements are cumulative and non exclusive. Exercise or partial exercise by Lender of one or more of its
rights or remedies shall not be deemed an election, nor bar Lender from subsequent exercise or partial exercise of any other rights or remedies. Lender agrees to give notice of any sale to Borrower at
least ten (10) days prior to any public sale or at least ten (10) days before the time after which any private sale may be held. Borrower agrees that Lender may purchase any such
Collateral (including by way of credit bid), and may postpone or adjourn any such sale from time to time by an announcement at the time and place of sale or by announcement at the time and place of
such postponed or adjourned sale, without being required to give a new notice of sale. Borrower agrees that Lender has no obligation to preserve rights against prior parties to the Collateral. 

        8.3   Power of Attorney. Upon the occurrence of any Event of Default that is continuing, without limiting Lender's other rights
and remedies, Borrower grants to Lender an irrevocable power of attorney coupled with an interest (in addition to such other powers of attorney granted to Lender elsewhere in this Loan Agreement),
authorizing and permitting Lender at any time, at its option, but without obligation, with or without notice to Borrower, and at Borrower's expense, to execute on behalf of Borrower any Additional
Documentation, or such other instruments or documents as may be reasonably necessary in order to exercise a right of Borrower or Lender, including but not limited to the execution of any proof of
claim in bankruptcy, any notice of lien, claim of mechanic's or other lien, or assignment or satisfaction of mechanic's or other lien, or to take control in any manner of any cash or
non-cash proceeds of Collateral and take any action or pay any sum required of Borrower pursuant to this Loan Agreement and any Other Agreement. In no event shall Lender's rights under the
foregoing power of attorney or any of Lender's other rights under this Loan Agreement be deemed to indicate that Lender is in control of the business, management or properties of Borrower. 

9.     General Provisions

        9.1   Notices. All notices, demands or other communications required or permitted to be given or delivered under or by reason
of the provisions hereof shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient, (ii) sent via facsimile transmission with confirmation
from the sending and/or receiving machine, (iii) the next Business Day after having been sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) four
Business Days after having been mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to
the parties 

hereunder
at their respective addresses and transmission numbers indicated on the signature page hereof, or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. 

        9.2   Severability. Should any provision of this Loan Agreement be held by any court of competent jurisdiction to be void or
unenforceable, such defect shall not affect the remainder of this Loan Agreement, which shall continue in full force and effect. 

        9.3   Integration; Modification. This Loan Agreement, the Other Agreements and such other written agreements, documents and
instruments as may be executed in connection herewith or pursuant hereto are the final, entire and complete agreement between Borrower and Lender and supersede all prior and contemporaneous
negotiations and oral representations and agreements, all of which are merged and integrated in this Loan Agreement and the Other Agreements. There are no oral understandings, representations or
agreements between the parties which are not set forth in this Loan Agreement or the Other Agreements or in other written instruments, documents or agreements signed by the parties in connection
herewith. If any provision contained in this Loan Agreement is in conflict with, or inconsistent with, any provision in the Other Agreements, the provision contained in this Loan Agreement shall
govern and control, it being the intent of the parties, however, that the terms of each of the Loan Agreement and the Other Agreements shall be remain in full force and effect. This Loan Agreement and
the Other Agreements may not be modified, altered or amended except by an agreement in writing signed by Borrower and Lender. 

        9.4   Time of Essence. Time is of the essence in the performance by Borrower of each and every obligation under this Loan
Agreement. 

        9.5   Attorneys' Fees and Other Costs. Borrower shall reimburse Lender for all out-of-pocket costs and
expenses, including but not limited to reasonable attorneys' fees and all filing, recording, search, title insurance, appraisal, audit, and other reasonable costs incurred by Lender in connection with
any amendment or waiver to this Loan Agreement or any Other Agreement; seeking to enforce any of its rights hereunder against Borrower or the Collateral, including in bankruptcy; enforcing Lender's
security interest in the Collateral, and representing Lender in all such matters. Borrower shall also pay Lender's standard charges for returned checks in effect from time to time. Borrower's
obligation hereunder shall survive termination of this Loan Agreement. 

