Document:

EX-10.15

 Exhibit 10.15 

VALERITAS, INC. 
 SERIES
D PREFERRED 
 STOCK PURCHASE AGREEMENT 

June 23, 2014 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	 1.
	 	 Purchase and Sale of Shares
	  	 	1	  
				
		 	1.1	  	 Sale and Issuance of Series D Preferred Stock
	  	 	1	  
				
		 	1.2	  	 Closing
	  	 	2	  
				
		 	1.3	  	 Use of Proceeds
	  	 	3	  
			
	 2.
	 	Representations and Warranties of the Company	  	 	3	  
				
		 	2.1	  	 Organization, Good Standing and Qualification
	  	 	3	  
				
		 	2.2	  	 Capitalization and Voting Rights
	  	 	4	  
				
		 	2.3	  	 Subsidiaries
	  	 	5	  
				
		 	2.4	  	 Authorization
	  	 	5	  
				
		 	2.5	  	 Valid Issuance of Securities
	  	 	6	  
				
		 	2.6	  	 Governmental Consents
	  	 	6	  
				
		 	2.7	  	 Offering; Previous Issuances Exempt
	  	 	6	  
				
		 	2.8	  	 Litigation
	  	 	7	  
				
		 	2.9	  	 Proprietary Information Agreements
	  	 	7	  
				
		 	2.10	  	 Patents and Trademarks
	  	 	7	  
				
		 	2.11	  	 Compliance with Other Instruments
	  	 	9	  
				
		 	2.12	  	 Agreements; Action
	  	 	9	  
				
		 	2.13	  	 Related-Party Transactions
	  	 	10	  
				
		 	2.14	  	 Permits
	  	 	10	  
				
		 	2.15	  	 Environmental and Safety Laws
	  	 	11	  
				
		 	2.16	  	 Manufacturing, Marketing and Development Rights
	  	 	11	  
				
		 	2.17	  	 Disclosure
	  	 	11	  
				
		 	2.18	  	 Registration Rights
	  	 	11	  
				
		 	2.19	  	 Corporate Documents
	  	 	11	  
				
		 	2.20	  	 Title to Property and Assets
	  	 	11	  
				
		 	2.21	  	 Financial Statements
	  	 	11	  
				
		 	2.22	  	 Indebtedness
	  	 	12	  
				
		 	2.23	  	 Changes
	  	 	12	  
				
		 	2.24	  	 Employee Benefit Plans
	  	 	13	  
				
		 	2.25	  	 Tax Returns, Payments and Elections
	  	 	15	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	2.26	  	 Insurance
	  	 	15	  
				
		 	2.27	  	 Minute Books
	  	 	15	  
				
		 	2.28	  	 Labor Agreements and Actions; Employee Compensation
	  	 	15	  
				
		 	2.29	  	 Section 83(b) Elections
	  	 	16	  
				
		 	2.30	  	 Real Property Holding Company
	  	 	16	  
				
		 	2.31	  	 Significant Customers and Suppliers
	  	 	16	  
				
		 	2.32	  	 Product Regulatory Review
	  	 	16	  
			
	 3.
	 	 Representations and Warranties of the Investors
	  	 	17	  
				
		 	3.1	  	 Authorization
	  	 	17	  
				
		 	3.2	  	 Purchase Entirely for Own Account
	  	 	17	  
				
		 	3.3	  	 Disclosure of Information
	  	 	17	  
				
		 	3.4	  	 Investment Experience
	  	 	17	  
				
		 	3.5	  	 Accredited Investor
	  	 	17	  
				
		 	3.6	  	 Restricted Securities
	  	 	17	  
				
		 	3.7	  	 Disqualification Event
	  	 	18	  
				
		 	3.8	  	 Further Limitations on Disposition
	  	 	18	  
				
		 	3.9	  	 Legends
	  	 	18	  
				
		 	3.10	  	 Exculpation Among Investors
	  	 	19	  
				
		 	3.11	  	 Further Representations by Foreign Investors
	  	 	19	  
				
		 	3.12	  	 Appraisal Rights Waiver
	  	 	19	  
			
	 4.
	 	 Conditions of Investors’ Obligations at Closing
	  	 	19	  
				
		 	4.1	  	 Representations and Warranties of Company
	  	 	19	  
				
		 	4.2	  	 Performance
	  	 	20	  
				
		 	4.3	  	 Compliance Certificate
	  	 	20	  
				
		 	4.4	  	 Qualifications
	  	 	20	  
				
		 	4.5	  	 Proceedings and Documents
	  	 	20	  
				
		 	4.6	  	 Secretary’s Certificate
	  	 	20	  
				
		 	4.7	  	 Opinion of Company Counsel
	  	 	20	  
				
		 	4.8	  	 Board of Directors
	  	 	20	  
				
		 	4.9	  	 Investors’ Rights Agreement
	  	 	20	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	  	 	  	Page	 
				
		 	4.10	  	 Voting Agreement
	  	 	20	  
				
		 	4.11	  	 Restated Certificate
	  	 	20	  
				
		 	4.12	  	 Stock Option Plan
	  	 	20	  
				
		 	4.13	  	 Amendments to Management Rights Letters
	  	 	21	  
				
		 	4.14	  	 Termination of Existing Agreements
	  	 	21	  
				
		 	4.15	  	 Consents
	  	 	21	  
			
	 5.
	 	 Conditions of the Company’s Obligations at Closing
	  	 	21	  
				
		 	5.1	  	 Representations and Warranties
	  	 	21	  
				
		 	5.2	  	 Qualifications
	  	 	21	  
				
		 	5.3	  	 Investors’ Rights Agreement
	  	 	21	  
				
		 	5.4	  	 Voting Agreement
	  	 	21	  
			
	 6.
	 	 Miscellaneous
	  	 	21	  
				
		 	6.1	  	 Survival of Representations and Warranties
	  	 	21	  
				
		 	6.2	  	 Successors and Assigns
	  	 	21	  
				
		 	6.3	  	 Governing Law
	  	 	22	  
				
		 	6.4	  	 Counterparts
	  	 	22	  
				
		 	6.5	  	 Titles and Subtitles
	  	 	22	  
				
		 	6.6	  	 Notices
	  	 	22	  
				
		 	6.7	  	 Finder’s Fee
	  	 	22	  
				
		 	6.8	  	 Expenses
	  	 	22	  
				
		 	6.9	  	 Amendments and Waivers
	  	 	22	  
				
		 	6.10	  	 Severability
	  	 	23	  
				
		 	6.11	  	 Aggregation of Stock
	  	 	23	  
				
		 	6.12	  	 Entire Agreement
	  	 	23	  

  
 -iii- 

 VALERITAS, INC. 

SERIES D PREFERRED STOCK PURCHASE AGREEMENT 

THIS SERIES D PREFERRED STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of the 23rd day of June, 2014, by and among
Valeritas, Inc., a Delaware corporation (the “Company”), and the investors listed on Schedule I hereto (each of which is herein referred to as an “Investor”). 

WHEREAS, effective as of June 19, 2014, the Company restructured its capitalization through the merger of a wholly-owned subsidiary of
Valeritas Holdings, LLC (“Holdings”) into the Company pursuant to the Agreement and Plan of Merger and Reorganization, dated June 9, 2014 (the “Merger”). As a result of the Merger, the Company became a
wholly-owned subsidiary of Holdings, and the holders of capital stock of the Company outstanding immediately prior to the effective time of the Merger became holders of units of limited liability company interest in Holdings; 

WHEREAS, following the effective time of the Merger, the Company authorized the sale and issuance of up to an aggregate of 4,500,000 shares of
newly authorized Preferred Stock of the Company, par value $0.00001 per share, designated as “Series D Preferred Stock” (the “Shares”); 

WHEREAS, the Investors desire to purchase the Shares set forth opposite each Investor’s name on Schedule I on the terms and
conditions set forth herein; and 
 WHEREAS, the Company desires to issue and sell the Shares to the Investors on the terms and conditions
set forth herein; 
 THE PARTIES HEREBY AGREE AS FOLLOWS: 

1. Purchase and Sale of Shares 
 1.1
Sale and Issuance of Series D Preferred Stock. 
 (a) The Company shall adopt and file with the Secretary of State of Delaware on or
before the Initial Closing (as defined below) the Fifth Amended and Restated Certificate of Incorporation in the form attached hereto as Exhibit A (the “Restated Certificate”). 

(b) On or prior to the Initial Closing, the Company shall have authorized (i) the sale and issuance to the Investors of the Shares and
(ii) the issuance of the shares of Common Stock of the Company to be issued upon conversion of the Shares (the “Conversion Shares”), in each case as set forth herein. The Shares and the Conversion Shares shall have the rights,
preferences, privileges and restrictions set forth in the Restated Certificate. 
 (c) Subject to the terms and conditions of this
Agreement, each Investor agrees, severally and not jointly, to purchase at the applicable Closing (as defined below) pursuant to Section 1.2(a) and (b) and the Company agrees to sell, issue and deliver to each Investor at such Closing, at
a purchase price per share of $10.00, that number of Shares set forth opposite such Investor’s name on Schedule I hereto, in consideration of the cash to be paid by such Investors, as set forth on Schedule I hereto. 

 1.2 Closing. 

(a) Initial Closing. On the date hereof, or at such other time and place as the Company and Investors acquiring in the aggregate at
least a majority of the Shares sold pursuant to this Agreement (which majority shall include WCAS Valeritas Holdings, LLC (“WCAS”)) agree upon in writing (which time is designated as the “Initial Closing”), the
Company shall sell, subject to and on the terms and conditions contained in this Agreement, a total of 2,500,000 Shares to the Investors in accordance with Schedule I hereto. At the Initial Closing, the Company shall deliver to each Investor
a certificate or certificates representing the Shares that such Investor is purchasing against payment of the purchase price therefor by cash in immediately available funds. 

(b) Second Closing. Following the Initial Closing, on the earliest of (i) October 15, 2014, (ii) within ten
(10) business days of the date on which the Company files a registration statement with the United States Securities and Exchange Commission (“SEC”) pursuant to the Securities Act of 1933, as amended (the
“Act”), and such registration statement has an estimated price range, and (iii) such time as the Investors holding at least a majority of the then outstanding Shares (which majority shall include WCAS) agree upon in writing
(which time is designated as the “Second Closing”), the Company shall sell, subject to and on the terms and conditions contained in this Agreement, up to a total of 2,000,000 Shares (subject to appropriate adjustment in the event of
any stock dividend, stock split, combination or similar recapitalization affecting such shares) (the “Additional Shares”), to the Investors in accordance with each such Investor’s commitment set forth on Schedule I (hereinafter
referred to as such Investor’s “Second Closing Commitment”). Each Investor may assign its Second Closing Commitment to entities affiliated with such Investor. The Company shall give at least ten (10) business days prior
written notice to each Investor of its intention to consummate the Second Closing. At the Second Closing, the Company shall deliver to each Investor (or its affiliates) a certificate or certificates representing the Additional Shares that such
Investor (or its affiliates) is purchasing against payment of the purchase price therefor by cash in immediately available funds. The term “Closing” shall apply to the Initial Closing and the Second Closing unless otherwise specified. The
rights and obligations of the Company and the Investors to consummate the Second Closing pursuant to this Section 1.2(b) shall automatically terminate upon the earlier of (i) the consummation of a Liquidation Event or (ii) the written
consent of the Investors holding at least a majority of the then outstanding Shares (which majority shall include WCAS) to exercise the rights set forth in Section 1.2(c). 

(c) Initial Public Offering. In the event (i) the Company files a registration statement under the Act prior to October 15,
2014 in connection with its initial underwritten public offering of shares of Common Stock (the “IPO”), and such registration statement has an estimated price range and (ii) Investors holding at least a majority of the then
outstanding Shares (which majority shall include WCAS) notify the Company in writing of such Investors’ election to abandon the consummation of the sale and purchase of the Additional Shares at the Second Closing, each Investor, or its
designee, shall purchase such number of registered public shares of 

  
 2 

 
Common Stock in the IPO equal to such Investor’s Second Closing Commitment divided by the price per share of Common Stock offered to the public (the “IPO Shares”). The
Company shall use its commercially reasonable efforts to cause the managing underwriter(s) of the IPO to direct to the Investors a number of registered public shares of Common Stock in the IPO equal the total IPO Shares. The Investors acknowledge
that, despite the Company’s use of its commercially reasonable efforts, the managing underwriter(s) may determine in their sole discretion that it is not advisable to designate all such IPO Shares as directed shares in the IPO, in which case
the number of IPO Shares may be reduced or no directed shares may be designated, as applicable. Any such reduction shall be pro rata among all participating Investors. Nothing in this Section 1.2(c) shall affect the rights and obligations of the
Company and the Investors to consummate the sale and purchase of the Additional Shares in accordance with Section 1.2(b) if the Investors holding at least a majority of the then outstanding Shares (which majority must include WCAS) have not
notified the Company in writing to consummate the purchase of IPO Shares as contemplated by this Section 1.2(c) in lieu of the Second Closing. For clarity, in no event will any Investor be obligated to purchase Additional Shares or IPO Shares,
as the case may be, in excess of their respective Second Closing Commitment. 
 (d) Special Mandatory Conversion. The Investors
hereby acknowledge and agree that in the event that any Investor (or its affiliates) does not purchase such Investor’s Second Closing Commitment pursuant to Section 1.2(b) or 1.2(c), then each share of Series D Preferred Stock held by such
Investor shall automatically, and without any further action on the part of such Investor, be converted into one-tenth (1/10th) of a share of Common Stock, with cash issued in lieu of any fractional shares of Common Stock, all in accordance
with Section 3B of Article IV(B) of the Restated Certificate. 
 1.3 Use of Proceeds. The Company shall use the proceeds of the
sale of the Shares for working capital and general corporate purposes. 
 2. Representations and Warranties of the Company. The Company hereby
represents and warrants to each Investor that, except as set forth on a Schedule of Exceptions (the “Schedule of Exceptions”) furnished each Investor, specifically identifying the relevant Section hereof, which exceptions shall be
deemed to be representations and warranties as if made hereunder: 
 2.1 Organization, Good Standing and Qualification. The Company
is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate power and authority to own or lease and operate its assets and carry on its business as now conducted and
as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. “Material Adverse Effect” means
any (i) adverse effect on the issuance or validity of the Shares or the transactions contemplated hereby or on the enforceability or validity of the Restated Certificate or on the ability of the Company to perform its obligations under this
Agreement or the other Ancillary Agreements (as defined below), or (ii) material adverse effect on the prospects or condition (financial or otherwise), properties, assets, liabilities, business or operations of the Company taken as a whole;
provided that the completion of the Merger in and of itself shall not be deemed a Material Adverse Effect. 

  
 3 

 2.2 Capitalization and Voting Rights. After giving effect to the Merger and the filing of
the Restated Certificate, the authorized capital stock of the Company consists, or will consist immediately prior to the Initial Closing, of: 

(a) 6,000,000 shares of Preferred Stock, par value $0.00001 (the “Preferred Stock”), all of which shares have been designated
Series D Preferred Stock (the “Series D Preferred Stock”), none of which are issued and outstanding immediately prior to the Initial Closing. The rights, privileges and preferences of the Preferred Stock are as stated in the
Restated Certificate. 
 (b) 50,000,000 shares of common stock, par value $0.00001, of the Company (the “Common Stock”), of
which 9,000,000 shares are issued and outstanding immediately prior to the Initial Closing. The rights, privileges and preferences of the Common Stock are as stated in the Restated Certificate. 

(c) All outstanding shares of Common Stock are owned by Holdings. Other than as set forth in this Section 2.2, the Company has no other
shares of capital stock authorized, issued or outstanding. 
 (d) The outstanding shares of Common Stock are all duly and validly authorized
and issued, fully paid and nonassessable, were not issued in breach of or violation of any preemptive or similar rights and were issued in accordance with the registration or qualification provisions of the Act and any relevant state securities
laws, or pursuant to valid exemptions therefrom. 
 (e) Except for (i) the conversion privileges of the Preferred Stock as set forth in
the Restated Certificate, (ii) the rights provided in Section 4 of the Investors’ Rights Agreement in the form attached hereto as Exhibit B (the “Investors’ Rights Agreement”), (iii) warrants to
purchase 195,008 shares of Common Stock held by the Company’s senior lender and (iv) options to purchase 1,305,483 shares of Common Stock have been reserved for grants to employees and other service providers pursuant to the Valeritas,
Inc. 2014 Equity Compensation Plan (the “2014 Option Plan”), of which, as of the date hereof, no options to purchase shares of Common Stock are outstanding, there are no outstanding options, warrants, rights (including conversion or
preemptive rights), agreements or commitments for the purchase or acquisition from the Company of any shares of its capital stock or other securities. There are no outstanding or authorized stock appreciation, phantom stock, profit participation or
other similar rights with respect to the Company or which otherwise permit the holder thereof to participate in the proceeds of a sale of the Company (regardless of how structured). Except as provided in the Restated Certificate, the Company has no
obligation (contingent or otherwise) to purchase, redeem or otherwise acquire any of its equity securities or any interests therein or to pay any dividend or make any distribution in respect thereof. 

(f) All outstanding securities of the Company, including, without limitation, all outstanding shares of the capital stock of the Company, all
shares of the capital stock of the Company issuable upon the conversion or exercise of all options or other convertible or exercisable securities and all other securities that the Company is obligated to issue, are subject to a one hundred eighty
(180) day “market stand-off” restriction upon an initial public offering of the Company’s securities pursuant to a registration statement filed with the SEC pursuant to the Act in a form substantially identical to
Section 1.13 of the Investors’ Rights Agreement. 

  
 4 

 (g) The Schedule of Exceptions sets forth a complete list of each security of the Company owned
by any officer, director or, in the Company’s reasonable belief, key employee of the Company, or by any affiliate or any member of the immediate family of any such individual, together with a description of the material terms of the vesting
provisions and the rights of first refusal and rights of repurchase applicable to each such security. No stock plan, stock purchase, stock option or other agreement or understanding between the Company and any holder of any securities or rights
exercisable or convertible for securities provides for acceleration or other changes in the vesting provisions or other terms of such agreement or understanding as the result of the occurrence of any event. The term “knowledge”
means, with respect to the Company, the actual knowledge upon reasonable inquiry or due investigation of the following officers and key employees: Kristine Peterson, William Duke, Kurt Andrews, Geoffrey Jenkins and John Timberlake. 

(h) Except with respect to any rights granted to the Investors pursuant to the terms of the Restated Certificate, this Agreement or the
Ancillary Agreements (as defined below) or the transactions contemplated hereby or thereby, no party has any right of first refusal, right of first offer, right of co-sale, preemptive right or other similar right regarding the Company’s
securities. There are no provisions of the Company’s organizational documents, no agreements to which the Company is a party or is bound by other than the Restated Certificate, this Agreement or the other Ancillary Agreements, which
(i) may affect or restrict the voting rights of the Investors with respect to the Shares or the Conversion Shares in their capacity as stockholders of the Company, (ii) restrict the ability of the Investors, or any successor thereto or
assignee or transferee thereof, to transfer the Shares or the Conversion Shares, or (iii) entitle any party to nominate or elect any director of the Company or require any of the Company’s stockholders to vote for any such nominee or other
person as a director of the Company in each case. 
 2.3 Subsidiaries. The Company does not presently own or control, directly or
indirectly, any debt or equity interest in any other corporation, association, or other business entity. The Company is not a participant in any joint venture, partnership, or similar arrangement. 

2.4 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement, the Investors’ Rights Agreement, the Voting Agreement in the form attached hereto as Exhibit C (the “Voting Agreement” and together with the Investors’ Rights
Agreement, the “Ancillary Agreements”) and the Restated Charter, the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance (or reservation for issuance), sale and delivery of the
Shares being sold hereunder and the Conversion Shares has been taken or will be taken prior to the Initial Closing, and this Agreement and the Ancillary Agreements constitute valid and legally binding obligations of the Company, enforceable in
accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights

  
 5 

 
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) to the extent the indemnification
provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws. 
 2.5 Valid
Issuance of Securities. The Shares being purchased by the Investors hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, (i) will be duly and validly issued, fully
paid, and nonassessable, and will be free and clear from all taxes and of any lien, claim, judgment, charge, mortgage, security interest, pledge, escrow, equity or other encumbrance (collectively, “Encumbrances”) other than
restrictions on transfer under this Agreement and the Ancillary Agreements and under applicable state and federal securities laws, (ii) will not violate or cause a breach of any preemptive or similar rights and (iii) will be issued in
accordance with the registration or qualification provisions of the Act and any relevant state securities laws, or pursuant to valid exemptions therefrom. The Conversion Shares have been duly and validly reserved for issuance and, upon issuance in
accordance with the terms of the Restated Certificate, will be duly and validly issued, fully paid, and nonassessable and will be free and clear from all taxes and Encumbrances other than restrictions on transfer under this Agreement and the
Ancillary Agreements and under applicable state and federal securities laws. 
 2.6 Governmental Consents. No consent, approval,
order or authorization of, or registration, qualification, designation, declaration, notice to or filing with, any federal, state or local governmental authority on the part of the Company is required in connection with the consummation of the
transactions contemplated by this Agreement, except (i) the filing of the Restated Certificate with the Secretary of State of Delaware; (ii) the filing pursuant to the Regulation D, promulgated by the SEC under the Act, which filing will
be effected within 15 days of the sale of the Shares hereunder; or (iii) the filings required by applicable state “blue sky” securities laws, rules and regulations. 

2.7 Offering; Previous Issuances Exempt. Neither the Company, nor any of its affiliates or any other person acting on the
Company’s behalf, has directly or indirectly engaged in any form of general solicitation or general advertising in connection with the offer, sale or issuance of the Shares nor have any of such persons made any offers or sales of any security
of the Company or its affiliates or solicited any offers to buy any security of the Company or its affiliates under circumstances that would require registration of the Shares under the Act or any other securities laws or cause this offering of the
Shares to be integrated with any prior offering of securities of the Company for purposes of the Act. Subject in part to the truth and accuracy of each Investor’s representations set forth in Section 3 of this Agreement, the offer, sale
and issuance of the Shares as contemplated by this Agreement are exempt from the registration requirements of any applicable state and federal securities laws (under Rule 506 promulgated under the Act, as amended, in the case of the federal
securities laws), and neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemption. All shares of capital stock and other securities issued by the Company prior to the
Initial Closing have been issued in transactions exempt from the registration requirements under the Act and all applicable state securities or “blue sky” laws, and in compliance with all applicable corporate laws. The Company has not
violated the Act or any applicable state or other securities or “blue sky” laws in connection with the issuance of any shares of capital stock or other securities prior to the Closing. 

  
 6 

 2.8 Litigation. There is no claim, action, suit, proceeding or investigation pending or,
to the Company’s knowledge, currently threatened against the Company or any of its properties before any court or arbitrator or any governmental body, agency or official. To the Company’s knowledge, there are no facts that would cause a
reasonable person to believe that such a proceeding would likely result. The foregoing includes, without limitation, actions, suits, proceedings or investigations pending or threatened (or any basis therefor known to the Company) involving the prior
employment of any of the Company’s employees, their use in connection with the Company’s business of any information or techniques allegedly proprietary to any of their former employers, or their obligations under any agreements with prior
employers. The Company is not a party or subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality. There is no action, suit, proceeding or investigation by the Company
currently pending or that the Company intends to initiate. 
 2.9 Proprietary Information Agreements. Except as set forth on
Section 2.9 of the Schedule of Exceptions, each present and former employee and officer of the Company has executed a Proprietary Information and Inventions Agreement, and each present consultant to the Company has executed a Consulting
Agreement, in substantially the forms provided to special counsel for the Investors (and each former employee of and consultant to the Company executed a form used by the Company at the time, copies of which have been provided to special counsel to
the Investors). The Company is not aware that any of its present or former employees, officers or consultants are in violation of the aforementioned agreements, and the Company has taken commercially reasonable efforts to prevent any such violation.
No present or former security holder, officer, director or employee of the Company, nor any third party, has any right, title or interest in any Proprietary Rights (as defined in Section 2.10), and all such persons who have been authors,
inventors or developers of any Proprietary Rights have assigned any material rights, title or interests in or to such Proprietary Rights to the Company, and waived their moral rights in any copyrighted works comprising such Proprietary Rights. All
employees and directors of the Company with access to the Company’s confidential Proprietary Rights have agreed to maintain the confidentiality of such confidential Proprietary Rights. The Company has provided the Investors with an accurate and
complete list of the Company’s current employees, including a detailed description of all salary, bonus, severance obligations and deferred compensation paid or payable for each current employee of the Company who received compensation in
excess of $200,000 for the fiscal year ended December 31, 2013 or is anticipated to receive compensation in excess of $200,000 for the fiscal year ending December 31, 2014. 