        9.6   Benefit of Agreement; Assignment. The provisions of this Loan Agreement shall be binding upon and inure to the benefit of
the respective successors, assigns, heirs, beneficiaries and representatives of Borrower and Lender; provided, however, that Borrower may not assign or transfer any of its rights under this Loan
Agreement without the prior written consent of Lender, and any prohibited assignment shall be void. Borrower hereby consents to Lender's sale, assignment, transfer or other disposition, at any time
and from time to time hereafter, of this Loan Agreement, or the Other Agreements, or of any portion thereof, including without limitation Lender's rights, titles, interests, remedies, powers and/or
duties; provided, however, that Lender shall reasonably believe that any potential transferee, assignee, purchaser or other beneficiary of the disposition of the Loan Agreement or the Other
Agreements, or to any portion thereof, has the financial wherewithal and ability to fully perform pursuant to the terms of the Loan Agreement and/or the Other Agreements. Borrower shall establish and
maintain a record of ownership (the "Register") in which it agrees to register by book entry Lender's and each initial and subsequent assignee's interest in each Loan, and in the right to receive any
payments hereunder and any assignment of any such interest. Notwithstanding anything to the contrary contained in this Loan Agreement, the Loans (including the notes in respect of such Loans) are
registered obligations and the right, title, and interest of Lender and its assignees in and to such Loans shall be transferable only upon notation of such transfer in the Register. In no event is any
note to be considered a bearer instrument or bearer obligation. This Section shall be construed so that the Loans are at all times maintained in "registered form" within the meaning of Sections
163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code and any related regulations (or any successor provisions of the Code or such regulations). 

        9.7   Joint and Several Liability. If Borrower consists of more than one Person, their liability shall be joint and several,
and the compromise of any claim with, or the release of, any Borrower shall not constitute a compromise with, or a release of, any other Borrower. 

        9.8   Paragraph Headings. Paragraph headings are only used in this Loan Agreement for convenience. The term "including",
whenever used in this Loan Agreement, shall mean "including but not limited to". This Loan Agreement has been fully reviewed and negotiated between the parties and no uncertainty or ambiguity in any
term or provision of this Loan Agreement shall be construed strictly against Lender or Borrower under any rule of construction or otherwise. 

        9.9   Interest Laws. Notwithstanding any provision to the contrary contained in this Loan Agreement or any Other Agreement,
Borrower shall not be required to pay, and Lender shall not be permitted to collect, any amount of interest in excess of the maximum amount of interest permitted by applicable law ("Excess Interest").
If any Excess Interest is provided for or determined by a court of competent jurisdiction to have been provided for in this Loan Agreement or in any Other Agreement, then in such event: (1) the
provisions of this subsection shall govern and control; (2) Borrower shall not be obligated to pay any Excess Interest; (3) any Excess Interest that Lender may have received hereunder or
under any Other Agreement shall be, at such Lender's option, (a) applied as a credit against the outstanding principal balance of Borrower's Liabilities or accrued and unpaid interest (not to
exceed the maximum amount permitted by law), (b) refunded to the payor thereof, or (c) any combination of the foregoing; (4) the interest rate(s) provided for herein or in any
Other Agreement shall be automatically reduced to the maximum lawful rate allowed from time to time under applicable law (the "Maximum Rate"), and this Loan Agreement and the Other Agreements shall be
deemed to have been and shall be, reformed and modified to reflect such reduction; and (5) Borrower shall not have any action against Lender for any damages arising out of the payment or
collection of any Excess Interest. 

        9.10 No Implied Waivers. Lender's failure at any time or times hereafter to exercise any rights or remedies or to require
strict performance by Borrower of any provision of this Loan Agreement shall not waive, affect or diminish any right of Lender thereafter to demand strict compliance and performance therewith and all
rights and remedies shall continue in full force and effect until all of Borrower's Liabilities have been fully and indefeasibly paid and performed. Any suspension or waiver by Lender of an Event of
Default by Borrower under this Loan Agreement or the Other Agreements shall not suspend, waive or affect any other Event of Default by Borrower under this Loan Agreement or the Other Agreements,
whether the same is prior or subsequent thereto and whether of the same or of a different type. No waiver by Lender of any Event of Default or of any of the undertakings, agreements, warranties,
covenants and representations of Borrower contained in this Loan Agreement or the Other Agreements shall be effective unless specifically waived by an instrument in writing signed by an officer of
Lender. 

        9.11 Acceptance by Lender. This Loan Agreement shall become effective upon acceptance by Lender, in writing, at its principal
place of business as set forth above. If so accepted by Lender, this Loan Agreement and the Other Agreements shall be deemed to have been made at said place of business. 

        9.12 LAW AND VENUE. THIS LOAN AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE
STATE OF ILLINOIS. BORROWER CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS. BORROWER WAIVES ANY RIGHT IT MAY HAVE TO
TRANSFER OR CHANGE THE VENUE OF ANY LITIGATION BROUGHT AGAINST BORROWER BY LENDER OR TO ASSERT THAT ANY ACTION INSTITUTED BY LENDER OR BORROWER IN SUCH COURT IS AN IMPROPER VENUE OR SUCH ACTION SHOULD
BE TRANSFERRED TO A MORE CONVENIENT FORUM. 

        9.13 WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED
UPON, ARISING OUT OF, 

OR
IN ANY WAY RELATING TO, THIS LOAN AGREEMENT WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. 

        9.14 CONFIDENTIALITY. The provisions of this Loan Agreement and the Other Agreements shall be held in strictest confidence by
Borrower and shall not be publicized or disclosed in any manner whatsoever; provided, however, that Borrower may disclose this Loan Agreement and the Other Agreements in confidence to its attorneys,
accountants, auditors, insurers, tax preparers, and financial advisors, and insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. 

        Signature
Page Follows: 

        In
Witness Whereof, this Loan and Security Agreement has been duly executed as of the day and year first above written. 

	Borrower:	 	 	Accepted By:	 
	

Borrower:	

ENERNOC, INC.	
 	

Lender:	

RITCHIE CAPITAL FINANCE, LLC
	

By:	

/s/ Neal C. Isaacson
	
 	

By:	

/s/ Thomas Moss

	

Name:

Title:	

Neal C. Isaacson

CFO	
 	

Name:

Title:	

Thomas Moss

Treasurer
	

Address for Notices:	

75 Federal Street, Suite 300

Boston, MA 02110	
 	

Address for Notices:	

2100 Enterprise Avenue

Geneva, IL 60134
	

 	

 	
 	

 	

Attention: Legal Department
	

Telephone:

Facsimile:	

617 224-9927

617 224-9934	
 	

Telephone:

Facsimile:	

630 761-2200

630 345-7932
	

 	

 	
 	

 	

With a copy to:
	

 	

 	
 	

 	

225 West Washington

Chicago, IL 60606

Attention: Mark King
	

 	

 	
 	

Telephone:

Facsimile:	

630 482-7166

630-345-7955

 
 

EXHIBIT A    
    

 
  Officer's Compliance and Disclosure Certificate
  (attachment to monthly financial reports)    

        Reference
is hereby made to certain loan or credit agreements (together with all instruments, documents and agreements entered into in connection therewith, the "Loan Documents") by and
between Ritchie Capital Finance, L.L.C. ("Lender ") and EnerNOC, Inc. ("Borrower"). The undersigned,             , hereby certifies to Lender that he/she is the
duly elected and acting                          of Borrower and that: 

	(i)
	FINANCIAL STATEMENTS—General. The attached financial statements fairly reflect the financial condition of
Borrower in all material respects in accordance with GAAP, except as disclosed on the attached Schedule of Financial Statement Exceptions (if none, so state on said Schedule) and there has been no
material adverse change in the assets, liabilities or financial condition of Borrower since                         ,
200            ;

	(ii)
	FINANCIAL STATEMENTS—Off-Balance Sheet. All material financial obligations and contingent
obligations of Borrower not otherwise listed and itemized on the attached financial statements, are disclosed on the attached Schedule of Financial Statement Exceptions, including but not limited to
material off-balance sheet leasing obligations, and guarantees of financial obligations of Borrower, its affiliates, subsidiaries, officers and related parties (if none, so state on said
Schedule);