2.10 Patents and Trademarks. Except as set forth on Section 2.10 of the Schedule of Exceptions, the Company possesses all rights,
title and interests, free and clear of all liens, pledges, security interests, transfer restrictions and other encumbrances, to all material patents and patent applications (together with, all reissuances, continuations, continuations-in-part,
revisions, extensions and reexaminations thereof), material inventions (whether patentable or unpatentable and whether or not reduced to practice) and all improvements thereon, except for 

  
 7 

 
improvements made by former employees subsequent to such former employee leaving the employ of the Company, trademarks, service marks, trade names and domain names (together with all
translations, adaptations, derivations and combinations thereof) and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith, copyrightable works, copyrights, trade secrets, information,
proprietary rights and processes, in each case to the extent used in or otherwise necessary for its business as now conducted and as proposed to be conducted (collectively, “Proprietary Rights”) without any violation or infringement of, or
other conflict with, the valid and enforceable rights of others. The Schedule of Exceptions contains a complete list of patents and pending patent applications and registrations and applications for trademarks, copyrights and domain names owned by,
or exclusively licensed to, the Company, which listing specifies for each item listed the owner, the subject matter of such item, any application, patent or registration number, and the date of any application or of the issuance of any patent or
registration. The Company has taken commercially reasonable actions to maintain and protect its Proprietary Rights. To the Company’s knowledge, all registered Proprietary Rights owned by, or exclusively licensed to, the Company are valid and
subsisting and are in full force and effect. Section 2.10 of the Schedule of Exceptions sets forth all options, licenses, rights to collect royalties, agreements, claims, encumbrances or shared ownership of interests that might be reasonably
expected to be material to the Company pursuant to which the Company receives or has received Proprietary Rights, or pursuant to which the Company has granted a license or other interest in Proprietary Rights collectively, “Licenses,” and
all such Licenses are in full force and effect, the Company, to its knowledge, is not and has never been in breach thereof and, to the Company’s knowledge, the other party or parties thereto are not and never been in breach thereof. The Company
has no contractual restrictions or obligations, including obligations to pay royalties, on its use or proposed use of any basal delivery products, including the V-Go product, or on any product where such products lack a controlled slip anchor spring
damper mechanism for controlling a rapid drug infusion. The Company knows of no person or entity, who has infringed upon, interfered with, misappropriated or otherwise come into conflict with any Proprietary Rights, and the Company has not received
any written notice with respect to any such infringement, interference, misuse or other violation of any Proprietary Rights. To the Company’s knowledge, there is no governmental prohibition or other restriction on the license, sale or use of
the Proprietary Rights under applicable law other than export controls. The Company has not violated, interfered with, misappropriated, infringed or otherwise come into conflict with, and is not currently and as its business is proposed to be
conducted will not be violating, interfering with, misappropriating, infringing or otherwise coming into conflict with, any valid and enforceable proprietary or intellectual property right of any other person or entity. The Company has not received
any communications alleging that the Company (or any of its employees or consultants) has violated or, by conducting its business as proposed, would violate any of the proprietary or intellectual property rights of any other person or entity and the
Company is not aware of any reason to believe that such an allegation may be forthcoming. There are no pending or threatened proceedings or adverse claims made with respect to any Proprietary Rights. There has never been litigation commenced or
threatened in writing against the Company with respect to any Proprietary Rights. The Company is not aware that any of its employees, officers, directors or consultants is obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of any court or administrative agency, that would interfere with the use of his or her best 

  
 8 

 
efforts to promote the interests of the Company or that would conflict with the Company’s business as presently conducted or as proposed to be conducted. Neither the execution nor delivery
of this Agreement or the Ancillary Agreements, nor the carrying on of the Company’s business by the employees, officers and consultants of the Company, nor the conduct of the Company’s business as proposed, will conflict with or result in
a breach of the terms, conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which any of such employees, officers or consultants is now obligated. Without limiting the foregoing, the Company does not
believe it is using or will be necessary to utilize any inventions of any of its employees, officers or consultants (or people it currently intends to hire) made prior to or outside the scope of their employment or engagement by the Company,
including inventions made by any former employees whereas such inventions were made by such former employees after termination of the employee’s employment with the Company and to the Company’s knowledge, the patents and patent
applications within the Proprietary Rights designate the correct inventors of the inventions claimed in those patents and patent applications. 

2.11 Compliance with Other Instruments. The Company (i) has not been and is not in violation or default of any provision of its
Restated Certificate or Bylaws, or of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or (ii) has not been and is not in violation or default, in any material respect, of any provision
of any law, statute, rule or regulation applicable to the Company. No other party to any contract to which the Company is a party is, to the Company’s knowledge, in violation, breach or default thereof. The execution, delivery and performance
of this Agreement and the Ancillary Agreements, and the consummation of the transactions contemplated hereby and thereby and the execution and filing of the Restated Certificate will not result in any such violation or default or be in conflict with
or constitute, with or without the passage of time and giving of notice, either a default under any such provision, instrument, judgment, order, writ, decree or contract or an event that (i) results in the creation of any lien, charge or
encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or approval applicable to the Company, its business or operations or any of its assets or
properties or (ii) gives others (with notice or lapse of time or both) any rights of termination, amendment, acceleration or cancellation of, any provision thereunder. 

2.12 Agreements; Action. 

(a) Except for agreements explicitly contemplated hereby and by the Ancillary Agreements, there are no agreements, understandings or proposed
transactions between the Company and any of its stockholders, officers, directors, affiliates, or any affiliate thereof. 
 (b)
Section 2.12 of the Schedule of Exceptions sets forth all agreements, understandings, instruments, contracts, proposed transactions, judgments, orders, writs or decrees to which the Company is a party or by which it is bound (i) that may
involve obligations (contingent or otherwise) of, or payments to the Company in excess of, $1,000,000, (ii) that are not terminable by the Company upon 30 days’ or less notice without penalty or premium, (iii) that include provisions
materially restricting the development, manufacture or distribution of the Company’s products or services, (iv) that provide indemnification by the Company with respect 

  
 9 

 
to infringements of proprietary rights, (v) that may involve the research, development, manufacture, testing, distributions, marketing or consulting with respect to any Life Science Product
(as defined below), or (vi) the breach of which would have a Material Adverse Effect on the Company (each a “Material Contract” and collectively, the “Material Contracts”). Each Material Contract is the legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance or other similar laws affecting
creditors’ rights generally and by general equitable principles. There has not occurred any material breach, violation or default or any event that, with the lapse of time, the giving of notice or the election of any person, or any combination
thereof, would constitute a material breach, violation or default by the Company under any such contract or, to the knowledge of the Company, by any other person to any such contract. The Company has not been notified that any party to any Material
Contract intends to cancel, terminate, not renew or exercise an option under any Material Contract, whether in connection with the transactions contemplated hereby or otherwise. 

(c) The Company has not (i) declared or paid any dividends or authorized or made any distribution upon or with respect to any class or
series of its capital stock, (ii) made any loans or advances to any person, other than ordinary advances for travel expenses, or (iii) sold, exchanged or otherwise disposed of any of its assets or rights, other than the sale of its inventory in
the ordinary course of business. 
 (d) For the purposes of subsections (b) and (c) above, all liabilities, agreements,
understandings, instruments, contracts and proposed transactions involving the same person or entity (including persons or entities the Company has reason to believe are affiliated therewith) shall be aggregated for the purpose of meeting the
individual minimum dollar amounts of such subsections. 
 2.13 Related-Party Transactions. No stockholder (or affiliate thereof),
employee, officer, or director of the Company (a “Related Party”) or member of such Related Party’s immediate family, or any corporation, partnership or other entity in which such Related Party is an officer, director or
partner, or in which such Related Party has significant ownership interests or otherwise controls, is indebted to the Company, nor is the Company indebted (or committed to make loans or extend or guarantee credit) to any of them. None of such
persons has any direct or indirect ownership interest in any firm or corporation with which the Company is affiliated or with which the Company has a material business relationship, or any firm or corporation that competes with the Company, except
that such persons may own stock in (but not exceeding one percent (1%) of the outstanding capital stock of) publicly traded companies that may compete with the Company. Except for this Agreement, the Ancillary Agreements and as set forth on
Section 2.13 of the Schedule of Exceptions, no Related Party or member of their immediate family is directly or indirectly interested in any Material Contract with the Company. 

2.14 Permits. The Company has all franchises, permits, licenses, regulatory approvals, and any similar authority necessary for the
conduct of its business as now being conducted by it, the lack of which could materially and adversely affect the business, properties, prospects or financial condition of the Company, and the Company believes it can obtain, without undue

  
 10 

 
burden or expense, any similar authority for the conduct of its business as planned to be conducted. The Company is not in default in any material respect under any of, such franchises, permits,
licenses, regulatory approvals or other similar authority. 
 2.15 Environmental and Safety Laws. The Company has not been and is not
in violation of any applicable statute, law or regulation relating to the environment or occupational health and safety, and there is no existing condition, situation or set of circumstances which to the Company’s knowledge could reasonably be
expected to result in such violation, and no material expenditures are or will be required in order to comply with any such existing statute, law or regulation. 

2.16 Manufacturing, Marketing and Development Rights. Except as set forth on Section 2.12 of the Schedule of Exceptions, the
Company has not granted rights to manufacture, produce, assemble, license, market, or sell its products to any other person and is not bound by any agreement that affects the Company’s exclusive right to develop, manufacture, assemble,
distribute, market or sell its products. 
 2.17 Disclosure. No certificates made or delivered in connection with this Agreement or
the Ancillary Agreements contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements herein or therein not misleading when reviewed along with this Agreement and the Schedule of Exceptions. 

2.18 Registration Rights. Except as provided in the Investors’ Rights Agreement, the Company has not granted or agreed to grant
any registration rights currently in effect, including piggyback rights, to any person or entity. 
 2.19 Corporate Documents. Copies
of the Restated Certificate, certified by the Secretary of State of the State of Delaware, and Bylaws of the Company, certified by its Secretary, have been delivered to the Investors, are true and completed copies of such instruments as amended to
the date of this Agreement and are in full force and effect. 
 2.20 Title to Property and Assets. Except as set forth on
Section 2.20 of the Schedule of Exceptions, the Company owns its property and assets free and clear of all Encumbrances, except such Encumbrances that do not materially impair the Company’s ownership or use of such property or assets. With
respect to the property and assets it leases, the Company is in compliance with such leases and holds a valid leasehold interest free of any Encumbrances. The Company does not own any real property. 

2.21 Financial Statements. The Company has delivered to each Investor copies of its audited financial statements (balance sheet and
income and cash flow statements, including notes thereto) as of December 31, 2013 and for the fiscal year then ended, and its unaudited financial statements (balance sheet and income statement) as at and for the three-month period ended
March 31, 2014 (the “Company Financial Statements”). The Company Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles applied on a consistent basis throughout the periods
indicated and with each other, except that the unaudited Company Financial Statements may not contain all footnotes required by U.S. generally accepted accounting principles. The Company Financial Statements fairly present the financial condition

  
 11 

 
and operating results of the Company as of the dates, and for the periods, indicated therein, subject in the case of the unaudited Company Financial Statements to normal year-end audit
adjustments, the effect of which will not, individually or in the aggregate, be materially adverse. Except as set forth in the Company Financial Statements, the Company has no material liabilities, contingent or otherwise, other than
(i) liabilities incurred in the ordinary course of business subsequent to March 31, 2014 (the “Financial Statement Date”) and (ii) obligations under contracts and commitments incurred in the ordinary course of
business and not required under U.S. generally accepted accounting principles to be reflected in the Company Financial Statements, which, in both cases, individually or in the aggregate, are not material to the financial condition or operating
results of the Company. Except as disclosed in the Company Financial Statements, the Company is not a guarantor or indemnitor of any indebtedness of any other person, firm or corporation. The Company maintains and will continue to maintain a
standard system of accounting established and administered in accordance with U.S. generally accepted accounting principles. There have been no changes in the assets, liabilities, financial condition or operating results of the Company since the
Financial Statement Date, except for changes occurring in the ordinary course of business. 
 2.22 Indebtedness. Section 2.22 of
the Schedule of Exceptions sets for a true and complete summary of the indebtedness of the Company, including all indebtedness to be terminated in connection with this Agreement and the transactions contemplated hereby, and a list of each agreement
and amendments thereto in respect of all such indebtedness. 
 2.23 Changes. Since the Financial Statement Date, except as set forth
in Section 2.23 of the Schedule of Exceptions, there has not been: 
 (a) any damage, destruction or loss, whether or not covered by
insurance, materially and adversely affecting the assets, properties, financial condition, operating results, prospects or business of the Company (as such business is presently conducted and as it is proposed to be conducted); 

(b) any waiver by the Company of a valuable or material right or claim or of a material debt owed to it; 

(c) any satisfaction or discharge of any lien, claim or encumbrance or payment of any obligation by the Company, except in the ordinary course
of business and that is not material to the assets, properties, financial condition, operating results or business of the Company (as such business is presently conducted and as it is proposed to be conducted); 

(d) any material change or amendment to a Material Contract or arrangement by which the Company or any of its assets or properties is bound or
subject; 
 (e) any sale, assignment or transfer of any patents, trademarks, copyrights, trade secrets or other intangible assets; 

(f) any resignation or termination of employment of any key employee or officer of the Company (and the Company, to its knowledge, does not
know of the impending resignation or termination of employment of any such officer or key employee); 

  
 12 

 (g) any (i) grant of any severance or termination pay to (or amendment to any such existing
arrangement with) any director, officer or employee of the Company, (ii) entering into of any employment, deferred compensation, supplemental retirement or other similar agreement (or any amendment to any such existing agreement) with any
director, officer or employee of the Company, (iii) increase in, or accelerated vesting and/or payment of, benefits under any existing severance or termination pay policies or employment agreements of the Company or (iv) increase in or
enhancement of any rights or features related to compensation, bonus or other benefits payable to directors, officers or senior employees of the Company, other than in the ordinary course of business consistent with past practice 

(h) receipt of notice that there has been a loss of, or material order cancellation by, any major customer of the Company; 

(i) any mortgage, pledge, transfer of a security interest in, or lien, created by the Company, with respect to any of its material properties
or assets, except liens for taxes not yet due or payable and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such property or assets; 

(j) any assignment, lease or other transfer or disposition, or any other agreement or arrangement therefor by the Company of any property or
equipment having a value in excess of $100,000, except in the ordinary course of business consistent with past practice; 
 (k) other than
for employment compensation and expenditures contemplated by its operating budget approved by the Board of Directors, any expenditure by the Company (or series of related expenditures) involving more than $100,000 in the aggregate; 

(l) any loans or guarantees made by the Company to or for the benefit of its employees, officers or directors, or any members of their
immediate families, other than travel advances and other advances made in the ordinary course of its business; 
 (m) any declaration,
setting aside or payment or other distribution in respect of any of the Company’s capital stock, or any direct or indirect redemption, purchase or other acquisition of any of such stock by the Company; 

(n) any Material Adverse Effect or to the Company’s knowledge, any other event or condition of any character that might be reasonably
expected to result in a Material Adverse Effect; or 
 (o) any agreement or commitment by the Company to do any of the things described in
this Section 2.23. 
 2.24 Employee Benefit Plans. 

(a) The Schedule of Exceptions contains a list of all employee benefit plans (as defined in Section 3(3) of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)) to which the Company or any person that is, together with the Company, treated as a single employer under Section 414 of the Internal Revenue Code of 1986, as

  
 13 

 
amended (the “Code”), or Section 400l(b) of ERISA (each, an “ERISA Affiliate”), is a party, with respect to which the Company or any ERISA Affiliate has any
obligation or which are maintained, contributed to or sponsored by the Company or any ERISA Affiliate for the benefit of any current or former employee, officer, director or consultant of the Company or any ERISA Affiliate (each, a “Benefit
Plan”). 
 (b) The Company has furnished the Investors with a true and complete copy of each Benefit Plan (or a written summary of
any Benefit Plan that is not in writing) and a true and complete copy of each material document, if any, prepared in connection with each Benefit Plan, including, without limitation, (i) a copy of each trust or other funding arrangement, (ii)
each summary plan description and summary of material modifications, (iii) the three most recent annual reports (Form 5500 series and all schedules and financial statements attached thereto), if any, required under ERISA or the Code in
connection with each Benefit Plan, (iv) the most recently received Internal Revenue Service determination or opinion letter for each Benefit Plan intended to qualify under Section 401(a) of the Code and (v) the most recently prepared
actuarial report and financial statement in connection with each Benefit Plan (if not included in such annual report). 
 (c) None of the
Benefit Plans is subject to Title IV of ERISA or Section 412 of the Code, and neither the Company nor any ERISA Affiliate has ever maintained or contributed to a plan that is subject to Title IV of ERISA or Section 412 of the Code. 

(d) Each Benefit Plan is now and always has been operated in all material respects in accordance with its terms and the requirements of all
applicable Laws, including (without limitation) ERISA, the Code and the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended through the date hereof (“COBRA”). No action, claim or proceeding is pending or, to the
knowledge of the Company, threatened with respect to any Benefit Plan (other than claims for benefits in the ordinary course) and no fact or event exists that could give rise to any such action, claim or proceeding. Each Benefit Plan may be amended,
terminated or otherwise discontinued at any time without material liability to the participants, the Investors, the Company or any ERISA Affiliate, other than ordinary administration expenses. 

(e) Each Benefit Plan intended to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from
the Internal Revenue Service with respect to its qualified status under the Code, including all amendments to the Code effected by the Tax Reform Act of 1986 and subsequent legislation, the application for such letter was accurate and complete, and
nothing has occurred since the date of such letter that would adversely affect the qualified status of such Benefit Plan. 
 (f) No director
or officer or other employee of the Company will become entitled to any retirement, severance or similar benefit or enhanced or accelerated benefit (including any acceleration of vesting or lapse of repurchase rights or obligations with respect to
any employee benefit plan subject to ERISA or other benefit under any compensation plan or arrangement of the Company) solely as a result of the transactions contemplated in this Agreement; and no payment made or to be made to any current or former
employee or director of the Company, or any of its affiliates by reason of the transactions contemplated hereby (whether alone or in connection with any other event, including, but not limited to, a termination of employment) will constitute an
“excess parachute payment” within the meaning of Section 280G of the Code. 

  
 14 

 2.25 Tax Returns, Payments and Elections. The Company has filed all tax returns and
reports (including information returns and reports) as required by law. These returns and reports are true and correct in all material respects. The Company has timely paid all taxes and other assessments due, except those contested by it in good
faith that are listed in the Schedule of Exceptions. The provision for taxes of the Company as shown in the Company Financial Statements is adequate for taxes due or accrued as of the date thereof. The Company has not elected pursuant to the Code to
be treated as a Subchapter S corporation or a collapsible corporation pursuant to Section 1362(a) or Section 341(f) of the Code, nor has it made any other elections pursuant to the Code (other than elections that relate solely to methods
of accounting, depreciation or amortization) that would have a material effect on the Company, its financial condition, its business as presently conducted or proposed to be conducted or any of its properties or material assets. The Company has
never had any tax deficiency proposed or assessed against it and has not executed any waiver of any statute of limitations on the assessment or collection of any tax or governmental charge. None of the Company’s federal income tax returns and
none of its state income or franchise tax or sales or use tax returns has ever been audited by governmental authorities. Since December 31, 2013, the Company has not incurred any taxes, assessments or governmental charges other than in the
ordinary course of business and the Company has made adequate provisions on its books of account for all taxes, assessments and governmental charges with respect to its business, properties and operations for such period. The Company has withheld or
collected from each payment made to each of its employees, the amount of all taxes (including, but not limited to, federal income taxes, Federal Insurance Contribution Act taxes and Federal Unemployment Tax Act taxes) required to be withheld or
collected therefrom, and has paid the same to the proper tax receiving officers or authorized depositories. 
 2.26 Insurance. The
Company has in full force and effect fire and casualty insurance policies, with extended coverage, sufficient in amount (subject to reasonable deductibles) to allow it to replace any of its properties that might be damaged or destroyed. 

2.27 Minute Books. The minute books of the Company provided to the Investors contain a complete summary of all meetings and actions by
written consent of directors and stockholders since the time of incorporation and reflect all transactions referred to in such minutes accurately in all material respects. 

2.28 Labor Agreements and Actions; Employee Compensation. The Company is not bound by or subject to (and none of its assets or
properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and no labor union has requested or, to the Company’s knowledge, has sought to represent any of the
employees, representatives or agents of the Company. There is no strike or other labor dispute involving the Company pending, or to the Company’s knowledge, threatened, that could have a Material Adverse Effect, nor is the Company aware of any
labor organization activity involving its employees. The Company is not aware that any officer or key employee, or that any group of key employees, intends to terminate their employment with the Company, nor does the Company

  
 15 

 
have a present intention to terminate the employment of any of the foregoing. The employment of each officer and employee of the Company is terminable at the will of the Company. The Company has
complied in all material respects with all applicable state and federal equal employment opportunity and other laws related to employment. Except as set forth on Section 2.28 of the Schedule of Exceptions, the Company is not a party to or bound
by any currently effective employment contract, deferred compensation agreement, bonus plan, incentive plan, profit sharing plan, retirement agreement, or other employee compensation agreement. 

2.29 Section 83(b) Elections. To the Company’s knowledge, all individuals who have purchased unvested shares of the
Company’s Common Stock have timely filed elections under Section 83(b) of the Code and any analogous provisions of applicable state tax laws. 

2.30 Real Property Holding Company. The Company is not currently, and has not been during the prior five years, a United States real
property holding corporation within the meaning of Section 897 of the Code and the Company has filed with the Internal Revenue Service all statements, if any, with its United States income tax returns which are required under
Section 1.897-2(h) of the Treasury Regulations. 
 2.31 Significant Customers and Suppliers. No customer or supplier that was
significant to the Company during the period covered by the Company Financial Statements or that has been significant to the Company thereafter, has terminated, materially reduced or threatened to terminate or materially reduce its purchases from or
provision of products or services to the Company, as the case may be. 
 2.32 Product Regulatory Review. 

(a) As to each of the products of the Company, including, without limitation, products or compounds currently under research and/or
development by the Company, subject to the jurisdiction of the United States Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act and the regulations thereunder (“FDCA”) (each such
product, a “Life Science Product”), such Life Science Product is being researched, developed, manufactured, tested, distributed and/or marketed in compliance in all material respects with all applicable requirements under the FDCA
and similar laws and regulations applicable to such Life Science Product, including those relating to investigational use, premarket approval, good manufacturing practices, labeling, advertising, record keeping, filing of reports and security. The
Schedule of Exceptions lists each Life Science Product of the Company. The Company has not received any notice or other communication from the FDA or any other Federal, state or foreign governmental entity (i) contesting the premarket approval
of, the uses of or the labeling and promotion of any Life Science Product or (ii) otherwise alleging any violation by the Company of any law, regulation or other legal provision applicable to a Life Science Product, and to the Company’s
knowledge, there is no existing condition, situation or set of circumstances which could reasonably be expected to result in the occurrence of any such events. 

(b) Neither the Company, nor any officer, employee or agent of the Company has made an untrue statement of a material fact or fraudulent
statement to the FDA or other Federal, state or foreign governmental entity performing similar functions or failed to disclose a material fact required to be disclosed to the FDA or such other Federal, state or foreign governmental entity. 

  
 16 

 3. Representations and Warranties of the Investors. Each Investor, severally and not jointly, hereby
represents and warrants that: 
 3.1 Authorization. Such Investor has full power and authority to enter into this Agreement and the
Ancillary Agreements, and each such Agreement constitutes its valid and legally binding obligation, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws
of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies, and (iii) to the extent the
indemnification provisions contained in the Investors’ Rights Agreement may be limited by applicable federal or state securities laws. 

3.2 Purchase Entirely for Own Account. This Agreement is made with such Investor in reliance upon such Investor’s representation
to the Company, which by such Investor’s execution of this Agreement such Investor hereby confirms, that the Shares will be acquired for investment for such Investor’s own account, not as a nominee or agent, and not with a view to the
distribution of any part thereof, and that such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Investor further represents that such Investor does
not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares. 

3.3 Disclosure of Information. Such Investor believes it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares. Such Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business,
properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Investors to rely thereon. 

3.4 Investment Experience. Such Investor is an investor in securities of companies in the development stage and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. If other than an
individual, Investor also represents it has not been organized for the purpose of acquiring the Shares. 
 3.5 Accredited Investor.
Such Investor is an “accredited investor” within the meaning of SEC Rule 501 of Regulation D, as presently in effect. 
 3.6
Restricted Securities. Such Investor understands that the Shares will be characterized as “restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that under such laws and applicable regulations such securities may be resold without registration under the 

  
 17 

 
Act, only in certain limited circumstances. In this connection, such Investor represents that it is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations
imposed thereby and by the Act. 
 3.7 Disqualification Event. The purchase of the Shares by such Investor will not subject the
Company to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Act. 
 3.8 Further
Limitations on Disposition. Without in any way limiting the representations set forth above, such Investor further agrees not to make any disposition of all or any portion of the Shares unless and until: 

(a) There is then in effect a Registration Statement under the Act covering such proposed disposition and such disposition is made in
accordance with such Registration Statement; or 
 (b) (i) Such Investor shall have notified the Company of the proposed disposition
and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (ii) if reasonably requested by the Company, such Investor shall have furnished the Company with an opinion of
counsel, reasonably satisfactory to the Company that such disposition will not require registration of such shares under the Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in
unusual circumstances. 
 (c) Notwithstanding the provisions of subsections (a) and (b) above, no such registration statement or
opinion of counsel shall be necessary for a transfer by an Investor that is a partnership to a partner of such partnership or a retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired
partner or the transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or ancestors of such partner or his or her spouse, if the prospective transferee agrees in all such instances in
writing to be subject to the terms hereof to the same extent as if he or she were an original Investor hereunder. 
 3.9 Legends. It
is understood that the certificates evidencing the Shares may bear one or all of the following legend: 
 “THESE SECURITIES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. 
 THE SHARES EVIDENCED
HEREBY ARE SUBJECT TO A STOCK PURCHASE AGREEMENT, VOTING AGREEMENT, AND INVESTORS’ 

  
 18 

 
RIGHTS AGREEMENT, AS EACH MAY BE AMENDED FROM TIME TO TIME (COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY WITHOUT COST UPON WRITTEN REQUEST), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES, THE
PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID STOCK PURCHASE AGREEMENT, VOTING AGREEMENT, AND INVESTORS’ RIGHTS AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND
OWNERSHIP SET FORTH THEREIN.” 
 3.10 Exculpation Among Investors. Each Investor acknowledges that it is not relying upon any
person, firm or corporation, other than the Company and its officers and directors, in making its investment or decision to invest in the Company. Each Investor agrees that no Investor nor the respective controlling persons, officers, directors,
partners, agents, or employees of any Investor shall be liable to any other Investor for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares. 

3.11 Further Representations by Foreign Investors. If an Investor is not a United States person, such Investor hereby represents that
he or she has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (i) the legal requirements within
his jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences,
if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares. Such Investor’s subscription and payment for, and his or her continued beneficial ownership of the Shares, will not violate any applicable
securities or other laws of his or her jurisdiction. 
 3.12 Appraisal Rights Waiver. To the extent an Investor was a holder of
capital stock of the Company immediately prior to the effective time of the Merger, each such Investor hereby waives, and agrees not to exercise, its right to dissent from the Merger, and the transactions contemplated thereby, and demand appraisal
rights under Section 262 of the General Corporation Law of the State of Delaware, a copy of which is attached hereto as Exhibit F. Each such Investor represents and warrants that it is aware of its rights to dissent pursuant to
Section 262 of the General Corporation Law of the State of Delaware and has received and had the opportunity to read a copy of such section, which is attached hereto as Exhibit F, and this waiver, agreement, representation and warranty
was a condition precedent to the Company permitting such Investor to purchase the Shares. 
 4. Conditions of Investors’ Obligations at Closing.
The obligations of each Investor under this Agreement to purchase the Shares at the Initial Closing or Additional Shares at the Second Closing are subject to the fulfillment, on or before such Closing, of each of the following conditions, unless
otherwise waived: 
 4.1 Representations and Warranties of Company. The representations and warranties of the Company contained in
Section 2 shall be true on and as of the Initial Closing and there shall have been no Material Adverse Effect since the Financial Statement Date. 

  
 19 

 4.2 Performance. The Company shall have performed and complied with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing. 

4.3 Compliance Certificate. The President of the Company shall deliver to each Investor at such Closing a certificate stating that the
conditions specified in Sections 4.1 and 4.2 have been fulfilled. 
 4.4 Qualifications. All authorizations, approvals, or permits,
if any, of any governmental authority or regulatory body of the United States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be duly obtained and effective as of such
Closing. 
 4.5 Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated at
such Closing and all documents incident thereto shall be reasonably satisfactory in form and substance to the Investors, and they shall have received all such counterpart original and certified or other copies of such documents as they may
reasonably request. 
 4.6 Secretary’s Certificate. The Secretary of the Company shall deliver to each Investor at the Initial
Closing a certificate stating that the copies of the Company’s Restated Certificate and Bylaws and Board of Director and stockholder resolutions relating to the sale of the Shares attached thereto are true and complete copies of such documents
and resolutions. 
 4.7 Opinion of Company Counsel. The Investors shall have received from counsel for the Company an opinion, dated
as of the Initial Closing, in substantially the form of Exhibit D attached to this Agreement. 
 4.8 Board of Directors. As of
the Initial Closing, the authorized size of the Board of Directors of the Company shall be nine (9) directors, and the Board shall be comprised of Kristine Peterson, Vaughn Kailian, Ittai Harel, John Ryan, Steve LaPorte, Dan Pelak, Paul
Queally, Sean Traynor and John Barr. 
 4.9 Investors’ Rights Agreement. The Company and each Investor shall have entered into
the Investors’ Rights Agreement. 
 4.10 Voting Agreement. The Company, each Investor, and the other stockholders of the Company
named as parties thereto shall each have entered into the Voting Agreement. 
 4.11 Restated Certificate. The Company shall have
filed the Restated Certificate with the Secretary of State of Delaware on or prior to the Initial Closing, which shall continue to be in full force and effect as of such Closing. 

4.12 Stock Option Plan. The Investors shall have received evidence satisfactory to each of them that the Company shall have pursuant to
applicable duly adopted and valid Board of Directors and stockholder actions, approved the 2014 Option Plan in the form attached hereto as Exhibit E. 

  
 20 

 4.13 Amendments to Management Rights Letters. On or prior to the Initial Closing, existing
Management Rights Letters between the Company and each of (i) WCAS and its affiliates, (ii) MPM Capital and its affiliates, (iii) Pitango Venture Capital and its affiliates and (iv) ONSET VI, L.P., shall have been amended and
restated and delivered to the applicable Investor, in each case, in a form satisfactory to WCAS. 
 4.14 Termination of Existing
Agreements. Effective upon the Initial Closing, (i) any prior stockholder agreements, voting agreements, co-sale agreements, or agreements relating to rights of first offer, rights of first refusal or preemptive rights shall have been
terminated and shall be of no further force and effect, and (ii) any prior registration rights agreements shall have been terminated and shall be of no further force and effect. 

4.15 Consents. The Company shall have obtained all consents or waivers necessary to execute and perform its obligations under the
Restated Certificate, this Agreement and the other Ancillary Agreements, to issue the Shares and the Conversion Shares, and to carry out the transactions contemplated hereby and thereby. 

5. Conditions of the Company’s Obligations at Closing. The obligations of the Company to each Investor under this Agreement are subject to the
fulfillment on or before such Closing of each of the following conditions by that Investor, unless otherwise waived: 
 5.1
Representations and Warranties. The representations and warranties of the Investors participating in a Closing contained in Section 3 shall be true on and as of such Closing. 

5.2 Qualifications. All authorizations, approvals or permits, if any, of any governmental authority or regulatory body of the United
States or of any state that are required in connection with the lawful issuance and sale of the Shares pursuant to this Agreement shall be obtained and effective as of such Closing. 

5.3 Investors’ Rights Agreement. Each Investor shall have executed and delivered the Investors’ Rights Agreement. 

5.4 Voting Agreement. Each Investor and the other stockholders of the Company named as parties thereto shall have executed and
delivered the Voting Agreement. 
 6. Miscellaneous. 

6.1 Survival of Representations and Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the
Company and the Investors contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the applicable Closing and shall in no way be affected by any investigation or knowledge of the subject matter
thereof made by or on behalf of the Investors or the Company. 
 6.2 Successors and Assigns. Except as otherwise provided herein, the
terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing in this 

  
 21 

 
Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities
under or by reason of this Agreement, except as expressly provided in this Agreement. 
 6.3 Governing Law. This Agreement shall be
governed by and construed under the laws of the State of New York. 
 6.4 Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 6.5
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

6.6 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iii) one (1) day after deposit with a
nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such
other addresses as shall be specified by notice given in accordance with this Section 6.6). 
 6.7 Finder’s Fee. Each party
represents that it neither is nor will be obligated for any finders’ fee or commission in connection with this transaction. Each Investor agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation
in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which such Investor or any of its officers, partners, employees, or representatives is responsible. The Company agrees to
indemnify and hold harmless each Investor from any liability for any commission or compensation in the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any
of its officers, employees or representatives is responsible. 
 6.8 Expenses. The Company and the Investors shall pay for any and
all of their own costs and expenses they incur in connection with the transactions contemplated by this Agreement; provided, however, the Company will pay the reasonable fees and documented out-of-pocket
expenses of (i) Ropes & Gray LLP, counsel to WCAS, (ii) Wilmer Cutler Pickering Hale and Dorr LLP, counsel for certain other Investors that held shares of Series B Preferred Stock of the Company prior to the effective time of the
Merger and (iii) DLA Piper LLP, counsel to Full Succeed International Limited, in an amount not to exceed, in the aggregate, $50,000. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the
Ancillary Agreements or the Restated Certificate, the prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

6.9 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular 

  
 22 

 
instance and either retroactively or prospectively), only with the written consent of the Company, WCAS and (i) prior to the Initial Closing, the Investors who will hold at least a majority
of the Shares that will be outstanding immediately following the Initial Closing, and (ii) on or following the Initial Closing, the Investors holding at least a majority of the then outstanding Shares. Any amendment or waiver effected in
accordance with this section shall be binding upon each holder of any securities purchased under this Agreement at the time outstanding (including securities into which such securities are convertible), each future holder of all such securities who
enters into a joinder to this Agreement, and the Company. 
 6.10 Severability. If one or more provisions of this Agreement are held
to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

6.11 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be aggregated
together for the purpose of determining the availability of any rights under this Agreement. 
 6.12 Entire Agreement. This Agreement
and the documents referred to herein, including the Restated Certificate, constitute the entire agreement among the parties and no party shall be liable or bound to any other party in any manner by any warranties, representations, or covenants
except as specifically set forth herein or therein. 
 [Signature Pages Follow] 

  
 23 

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

  

			
	COMPANY:
	
	VALERITAS, INC.
		
	By:	 	/s/ Kristine Peterson
		 	  

	Name:	 	Kristine Peterson
		 	  

	Title:	 	CEO
		 	  

  

			
	Address:	 	750 Route 202 South, Suite 100
		 	Bridgewater, NJ 08807

 
			
	INVESTORS:
	
	WELSH, CARSON, ANDERSON & STOWE XI, L.P.
		
	By:	 	WCAS XI ASSOCIATES LLC, its General Partner
		
	By:	 	/s/ Jonathan M. Rather
		 	  

	Name:	 	Jonathan M. Rather
	Title:	 	Managing Member
	
	WCAS XI CO-INVESTORS LLC
		
	By:	 	/s/ Jonathan M. Rather
		 	  

	Name:	 	Jonathan M. Rather
	Title:	 	Managing Member
	
	WCAS MANAGEMENT CORPORATION
		
	By:	 	/s/ Jonathan M. Rather
		 	  

	Name:	 	Jonathan M. Rather
	Title:	 	Treasurer

  

			
	Address:	 	
		 	c/o Welsh, Carson, Anderson & Stowe
		 	320 Park Avenue, Suite 2500
		 	New York, New York 10022
		 	Attn: Paul B. Queally

 
			
	INVESTORS:
	
	FULL SUCCEED INTERNATIONAL LIMITED
		
	By:	 	/s/ Yu Le
		 	  

		 	Yu Le, Director

  

			
	Address:	 	35/F, No. 1333 Lujiazui Ring Road
		 	Ping An Finance Tower
		 	Pu Dong, Shanghai, PRC

 
			
	INVESTORS:
	
	MPM BIOVENTURES IV-QP, L.P.
	
	 BY: MPM BIOVENTURES IV GP LLC,
 ITS
GENERAL PARTNER

	
	 BY: MPM BIOVENTURES IV LLC,
 ITS
MANAGING MEMBER

		
	By:	 	/s/ Todd Foley
		 	  

	Name:	 	Todd Foley
		 	  

	Title:	 	Member
		 	  

  

			
	Address:	 	200 Clarendon Street, 54th Floor
		 	  

		 	Boston, MA 02116
		 	  

  

			
	MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
	
	 BY: MPM BIOVENTURES IV GP LLC,
 IN
ITS CAPACITY AS THE MANAGING LIMITED PARTNER

	
	 BY: MPM BIOVENTURES IV LLC,
 ITS
MANAGING MEMBER

		
	By:	 	/s/ Todd Foley
		 	  

	Name:	 	Todd Foley
		 	  

	Title:	 	Member
		 	  

  

			
	Address:	 	200 Clarendon Street, 54th Floor
		 	  

		 	Boston, MA 02116
		 	  

  

			
	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
	
	 BY: MPM BIOVENTURES IV LLC,
 ITS
MANAGER

		
	By:	 	/s/ Todd Foley
		 	  

	Name:	 	Todd Foley
		 	  

	Title:	 	Member
		 	  

  

			
	Address:	 	200 Clarendon Street, 54th Floor
		 	  

		 	Boston, MA 02116
		 	  

 
			
	INVESTORS:
	
	ONSET VI, L.P.
	
	 BY: ONSET VI MANAGEMENT, LLC,
 ITS
GENERAL PARTNER

		
	By:	 	/s/ John Ryan
		 	  

	Name:	 	John Ryan
		 	  

	Title:	 	Managing Director

  

			
	Address:	 	2490 Sand Hill Rd.
		 	  

		 	Menlo Park, CA 94025
		 	  

		 	
		 	  

 
			
	INVESTORS:
	
	PITANGO VENTURE CAPITAL FUND V, L.P.
	
	 BY: PITANGO V.C. FUND V, L.P.,
 ITS
GENERAL PARTNER

	
	 BY: PITANGO G.P. CAPITAL HOLDINGS LTD.,

ITS GENERAL PARTNER

		
	By:	 	

		 	  

	Name:	 	
		 	  

	Title:	 	
		 	  

  

			
	Address:	 	
		 	  

		 	
		 	  

		 	
		 	  

  

			
	PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P.
	
	 BY: PITANGO V.C. FUND V, L.P.,
 ITS
GENERAL PARTNER

	
	 BY: PITANGO G.P. CAPITAL HOLDINGS LTD.,

ITS GENERAL PARTNER

		
	By:	 	

		 	  

	Name:	 	
		 	  

	Title:	 	
		 	  

  

			
	Address:	 	
		 	  

		 	
		 	  

		 	
		 	  

									
		 	INVESTORS:
				
		 	     	 		 	AUDA CAPITAL IV CO-INVESTMENT GMBH & CO. KG
					
		 		 		 	By:	 	 Auda Capital IV Co-Investment Fund GP L.P.
 its
Managing Limited Partner

		 		 		 	By:	 	 Auda Capital IV Co-Investment Fund LLC
 its
General Partner

		 		 		 	By:	 	 Auda Private Equity LLC
 its Managing
Member

					
		 		 		 	By:	 	/s/ Stephen B. Wesson
		 		 		 		 	  

		 		 		 	Name:	 	Stephen B. Wesson / Tim Avery
		 		 		 		 	  

		 		 		 	Title:	 	Managing Director / CFO CCO
		 		 		 		 	  

				
		 		 		 	AUDA CAPITAL IV CO-INVESTMENT FUND L.P.
					
		 		 		 	By:	 	 Auda Capital IV Co-Investment Fund GP L.P.
 its
Managing Limited Partner

		 		 		 	By:	 	 Auda Capital IV Co-Investment Fund LLC
 its
General Partner

		 		 		 	By:	 	 Auda Private Equity LLC
 its Managing
Member

					
		 		 		 	By:	 	/s/ Stephen B. Wesson
		 		 		 		 	  

		 		 		 	Name:	 	Stephen B. Wesson / Tim Avery
		 		 		 		 	  

		 		 		 	Title:	 	Managing Director / CFO CCO
		 		 		 		 	  

				
		 		 		 	AUDA VALERITAS SEGREGATED PORTFOLIO
		 		 		 	a segregated portfolio of Auda Capital IV Co-Investment Fund SPC
					
		 		 		 	By:	 	/s/ Stephen B. Wesson
		 		 		 		 	  

		 		 		 	Name:	 	Stephen B. Wesson / Tim Avery
		 		 		 		 	  

		 		 	     	 	Title:	 	Managing Director / CFO CCO
		 		 		 		 	  

  

							
		 		 	Address:	 	c/o Auda International L.P.
		 		 		 	888 Seventh Avenue, 41st Floor
		 		 		 	New York, NY 10151
		 		 		 	Tel.: (212) 593-2306
		 		 		 	Fax: (212) 593-2974
		 		 		 	Email: crouchley@auda.com

 
							
	INVESTORS:
		
		 	TULLIS OPPORTUNITY FUND, L.P.
			
		 	By:	 	 Tullis Opportunity Fund, L.L.C.,

Its general partner

				
		 		 	By:	 	/s/ James L. L. Tullis
		 		 		 	  

		 		 	Name:	 	James L. L. Tullis
		 		 	Title:	 	Manager
		
		 	TULLIS OPPORTUNITY FUND II, L.P.
			
		 	By:	 	 Tullis Opportunity Fund II, L.L.C.,

Its general partner

				
		 		 	By:	 	/s/ James L. L. Tullis
		 		 		 	  

		 		 	Name:	 	James L. L. Tullis
		 		 	Title:	 	Manager

  

					
		 	Address:	 	c/o Tullis-Dickerson & Co., Inc.
		 		 	55 Old Field Point Rd.
		 		 	Greenwich, CT 06830
		 		 	Attn: James L. L. Tullis
		 		 	Fax: (203) 629-9293
		 		 	Email: jtullis@tullisfunds.com

  

					
		 	PED-VLRTS, LLC
			
		 	By:	 	
		 		 	  

		 	Name:	 	
		 		 	  

		 	Title:	 	
		 		 	  

  

					
		 	Address:	 	
		 		 	  

		 		 	
		 	  

		 		 	
		 	  

 
							
	INVESTORS:
		
		 	TULLIS OPPORTUNITY FUND, L.P.
			
		 	By:	 	 Tullis Opportunity Fund, L.L.C.,

Its general partner

				
		 		 	By:	 	
		 		 		 	  

		 		 	Name:	 	James L. L. Tullis
		 		 	Title:	 	Manager
		
		 	TULLIS OPPORTUNITY FUND II, L.P.
			
		 	By:	 	 Tullis Opportunity Fund II, L.L.C.,

Its general partner

				
		 		 	By:	 	
		 		 		 	  

		 		 	Name:	 	James L. L. Tullis
		 		 	Title:	 	Manager

  

							
		 	Address:	 	c/o Tullis-Dickerson & Co., Inc.
		 		 	One Stamford Plaza
		 		 	263 Tresser Boulevard, 12th Floor
		 		 	Stamford, CT 06901
		 		 	Attn: James L. L. Tullis
		 		 	Fax: (203) 629-9293
		 		 	Email: jtullis@thi-funds.com

  

					
		 	PED-VLRTS, LLC
			
		 	By:	 	/s/ E. Gray LEE
		 		 	  

		 	Name:	 	E. Gray LEE
		 		 	  

		 	Title:	 	SVP
		 		 	  

  

					
		 	Address:	 	4525 Harding Rd.
		 		 	  

		 		 	Suite 200
		 	  

		 		 	Nashville, TN 37205
		 	  

 
			
	INVESTORS:
	
	ABINGWORTH BIOVENTURES V LP
	
	BY: ABINGWORTH LLP, ITS MANAGER
		
	By:	 	/s/ JAMES ABELL
		 	  

	Name:	 	JAMES ABELL
		 	  

	Title:	 	PARTNER
		 	  

  

			
	Address:	 	38 JERMYN STREET
		 	  

		 	LONDON
		 	  

		 	SW1Y 6DN UK
		 	  

 
			
	INVESTORS:
	
	HLM VENTURE PARTNERS II, L.P.
	
	BY: HLM VENTURE ASSOCIATES, LLC
	ITS GENERAL PARTNER
		
	By:	 	/s/ Daniel J. Galles
		 	  

	Name:	 	Daniel J. Galles
		 	  

	Title:	 	Authorized Signator
		 	  

  

			
	Address:	 	222 Berkeley St.
		 	  

		 	20th Floor
		 	  

		 	Boston, MA 02116
		 	  

 
			
	INVESTORS:
	
	CHL MEDICAL PARTNERS III, L.P.
	
	BY: CHL MEDICAL PARTNERS III, LLC,
	ITS GENERAL PARTNER
		
	By:	 	/s/ GREGORY WEINHOFF
		 	  

	Name:	 	GREGORY WEINHOFF
		 	  

	Title:	 	Vice President
		 	  

	
	CHL MEDICAL PARTNERS III SIDE FUND, L.P.
	
	 BY: CHL MEDICAL PARTNERS III, LLC,

ITS GENERAL PARTNER

		
	By:	 	/s/ GREGORY WEINHOFF
		 	  

	Name:	 	GREGORY WEINHOFF
		 	  

	Title:	 	Vice President
		 	  

  

			
	Address:	 	
		 	  

		 	
		 	  

		 	
		 	  

 
			
	INVESTORS:
	
	ADVANCED TECHNOLOGY VENTURES VIII, L.P.
	