	(iii)
	FINANCIAL STATEMENTS—Related Party Transactions. All material related party transactions, including but not
limited to loans, receivables or payables due to/from Borrower's officers or employees, affiliates, subsidiaries, or other related parties, are disclosed on the attached Schedule of Financial
Statement Exceptions (if none, so state on said Schedule);

	(iv)
	COMPLIANCE WITH APPLICABLE LAW. Except as noted on the attached Schedule of Compliance Issues, there are no material
events whereby Borrower or, to the knowledge of Borrower, Borrower's directors, employees, affiliates, subsidiaries or other related parties are acting or conducting business contrary to applicable
local, state, or national laws in the country or countries in which said parties are conducting business;

	(v)
	ABSENCE OF DEFAULT. Except as noted on the attached Schedule of Compliance Issues, no Default or Event of Default exists
on the date hereof; and

	(vi)
	LITIGATION. There are no actions, suits or proceedings pending or, to the knowledge of Borrower and the undersigned,
threatened against or affecting Borrower in any court or before any governmental commission, board or authority which, if adversely determined, will have a material adverse effect (separately or in
the aggregate) on the ability of Borrower to perform its obligations under the any of Loan Documents. Borrower is involved in such litigation and other disputes as are listed on the attached Schedule
of Compliance Issues (if none, so state on said Schedule). 

        The
undersigned has executed this certificate as of                         ,
200            . 

        Signature:
                                         
                               
 

        By
(printed name and title):
                                         
        

SCHEDULE OF FINANCIAL STATEMENT EXCEPTIONS  

	Category of Disclosure
 
	 	Financial Date
	 	Comments

(if none,

state "none")

	General Exceptions:	 	 	 	 
	

Off-Balance Sheet:	
 	

 	
 	

 
	

Related Party Transactions:	
 	

 	
 	

 

   

   

SCHEDULE OF COMPLIANCE ISSUES  

	Parties Involved
 
	 	Date of filing/incident
	 	Nature of Dispute

or Issue

(if none, state "none)"

	Compliance Issues:	 	 	 	 
	

Litigation Issues:	
 	

 	
 	

 
	

Signatory Initials:
                                         
       	

 	

 	

 	

 

 
 

EXHIBIT B    
    

 
 

FUNDING REQUEST NO.             
  FOR
  LOAN AND SECURITY AGREEMENT NO. V          BY AND BETWEEN

RITCHIE CAPITAL FINANCE, L.L.C., AS LENDER
  AND
  ENERNOC, INC., AS BORROWER  

        Borrower hereby requests an advance under the terms of the above described Loan and Security Agreement (the "Loan Agreement") in the original
principal amount of                          Dollars
($                        ) 

        Borrower
hereby acknowledges and agrees that the representations and warranties as set forth in the Loan Agreement are as if fully set forth herein, and further agrees that any and all
Conditions Precedent to the making of an advance by the Lender set forth in the Loan Agreement either have been satisfied or will be satisfied as a result of the making by Lender of this advance.
Borrower represents and warrants that there has been no material adverse change in the financial condition, internal organization and/or business prospects of the Borrower since the later of the date
of the Loan Agreement or the date of the last advance made by the Lender thereunder. 

        [FOR
EQUIPMENT LOANS:] The Eligible Equipment Loan Amount is                         . Details of the composition of such amount
is attached
hereto. The advance hereby requested hereby shall be secured by the Equipment Loan Collateral as defined in the Loan Agreement, including but not limited to the Equipment described in the attached
Schedule A. 

        The
undersigned certifies that the undersigned is a duly authorized signatory of the Borrower, and that as such the undersigned is authorized to execute this request on behalf of the
Borrower. 

	 	 	ENERNOC, INC.
	 	 	Borrower	 	 
	

 	
 	

By:	
 	

	 	 	Name:	 	 
	 	 	Its:	 	 
	

 	
 	

Date:	
 	

 
 

SCHEDULE OO    
    

PERMITTED
DEBT 

Dell
Financial Services, L.P.