	BY: ATV ASSOCIATES VIII, L.L.C.
	ITS GENERAL PARTNER
		
	By:	 	/s/ Jean George
		 	  

	Name:	 	Jean George
		 	  

	Title:	 	Managing Director
		 	  

  

			
	Address:	 	500 Boylston Street, Suite 1380
		 	Boston, MA 02116
		 	617-850-9700
		 	abruce@atvcapital.com
		 	dcunnane@atvcapital.com

 
			
	INVESTORS:
	
	THE PERMANENTE FEDERATION, LLC - SERIES J
		
	By:	 	/s/ GLEN HENTGES
	Name:	 	GLEN HENTGES
	Title:	 	CFO
	
	KAISER PERMANENTE VENTURES, LLC – SERIES A
		
	By:	 	/s/ THOMAS MEIER
	Name:	 	THOMAS MEIER
	Title:	 	SVP & TREASURER
	
	KAISER PERMANENTE VENTURES, LLC – SERIES B
		
	By:	 	/s/ THOMAS MEIER
	Name:	 	THOMAS MEIER
	Title:	 	SVP & TREASURER
		
	Address:	 	ONE KAISER PLAZA, 22ND FLOOR
		 	OAKLAND, CA 94612
		 	ATTN: CHRIS GRANT
		 	510-271-5687

 
			
	INVESTORS:
	
	/s/ Elizabeth Gordon
	Elizabeth Gordon
		
	Address:	 	 
		 	 
		 	 
	
	 
	Evan Norton
		
	Address:	 	 
		 	 
		 	 

 
			
	INVESTORS:
	
	 
	Elizabeth Gordon
		
	Address:	 	 
		 	 
		 	 
	
	/s/ Evan Norton
	Evan Norton
		
	Address:	 	 
		 	 
		 	 

 
			
	INVESTORS:
	
	SAINT JOHN’S UNIVERSITY
		
	By:	 	/s/ Richard Adamson
	Name:	 	Richard Adamson
	Title:	 	Vice President & Treasurer
		
	Address:	 	2850 Abbey Plaza
		 	PO Box 2222
		 	Collegeville, MN 56321

 Schedule I 

Schedule of Investors 
  

																									
	 Investor
	  	Shares at
Initial Closing	 	  	Cash Purchase Price
at Initial Closing	 	  	Shares at
Second Closing	 	  	Cash Purchase Price at
Second Closing	 	  	Total Shares	 	  	Total Cash
Purchase Price	 
	 Welsh, Carson, Anderson & Stowe XI, L.P.
	  	 	947,275	  	  	$	9,472,750	  	  	 	606,255	  	  	$	6,062,550	  	  	 	1,553,530	  	  	$	15,535,300	  
	 WCAS XI Co-Investors, LLC
	  	 	3,605	  	  	$	36,050	  	  	 	2,308	  	  	$	23,080	  	  	 	5,913	  	  	$	59,130	  
	 WCAS Management Corporation
	  	 	2,966	  	  	$	29,660	  	  	 	1,899	  	  	$	18,990	  	  	 	4,865	  	  	$	48,650	  
	 Pitango Venture Capital Fund V, L.P.
	  	 	264,848	  	  	$	2,648,479	  	  	 	169,502	  	  	$	1,695,023	  	  	 	434,350	  	  	$	4,343,503	  
	 Pitango Venture Capital Principals Fund V, L.P.
	  	 	5,801	  	  	$	58,011	  	  	 	3,713	  	  	$	37,127	  	  	 	9,514	  	  	$	95,137	  
	 MPM Bio Ventures IV-QP, L.P.
	  	 	234,247	  	  	$	2,342,470	  	  	 	149,918	  	  	$	1,499,180	  	  	 	384,165	  	  	$	3,841,650	  
	 MPM BioVentures IV, GmbH & Co. Beteiligungs KG
	  	 	9,024	  	  	$	90,240	  	  	 	5,776	  	  	$	57,760	  	  	 	14,800	  	  	$	148,000	  
	 MPM Asset Management Investors BV4, LLC
	  	 	6,661	  	  	$	66,610	  	  	 	4,263	  	  	$	42,630	  	  	 	10,924	  	  	$	109,240	  
	 Abingworth Bioventures V, L.P.
	  	 	166,431	  	  	$	1,664,310	  	  	 	106,516	  	  	 	1,065,160	  	  	 	272,947	  	  	$	2,729,470	  
	 Auda Capital IV, GmbH & Co. KG
	  	 	123,951	  	  	$	1,239,510	  	  	 	79,329	  	  	$	793,290	  	  	 	203,280	  	  	$	2,032,800	  
	 Auda Capital IV, L.P.
	  	 	63,982	  	  	$	639,820	  	  	 	40,948	  	  	$	409,480	  	  	 	104,930	  	  	$	1,049,300	  
	 Auda Valeritas Segregated Portfolio
	  	 	38,787	  	  	$	387,870	  	  	 	24,823	  	  	$	248,230	  	  	 	63,610	  	  	$	636,100	  
	 Advanced Technology Ventures VIII, L.P.
	  	 	30,488	  	  	$	304,880	  	  	 	19,512	  	  	$	195,120	  	  	 	50,000	  	  	$	500,000	  

																									
	 Investor
	  	Shares at
Initial Closing	 	  	Cash Purchase Price
at Initial Closing	 	  	Shares at
Second Closing	 	  	Cash Purchase Price at
Second Closing	 	  	Total Shares	 	  	Total Cash
Purchase Price	 
	 Onset VI, L.P.
	  	 	99,973	  	  	$	999,730	  	  	 	63,982	  	  	$	639,820	  	  	 	163,955	  	  	$	1,639,550	  
	 HLM Venture Partners II, L.P.
	  	 	83,310	  	  	$	833,100	  	  	 	53,319	  	  	$	533,190	  	  	 	136,629	  	  	$	1,366,290	  
	 CHL Medical Partners III, L.P.
	  	 	11,223	  	  	$	112,230	  	  	 	7,183	  	  	$	71,830	  	  	 	18,406	  	  	$	184,060	  
	 CHL Medical Partners III, Side Fund, L.P.
	  	 	972	  	  	$	9,720	  	  	 	622	  	  	$	6,220	  	  	 	1,594	  	  	$	15,940	  
	 The Permanente Federation, LLC - Series J
	  	 	16,662	  	  	$	166,620	  	  	 	10,664	  	  	$	106,640	  	  	 	27,326	  	  	$	273,260	  
	 Kaiser Permanente Ventures, LLC - Series A
	  	 	10,254	  	  	$	102,540	  	  	 	6,562	  	  	$	65,620	  	  	 	16,816	  	  	$	168,160	  
	 Kaiser Permanente Ventures, LLC - Series B
	  	 	6,409	  	  	$	64,090	  	  	 	4,101	  	  	$	41,010	  	  	 	10,510	  	  	$	105,100	  
	 PED-VLRTS, LLC
	  	 	23,427	  	  	$	234,270	  	  	 	14,994	  	  	$	149,940	  	  	 	38,421	  	  	$	384,210	  
	 Elizabeth Gordon
	  	 	19,510	  	  	$	195,100	  	  	 	12,486	  	  	$	124,860	  	  	 	31,996	  	  	$	319,960	  
	 Tullis Opportunity Fund 1, L.P.
	  	 	12,195	  	  	$	121,950	  	  	 	7,805	  	  	$	78,050	  	  	 	20,000	  	  	$	200,000	  
	 Tullis Opportunity Fund 2, L.P.
	  	 	12,195	  	  	$	121,950	  	  	 	7,805	  	  	$	78,050	  	  	 	20,000	  	  	$	200,000	  
	 Saint John’s University
	  	 	316	  	  	$	3,160	  	  	 	203	  	  	$	2,030	  	  	 	519	  	  	$	5,190	  
	 Evan Norton
	  	 	610	  	  	$	6,100	  	  	 	390	  	  	$	3,900	  	  	 	1,000	  	  	$	10,000	  
	 Ping An
	  	 	304,878	  	  	$	3,048,780	  	  	 	195,122	  	  	$	1,951,220	  	  	 	500,000	  	  	$	5,000,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	2,500,000	  	  	$	25,000,000	  	  	 	1,600,000	  	  	$	16,000,000	  	  	 	4,100,000	  	  	$	41,000,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 EXHIBIT A 

Restated Certificate of Incorporation 

 EXHIBIT B 

Investors’ Rights Agreement 

 EXHIBIT C 

Voting Agreement 

 EXHIBIT D 

Legal Opinion 

 EXHIBIT E 

2014 Stock Plan 

 EXHIBIT F 

SECTION 262 of the DGCL 
 § 262 Appraisal
rights 
 (a) Any stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to
subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger or consolidation, who has otherwise complied with subsection (d) of this section and who has neither
voted in favor of the merger or consolidation nor consented thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder’s shares of stock under the
circumstances described in subsections (b) and (c) of this section. As used in this section, the word “stockholder” means a holder of record of stock in a corporation; the words “stock” and “share” mean and
include what is ordinarily meant by those words; and the words “depository receipt” mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a
corporation, which stock is deposited with the depository. 
 (b) Appraisal rights shall be available for the shares of any class or series
of stock of a constituent corporation in a merger or consolidation to be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title and, subject to paragraph (b)(3) of this section, § 251(h) of this
title), § 252, § 254, § 255, § 256, § 257, § 258, § 263 or § 264 of this title: 
 (1) Provided,
however, that, except as expressly provided in § 363(b) of this title, no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the
record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders to act upon the agreement of merger or consolidation, were either: (i) listed on a national securities exchange or (ii) held of
record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders
of the surviving corporation as provided in § 251(f) of this title. 
 (2) Notwithstanding paragraph (b)(1) of this section, appraisal
rights under this section shall be available for the shares of any class or series of stock of a constituent corporation if the holders thereof are required by the terms of an agreement of merger or consolidation pursuant to §§ 251, 252,
254, 255, 256, 257, 258, 263 and 264 of this title to accept for such stock anything except: 
 a. Shares of stock of the corporation
surviving or resulting from such merger or consolidation, or depository receipts in respect thereof; 
 b. Shares of stock of any other
corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger or consolidation will be either listed on a national securities
exchange or held of record by more than 2,000 holders; 
 c. Cash in lieu of fractional shares or fractional depository receipts described
in the foregoing paragraphs (b)(2)a. and b. of this section; or 
 d. Any combination of the shares of stock, depository receipts and cash
in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section. 

(3) In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under § 251(h), § 253 or
§ 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation. 

 (4) In the event of an amendment to a corporation’s certificate of incorporation
contemplated by § 363(a) of this title, appraisal rights shall be available as contemplated by § 363(b) of this title, and the procedures of this section, including those set forth in subsections (d) and (e) of this section,
shall apply as nearly as practicable, with the word “amendment” substituted for the words “merger or consolidation,” and the word “corporation” substituted for the words “constituent corporation” and/or
“surviving or resulting corporation.” 
 (c) Any corporation may provide in its certificate of incorporation that appraisal rights
under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation or the sale
of all or substantially all of the assets of the corporation. If the certificate of incorporation contains such a provision, the procedures of this section, including those set forth in subsections (d) and (e) of this section, shall apply
as nearly as is practicable. 
 (d) Appraisal rights shall be perfected as follows: 

(1) If a proposed merger or consolidation for which appraisal rights are provided under this section is to be submitted for approval at a
meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with §
255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations, and
shall include in such notice a copy of this section and, if 1 of the constituent corporations is a nonstock corporation, a copy of § 114 of this title. Each stockholder electing to demand the appraisal of such stockholder’s shares shall
deliver to the corporation, before the taking of the vote on the merger or consolidation, a written demand for appraisal of such stockholder’s shares. Such demand will be sufficient if it reasonably informs the corporation of the identity of
the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder’s shares. A proxy or vote against the merger or consolidation shall not constitute such a demand. A stockholder electing to take such action
must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger or consolidation, the surviving or resulting corporation shall notify each stockholder of each constituent corporation who has
complied with this subsection and has not voted in favor of or consented to the merger or consolidation of the date that the merger or consolidation has become effective; or 

(2) If the merger or consolidation was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a
constituent corporation before the effective date of the merger or consolidation or the surviving or resulting corporation within 10 days thereafter shall notify each of the holders of any class or series of stock of such constituent corporation who
are entitled to appraisal rights of the approval of the merger or consolidation and that appraisal rights are available for any or all shares of such class or series of stock of such constituent corporation, and shall include in such notice a copy
of this section and, if 1 of the constituent corporations is a nonstock corporation, a copy of § 114 of this title. Such notice may, and, if given on or after the effective date of the merger or consolidation, shall, also notify such
stockholders of the effective date of the merger or consolidation. Any stockholder entitled to appraisal rights may, within 20 days after the date of mailing of such notice or, in the case of a merger approved pursuant to § 251(h) of this
title, within the later of the consummation of the tender or exchange offer contemplated by § 251(h) of this title and 20 days after the date of mailing of such notice, demand in writing from the surviving or resulting corporation the appraisal
of such holder’s shares. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder’s shares. If such notice
did not notify stockholders of the effective date of the merger or consolidation, either (i) each such constituent corporation shall send a second notice before the effective date of the merger or consolidation notifying each of the holders

 
of any class or series of stock of such constituent corporation that are entitled to appraisal rights of the effective date of the merger or consolidation or (ii) the surviving or resulting
corporation shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a
merger approved pursuant to § 251(h) of this title, later than the later of the consummation of the tender or exchange offer contemplated by § 251 (h) of this title and 20 days following the sending of the first notice, such second
notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder’s shares in accordance with this subsection. An affidavit of the secretary or assistant secretary or of the transfer
agent of the corporation that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive
either notice, each constituent corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger or
consolidation, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is
given. 
 (e) Within 120 days after the effective date of the merger or consolidation, the surviving or resulting corporation or any
stockholder who has complied with subsections (a) and (d) of this section hereof and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a
determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger or consolidation, any stockholder who has not commenced an appraisal proceeding or
joined that proceeding as a named party shall have the right to withdraw such stockholder’s demand for appraisal and to accept the terms offered upon the merger or consolidation. Within 120 days after the effective date of the merger or
consolidation, any stockholder who has complied with the requirements of subsections (a) and (d) of this section hereof, upon written request, shall be entitled to receive from the corporation surviving the merger or resulting from the
consolidation a statement setting forth the aggregate number of shares not voted in favor of the merger or consolidation and with respect to which demands for appraisal have been received and the aggregate number of holders of such shares. Such
written statement shall be mailed to the stockholder within 10 days after such stockholder’s written request for such a statement is received by the surviving or resulting corporation or within 10 days after expiration of the period for
delivery of demands for appraisal under subsection (d) of this section hereof, whichever is later. Notwithstanding subsection (a) of this section, a person who is the beneficial owner of shares of such stock held either in a voting trust
or by a nominee on behalf of such person may, in such person’s own name, file a petition or request from the corporation the statement described in this subsection. 

(f) Upon the filing of any such petition by a stockholder, service of a copy thereof shall be made upon the surviving or resulting corporation,
which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all stockholders who have demanded payment for their shares and
with whom agreements as to the value of their shares have not been reached by the surviving or resulting corporation. If the petition shall be filed by the surviving or resulting corporation, the petition shall be accompanied by such a duly verified
list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving or resulting corporation and to the stockholders shown on the
list at the addresses therein stated. Such notice shall also be given by 1 or more publications at least 1 week before the day of the hearing, in a newspaper of general circulation published in the City of Wilmington, Delaware or such publication as
the Court deems advisable. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving or resulting corporation. 

 (g) At the hearing on such petition, the Court shall determine the stockholders who have complied
with this section and who have become entitled to appraisal rights. The Court may require the stockholders who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the
Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any stockholder fails to comply with such direction, the Court may dismiss the proceedings as to such stockholder. 

(h) After the Court determines the stockholders entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the
rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or
expectation of the merger or consolidation, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its
discretion determines otherwise for good cause shown, interest from the effective date of the merger through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including
any surcharge) as established from time to time during the period between the effective date of the merger and the date of payment of the judgment. Upon application by the surviving or resulting corporation or by any stockholder entitled to
participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the stockholders entitled to an appraisal. Any stockholder whose name appears on the list filed by the
surviving or resulting corporation pursuant to subsection (f) of this section and who has submitted such stockholder’s certificates of stock to the Register in Chancery, if such is required, may participate fully in all proceedings until
it is finally determined that such stockholder is not entitled to appraisal rights under this section. 
 (i) The Court shall direct the
payment of the fair value of the shares, together with interest, if any, by the surviving or resulting corporation to the stockholders entitled thereto. Payment shall be so made to each such stockholder, in the case of holders of uncertificated
stock forthwith, and the case of holders of shares represented by certificates upon the surrender to the corporation of the certificates representing such stock. The Court’s decree may be enforced as other decrees in the Court of Chancery may
be enforced, whether such surviving or resulting corporation be a corporation of this State or of any state. 
 (j) The costs of the
proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a stockholder, the Court may order all or a portion of the expenses incurred by any stockholder in connection
with the appraisal proceeding, including, without limitation, reasonable attorney’s fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal. 

(k) From and after the effective date of the merger or consolidation, no stockholder who has demanded appraisal rights as provided in
subsection (d) of this section shall be entitled to vote such stock for any purpose or to receive payment of dividends or other distributions on the stock (except dividends or other distributions payable to stockholders of record at a date which is
prior to the effective date of the merger or consolidation); provided, however, that if no petition for an appraisal shall be filed within the time provided in subsection (e) of this section, or if such stockholder shall deliver to the surviving or
resulting corporation a written withdrawal of such stockholder’s demand for an appraisal and an acceptance of the merger or consolidation, either within 60 days after the effective date of the merger or consolidation as provided in subsection
(e) of this section or thereafter with the written approval of the corporation, then the right of such stockholder to an appraisal shall cease. Notwithstanding the foregoing, no appraisal proceeding in the Court of Chancery shall be dismissed as to
any stockholder without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just; provided, however that this provision shall not affect the right of any stockholder who has not commenced an appraisal
proceeding or joined that proceeding as a named party to withdraw such 

 
stockholder’s demand for appraisal and to accept the terms offered upon the merger or consolidation within 60 days after the effective date of the merger or consolidation, as set forth in
subsection (e) of this section. 
 (l) The shares of the surviving or resulting corporation to which the shares of such objecting
stockholders would have been converted had they assented to the merger or consolidation shall have the status of authorized and unissued shares of the surviving or resulting corporation. 

 FIRST AMENDMENT TO THE 

SERIES D PREFERRED STOCK PURCHASE AGREEMENT 

This First Amendment to the Series D Preferred Stock Purchase Agreement (this “Amendment”) is entered as of July 3, 2014, by
and among Valeritas, Inc., a Delaware corporation (the “Company”) and the Investors set forth on the signature pages hereto (the “Undersigned Investors”). Capitalized terms used but not otherwise defined or amended
in this Amendment shall have the meanings ascribed thereto in the Purchase Agreement (as defined below). 
 WHEREAS, the
Company is party to the Series D Preferred Stock Purchase Agreement, dated as of June 23, 2014, by and among the Company and the Investors (the “Purchase Agreement”), pursuant to which the Company authorized the sale and issuance of
up to 4,500,000 shares of Series D Preferred Stock, $0.00001 par value per share (the “Series D Preferred Stock”) at a per share purchase price of $10.00; 

WHEREAS, the Company sold 2,500,000 Shares to the Investors at the Initial Closing and Investors committed to purchase 1,600,000
Shares at the Second Closing; 
 WHEREAS, the Company desires to sell, and certain Investors desire to purchase, the remaining
400,000 Shares authorized for sale under the Purchase Agreement; 
 WHEREAS, pursuant to Section 6.9 of the Purchase
Agreement, any term of the Purchase Agreement may be amended, terminated or waived only with the written consent of the Company, WCAS and the holders of at least a majority of the then-outstanding Shares; 

WHEREAS, shares of Series D Preferred Stock issued and sold by the Company at any closing under the Purchase Agreement
(i) are exempt from the ROFO Investors’ (as defined in the Investors’ Rights Agreement) right of first offer with respect to future sales by the Company of its securities under Section 4(d)(v) of the Investors’ Rights
Agreement and (ii) do not require the approval of the Required Holders (as defined in the Restated Certificate) pursuant to the exception set forth in Section 5(c)(iii) of the Restated Certificate; and 

WHEREAS, the Company and the Undersigned Investors, who constitute WCAS and the holders of at least a majority of the
outstanding Shares, desire to amend the Purchase Agreement to provide for the sale of 400,000 Shares to Pitango Venture Capital Fund V, L.P. and Pitango Venture Capital Principals Fund V, L.P. (together, “Pitango”), at the per share
purchase price of $10.00. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good,
valuable and sufficient consideration, the parties hereto agree as follows: 
 1. Purchase and Sale of Shares. Notwithstanding
anything to the contrary set forth in Section 1.2(a) of the Purchase Agreement, on the date hereof, the Company shall sell a total of 243,902 Shares to Pitango. The Company and the Undersigned Investors acknowledge and agree that such sale
shall be deemed part of the Initial Closing under the Purchase Agreement. The Company shall deliver to the applicable Investor a certificate or certificates representing the 

 
Shares such Investor is purchasing hereunder against payment of the purchase price therefor, which shall be made to the Company in immediately available funds within two (2) business days
following the date of this Amendment. 
 2. Amendments. 

(a) Section 1.2(a) of the Purchase Agreement is hereby amended and replaced in its entirety with the following: 

“On the date hereof, or at such other time and place as the Company and Investors acquiring in the aggregate at least a majority of the
Shares sold pursuant to this Agreement (which majority shall include WCAS Valeritas Holdings, LLC (“WCAS”)) agree upon in writing (which time is designated as the “Initial Closing”), the Company shall sell, subject to and on the
terms and conditions contained in this Agreement, a total of 2,743,902 Shares to the Investors in accordance with Schedule I hereto. At the Initial Closing, the Company shall deliver to each Investor a certificate or certificates representing the
Shares that such Investor is purchasing against payment of the purchase price therefor by cash in immediately available funds.” 
 (b)
Schedule I to the Purchase Agreement is hereby amended and replaced in its entirety with Schedule I attached hereto. 
 3. Consent of
Investors. The Undersigned Investors, by executing this Amendment, hereby consent to, ratify and approve this Amendment and the transactions contemplated hereby, all in accordance with the terms of Section 6.9 of the Purchase Agreement.

 4. Effect on Purchase Agreement; Effectiveness of Amendment. Except as expressly amended by this Amendment, the provisions of the
Purchase Agreement shall remain in full force and effect. This Amendment shall become effective when signed by the Company, WCAS and the Investors holding a majority of the outstanding Shares. 

5. Governing Law. This Amendment shall be governed by and its provisions construed and enforced in accordance with the laws of the
State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 
 6.
Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute a single instrument. 

* * * * * 

 IN WITNESS WHEREOF, the undersigned has caused this Amendment to be duly executed as of
the date first above written. 
  

			
	COMPANY:
	
	VALERITAS, INC.
		
	By:	 	/s/ Kristine Peterson
	Name:	 	Kristine Peterson
	Title:	 	CEO

 
			
		
	Address:	 	750 Route 202 South, Suite 100 Bridgewater, NJ 08807

 
			
	INVESTORS:
	
	WELSH, CARSON, ANDERSON & STOWE XI, L.P.
		
	By:	 	/s/ PAUL B. QUEALLY
	Name:	 	PAUL B. QUEALLY
	Title:	 	Co-PRESIDENT
	
	WCAS XI CO-INVESTORS LLC
		
	By:	 	/s/ PAUL B. QUEALLY
	Name:	 	PAUL B. QUEALLY
	Title:	 	Co-PRESIDENT
	
	WCAS MANAGEMENT CORPORATION
		
	By:	 	/s/ PAUL B. QUEALLY
	Name:	 	PAUL B. QUEALLY
	Title:	 	Co-PRESIDENT

 
			
	MPM BIOVENTURES IV-QP, L.P.
		
	BY:	 	MPM BIOVENTURES IV GP LLC,
	ITS GENERAL PARTNER
		
	BY:	 	MPM BIOVENTURES IV LLC,
	ITS MANAGING MEMBER
		
	By:	 	/s/ Todd Foley
	Name:	 	 
	Title:	 	 
	
	MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
		
	BY:	 	MPM BIOVENTURES IV GP LLC,
	IN ITS CAPACITY AS THE MANAGING LIMITED PARTNER
		
	BY:	 	MPM BIOVENTURES IV LLC,
	ITS MANAGING MEMBER
		
	By:	 	/s/ Todd Foley
	Name:	 	 
	Title:	 	 
	
	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
		
	BY:	 	MPM BIOVENTURES IV LLC,
	ITS MANAGER
		
	By:	 	/s/ Todd Foley
	Name:	 	 
	Title:	 	 

 
			
	PITANGO VENTURE CAPITAL FUND V, L.P.
		
	BY:	 	PITANGO V.C. FUND V, L.P.,
	ITS GENERAL PARTNER
		
	BY: 	 	PITANGO G.P. CAPITAL HOLDINGS LTD.,
	ITS GENERAL PARTNER
		
	By:	 	

	Name:	 	 
	Title:	 	 
	
	PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P.
		
	BY: 	 	PITANGO V.C. FUND V, L.P.,
	ITS GENERAL PARTNER
		
	BY:	 	PITANGO G.P. CAPITAL HOLDINGS LTD.,
	ITS GENERAL PARTNER
		
	By:	 	

	Name:	 	 
	Title:	 	 

 
			
	ONSET VI, L.P.
		