Approximate balance = $1,200.00

Expires February, 2007 

Cisco
Systems Capital Corporation

Approximate balance = $200,000.00

Expires October, 2011 

Signatory
initials              

Ritchie Capital Finance, LLC
  2100 Enterprise Avenue Geneva, IL 60134 

January 10,
2007 

EnerNOC, Inc.

75 Federal Steet, Suite 300

Boston, MA 02110 

Attention:
Neal Isaacson, CFO 

Ladies
and Gentlemen: 

        Reference
is made to the Loan and Security Agreement No. V06402 (the "Loan Agreement"), made as of November 20, 2006 by and between EnerNOC, Inc. (the "Borrower") and
Ritchie Capital Finance, LLC (the "Lender"). Except as otherwise defined herein, all capitalized terms used herein shall have the respective meanings given to such terms in the Loan Agreement. 

        Please
be advised that, as of December 18, 2006, the Lender has transferred all of its right, title and interest in and to the Loans, the Loan Agreement (including, without
limitation, all of its right, title and interest in and to each promissory note executed in connection therewith (each, a "Note" and collectively, the "Notes")) and the Other Agreements, including,
without limitation, the Warrant, to BlueCrest Capital Finance, L.P., 225 West Washington Street, Suite 200, Chicago, Il 60606 (the "New Lender"), in accordance with Section 9.6 of the Loan
Agreement, and pursuant to the Assignment Agreement entered into by and between the Lender and the New Lender, pursuant to which the New Lender purchased all of the Lender's right, title and interest
in, to and under the Loan Agreement.
From and after such, all payments due on account of each Note shall be made to the New Lender or its successors and assigns. 

	 	 	Sincerely,
 Ritchie Capital Finance, LLC
 in its capacity as Assignor and Holder
	

 	
 	

By:	
 	

/s/  MARK KING      

	 	 	Name:	 	Mark King
	 	 	Title:	 	Managing Director

ASSIGNMENT  

        FOR VALUE RECEIVED, the undersigned registered owner of this Warrant hereby sells, assigns and transfers unto the Assignee named below all of the rights of the
undersigned Assignor under that certain Warrant, dated as of November 20, 2006 issued by EnerNOC, Inc. with respect to the number of shares of Series B-l Preferred
Stock set forth below: 

	Name of Assignee

BlueCrest Capital Finance, L.P.	 	Address

225 West Washington Street

Suite 200

Chicago, IL 60606	 	No. of Shares

all

and
does hereby irrevocably constitute and appoint                          Attorney to make such transfer on the books of
EnerNOC, Inc., maintained for the purpose, with
full power of substitution in the premises. 

        The
undersigned Assignee represents (i) that it is an accredited investor, as defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended, and
(ii) that the Assignee will not offer, sell or otherwise dispose of the Warrant or any shares of stock to be issued upon exercise thereof except under circumstances which will not result in a
violation of the Securities Act of 1933, as amended, or any applicable state securities laws. Effective as of the date hereof, Assignee agrees to be bound by the terms and conditions of the
above-referenced Warrant as the Holder thereof 

RITCHIE CAPITAL FINANCE, LLC

in its capacity as Assignor and Holder 

	By:	 	/s/  DOUGLAS ROTHSCHILD      
	 	 
	Name:	 	Douglas Rothschild	 	 
	Title:	 	Chief Executive Officer	 	 
	Dated:	 	12/18/2006	 	 
	
AGREED AND ACKNOWLEDGED:	
 	

 
	

BlueCrest Capital Finance, L.P.
 In its capacity as Assignee

By: BlueCrest Capital Finance L.P., LLC, its General Partner
	

By:	
 	

/s/  MICHAEL PLATT      
	
 	

 
	Name:	 	Michael Platt	 	 
	Title:	 	Member	 	 
	Dated:	 	12/18/2006	 	 

QuickLinks

LOAN AND SECURITY AGREEMENT No. V06402

EXHIBIT A

Officer's Compliance and Disclosure Certificate (attachment to monthly financial reports)

EXHIBIT B

FUNDING REQUEST NO. FOR LOAN AND SECURITY AGREEMENT NO. V BY AND BETWEEN RITCHIE CAPITAL FINANCE, L.L.C., AS LENDER AND ENERNOC, INC., AS BORROWER

SCHEDULE OO

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