	BY:	 	ONSET VI MANAGEMENT, LLC,
	ITS GENERAL PARTNER
		
	By:	 	/s/ John F Ryan
	Name:	 	John F Ryan
	Title:	 	Managing Director

 SCHEDULE I 
  

																									
	 Name
	  	Shares at
Initial
Closing	 	  	Cash Purchase
Price at Initial
Closing	 	  	Shares at
Second
Closing	 	  	Cash Purchase
Price at Second
Closing	 	  	Total
Shares	 	  	Total Cash
Purchase
Price	 
							
	 Welsh, Carson, Anderson & Stowe XI, L.P.
	  	 	947,275	  	  	$	9,472,750	  	  	 	606,255	  	  	$	6,062,550	  	  	 	1,553,530	  	  	$	15,535,300	  
	 WCAS XI Co-Investors, LLC
	  	 	3,605	  	  	$	 36,050	  	  	 	2,308	  	  	$	 23,080	  	  	 	5,913	  	  	$	 59,130	  
	 WCAS Management Corporation
	  	 	2,966	  	  	$	 29,660	  	  	 	1,899	  	  	$	 18,990	  	  	 	4,865	  	  	$	 48,650	  
	 Pitango Venture Capital Fund V, L.P.
	  	 	503,522	  	  	$	5,035,220	  	  	 	322,254	  	  	$	3,222,540	  	  	 	825,776	  	  	$	 8,257,760	  
	 Pitango Venture Capital Principals Fund V, L.P.
	  	 	11,029	  	  	$	 110,290	  	  	 	7,059	  	  	$	 70,590	  	  	 	18,088	  	  	$	 180,880	  
	 MPM BioVentures IV-QP, L.P.
	  	 	234,247	  	  	$	2,342,470	  	  	 	149,918	  	  	$	1,499,180	  	  	 	384,165	  	  	$	 3,841,650	  
	 MPM BioVentures IV, GmbH & Co. Beteiligungs KG
	  	 	9,024	  	  	$	 90,240	  	  	 	5,776	  	  	$	 57,760	  	  	 	14,800	  	  	$	 148,000	  
	 MPM Asset Management Investors BV4, LLC
	  	 	6,661	  	  	$	 66,610	  	  	 	4,263	  	  	$	 42,630	  	  	 	10,924	  	  	$	 109,240	  
	 Abingworth Bioventures V, L.P.
	  	 	166,431	  	  	$	1,664,310	  	  	 	106,516	  	  	$	1,065,160	  	  	 	272,947	  	  	$	 2,729,470	  
	 Auda Capital IV, GmbH & Co. KG
	  	 	123,951	  	  	$	1,239,510	  	  	 	79,329	  	  	$	 793,290	  	  	 	203,280	  	  	$	 2,032,800	  
	 Auda Capital IV, L.P.
	  	 	63,982	  	  	$	 639,820	  	  	 	40,948	  	  	$	 409,480	  	  	 	104,930	  	  	$	 1,049,300	  
	 Auda Valeritas Segregated Portfolio
	  	 	38,787	  	  	$	 387,870	  	  	 	24,823	  	  	$	 248,230	  	  	 	63,610	  	  	$	 636,100	  
	 Advanced Technology Ventures VIII, L.P.
	  	 	30,488	  	  	$	 304,880	  	  	 	19,512	  	  	$	 195,120	  	  	 	50,000	  	  	$	 500,000	  
	 Onset VI, L.P.
	  	 	99,973	  	  	$	 999,730	  	  	 	63,982	  	  	$	 639,820	  	  	 	163,955	  	  	$	 1,639,550	  
	 HLM Venture Partners II, L.P.
	  	 	83,310	  	  	$	 833,100	  	  	 	53,319	  	  	$	 533,190	  	  	 	136,629	  	  	$	 1,366,290	  
	 CHL Medical Partners III, L.P.
	  	 	11,223	  	  	$	 112,230	  	  	 	7,183	  	  	$	 71,830	  	  	 	18,406	  	  	$	 184,060	  
	 CHL Medical Partners III, Side Fund, L.P.
	  	 	972	  	  	$	9,720	  	  	 	622	  	  	$	 6,220	  	  	 	1,594	  	  	$	 15,940	  
	 The Permanente Federation, LLC - Series 1
	  	 	16,662	  	  	$	 166,620	  	  	 	10,664	  	  	$	 106,640	  	  	 	27,326	  	  	$	 273,260	  
	 Kaiser Permanente Ventures, LLC - Series A
	  	 	10,254	  	  	$	 102,540	  	  	 	6,562	  	  	$	 65,620	  	  	 	16,816	  	  	$	 168,160	  
	 Kaiser Permanente Ventures, LLC - Series B
	  	 	6,409	  	  	$	 64,090	  	  	 	4,101	  	  	$	 41,010	  	  	 	10,510	  	  	$	 105,100	  
	 PED-VLRTS, LLC
	  	 	23,427	  	  	$	 234,270	  	  	 	14,994	  	  	$	 149,940	  	  	 	38,421	  	  	$	 384,210	  
	 Elizabeth Gordon
	  	 	19,510	  	  	$	 195,100	  	  	 	12,486	  	  	$	 124,860	  	  	 	31,996	  	  	$	 319,960	  
	 Tullis Opportunity Fund 1, L.P.
	  	 	12,195	  	  	$	 121,950	  	  	 	7,805	  	  	$	 78,050	  	  	 	20,000	  	  	$	 200,000	  
	 Tullis Opportunity Fund 2, L.P.
	  	 	12,195	  	  	$	 121,950	  	  	 	7,805	  	  	$	 78,050	  	  	 	20,000	  	  	$	 200,000	  
	 Saint John’s University
	  	 	316	  	  	$	 3,160	  	  	 	203	  	  	$	 2,030	  	  	 	519	  	  	$	 5,190	  
	 Evan Norton
	  	 	610	  	  	$	 6,100	  	  	 	390	  	  	$	 3,900	  	  	 	1,000	  	  	$	 10,000	  
							
	 Ping An
	  	 	304,878	  	  	$	 3,048,780	  	  	 	195,122	  	  	$	 1,951,220	  	  	 	500,000	  	  	$	 5,000,000	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
		  	 	2,743,902	  	  	$	27,439,020	  	  	 	1,756,098	  	  	$	17,560,980	  	  	 	4,500,000	  	  	$	45,000,000EX-10.18

 Exhibit 10.18 

AMENDED AND RESTATED 
 LIMITED
LIABILITY COMPANY AGREEMENT 
 OF 

VALERITAS HOLDINGS, LLC 
 a
Delaware Limited Liability Company 
 THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of VALERITAS HOLDINGS, LLC, a Delaware
limited liability company (the “Company”), is dated and effective as of June 19, 2014 (the “Effective Date”) and is adopted, executed and agreed to by and among the Company, Valeritas, Inc., a Delaware
corporation (“Opco”), in its capacity as a member of the Company that does not hold a limited liability company interest in the Company (the “Temporary Member”), the persons and entities listed on Schedule A
hereto that hold an economic interest in the Company, some or all of which may be admitted as Members of the Company, and each other Person who at any time after the Effective Date becomes a Member in accordance with the terms of this Agreement and
the Act (to the extent any person listed on Schedule A has the right to receive units of limited liability company interest in the Company pursuant to the Agreement and Plan of Merger and Reorganization dated as of the date hereof among the
Company and the other parties thereto (the “Merger Agreement”) but has not executed and delivered this Agreement (including pursuant to a joinder or a power of attorney or other authorization granted to an attorney in fact or agent under
the Merger Agreement or other documents related thereto), such person’s acceptance of such units of limited liability company interest shall be deemed to constitute that person’s agreement to be bound by this Agreement). Any reference in
this Agreement to any Member shall include such Member’s Successors in Interest to the extent such Successors in Interest have become Substitute Members in accordance with the provisions of this Agreement. 

W I T N E S S E T H: 

WHEREAS, the Company was formed as a limited liability company pursuant to the Act by the filing of a Certificate of Formation with the
Secretary of State of the State of Delaware on June 9, 2014 (the “Original Formation Date”), and the execution of the Operating Agreement of the Company, on June 9, 2014 (the “Original Agreement”), with Opco
being the sole initial member thereof; 
 WHEREAS, on the date hereof, a Subsidiary of the Company, Valeritas Merger Sub, Inc., a Delaware
corporation (“Merger Sub”), merged with and into Opco (the “Merger”); 
 WHEREAS, in connection with the Merger
and in accordance with the Merger Agreement, in exchange for shares of stock in Opco, each former stockholder of Opco (other than any stockholder holding Dissenting Shares (as defined in the Merger Agreement)) has the right to receive certain units
of limited liability company interest in the Company, with the rights, powers and preferences set forth herein; 

  
 1 

 WHEREAS, in accordance with the Merger Agreement, upon its acceptance of the units of limited
liability company interest in the Company to which it is entitled in connection with the Merger, each former stockholder of Opco (other than any stockholder holding Dissenting Shares (as defined in the Merger Agreement)) is bound by this Agreement
and upon the surrender of the certificates representing the shares of stock in Opco held by such stockholder and the completion and signing of a joinder agreement and other transmittal documents provided for completion after the Merger, such former
stockholder shall be admitted as a member of the Company; 
 WHEREAS, upon the admission of any former stockholder of Opco as a member of
the Company, the Temporary Member shall cease to be a member of the Company and the Company shall continue without dissolution; and 

WHEREAS, the parties desire to enter into this Agreement in order to amend and restate the Original Agreement and to provide for, among other
things, (a) the management of the business and affairs of the Company, (b) the allocation among the Unitholders (as hereinafter defined) of the profits and losses of the Company and (c) the respective rights and obligations of the
parties to each other with respect to the Company. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements contained
herein, the parties hereto, each intending to be legally bound, hereby amend and restate the Original Agreement and set forth the limited liability company agreement of the Company in its entirety as follows: 

ARTICLE I. 
 DEFINITIONS

 SECTION 1.1. Definitions. The following terms shall have the following meanings for purposes of this Agreement: 

“Act” means the Delaware Limited Liability Company Act, Title 6, §§ 18-101, et seq., as it may be amended from time
to time. 
 “Additional Member” means any Person that has been admitted to the Company as a Member pursuant to Section
5.4 by virtue of having received its Units from the Company and not from any other Member, Unitholder or Assignee. 

“Additional Units” shall mean any Common Units issued (or deemed to have been issued pursuant to Section
2.10(c)(i)(E)) by the Company on or following the date hereof other than: 
 (A) Common Units issued pursuant to a transaction described
in Section 2.10(c)(ii) hereof; 
 (B) Common Units issued to employees, directors, consultants and other service providers for
the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the Board up to 31,460,537 Common Units; 

  
 -2- 

 (C) Common Units issued pursuant to the conversion or exercise of convertible or exercisable
securities outstanding on the date hereof; 
 (D) Common Units issuable upon the conversion of the Preferred Units issued as of the date
hereof and the Series C PIK Units and Series B PIK Units; 
 (E) Common Units issued in connection with a bona fide business acquisition of
or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise; or 
 (F) Common Units issued
or deemed issued pursuant to Section 2.10(c)(i)(E) as a result of a decrease in the Conversion Price of any class or series of Preferred Units resulting from the operation of Section 2.10(c). 

“Affiliate” means any Person who, directly or indirectly, controls, is controlled by or is under common control with another
Person, including, without limitation, any general partner, managing member, officer or director of such Person or any venture capital or private equity fund now or hereafter existing that is controlled by one or more general partners or managing
members of, or shares the same management company with, such Person. For all purposes hereunder, (i) Kaiser Permanente Ventures LLC – Series A, Kaiser Permanente Ventures LLC – Series B and The Permanente Federation LLC shall be
deemed to be Affiliates of each other and (ii) any entity managed by Auda Capital or Tullis Health shall be deemed to be an Affiliate of Auda Capital IV Co-Investment GMBH & Co. KG. 

“Agreement” means this Amended and Restated Limited Liability Company Agreement of the Company, as the same may be amended,
modified or supplemented from time to time in accordance with the terms hereof. 
 “Assignee” means any transferee to which
a Member, Unitholder or another Assignee has transferred its interest in the Company in accordance with the terms of this Agreement, but who is not a Member. 

“Board Majority of the Minority” means the affirmative vote of a majority of the Series B Managers. 

“Business Day” means a day other than a Saturday or Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to close. 
 “Capital Account” means, with respect to any Unitholder, the account maintained
for such Unitholder in accordance with the following provisions: 
 (a) To each Unitholder’s Capital Account there shall
be added such Unitholder’s Capital Contributions, such Unitholder’s allocable share of Net Income and any items in the nature of income or gain which are specially allocated to such Unitholder pursuant to Section 4.3(b) hereof,
and the amount of any Company liabilities assumed by such Unitholder or which are secured by any property distributed to such Unitholder. 

  
 -3- 

 (b) From each Unitholder’s Capital Account there shall be subtracted the
amount of cash and the Gross Asset Value of any property distributed to such Unitholder pursuant to any provision of this Agreement, such Unitholder’s allocable share of Net Losses and any items in the nature of expenses or losses which are
specially allocated to such Unitholder pursuant to Section 4.3(b) hereof, and the amount of any liabilities of such Unitholder assumed by the Company or which are secured by any property contributed by such Unitholder to the Company.

 (c) In the event any Unit is transferred in accordance with the terms of this Agreement, the transferee shall succeed to
the Capital Account of the transferor to the extent it relates to the transferred Unit. 
 (d) In determining the amount of
any liability for purposes of subparagraphs (a) and (b) hereof, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations. 

(e) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Code Section 704(b) and the Regulations promulgated thereunder, and shall be interpreted and applied by the Board in a manner consistent with such Regulations. 

“Capital Contribution” means the amount of cash and the initial Gross Asset Value of any property (other than cash)
contributed from time to time to the Company by a Unitholder. 
 “Cash” means all unrestricted cash and marketable
securities held by the Company. 
 “Class” or “Classes” means, the different classes of Units from time to
time outstanding (which are initially the Series A Preferred Units, the Series B Preferred Units, the Series C Preferred Units and the Common Units). Except as expressly set forth in this Agreement, for purposes of voting on, consenting to or
approving any matter, there shall be but a single class and a single group of Members. 
 “Code” means the Internal Revenue
Code of 1986, as amended, from time to time, or any successor statute. Any reference herein to a particular provision of the Code shall mean, where appropriate, the corresponding provision in any successor statute. 

“Common Units” means the common class of Units designated as “Common Units” and having the relative rights,
preferences, privileges, limitations and qualifications set forth in this Agreement. 
 “Date of Issue” means (A) with
respect to each of the Units issued on the date hereof, the Effective Date and (B) with respect to all Units issued after the Effective Date (if any), the actual date of issue thereof. 

“Depreciation means, for each fiscal year or other period, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable for federal income tax 

  
 -4- 

 
purposes with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning
of such year or other period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period bears to
such beginning adjusted tax basis; provided, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be calculated with reference to such beginning Gross Asset Value
using any reasonable method selected by the Board; provided further, that in all events the requirements of Regulations Section 1.704-3 shall be taken into account. 

“Distributable Assets” means, with respect to any fiscal period, all cash receipts (including from any operating, investing,
and financing activities) and other assets of the Company from any and all sources, reduced by operating expenses, contributions of capital to Subsidiaries, investments and payments required to be made in connection with any loan to the Company and
any reserve for contingencies or escrow required, in the judgment of the Board acting in good faith. 
 “Equity Securities”
means as to any Person that is a corporation, the shares of such Person’s capital stock, including all classes of common, preferred, voting and nonvoting capital stock, and, as to any Person that is not a corporation or an individual, the
ownership, beneficial or membership interests in such Person, including, without limitation, the right to share in profits and losses, the right to receive distributions of cash and property, and the right to receive allocations of items of income,
gain, loss, deduction and credit and similar items from such Person, whether or not such interests include voting or similar rights entitling the holder thereof to exercise control over such Person. 

“GAAP” means United States generally accepted accounting principles as from time to time in effect. 

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except
as follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Unitholder to the Company shall be the gross
fair market value of such asset on the date of the contribution, as determined by the contributing Unitholder and the Company. 

(b) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as
determined by the Board, as of the following times: 
 (i) the acquisition of additional Units after the date hereof by a
new or existing Unitholder in exchange for more than a de minimis Capital Contribution, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative shares of the Company’s Net Income, Net Losses
and distributions pursuant to this Agreement and the Act of the Unitholders; 

  
 -5- 

 (ii) the distribution by the Company to a Unitholder of more than a de minimis
amount of Company property as consideration for an entire or partial Unit, if the Board reasonably determines that such adjustment is necessary or appropriate to reflect the relative shares of the Company’s Net Income, Net Losses and
distributions pursuant to this Agreement and the Act of the Unitholders; 
 (iii) the liquidation of the Company within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g); 
 (iv) the grant of Units (other than a de minimis interest) as
consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity or by a new Member acting in a Member capacity or in anticipation of being a Member if the Board reasonably determines
that such adjustment is necessary or appropriate to reflect the Unitholders’ relative shares of the Company’s Net Income, Net Losses and distributions pursuant to this Agreement and the Act; 

(v) immediately following any conversion of Preferred Units into Common Units in accordance with the rights of the Preferred
Unit holders; and 
 (vi) such other times as the Board shall reasonably determine necessary or advisable to the extent
permitted under Regulations Sections 1.704-1(b) and 1.704-2; 
 provided, however, that if any such adjustment to the Gross Asset Values of
the Company’s assets occurs pursuant to this subsection (b) at a time when the Company has outstanding “noncompensatory options” (as defined in Regulations Section 1.721-2(f)) including convertible Preferred Units, the Gross
Asset Value of the assets shall be adjusted to account for such outstanding noncompensatory options in accordance with Regulations Section 1.704-1(b)(2)(iv)(d)(4). 

(c) The Gross Asset Value of any Company asset distributed to a Unitholder shall be the gross fair market value of such asset
on the date of distribution, as reasonably determined by the Board. 
 (d) The Gross Asset Values of Company assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts
pursuant to Regulations Section 1.704-l(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subparagraph (d) to the extent that the Board determines that an adjustment pursuant to
subparagraph (b) of this definition of Gross Asset Value is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (d). 

  
 -6- 

 “Investor Rights Agreement” means the Investors’ Rights Agreement dated as
of June 23, 2014 among the Company, Opco and the Unitholders and other Persons party thereto. 
 “Liquidation Event”
means (1) the closing of the sale, transfer or other disposition of all or substantially all of the Company’s assets, (2) the consummation of the merger (but not including the Merger) or consolidation of the Company or Opco with or
into another entity (except (x) in the case of a merger or consolidation of the Company, a merger or consolidation in which the holders of Equity Securities of the Company immediately prior to such merger or consolidation continue to hold at
least 50% of the voting power of the Equity Securities of the Company or the surviving or acquiring entity or (y) in the case of a merger or consolidation of Opco, a merger or consolidation in which the holders of Equity Securities of Opco or
the Company immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the Equity Securities of Opco or the surviving or acquiring entity), (3) the closing of the transfer (whether by merger,
consolidation or otherwise), in one transaction or a series of related transactions, to a Person or group of Affiliated Persons (other than (x) an underwriter of the Company’s or Opco’s Securities, (y) any person that is a holder
of Series C Preferred Units on the date hereof (or any Affiliate thereof) or (z) a transferee pursuant to an exempt transfer under Section 5(f) of the Voting Agreement), of the Company’s or Opco’s Securities if, after such
closing, such Person or group of Affiliated Persons would hold 50% or more of the outstanding voting Equity Securities of the Company or Opco, as the case may be (or of the surviving or acquiring entity) or (4) a liquidation, dissolution or
winding up of the Company in accordance with Section 5.2; provided, however, that a transaction shall not constitute a Liquidation Event if its sole purpose is to change the state of Opco’s or the Company’s organization or to
create a holding company that will be owned in substantially the same proportions by the Persons who held Opco’s or the Company’s, as the case may be, Securities immediately prior to such transaction. The treatment of any particular
transaction or series of related transactions as a Liquidation Event may be waived only with the vote or written consent of (x) the Series C Required Holders, (y) the Series B Required Holders and (z) Series A Required Holders, each
voting as a separate class. In any Liquidation Event, if proceeds received by the Company or the Members is other than cash, its value will be deemed its fair market value. Any Securities shall be valued as follows: 

(A) Securities not subject to investment letter or other similar restrictions on free marketability covered by (B) below: 

(1) If traded on a securities exchange or through the NASDAQ Global Market, the value shall be deemed to be the average of the closing prices
of the securities on such exchange or system over the ten (10) trading-day period ending three (3) trading days prior to the closing of the Liquidation Event; 

(2) If actively traded over-the-counter, the value shall be deemed to be the average of the closing bid or sale prices (whichever is
applicable) over the ten (10) trading-day period ending three (3) trading days prior to the closing of the Liquidation Event; and 

(3) If there is no active public market, the value shall be the fair market value thereof, as mutually determined by the Company (by action of
the Board, which must include the affirmative vote of the Board Majority of the Minority), and the Series C Required Holders. 

  
 -7- 

 (B) The method of valuation of Securities subject to investment letter or other restrictions on
free marketability (other than restrictions arising solely by virtue of a Person’s status as an Affiliate or former Affiliate) shall be to make an appropriate discount from the market value determined as above in (A) (1), (2) or
(3) to reflect the approximate fair market value thereof, as mutually determined by the Company (by action of the Board, which must include the affirmative vote of the Board Majority of the Minority), and the Series C Required Holders. 

(C) The foregoing methods for valuing non-cash consideration to be distributed in connection with a Liquidation Event shall, upon approval by
the requisite Members of the definitive agreements governing a Liquidation Event, be superseded by any determination of such value set forth in the definitive agreements governing such Liquidation Event. 

“Member” means each Person listed as a member of the Company on Schedule B as of the date hereof and each other Person
who is hereafter admitted as a Member in accordance with the terms of this Agreement and the Act, each in its capacity as a member of the Company, but shall not include any Person who has ceased to be a member of the Company. The Members shall
constitute the “members” (as that term is defined in the Act) of the Company. 
 “Net Income” or “Net
Loss” means for each fiscal year of the Company, an amount equal to the Company’s taxable income or loss for such fiscal year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss,
or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net
Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be subtracted from such taxable income or loss; 

(c) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (b) or (c) of the
definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain (if the adjustment increases the Gross Asset Value of the asset) or loss (if the adjustment decreases the Gross Asset Value of the asset) from the
disposition of such asset for purposes of computing Net Income or Net Loss; 
 (d) Gain or loss resulting from any
disposition of property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such
property differs from its Gross Asset Value; 

  
 -8- 

 (e) In lieu of the depreciation, amortization, and other cost recovery deductions
taken into account in computing such taxable income or loss, Depreciation shall be taken into account for such fiscal year; 

(f) The amount of any positive adjustment to the Gross Asset Values of the Company’s assets described in
paragraph (d) of the definition of “Gross Asset Value” shall be treated as an item of gain, and the amount of any negative adjustment pursuant to such paragraph shall be treated as an item of loss; and 

(g) Notwithstanding any other provision of this definition of Net Income or Net Loss, any items which are specially allocated
pursuant to Section 4.3(b) hereof shall not be taken into account in computing Net Income or Net Loss. To the extent permitted by the Regulations, the amounts of the items of Company income, gain, loss, or deduction available to be
specially allocated pursuant to Section 4.3(b) hereof shall be determined by applying rules analogous to those set forth in this definition of Net Income or Net Loss. 

“Officer” means each Person designated as an officer of the Company pursuant to and in accordance with the provisions of
Section 3.6. 
 “Person” means any natural person, corporation, limited liability company, partnership, trust,
joint stock company, business trust, unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever. 

“Preferred Units” means the classes of Units of the Company designated as the Series A Preferred Units, the Series B
Preferred Units and the Series C Preferred Units. 
 “Public Offering” means a public offering of shares of common stock of
a Subsidiary of the Company pursuant to an effective registration statement (other than on a Form S-4 or other similar form) under the Securities Act. 

“Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Securities” means any debt or equity securities of any issuer, including common and preferred stock and interests in limited
liability companies (including warrants, rights, put and call options and other options relating thereto or any combination thereof), notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness and other
property or interests commonly regarded as securities. 
 “Securities Act” means the Securities Act of 1933, or any
successor federal statute, and the rules and regulations of the Securities and Exchange Commission thereunder, as the same may be amended from time to time. 

“Series A Invested Amount” means, with respect to each Series A Preferred Unit, an amount equal to $1.21286 (in each case as
adjusted for any Unit splits, Unit distributions, combinations, subdivisions, recapitalizations or the like with respect to the Series A Preferred Units). 

  
 -9- 

 “Series A Liquidation Amount” means an amount equal to the greater of
(i) the sum of the Series A Invested Amount, plus any distributions declared but unpaid thereon through the date of such Liquidation Event or (ii) such amount per Series A Preferred Unit as would have been payable had each such
Series A Preferred Unit been converted into Common Units pursuant to Section 2.10(a)(iii) immediately prior to such Liquidation Event. 

“Series A Preferred Units” means the Series A convertible preferred class of Units designated as “Series A Preferred
Units” and having the relative rights, preferences, privileges, limitations and qualifications set forth in this Agreement. 

“Series A Required Holders” means the Members who are holders of at least sixty percent (60%) of the then outstanding
Series A Preferred Units held by Members, voting together as a separate class on an as converted to Common Units basis. 
 “Series B
Accruing Distribution” means, with respect to each Series B Preferred Unit, a cumulative amount accruing on a daily basis beginning on the Date of Issue thereof and ending on the date that is nine (9) months following the date of an
initial Public Offering of Opco at a rate equal to four percent (4%) per annum, compounded semi-annually on the sum of (x) the Series B Invested Amount, (y) the Series B Pre-Closing Accrued Amount and (z) the accrued and unpaid
distributions on such Series B Preferred Unit. 
 “Series B Invested Amount” means, with respect to each Series B Preferred
Unit, an amount equal to $1.21286 (in each case as adjusted for any Unit splits, Unit distributions, combinations, subdivisions, recapitalizations or the like with respect to the Series B Preferred Units). 

“Series B Liquidation Amount” means an amount equal to the greater of (i) the sum of the Series B Invested Amount, plus
the Series B Pre-Closing Accrued Amount, plus the Series B Accruing Distribution accrued through the date of such Liquidation Event but unpaid thereon, whether or not declared or (ii) such amount per Series B Preferred Unit as would have been
payable had each such Series B Preferred Unit been converted into Common Units pursuant to Section 2.10(a)(ii) immediately prior to such Liquidation Event. 

“Series B Pre-Closing Accrued Amount” means, with respect to each Series B Preferred Unit, an amount equal to $0.1409 (in
each case as adjusted for any Unit splits, Unit distributions, combinations, subdivisions, recapitalizations or the like with respect to the Series B Preferred Units). 

“Series B Preferred Units” means the Series B convertible class of preferred Units designated as “Series B Preferred
Units” and having the relative rights, preferences, privileges, limitations and qualifications set forth in this Agreement. 

“Series B Required Holders” means the Members who are holders of at least a majority of the then outstanding Series B
Preferred Units held by Members, voting together as a separate class on an as converted to Common Units basis. 

  
 -10- 

 “Series C Accruing Distribution” means, with respect to each Series C Preferred
Unit, a cumulative amount accruing on a daily basis beginning on the Date of Issue thereof and ending on the date that is nine (9) months following the date of an initial Public Offering of Opco at a rate equal to eight percent (8%) per
annum, compounded semi-annually on the sum of (x) the Series C Invested Amount, (y) the Series C Pre-Closing Accrued Amount and (z) the accrued and unpaid distributions on such Series C Preferred Unit. 

“Series C Invested Amount” means, with respect to each Series C Preferred Unit, an amount equal to $1.435 (in each case as
adjusted for any Unit splits, Unit distributions, combinations, subdivisions, recapitalizations or the like with respect to the Series C Preferred Units). 

“Series C Liquidation Amount” means an amount equal to the greater of (i) the sum of the Series C Invested Amount, plus
the Series C Pre-Closing Accrued Amount, plus the Series C Accruing Distribution accrued through the date of such Liquidation Event but unpaid thereon, whether or not declared or (ii) such amount per share as would have been payable had each
such share been converted into Common Units pursuant to Section 2.10(a)(i) immediately prior to such Liquidation Event. 

“Series C Pre-Closing Accrued Amount” means, with respect to each Series C Preferred Unit, an amount equal to $0.2697 (in
each case as adjusted for any Unit splits, Unit distributions, combinations, subdivisions, recapitalizations or the like with respect to the Series C Preferred Units). 

“Series C Preferred Units” means the Series C convertible preferred class of Units designated as “Series C Preferred
Units” and having the relative rights, preferences, privileges, limitations and qualifications set forth in this Agreement. 

“Series C Required Holders” means the Members who are holders of at least a majority of the then outstanding Series C
Preferred Units held by Members, voting together as a separate class on an as converted to Common Units basis. 

“Subsidiary” means, with respect to the Company or any other Person, any Person of which the Company (or such other Person)
owns securities having a majority of the voting power in electing the board of directors directly or through one or more Subsidiaries (or, in the case of a partnership, limited liability company or other similar entity, securities conveying,
directly or indirectly, a majority of the economic interests in such partnership or entity), including any Person of which the Company (or such other Person) or any Subsidiary serves as general partner or managing member. 

“Substitute Member” means any Person that has been admitted to the Company as a Member pursuant to Section 5.4 by
virtue of such Person receiving Units from a Member, a Unitholder or its Assignee and not from the Company. 
 “Successor in
Interest” means any (i) trustee, custodian, receiver or other Person acting in any bankruptcy or reorganization proceeding with respect to; (ii) assignee for the benefit of the creditors of; (iii) trustee or receiver, or
current or former officer, director or partner, or other fiduciary acting for or with respect to the dissolution, liquidation or termination of; or (iv) other executor, administrator, committee, legal representative or other successor or assign
of, any Unitholder, whether by operation of law or otherwise. 

  
 -11- 

 “Target Balance” has the meaning set forth in Section 4.3(a). 

“Unitholder” means a Member, Assignee, other Person to which the Company has issued Units or a Successor in Interest who
holds any Unit. 
 “Units” means units of limited liability company interest in the Company from time to time outstanding
hereunder (which are initially represented by the Preferred Units and the Common Units). 
 “Voting Agreement” means the
Voting Agreement dated as of June 19, 2014 among the Company and the Unitholders party thereto. 
 SECTION 1.2. Terms Generally. The
definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” All terms herein that relate to accounting matters shall be interpreted in accordance with GAAP. All
references to “Sections” and “Articles” shall refer to Sections and Articles of this Agreement unless otherwise specified. The words “hereof” and “herein” and similar terms shall relate to this Agreement. 

ARTICLE II. 
 GENERAL PROVISIONS

 SECTION 2.1. Formation. The Company has been organized as a Delaware limited liability company by the execution and filing of a
Certificate of Formation (as amended from time to time, the “Certificate”) by an authorized person under and pursuant to the Act, such Certificate and the execution and filing thereof being hereby ratified and approved in all
respects. Any Officer, acting alone, as an “authorized person”, within the meaning of the Act, shall execute, deliver and file, or cause the execution, delivery and filing of, all certificates (and any amendments and/or restatements
thereof) required or permitted by the Act to be filed with the Secretary of State of the State of Delaware. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the
extent that the rights, powers, duties, obligations and liabilities of any Member are different by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the
Act, control. Opco hereby continues as the Temporary Member upon its execution of a counterpart signature page of this Agreement. The Temporary Member has no Units and or other limited liability company interests in the Company and has no authority
to bind the Company. Except as required by any mandatory provision of the Act, the Temporary Member shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the
merger, consolidation or conversion of the Company. Each of the Persons listed on Schedule A hereto as a “Unitholder” on the date hereof has the right to receive units of limited liability company interests in the Company pursuant
to the Merger. Upon the surrender by each such Person of 

  
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their certificate(s) representing their shares in Opco prior to the Merger and the completion and signing of a joinder agreement to this Agreement, each such Person shall be admitted to the
Company as a Member and shall be listed on Schedule B hereto. Upon such admission to the Company of any former Opco stockholder, the Board shall cause Schedule B hereto to be revised to reflect such admission. Notwithstanding any
provision of this Agreement to the contrary, such revision of Schedule B hereto shall not require the approval or consent of any Member or other Unitholder. Simultaneously with the admission of any former stockholder of Opco as a Member of
the Company, Opco shall automatically cease to be a member of the Company and shall cease to be a party to and to have any rights or obligations under this Agreement and the Company shall continue without dissolution. The execution and delivery by
the Company of the Merger Agreement are hereby ratified and approved in all respects. 
 SECTION 2.2. Name. The name of the Company is
Valeritas Holdings, LLC, the name specified in the Certificate filed with the Secretary of State of the State of Delaware on the Original Formation Date. All Company business shall be conducted in that name or in such other names that comply with
applicable law as the Board may select from time to time. 
 SECTION 2.3. Term. The term of the Company commenced on the Original Formation
Date, the date the original Certificate was filed with the office of the Secretary of State of the State of Delaware, and shall continue in existence perpetually until termination of the Company in accordance with the provisions of Section
5.2. 
 SECTION 2.4. Purpose; Powers. 

(a) General Powers. The nature of the business or purposes to be conducted or promoted by the Company is to engage in
any lawful act or activity for which limited liability companies may be organized under the Act. The Company may engage in any and all activities necessary, desirable or incidental to the accomplishment of the foregoing. Notwithstanding anything
herein to the contrary, nothing set forth herein shall be construed as authorizing the Company to possess any purpose or power, or to do any act or thing, forbidden by law to a limited liability company organized under the laws of the State of
Delaware. 
 (b) Company Action. Subject to the provisions of this Agreement and except as prohibited by applicable
law (i) the Company may, with the approval of the Board (or a duly authorized committee thereof) or a duly authorized Officer, enter into and perform any and all documents, agreements and instruments contemplated by such approval, all without
any further act, vote or approval of any Member and (ii) the Board (or a duly authorized committee thereof) may authorize any Person (including any Member, Manager or Officer) to enter into and perform any document on behalf of the Company.

 SECTION 2.5. Foreign Qualification. The Board shall cause the Company to comply with all requirements necessary to qualify the Company as
a foreign limited liability company in any jurisdiction in which the location of its assets and properties or the conduct of its business requires such qualification unless the Board shall determine otherwise and determine that the failure so to
qualify would not have a material adverse effect on the Company. 

  
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 SECTION 2.6. Registered Office; Registered Agent; Offices. The registered office of the Company
required by the Act to be maintained in the State of Delaware shall be the office of the registered agent named in the Certificate or such other office (which need not be a place of business of the Company) as the Board may designate from time to
time in the manner provided by law. The registered agent of the Company in the State of Delaware shall be the registered agent named in the Certificate or such other Person or Persons as the Board may designate from time to time in the manner
provided by law. The principal office of the Company shall be at such place as the Board may designate from time to time, which need not be in the State of Delaware, and the Company shall maintain records at such place. The Company may have such
other offices as the Board may designate from time to time. 
 SECTION 2.7. Partnership Status. The Unitholders intend that the Company
shall be treated as a partnership for federal, state and local income tax purposes, and each Unitholder and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such
treatment. 
 SECTION 2.8. Rights and Privileges of Initial Classes of Units; Voting. 

(a) The limited liability company interests in the Company shall be divided into and denominated as Units. There shall be
multiple Classes of Units, as follows: 
 (i) There is hereby created a class of Units designated as the “Series A
Preferred Units”. Each Series A Preferred Unit shall be identical to all other Series A Preferred Units in all respects (other than income tax attributes) and shall entitle the holder thereof to the rights, interests, preferences and privileges
of a holder of a Series A Preferred Unit as set forth in this Agreement. 
 (ii) There is hereby created a class of Units
designated as the “Series B Preferred Units”. Each Series B Preferred Unit shall be identical to all other Series B Preferred Units in all respects (other than income tax attributes) and shall entitle the holder thereof to the rights,
interests, preferences and privileges of a holder of a Series B Preferred Unit as set forth in this Agreement. 
 (iii)
There is hereby created a class of Units designated as the “Series C Preferred Units”. Each Series C Preferred Unit shall be identical to all other Series C Preferred Units in all respects (other than income tax attributes) and shall
entitle the holder thereof to the rights, interests, preferences and privileges of a holder of a Series C Preferred Unit as set forth in this Agreement. 

(iv) There is hereby created a class of Units designated as the “Common Units”. Each Common Unit shall be identical
to all other Common Units in all respects (other than income tax attributes) and shall entitle the holder thereof to the rights, interests, preferences and privileges of a holder of a Common Unit as set forth in this Agreement. 

(b) The Members who are holders of the Common Units, Series C Preferred Units (on an as converted to Common Units basis) and
Series B Preferred Units (on an as converted to Common Units basis) shall be entitled to one vote per Common Unit on any 

  
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matters on which the Members and/or Unitholders are entitled to vote. Except as expressly set forth in this Agreement, the Series A Preferred Units, and any other Units of a Person if and so
long as such Person is not a Member, shall be non-voting. 
 SECTION 2.9. Ownership and Issuance of Units. 

(a) The ownership of outstanding Units shall be listed on Schedule A to this Agreement, as from time to time revised,
amended or supplemented in accordance with this Agreement. From time to time, following the admission of any Additional Members or Substitute Members, or following the issuance, transfer or forfeiture of any Units, Schedule A (and to the
extent the holder thereof has been admitted as a Member, Schedule B) shall be amended to reflect such changes. Notwithstanding any provision of this Agreement to the contrary, such revision, amendment or supplement of Schedule A or
Schedule B hereto shall not require the approval or consent of any Member or other Unitholder. 
 (b) Subject to
Section 3.10, the Board is authorized in its sole and complete discretion to cause the Company to issue, on such terms and conditions as the Board shall determine, additional Units, which Units may be of a same or different class,
subclass or series from the Units which are outstanding prior to such issuance, at any time or from time to time to existing Members or to other Persons, and to admit such other Persons to the Company as additional Members pursuant to
Section 5.4. In connection therewith, the Board shall have sole and complete discretion to create new classes, subclasses or series of Units (in addition to the then-existing classes or subclasses or series of Units), with such relative
rights, powers, preferences, privileges and limitations as shall be fixed by the Board, and to make such revisions to the relative rights, powers, preferences, privileges and limitations of Units which are outstanding prior to such issuance subject
only to the express restrictions set forth in Sections 3.10 and 5.4. Upon the issuance of any additional Units pursuant to this Section 2.9, the Board shall amend Schedule A hereto (and to the extent a holder thereof
has been admitted as a Member, Schedule B hereto) to reflect such issuance and, if necessary, and subject to Sections 3.10 and 5.4, the other terms and provisions of this Agreement to reflect the creation, designation,
preferences and relative, participating, optional or other special rights, powers and duties of any such new class, subclass or series of Units. 

SECTION 2.10. Conversion Rights of the Preferred Units. 

(a) Conversion. Subject to the terms and conditions of this Section 2.10, any holder of Preferred Units
shall have the right, at its option at any time, to convert any or all of such Preferred Units into such number of Common Units per Preferred Unit as follows: 

(i) Each Series C Preferred Unit shall be converted into such number of Common Units as is determined by multiplying one
Series C Preferred Unit by the Series C Conversion Rate. In the case of the Series C Preferred Units, the “Series C Conversion Rate” in effect at any time shall be an amount equal to the quotient obtained by dividing (x) an
amount equal to the amount of the Series C 

  
 -15- 

 
Invested Amount, plus the Series C Pre-Closing Accrued Amount, plus the Series C Accruing Distribution accrued and unpaid through the Conversion Time, whether declared or not, by (y) the
Series C Conversion Price then in effect; provided, however, that if the aggregate fair market value of the Common Units to be received upon conversion of a Series C Preferred Unit (plus the aggregate fair market value of the Common
Units to be received (or previously received) upon conversion of each Series C PIK Unit received with respect to such Series C Preferred Unit prior to the Conversion Time as if such Series C PIK Unit were also being converted at such Conversion
Time) is equal to or greater than $2.87 per Unit (subject to appropriate adjustment in the event of a Unit split, Unit distribution (other than Series C PIK Units), combination, reclassification, or similar event affecting the Series C Preferred
Units), then the Series C Conversion Rate in effect at such time for such Series C Preferred Unit shall be an amount equal to the greater of (x) a rate such that upon conversion of such Series C Preferred Unit (and each Series C PIK Unit
received with respect to such Series C Preferred Unit prior to the Conversion Time) the holder thereof will receive a number of Common Units (when taken together with the Common Units to be received (or previously received) upon conversion of each
Series C PIK Unit received with respect to such Series C Preferred Unit prior to the Conversion Time as if such Series C PIK Unit were also being converted at such Conversion Time) having an aggregate fair market value equal to $2.87 per Unit
(subject to appropriate adjustment in the event of a Unit split, Unit distribution (other than Series C PIK Units), combination, reclassification, or similar event affecting the Series C Preferred Units) and (y) an amount equal to the quotient
obtained by dividing (1) the Series C Invested Amount by (2) the Series C Conversion Price then in effect and the Series C Pre-Closing Accrued Amount and the Series C Accruing Distribution shall not be included in the calculation of the
Series C Conversion Rate with respect to such Series C Preferred Unit. On the date hereof, the “Series C Conversion Price” per Unit is the Series C Invested Amount. Such initial Series C Conversion Price, and the rate at which
Series C Preferred Units may be converted into Common Units, shall be subject to adjustment as provided below. 
 (ii) Each
Series B Preferred Unit shall be converted into such number of Common Units as is determined by multiplying one Series B Preferred Unit by the Series B Conversion Rate. In the case of the Series B Preferred Units, the “Series B Conversion
Rate” in effect at any time shall be an amount equal to the quotient obtained by dividing (x) an amount equal to the amount of the Series B Invested Amount, plus the Series B Pre-Closing Accrued Amount, plus the Series B Accruing
Distribution accrued through the Conversion Time, whether declared or not, by (y) the Series B Conversion Price then in effect; provided, however, that if the aggregate fair market value of the Common Units to be received upon
conversion of each Series B Preferred Unit (plus the aggregate fair market value of the Common Units to be received (or previously received) upon conversion of each Series B PIK Unit received with respect to such Series B Preferred Unit prior to the
Conversion Time) exceeds $1.81929 per Unit (subject to appropriate adjustment in the event of a Unit split, Unit distribution (other than 

  
 -16- 

 
Series B PIK Units), combination, reclassification, or similar event affecting the Series B Preferred Units), then the Series B Conversion Rate in effect at such time for such Series B Preferred
Unit shall be an amount equal to the greater of (x) a rate such that upon conversion of such Series B Preferred Unit (and each Series B PIK Unit received with respect to such Series B Preferred Unit prior to the Conversion Time) the holder
thereof will receive a number of Common Units (when taken together with the Common Units to be received (or previously received) upon conversion of each Series B PIK Unit received with respect to such Series B Preferred Unit prior to the Conversion
Time as if such Series B PIK Unit were also being converted at such Conversion Time) having an aggregate fair market value equal to $1.81929 per Unit (subject to appropriate adjustment in the event of a Unit split, Unit distribution (other than
Series B PIK Units), combination, reclassification, or similar event affecting the Series B Preferred Units) and (y) an amount equal to the quotient obtained by dividing (1) the Series B Invested Amount by (2) the Series B Conversion
Price then in effect and the Series B Pre-Closing Accrued Amount and the Series B Accruing Distribution shall not be included in the calculation of the Series B Conversion Rate with respect to such Series B Preferred Unit. On the date hereof, the
“Series B Conversion Price” per Unit is the Series B Invested Amount. Such initial Series B Conversion Price, and the rate at which Series B Preferred Units may be converted into Common Units, shall be subject to adjustment as
provided below. 
 (iii) Each Series A Preferred Unit shall be converted into such number of Common Units as is determined
by multiplying one Series A Preferred Unit by the Series A Conversion Rate. In the case of the Series A Preferred Units, the “Series A Conversion Rate” in effect at any time shall be an amount equal to the quotient obtained by
dividing (x) the Series A Invested Amount by (y) the Series A Conversion Price then in effect. On the date hereof, the “Series A Conversion Price” per Unit was the Series A Invested Amount. Such initial Series A Conversion
Price, and the rate at which Series A Preferred Units may be converted into Common Units, shall be subject to adjustment as provided below. The Series C Conversion Rate, the Series B Conversion Rate, and the Series A Conversion Rate, and the Series
C Conversion Price, the Series B Conversion Price and the Series A Conversion Price, respectively, are sometimes referred to hereinafter as the “Conversion Rate” and “Conversion Price”, as applicable to such class of Preferred
Units. 
 (iv) Fair market value of a Common Unit shall be valued as follows: 

(A) In the case of a Liquidation Event, the aggregate amount to be received with respect to a Common Unit pursuant to
Section 4.4(b); 
 (B) In the case of an underwritten offering of securities registered pursuant to the
Securities Act, the offering price with respect thereto; and 

  
 -17- 

 (C) In any other circumstances, the fair market value thereof, as determined by
the Board, which must include the affirmative vote of a Board Majority of the Minority; provided that if a majority of the Board, including a Board Majority of the Minority and a majority of the Series C Managers, cannot agree on a fair market value
within 15 days of the written notice to the Company from a holder of Preferred Units that it wishes to convert any of its Preferred Units, then the Company shall engage an investment banking firm or valuation firm (the “Independent Valuation
Firm”) to determine such fair market value (the Company shall request that the Independent Valuation Firm use its reasonable best efforts to determine such fair market value within thirty (30) days of its appointment). 

(b) Mechanics of Conversion. Before any holder of Preferred Units shall be entitled to voluntarily convert the same into
Common Units, such Member shall surrender the certificate or certificates therefor, duly endorsed, at the office of the Company, and shall give written notice to the Company at its principal office, of the election to convert the same and shall
state therein the name or names in which the certificate or certificates for Common Units are to be issued. The Company shall, as soon as practicable thereafter, issue and deliver at such office to such holder of Preferred Units, or to the nominee
or nominees of such holder, a certificate or certificates for the number of Common Units to which such holder shall be entitled as aforesaid. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of
such surrender of the certificate or certificates for Preferred Units to be converted, and the person or persons entitled to receive the Common Units issuable upon such conversion shall be treated for all purposes as the record holder or holders of
the Common Units as of such date (the “Conversion Time”). 
 (c) Conversion Price Adjustments of
Preferred Units for Certain Dilutive Issuances, Splits and Combinations. The Conversion Price of the Preferred Units shall be subject to adjustment from time to time as follows: 

(i) (A) If the Company shall issue, on or after the date hereof, any Additional Units without consideration or for a
consideration per Unit less than the Conversion Price applicable to a class of Preferred Units in effect immediately prior to the issuance of such Additional Units, the applicable Conversion Price for such Units in effect immediately prior to each
such issuance shall forthwith (except as otherwise provided in this clause (i)) be adjusted to a price determined by multiplying such Conversion Price by a fraction, the numerator of which shall be the number of Common Units Outstanding (as defined
below) immediately prior to such issuance plus the number of Common Units that the aggregate consideration received by the Company for such issuance would purchase at such Conversion Price; and the denominator of which shall be the number of Common
Units Outstanding immediately prior to such issuance plus the number of such Additional Units. For purposes of this Section 2.10(c)(i)(A), the term “Common Units Outstanding” shall mean and include the following:
(1) outstanding Common Units, (2) Common Units issuable upon 

  
 -18- 

 
conversion of outstanding Preferred Units, including the Series C Accruing Distribution and Series B Accruing Distribution to the extent so included in accordance with
Section 2.10(a), (3) Common Units issuable upon exercise of outstanding options and (4) Common Units issuable upon exercise (and, in the case of warrants to purchase Preferred Units, conversion) of outstanding warrants. Units
described in (1) through (4) above shall be included whether vested or unvested, whether contingent or non-contingent and whether exercisable or not yet exercisable. 

(B) No adjustment of the Conversion Price for the Preferred Units shall be made in an amount less than one cent per Unit,
provided that any adjustments that are not required to be made by reason of this sentence shall be carried forward and either shall be taken into account in any subsequent adjustment made prior to three (3) years from the date of the event
giving rise to the adjustment being carried forward, or shall be made at the end of three (3) years from the date of the event giving rise to the adjustment being carried forward. Except to the limited extent provided for in subsections
(E)(3) and (E)(4), no adjustment of such Conversion Price pursuant to this Section 2.10(c)(i) shall have the effect of increasing the Conversion Price above the Conversion Price in effect immediately prior to such
adjustment. 
 (C) In the case of the issuance of Additional Units for cash, the consideration shall be deemed to be the
amount of cash paid therefor before deducting any reasonable discounts, commissions or other expenses allowed, paid or incurred by the Company for any underwriting or otherwise in connection with the issuance and sale thereof. 

(D) In the case of the issuance of the Additional Units for a consideration in whole or in part other than cash, the
consideration other than cash shall be deemed to be the fair market value thereof as determined by the Board irrespective of any accounting treatment. 

(E) In the case of the issuance of options to purchase or rights to subscribe for Common Units, securities by their terms
convertible into or exchangeable for Common Units or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following provisions shall apply for purposes of determining the number of Additional Units issued
and the consideration paid therefor: 
 (1) The aggregate maximum number of Common Units deliverable upon exercise (assuming
the satisfaction of any conditions to exercisability, including without limitation, the passage of time, but without taking into account potential anti-dilution adjustments) of such options to purchase or rights to subscribe for Common Units shall
be deemed to have been issued at the time such options or rights were issued and for a consideration equal to the consideration (determined in the manner 

  
 -19- 

 
provided in Sections 2.10(c)(i)(C) and (c)(i)(D)), if any, received by the Company upon the issuance of such options or rights plus the minimum exercise price provided in such
options or rights (without taking into account potential anti-dilution adjustments) for the Common Units covered thereby. 

(2) The aggregate maximum number of Common Units deliverable upon conversion of, or in exchange (assuming the satisfaction of
any conditions to convertibility or exchangeability, including, without limitation, the passage of time, but without taking into account potential anti-dilution adjustments) for, any such convertible or exchangeable securities or upon the exercise
of options to purchase or rights to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to have been issued at the time such securities were issued or such options or rights were
issued and for a consideration equal to the consideration, if any, received by the Company for any such securities and related options or rights (excluding any cash received on account of accrued interest or accrued distributions), plus the minimum
additional consideration, if any, to be received by the Company (without taking into account potential anti-dilution adjustments) upon the conversion or exchange of such securities or the exercise of any related options or rights (the consideration
in each case to be determined in the manner provided in Sections 2.10(c)(i)(C) and (c)(i)(D)). 
 (3) In the
event of any change in the number of Common Units deliverable or in the consideration payable to the Company upon exercise of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities, the Conversion
Price of the Preferred Units, to the extent in any way affected by or computed using such options, rights or securities, shall be recomputed to reflect such change, but no further adjustment shall be made for the actual issuance of Common Units or
any payment of such consideration upon the exercise of any such options or rights or the conversion or exchange of such securities. 

(4) Upon the expiration of any such options or rights, the termination of any such rights to convert or exchange or the
expiration of any options or rights related to such convertible or exchangeable securities, the Conversion Price of the Preferred Units, to the extent in any way affected by or computed using such options, rights or securities or options or rights
related to such securities, shall be recomputed to reflect the issuance of only the number of Common Units (and convertible or exchangeable 

  
 -20- 

 
securities that remain in effect) actually issued upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights
related to such securities. 
 (5) The number of Additional Units deemed issued and the consideration deemed paid therefor
pursuant to Sections 2.10(c)(i)(E)(1) and (2) shall be appropriately adjusted to reflect any change, termination or expiration of the type described in either Sections 2.10(c)(i)(E)(3) or (4). 

(ii) In the event the Company should at any time or from time to time after the date hereof fix a record date for the
effectuation of a split or subdivision of the outstanding Common Units or the determination of holders of Common Units entitled to receive a distribution payable in additional Common Units or other securities or rights convertible into, or entitling
the holder thereof to receive directly or indirectly, additional Common Units (hereinafter referred to as “Common Unit Equivalents”) without payment of any consideration by such holder for the additional Common Units or the Common
Unit Equivalents (including the additional Common Units issuable upon conversion or exercise thereof), then, as of such record date (or the date of such distribution, split or subdivision if no record date is fixed), the Conversion Price of the
Preferred Units shall be appropriately decreased so that the number of Common Units issuable on conversion of each Unit of such class shall be increased in proportion to such increase of the aggregate of Common Units outstanding and those issuable
with respect to such Common Unit Equivalents with the number of Units issuable with respect to Common Unit Equivalents determined from time to time in the manner provided for deemed issuances in Section 2.10(c)(i)(E). 

(iii) If the number of Common Units outstanding at any time after the date hereof is decreased by a combination of the
outstanding Common Units, then, following the record date of such combination, the Conversion Price for the Preferred Units shall be appropriately increased so that the number of Common Units issuable on conversion of each Unit of such class shall
be decreased in proportion to such decrease in outstanding Units. 
 (d) Other Distributions. In the event the Company
shall declare a distribution payable in securities of other Persons, evidences of indebtedness issued by the Company or other Persons, assets (excluding cash distributions) or options or rights not referred to in Section 2.10(c)(ii),
then, in each such case for the purpose of this Section 2.10(d), the holders of the Preferred Units shall be entitled to a proportionate share of any such distribution as though they were the holders of the number of Common Units into which
their Preferred Units are convertible as of the record date fixed for the determination of the holders of Common Units entitled to receive such distribution. 

  
 -21- 

 (e) Recapitalizations. If at any time or from time to time there shall be
a recapitalization of the Common Units, provision shall be made so that the holders of the Preferred Units shall thereafter be entitled to receive upon conversion of the Preferred Units the number of Securities or property of the Company or
otherwise, to which a holder of the number of Common Units deliverable upon conversion of such Preferred Units immediately prior to such recapitalization would have been entitled on such recapitalization. In any such case, appropriate adjustment
shall be made in the application of the provisions of this Section 2.10 with respect to the rights of the holders of the Preferred Units after the recapitalization to the end that the provisions of this Section 2.10
(including adjustment of the Conversion Price then in effect and the number of Units issuable upon conversion of the Preferred Units) shall be applicable after that event as nearly equivalently as may be practicable. 

(f) No Impairment. The Company will not, without the appropriate required vote of the Members, by amendment of this
Agreement or through any reorganization, recapitalization, transfer of assets, consolidation, merger, conversion, transfer, domestication, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 2.10 and in the taking of all such action as
may be necessary or appropriate in order to protect the conversion rights of the holders of the Preferred Units against impairment. 

(g) No Fractional Units and Certificate as to Adjustments. 

(i) No fractional Units shall be issued upon the conversion of any Preferred Units and the aggregate number of Common Units to
be issued to particular Unitholders shall be rounded down to the nearest whole Unit and the Company shall pay in cash the fair market value of any fractional Units as of the time when entitlement to receive such fractions is determined. Whether or
not fractional Units would be issuable upon such conversion shall be determined on the basis of the total number of Preferred Units the holder is at the time converting into Common Units and the number of Common Units issuable upon such conversion.

 (ii) Upon the occurrence of each adjustment or readjustment of the Conversion Price of Preferred Units pursuant to this
Section 2.10, the Company, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each holder of Preferred Units a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or readjustment is based. The Company shall, upon the written request at any time of any holder of Preferred Units, furnish or cause to be furnished to such holder a like
certificate setting forth (A) such adjustment and readjustment, (B) the Conversion Price for such class of Preferred Units at the time in effect, and (C) the number of Common Units and the amount, if any, of other property that at the
time would be received upon the conversion of a Preferred Unit. 

  
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 (h) Notices of Record Date. In the event of any taking by the Company of a
record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any distribution (other than a cash distribution), the Company shall mail to each holder of Preferred Units, at least ten
(10) days prior to the date specified therein, a notice specifying the date on which any such record is to be taken for the purpose of such distribution, and the amount and character of such distribution. 

(i) Waiver of Adjustment to Conversion Price. Notwithstanding anything herein to the contrary, any downward adjustment
of the Conversion Price of any class of Preferred Units may be waived, either prospectively or retroactively and either generally or in a particular instance, (i) with respect to the Series C Preferred Units, by the consent or vote of the
Series C Required Holders, (ii) with respect to the Series B Preferred Units, by the consent or vote of the Series B Required Holders and (iii) with respect to the Series A Preferred Units, by the consent or vote of the Series A Required
Holders; provided, however, that with respect to any event that causes by operation of this Section 2.10 a downward adjustment of the Conversion Price of the Series B Preferred Units, any waiver by the Series B Required Holders
of any such downward adjustment by the Series B Required Holders shall be binding upon and shall be deemed to waive any downward adjustment of the Series A Preferred Units caused by the same event. Any waiver of any downward adjustment of a
Conversion Price shall bind all future holders of such class of Preferred Units affected thereby. 
 (j) Status of
Converted Preferred Units. In the event any Preferred Units shall be converted pursuant to this Section 2.10, the Preferred Units so converted shall be cancelled and shall not be issuable by the Company. 

(k) Adjustments Upon Conversion of Preferred Units. Upon any conversion of Preferred Units into Common Units in
accordance with this Section 2.10, the following shall occur: 
 (i) The Preferred Unitholder shall be treated
as having contributed to the Company with respect to the Common Unit or Units received in the conversion the balance such Unitholder had in its Capital Account to the extent attributable to the Preferred Unit or Units converted; 

(ii) Immediately following the conversion, the Gross Asset Values of all of the Company’s assets shall be adjusted in
accordance with subsection (b) of the definition of “Gross Asset Value”; 
 (iii) The conversion date shall
be treated as the end of a fiscal year so that all Net Income and Net Loss (including the amount of any adjustment to the Gross Asset Values of the Company’s assets pursuant to clause (ii)) and other items specially allocable to the Members
shall be allocated in accordance with Section 4.3; provided, however, that notwithstanding any provision of Section 4.3 to the contrary, Net Income and Net Loss attributable to any adjustment to the Gross Asset Value of the Company’s assets
pursuant to clause 

  
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(ii) shall first be allocated to the holders of the Preferred Units that were converted until the Capital Accounts of such Unitholders determined solely with respect to the Common Unit or Units
issued upon the conversion equals such holders’ respective Target Balances determined solely with respect to such Common Unit or Units; 

(iv) In the event that there is insufficient Net Income and the Net Loss attributable to the adjustment to the Gross Asset
Values of the Company’s assets pursuant to clause (ii) to accomplish the allocation specified in the proviso to clause (iii), the Company shall (i) reallocate capital from the non-converting
Unitholders to the holders of the Preferred Units that were converted until the Capital Accounts of the converting Unitholders with respect to the Common Unit or Units received upon the conversion equals such Unitholders’ respective Target
Balances determined solely with respect to such Common Unit or Units and (ii) make “corrective allocations” of items of gross income or loss solely for income tax purposes in accordance with Regulations
Section 1.704-1(b)(2)(iv)(s); and 
 (v) The Board shall make such other adjustments as it may in good faith determine
may be necessary to comply with the provisions of the Regulations pertaining to the treatment of “non-compensatory” options under Code Sections 721 and 704. 

SECTION 2.11. Limited Liability Company Agreement. For administrative convenience, certain agreements among the Company and the Unitholders
are set forth in the Voting Agreement and the Investor Rights Agreement, both of which, together with this Agreement, shall constitute the limited liability company agreement of the Company for purposes of the Act. To the extent any person listed on
Schedule A has the right to receive units of limited liability company interest in the Company pursuant to the Merger but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (including pursuant to a joinder or
a power of attorney or other authorization granted to an attorney in fact or agent under the Merger Agreement or other documents related thereto), such person’s acceptance of such units of limited liability company interest shall be deemed to
constitute that person’s agreement to be bound by the Voting Agreement and the Investor Rights Agreement. Upon written request from any Unitholder to the Company at its principal office, the Company shall supply to such Unitholder, copies of
this Agreement, the Voting Agreement and the Investor Rights Agreement, free of charge. 
 SECTION 2.12. Unrelated Business Taxable Income,
Trade and Business Income and Effectively Connected Income. The Company shall use its reasonable best efforts to ensure it does not incur: (i) “unrelated business taxable income” within the meaning of Sections 511-514 of the Code;
(ii) income derived from the conduct of a trade or business outside of the United States; or (iii) income that is effectively connected with the conduct of a trade or business in the United States, including gain from the disposition of a
United States real property interest within the meaning of Section 897 of the Code. 

  
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 ARTICLE III. 

MANAGEMENT 
 SECTION 3.1.
The Board of Managers; Delegation of Authority and Duties. 
 (a) Authority of the Board. To the fullest extent
permitted by Delaware law, the Board established pursuant to Section 3.2 below shall possess full and exclusive power to manage the business and affairs of the Company (and shall be considered a “manager” for purposes of
Section 18-402 of the Act). In furtherance of the foregoing, each of the Members and other Unitholders hereby consents to the exercise by the Board of all such powers and rights conferred on the Board by the Act and this Agreement with respect
to the management and control of the Company. No Member, in its capacity as a Member, shall have any power or authority to act for, sign for or do any act that would bind the Company. Each Member acknowledges and agrees that, except as otherwise
agreed in writing, no Member shall, in its capacity as a Member, be bound to devote any of such Member’s business time to the affairs of the Company, and that each Member and such Member’s Affiliates do and will continue to engage for such
Member’s own account and for the account of others in other business ventures. 
 (b) Delegation by the Board.
Except as provided in Sections 3.1(c) and 3.6 below, the Board shall not have the power and authority to delegate to one or more other Persons the Board’s rights and powers to manage and control the business and affairs of the
Company; provided, that the Board may authorize any Person (including any Member, Officer or Manager) to enter into and perform under any document authorized by the Board on behalf of the Company. 

(c) Committees. The Board may, from time to time, designate one or more committees of the Board, each of which shall be
comprised of at least one Series B Manager and one Series C Manager. Any such committee, to the extent provided in the enabling resolution and until dissolved by the Board, shall have and may exercise any or all of the authority of the Board. At
every meeting of any such committee, the presence of a majority of all the members thereof (including any vacancies) shall constitute a quorum, and the affirmative vote of a majority of the members of such committee present shall be necessary for
the adoption of any resolution. The Board may dissolve any committee at any time. 
 SECTION 3.2. Establishment of the Board. 

(a) Managers. There shall be and hereby is established a Board of Managers (the “Board”) whose
authorized number of members (each a “Manager”) shall be seven (7). Managers shall be elected, appointed and removed by the Members specified in Section 3.2(b) hereof from time to time as set forth in
Section 3.2(b) hereof. Each Manager shall remain in office until his or her death, resignation or removal, and in the event of death, resignation or removal of a Manager, the vacancy created shall be filled as provided in
Section 3.2(b). All Managers shall be individuals. 

  
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 (b) Board Composition. The Managers shall be designated as provided below:

 (i) for so long as any Series C Preferred Units are outstanding, the Series C Required Holders shall be entitled to elect
four (4) members of the Board (the “Series C Managers”); and 
 (ii) for so long as any Series B
Preferred Units are outstanding, the Series B Required Holders shall be entitled to elect three (3) members of the Board (the “Series B Managers”). 

(c) Removal. Managers designated or elected in accordance with Section 3.2(b) shall be removed from the
Board (with or without cause) only upon the vote or written consent of the requisite Member(s) that are entitled to designate or elect such Manager under Section 3.2(b) above. 

(d) No Individual Authority. No Manager has the authority or power to act for or on behalf of the Company, to do any act
that would be binding on the Company or to make any expenditures or incur any obligations on behalf of the Company or authorize any of the foregoing, other than acts that are expressly authorized by the Board (or a duly authorized committee
thereof). 
 (e) Duties. The Managers, in the performance of their duties as such, shall owe to the Company fiduciary
duties of the type owed by the directors of a Delaware corporation to such corporation and its stockholders under the laws of the State of Delaware. The Managers, Officers, Members and Unitholders shall not be deemed to owe fiduciary duties to
creditors of the Company or its Subsidiaries. 
 (f) Exculpation. A Manager shall not be personally liable to the
Company or any Member or Unitholder for monetary damages for breach of fiduciary duty as a Manager, except for liability (i) for any breach of the Manager’s duty of loyalty to the Company or the Members or Unitholders, (ii) for acts
or omissions not in good faith or that involve intentional misconduct or a knowing violation of law or (iii) for any transaction from which the Manager derived any improper personal benefit. 

SECTION 3.3. Board Meetings. 

(a) Quorum; Voting. A majority of the total number of Managers (which majority shall include at least one
(1) Series C Manager and one (1) Series B Manager) shall constitute a quorum for the transaction of business of the Board and the act of a majority of the Managers present at a meeting of the Board at which a quorum is present shall be the
act of the Board. A Manager who is present at a meeting of the Board at which action on any matter is taken shall be presumed to have assented to the action unless his dissent shall be entered in the minutes of the meeting or unless he shall file
his written dissent to such action with the Person acting as secretary of the meeting before the adjournment thereof or shall deliver such dissent to the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply
to a Manager who voted in favor of such action. 

  
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 (b) Place of Meetings; Waiver of Notice. Meetings of the Board may be held
at such place or places as shall be determined from time to time by resolution of the Board or, in the case of a special meeting of the Board, by the Person(s) calling the meeting as provided herein. At all meetings of the Board, business shall be
transacted in such order as shall from time to time be determined by resolution of the Board or, in the absence of such resolution, by the chairman of the meeting. Attendance of a Manager at a meeting shall constitute a waiver of notice of such
meeting, except where a Manager attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 

(c) Regular Meetings. Regular meetings of the Board shall be held at such times and places as shall be designated from
time to time by resolution of the Board. Additional notice of such meetings shall not be required. 
 (d) Special
Meetings. Special meetings of the Board may be called on at least 24 hours notice to each Manager by the Chairman or a majority of the Managers. Such notice need not state the purpose or purposes of, nor the business to be transacted at, such
meeting, except as may otherwise be required by law or provided for in this Agreement. 
 (e) Notice. Notice of any
special meeting of the Board or committee of the Board may be given to the Managers at their addresses known to the Company either by email or in any other manner permitted by Section 7.4. 

SECTION 3.4. Chairman. The Board shall designate a Manager selected by the Series C Required Holders to serve as its Chairman. The Chairman
shall preside at all meetings of the Board. If the Chairman is absent at any meeting of the Board, a majority of the Managers present shall designate another Manager to serve as interim chairman for that meeting. Except as authorized by the Board,
the Chairman shall have no authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure or incur any obligations on behalf of the Company or authorize any of the foregoing.

 SECTION 3.5. Action by Written Consent or Telephone Conference. Any action permitted or required by the Act, the Certificate or this
Agreement to be taken at a meeting of the Board or any committee designated by the Board may be taken without a meeting if a consent in writing, setting forth the action to be taken, is signed by all of the Managers or the members of such committee,
as the case may be. Such consent shall have the same force and effect as a vote at a meeting, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Board or any such other committee, as the case may
be. Subject to the requirements of this Agreement for notice of meetings, the Managers, or members of any other committee designated by the Board, may participate in and hold a meeting of the Board or any such other committee, as the case may be, by
means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting,
except where a Person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened. 

  
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 SECTION 3.6. Officers. 

(a) Designation and Appointment. The Board may, from time to time, employ and retain natural persons as may be necessary
or appropriate for the conduct of the Company’s business (subject to the supervision and control of the Board), including employees, agents and other Persons (any of whom may be a Manager) who may be designated as Officers of the Company, with
titles including “Chief Executive Officer,” “Chief Operating Officer,” “General Counsel,” “President,” “Vice President,” “Treasurer,” “Secretary,” “Assistant Secretary,”
and “Chief Financial Officer,” as and to the extent authorized by the Board. Any number of offices may be held by the same Person. In its discretion, the Board may choose not to fill any office for any period as it may deem advisable.
Officers need not be residents of the State of Delaware or Members. Any Officers so designated shall have such authority and perform such duties as the Board may, from time to time, delegate to them. The Board may assign titles to particular
Officers. Each Officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. The salaries or other compensation, if
any, of the Officers of the Company shall be fixed from time to time by the Board. 
 (b) Resignation/Removal. Any
Officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be
necessary to make it effective, unless expressly so provided in the resignation. Any Officer may be removed as such, either with or without cause at any time by the Board. Designation of an Officer shall not of itself create any contractual or
employment rights. 
 (c) Duties of Certain Officers. The Officers of the Company who are full-time employees of the
Company or a Subsidiary thereof, in the performance of their duties as such, shall owe to the Company duties of loyalty and due care of the type owed by the officers of a Delaware corporation to such corporation and its stockholders under the laws
of the State of Delaware. 
 SECTION 3.7. Opco Board of Directors. For so long as the Company is a stockholder of Opco, the Company shall
take all necessary action in its capacity as a stockholder of Opco to cause (a) the members of the board of directors of Opco to include the Series C Managers and the Series B Managers and (b) the notice, election and removal provisions in
this Agreement for Managers to apply to such directors of Opco. 
 SECTION 3.8. Liability of Unitholders. 

(a) No Personal Liability. Except as otherwise required by applicable law, and as expressly set forth in this Agreement,
no Member or Unitholder shall have any personal liability whatsoever in such Person’s capacity as a Member or Unitholder, whether to the Company, to any other Member, Manager, Officer or Unitholder, to the creditors of the Company or to any
other third party, for the debts, liabilities, commitments or any other obligations of the Company or for any losses of the Company. 

  
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Each Member or Unitholder shall be liable only to make such Member’s or Unitholder’s initial Capital Contribution to the Company, if applicable, and the other payments provided
expressly herein. 
 (b) Return of Distributions. In accordance with the Act and the laws of the State of Delaware, a
holder of a limited liability company interest may, under certain circumstances, be required to return amounts previously distributed to such holder. To the fullest extent permitted by law, it is the intent of the Unitholders that no distribution to
any Unitholder pursuant to Article IV hereof shall be deemed a return of money or other property paid or distributed in violation of the Act. To the fullest extent permitted by law, the payment of any such money or distribution of any such
property to a Unitholder shall be deemed to be a compromise within the meaning of the Act, and the Unitholder receiving any such money or property shall not be required to return to any Person any such money or property. However, if any court of
competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Unitholder is obligated to make any such return or payment, such obligation shall be the obligation of such Unitholder and not of any Manager or other
Unitholder. 
 SECTION 3.9. Indemnification by the Company. 

To the fullest extent permitted by the General Corporation Law of the State of Delaware (the “General Corporation Law”) as if
the Company were a Delaware corporation, the Company is authorized to provide indemnification of (and advancement of expenses to) agents of the Company (and any other persons to which General Corporation Law would permit the Company to provide
indemnification if the Company were a Delaware corporation) through agreements with such agents or other persons, vote of Members or disinterested Managers or otherwise, in excess of the indemnification and advancement otherwise permitted by
Section 145 of the General Corporation Law, subject only to limits created by applicable General Corporation Law (statutory or non-statutory), with respect to actions for breach of duty to the Company, the Members, and others. 

Without limiting the foregoing, the Company shall, to the maximum extent permitted from time to time under the law of the State of Delaware as
if the Company were a Delaware corporation, indemnify and upon request advance expenses to any person who is or was a party or is threatened to be made a party to any threatened, pending or completed action, suit, proceeding or claim, whether civil,
criminal, administrative or investigative, by reason of the fact that such person is or was or has agreed to be a Manager or while a Manager is or was serving at the request of as if the Company as a director, officer, partner, trustee, employee or
agent of any corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, against expenses (including attorney’s fees and expenses), judgments, fines, penalties and amounts paid
in settlement incurred (and not otherwise recovered) in connection with the investigation, preparation to defend or defense of such action, suit, proceeding or claim; provided, however, that the foregoing shall not require the Company to indemnify
or advance expenses to any person in connection with any action, suit, proceeding, claim or counterclaim initiated by or on behalf of such person. Such indemnification shall not be exclusive of other indemnification rights arising under any
agreement, vote of Managers or Members or otherwise and shall inure to the benefit of the heirs and legal 

  
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representatives of such person. Any person seeking indemnification under this Section 3.9 shall be deemed to have met the standard of conduct required for such indemnification unless the
contrary shall be established. 
 Any amendment, repeal or modification of the foregoing provisions of this Section 3.9 shall not
adversely affect any right or protection of a Manager, Officer, agent, or other person existing at the time of, or increase the liability of any Manager with respect to any acts or omissions of such Manager, Officer or agent occurring prior to, such
amendment, repeal or modification. 
 It is the intent of the Company that with respect to all advancement and indemnification obligations
provided by the Company as referenced in this Section 3.9, the Company shall be the primary source of advancement, reimbursement and indemnification relative to any direct or indirect Member of the Company (or any affiliate of such Member,
other than the Company or any of its direct or indirect Subsidiaries). The Company shall have no right to seek contribution, indemnity or other reimbursement for any of its obligations described in this Section 3.9 from any such Member or
Unitholder of the Company (or any Affiliate of such Member or Unitholder, other than the Company or any of its direct or indirect Subsidiaries). 

SECTION 3.10. Protective Provisions. 

(a) So long as any Series C Preferred Units are outstanding, the Company shall not, and, prior to a Public Offering of Opco,
the Company shall cause Opco not to, in each case by amendment, merger, consolidation or otherwise, without the prior written consent of the Series C Required Holders: 

(i) consummate a Liquidation Event, or sell, license, lease, transfer or otherwise dispose of material assets; 

(ii) alter or change the rights, preferences or privileges of the Series C Preferred Units so as to affect adversely such
Units; 
 (iii) authorize or issue, or obligate itself to issue, any Equity Security (including any other security
convertible into or exercisable for any such Equity Security), other than, in the case of the Company, (x) the issuance of Series C Preferred Units with respect to Series C Accruing Distributions and (y) the issuance of Series B Preferred
Units with respect to Series B Accruing Distributions and, in the case of Opco, the issuance of Series D Preferred Stock (and any pay-in-kind dividends thereon) pursuant to that certain Series D Preferred Stock Purchase Agreement dated on or about
June 23, 2014 (as amended, the “Purchase Agreement”) among Opco and the purchasers party thereto; 
 (iv) redeem,
purchase or otherwise acquire (or pay into or set aside for a sinking fund for such purpose) any Securities; provided, however, that this restriction shall not apply to the repurchase of Securities (A) from employees, officers,
directors, consultants or other persons performing services for the Company or Opco pursuant to agreements under which the Company or 

  
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Opco has the option to repurchase such shares upon the occurrence of certain events, such as the termination of employment or service, or pursuant to a right of first refusal or (B) that are
outstanding as of the date hereof; 
 (v) amend, alter or repeal any provision of in the case of the Company, the
Certificate or this Agreement and, in the case of Opco, the certificate of incorporation or bylaws of Opco; 
 (vi) incur,
create, guarantee or authorize the creation of any indebtedness in excess of $25,000,000 in the aggregate; 
 (vii) make any
loan or advance in excess of $100,000 to any other Person, unless such Person is wholly owned by the Company; 
 (viii) make
any capital expenditure that is not already included in a budget approved by the Board or the board of directors of Opco, as the case may be; 

(ix) hire or fire any executive officer, including the Chief Executive Officer and Chief Financial Officer; 

(x) change the authorized number of Managers or members of the board of directors of Opco, as the case may be; 

(xi) acquire or merge with another entity or enter into any other material transaction involving the acquisition of the assets
of such entity; 
 (xii) sell, assign, license or otherwise dispose (in a single transaction or a series of related
transactions) material technology, intellectual property and other material assets, other than licenses granted in the ordinary course of business; 

(xiii) enter into material transactions with Affiliates of the Company or enter into any other transaction described (as if
the Company were a Delaware corporation) in Section 144 of the General Corporation Law of the State of Delaware, except for (1) transactions contemplated by the Purchase Agreement or the Management Agreement dated as of September 8,
2011 (as amended, the “Management Agreement”) between Opco and WCAS Management Corporation, (2) the issuance of Equity Securities made in accordance with Section 3 or 4 of the Investor Rights Agreement,
(3) transactions entered into the ordinary course of business with any employee of the Company and (4) transactions among the Company and Subsidiaries of the Company; 

(xiv) make any material change in the nature of its business from that conducted as of the date hereof; or 

(xv) approve or materially amend any annual budget. 

  
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 (b) So long as any Series B Preferred Units are outstanding, the Company shall
not and, prior to a Public Offering of Opco, the Company shall cause Opco not to, in each case by amendment, merger, consolidation or otherwise, without the prior written consent of the Series B Required Holders: 

(i) alter or change the rights, preferences or privileges of the Series B Preferred Units so as to affect adversely such
Series B Preferred Units in a manner different to any adverse effect such alteration or change would have on the rights, preferences or privileges of the Series C Preferred Units; 

(ii) authorize or issue, or obligate itself to authorize or issue, any securities that, with respect to their liquidation
preference upon a Liquidation Event, are both (A) junior to the liquidation preference of the Series C Preferred Units upon a Liquidation Event and (B) senior to, or pari passu with, the liquidation preference of the Series B Preferred
Units upon a Liquidation Event; 
 (iii) authorize or issue, or obligate itself to issue, (1) any Equity Security of
Opco (including any other security convertible into or exercisable for any such Equity Security of Opco), in a single transaction or a series of transactions, resulting in proceeds received by Opco in an aggregate amount in excess of $100,000,000 or
(2) any Equity Security of the Company (including any other security convertible into or exercisable for any such Equity Security of the Company); provided that, for the avoidance of doubt, no approval of the Series B Required Holders
shall be required for (A) the Company to authorize or issue (x) any Series C PIK Units or Series B PIK Units or (y) any Common Units in connection with the conversion of Series C Preferred Units, Series B Preferred Units or Series A
Preferred Units pursuant to this Agreement or (B) Opco to (x) issue Series D Preferred Stock (and any pay-in-kind dividends thereon) pursuant to the Purchase Agreement and as contemplated by Section 1.2(b) of the Purchase Agreement or
(y) issue shares of common stock to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the board of directors of Opco, in
the case of clause (B), which amount shall not be included in the calculation of such $100,000,000 threshold; 
 (iv)
redeem, purchase or otherwise acquire (or pay into or set aside for a sinking fund for such purpose) any Securities; provided, however, that this restriction shall not apply to the repurchase of Securities (A) from employees,
officers, directors, consultants or other persons performing services for the Company or any Subsidiary pursuant to agreements under which the Company or Opco has the option to repurchase such shares upon the occurrence of certain events, such as
the termination of employment or service, or pursuant to a right of first refusal or (B) that are outstanding as of the date hereof; 

(v) amend, alter or repeal any provision of the bylaws of Opco with respect to determining a quorum of the board of directors
of Opco; 

  
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 (vi) incur, create, guarantee or authorize the creation of any indebtedness in
excess of $25,000,000 in the aggregate; 
 (vii) change the authorized number of Managers or members of the board of
directors of Opco, as the case may be; 
 (viii) enter into material transactions with Affiliates of the Company or enter
into any other transaction described (as if the Company were a Delaware corporation) in Section 144 of the General Corporation Law of the State of Delaware, except for (1) transactions contemplated by the Purchase Agreement or the
Management Agreement, (2) the issuance of Equity Securities of the Company made in accordance with Section 3 or 4 of the Investor Rights Agreement, (3) transactions entered into the ordinary course of business with any employee of the
Company and (4) transactions among the Company and Subsidiaries of the Company; or 
 (ix) make any material change in
the nature of the Company’s principal business that are not natural extensions of such business conducted as of the date hereof; provided that no approval of the Series B Required Holders shall be required if such changes to the
Company’s principal business were approved by the Board, which approval must include the affirmative vote of the Board Majority of the Minority. 

(c) So long as any Series A Preferred Units are outstanding, the Company shall not (by amendment, merger, consolidation or
otherwise), without the prior written consent of the Series A Required Holders: 
 (i) authorize or issue, or obligate
itself to authorize or issue, any securities that, with respect to their liquidation preference upon a Liquidation Event, are both (i) junior to the liquidation preference of the Series C Preferred Units and Series B Preferred Units upon a
Liquidation Event and (ii) senior to, or pari passu with, the liquidation preference of the Series A Preferred Units upon a Liquidation Event; or 

(ii) decrease the Series A Liquidation Preference; provided that no such approval shall be required for the Company to
authorize or issue, or for the Company to obligate itself to authorize or issue, any Securities having a preference pari passu or senior to the Series B Preferred Units with respect to a Liquidation Event. 

(d) Notwithstanding anything to the contrary in this Section 3.10 or elsewhere in this Agreement or in the Voting
Agreement or in the Investor Rights Agreement, until such time as a former stockholder of Opco is admitted as a Member of the Company as set forth in Section 2.1, such Person shall have no right to vote or consent to any matter set forth in
this Section 3.10 or in any other provision of this Agreement requiring the consent of the Members, the Unitholders, or the Series A Required Holders, the Series B Required Holders or the Series C Required Holders, as

  
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applicable, and any holder of a Unit who has not been admitted as a Member shall have no right to vote on, consent to, or approve any matter and shall not be taken into consideration in
determining whether the vote, consent, or approval of the Members, the Unitholders, the Series A Required Holders, the Series B Required Holders or the Series C Required Holders, as applicable, has been obtained. 

ARTICLE IV. 
 CAPITAL
CONTRIBUTIONS; ALLOCATIONS; DISTRIBUTIONS 
 SECTION 4.1. Capital Contributions. The Members and the Unitholders listed on Schedule
A hereto on the date hereof are making on the date hereof the initial Capital Contributions to the Company described on Schedule C hereto. No Member or Unitholder shall be entitled (except as provided in Section 3 of the Investor
Rights Agreement) to make any additional Capital Contributions without the approval of the Board or required to make any additional Capital Contributions without such Member’s express written agreement. In connection with any issuance of
additional Units, the Board may accept such additional Capital Contributions as it determines in its discretion. 
 SECTION 4.2. Capital
Accounts. 
 (a) Creation. There shall be established for each Unitholder on the books of the Company a Capital
Account which shall be increased or decreased in the manner set forth in this Agreement. 
 (b) Negative Balance. A
Unitholder shall not have any obligation to the Company or to any other Unitholder to restore any negative balance in the Capital Account of such Unitholder. 

SECTION 4.3. Allocations of Net Income and Net Loss. 

(a) Timing and Amount of Allocations of Net Income and Net Loss. Net Income and Net Loss of the Company shall be
determined and allocated with respect to each fiscal year of the Company as of the end of each such year or as circumstances otherwise require or allow. The Board shall allocate the Net Income and Net Loss among the Unitholders in a manner that as
closely as possible gives economic effect to the provisions of this Agreement. Subject to the other provisions of this Section 4.3, an allocation to a Unitholder of a share of Net Income or Net Loss shall be treated as an allocation of
the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. For the avoidance of doubt, except as otherwise provided in this Agreement, Net Income and Net Loss (and, to the extent
necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be allocated among the Unitholders in a manner such that, after giving effect to the regulatory allocations set forth in Section 4.3(b), the
Capital Account balance of each Unitholder, immediately after making such allocation, is, as nearly as possible, equal (proportionately) to (i) the distributions that would be made to such Unitholder if the Company were dissolved, its affairs
wound up and its assets sold for cash equal to their Gross Asset Value, all Company liabilities were satisfied (limited with respect to each 

  
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nonrecourse liability to the Gross Asset Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with Section 4.4(b) to the
Unitholders immediately after making such allocation, minus (ii) such Unitholder’s share of “partnership minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(d)) and “partner
nonrecourse debt minimum gain” (determined in accordance with the principles of Regulations Section 1.704-2(i)), computed immediately before the hypothetical sale of assets (for a Unitholder, the difference between the amount in clause
(i) and the amount in clause (ii), the Unitholder’s “Target Balance”). 
 (b) Regulatory
Allocations. Provisions governing the allocation of income, gain, loss, deduction and credit (and items thereof) are included in this Agreement as may be necessary to provide that the Company’s allocation provisions contain a so-called
“qualified income offset” and comply with all provisions relating to the allocation of so-called “nonrecourse deductions” and “partner nonrecourse deductions” and the chargeback thereof as set forth in the
Regulations under Section 704(b) of the Code. 
 (c) Allocations upon Transfer. For any fiscal year during which
a Unitholder’s Unit(s) in the Company is assigned by such Unitholder, the portion of the Net Income and Net Loss of the Company that is allocable in respect of such Unitholder’s Unit(s) shall be apportioned between the assignor and the
assignee of such Unitholder’s Unit(s) using any permissible method under Code Section 706 and the Regulations thereunder, as determined by the Board. 

(d) Required Tax Allocations. All items of income, gain, loss, deduction and credit for federal income tax purposes
shall be allocated to each Unitholder in the same manner as the Net Income or Net Loss (and each item of income, gain, loss and deduction related thereto) that is allocated to such Unitholder pursuant to Section 4.3(a), (b) and
(c) to which such tax items relate. Notwithstanding the foregoing provisions of this Section 4.3, income, gain, loss, deduction, and credits with respect to property contributed to the Company by a Unitholder shall be allocated
among the Unitholders for federal and state income tax purposes pursuant to Regulations promulgated under Section 704(c) of the Code, so as to take account of the variation, if any, between the adjusted basis for federal income tax purposes of
the property to the Company and its initial Gross Asset Value at the time of contribution. In the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraph (b), (c), or (d) of the definition of Gross Asset Value,
subsequent allocations of income, gain, loss, deduction, and credits with respect to such asset shall take account of the variation, if any, between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the
same manner as under Code Section 704(c) and the applicable Regulations consistent with the requirements of Regulations Section 1.704-1(b)(2)(iv)(g). Allocations pursuant to this Section 4.3(d) are solely for purposes of
federal, state and local income taxes and shall not affect, or in any way be taken into account in computing, any Unitholder’s Capital Account or share of Net Income, Net Loss, other tax items or distributions pursuant to any provision of this
Agreement. 

  
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 (e) Unitholders’ Tax Reporting. The Unitholders acknowledge and are
aware of the income tax consequences of the allocations made by this Section 4.3 and, except as may otherwise be required by applicable law or regulatory requirements, hereby agree to be bound by the provisions of Section 4.3
in reporting their shares of Company income, gain, loss, deductions, and credits for federal, state and local income tax purposes. 

SECTION 4.4. Distributions. 

(a) Timing and Valuation. Subject to the provisions of Section 4.4(e), Distributable Assets shall be
distributed by the Company only upon the occurrence of a Liquidation Event; provided that Additional Consideration with respect to a Liquidation Event and any Distributable Assets that are not Cash shall not be distributed upon the occurrence of a
Liquidation Event and any Cash generated with respect thereto shall be distributed by the Company as soon as practicable after the receipt thereof by the Company. 

(b) Priority in Distributions. Subject to Section 4.4(e), in connection with any Liquidation Event or the
distribution of Distributable Assets, all of the proceeds of such Liquidation Event or such Distributable Assets, as the case may be, shall be distributed as follows: 

(i) First, to the holders of the outstanding Series C Preferred Units on a pro rata basis (determined by
reference to the undistributed Series C Liquidation Amount with respect to the Series C Preferred Units held by each such holder) until the aggregate cumulative amount distributed with respect to each Series C Preferred Unit pursuant to this clause
(i) equals the Series C Liquidation Amount; 
 (ii) Second, to the holders of the outstanding Series B Preferred
Units on a pro rata basis (determined by reference to the undistributed Series B Liquidation Amount with respect to the Series B Preferred Units held by each such holder) until the aggregate cumulative amount distributed with respect to each
Series B Preferred Unit pursuant to this clause (ii) equals the Series B Liquidation Amount; 
 (iii) Third, to
the holders of the outstanding Series A Preferred Units on a pro rata basis (determined by reference to the undistributed Series A Liquidation Amount with respect to the Series A Preferred Units held by each such holder) until the aggregate
cumulative amount distributed with respect to each Series A Preferred Unit pursuant to this clause (iii) equals the Series A Liquidation Amount; and 

(iv) Fourth, thereafter, all of the remaining Distributable Assets shall be distributed to the holders of the Common
Units on a pro rata basis determined by reference to the number of such Common Units held by each such holder. 

  
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 (c) Allocation of Escrow. In the case of a Liquidation Event, if any
portion of the consideration payable to the Unitholders is placed into escrow and/or is payable to the Unitholders subject to contingencies (the “Additional Consideration”), the portion of such consideration that is not placed in
escrow and not subject to any contingencies (the “Initial Consideration”) shall be allocated among the Unitholders in accordance with Section 4.4(b) as if the Initial Consideration were the only consideration payable in
connection with such Liquidation Event and any Additional Consideration which becomes payable to the Unitholders upon release from escrow or satisfaction of contingencies shall be allocated among the Unitholders in accordance with
Section 4.4(b) above after taking into account the previous payment of the Initial Consideration as part of the same transaction. 

(d) Successors. For purposes of determining the amount of distributions under this Section 4.4, each
Unitholder shall be treated as having received amounts received by its predecessors and any prior holders of such Units in respect of any of such Unitholder’s Units. 

(e) Tax Distributions. To the extent there is taxable income and cash is available, the Board shall cause the Company to
make a tax distribution in cash no later than the 15th day of March of each year to each Unitholder (whether or not such Unitholder or such Unitholder’s investors are tax exempt) in an amount equal to the excess of (i) the product of
(A) the cumulative taxable income allocable to such Unitholder (including any guaranteed payments for services that are not actually received by such Unitholder in cash and including any required tax allocations to such Unitholder under
Section 4.3(d) hereof pursuant to Regulations promulgated under Section 704(c) of the Code) in excess of the cumulative taxable loss allocable to such Unitholder for all taxable years prior to the year in which such distribution is
being made, as estimated in good faith by the Board and (B) the combined maximum federal, state and local marginal income tax rate (taking into account the deductibility of state and local taxes for federal income tax purposes and adjusted
appropriately to take into account the varying rates applicable to capital gains, qualified dividend income and ordinary income) applicable to individual residents of New York, New York, or such other rate as determined by the Board in its good
faith discretion, over (ii) all prior distributions pursuant to this Section 4.4. Tax distributions to a Unitholder shall be offset against and reduce the amount of the next succeeding distribution or distributions which such Unitholder
would otherwise be entitled to receive pursuant to this Agreement. To the extent that an amount otherwise distributable to a Unitholder is so applied, it shall be treated for all purposes hereof as if such amount had actually been distributed to
such Unitholder pursuant to this Agreement. 
 (f) Accruing Distributions. On or after a Liquidation Event, the Series
C Accruing Distribution shall be paid when and if declared by the Board by delivering to the holders of Series C Preferred Units a number of Series C Preferred Units (“Series C PIK Units”) with respect to each Series C Preferred
Unit held by such holder equal to (i) the amount of the Series C Accruing Distribution accrued and unpaid thereon, divided by (ii) the Series C Invested Amount. On or after a Liquidation Event, the Series B Accruing Distribution shall be
paid when and if declared by the Board by delivering to the holders of Series B Preferred Units a number of Series B Preferred Units (“Series B 

  
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PIK Units”) with respect to each Series B Preferred Unit held by such holder equal to (i) the amount of the Series B Accruing Distribution accrued and unpaid thereon, divided by
(ii) the Series B Invested Amount. 
 (g) Limitations on Distributions. Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not make a distribution to a Member or Unitholder on account of its Units if such distribution would violate the Act or other applicable law. 

SECTION 4.5. Right of Set-Off. The Company shall have a right of setoff against all distributions of Distributable Assets in the amount of any
withholding tax or other liability or obligation to which the Company or a Subsidiary may be subject as a result of any act or status of any Unitholder, or to which the Company or a Subsidiary may become subject with respect to the interest of any
Unitholder. The Company may withhold distributions or portions thereof if it is required to do so by the Code or any other provision of federal, state or local tax or other law. Any amount withheld pursuant to the Code or any other provision of
federal, state or local tax or other law with respect to any distribution to a Unitholder shall be treated as an amount distributed to such Unitholder for all purposes under this Agreement. Each Unitholder agrees to indemnify the Company in full for
any amounts paid by the Company to a governmental entity or regulatory authority that are specifically attributable to a Unitholder or a Unitholder’s status as such (including, without limitation, any interest, penalties and expenses associated
with such payments), and each Unitholder shall promptly upon notification of an obligation to indemnify the Company pursuant to this Section 4.5 make a cash payment to the Company equal to the full amount to be indemnified with interest
to accrue on any portion of such cash payment not paid in full, as reasonably determined by the Company, when requested by the Company. A Unitholder’s obligation to indemnify and make contributions to the Company under this
Section 4.5 shall survive the termination, dissolution, liquidation and winding up of the Company, and for purposes of this Section 4.5, the Company shall be treated as continuing in existence. To the extent that a Unitholder
makes contributions to the Company under this Section 4.5, it shall receive no net credit to its Capital Account. 
 ARTICLE V. 

WITHDRAWAL; DISSOLUTION; NEW AND SUBSTITUTE MEMBERS 

SECTION 5.1. Withdrawal. No Member shall have the power or right to resign or otherwise withdraw or be expelled from the Company prior to the
dissolution and winding up of the Company except pursuant to a transfer permitted under this Agreement of all of such Member’s Units to either an Assignee or the Company. Notwithstanding anything to the contrary contained in the Act, in no
event shall any Member be deemed to have resigned from the Company or cease to be a Member upon the occurrence of any event unless the Member, after the occurrence of such event, indicates in a written instrument delivered to the Company that the
Member has so resigned. 
 SECTION 5.2. Dissolution. 

(a) Events. The Company shall be dissolved and its affairs shall be wound up on the first to occur of the following:

 (i) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act; 

  
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 (ii) the eighteen month anniversary of the initial Public Offering of Opco;
provided that such date shall be the twenty-first month anniversary of such initial Public Offering if the Series B Required Holders request in writing to the Company prior to such eighteen month anniversary to make such change; and 

(iii) upon the approval of at least five of the Managers. 

The death, retirement, resignation, expulsion, incapacity, bankruptcy or dissolution of a Member, or the occurrence of any other event that terminates the
continued membership of a Member in the Company, shall not, in and of itself, cause a dissolution of the Company, and the Company shall continue in existence subject to the terms and conditions of this Agreement. 

(b) Actions Upon Dissolution. When the Company is dissolved, the business and property of the Company shall be wound up
and liquidated by or under the direction of the Board or, in the event of the unavailability of the Board, such Member or liquidating trustee as shall be named by the Board. A reasonable time shall be allowed for the orderly liquidation of the
assets of the Company and the discharge of liabilities to creditors so as to enable the Unitholders to minimize the normal losses attendant upon a liquidation. 

(c) Priority. In connection with the winding up and liquidation process, the assets of the Company shall be distributed
in the following manner and order: 
 (i) all debts and obligations of the Company, if any, shall first be paid, discharged
or provided for by adequate reserves in accordance with the Act; and 
 (ii) the balance shall be distributed to the
Unitholders in accordance with Section 4.4(b). 
 (d) Cancellation of Certificate. On completion of the
winding up of the Company as provided herein, the Company shall file a certificate of cancellation with the Secretary of State of the State of Delaware, cancel any other filings made and take such other actions as may be necessary to terminate the
Company, and upon such certificate of cancellation becoming effective the legal existence of the Company shall terminate in accordance with the Act. 

SECTION 5.3. Transfer of Units. Any proposed transfer or assignment by a Unitholder of all or part of its Units or other interests in the
Company shall be subject to the restrictions on transfer set forth in the Voting Agreement and the Investor Rights Agreement. Subject to the foregoing, any Member who shall assign any Units in the Company shall cease to be a Member of the Company
with respect to such Units and shall no longer have any rights or privileges of a Member with respect to such Units. Any Member, Unitholder or Assignee who 

  
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acquires in any manner whatsoever any Units, irrespective of whether such Person has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance
of the benefits of the acquisition thereof to have agreed to be subject to and bound by all of the terms and conditions of this Agreement. No Member shall cease to be a Member upon the collateral assignment of, or the pledging or granting of a
security interest in, its Units or other interest in the Company. 
 SECTION 5.4. New and Substitute Members. 

(a) Admission. The Board shall have the right but not the obligation to admit as a Substitute Member or an Additional
Member, any Person who acquires Units, or any part thereof, from a Member, Unitholder or Assignee or from the Company; provided, that, the Board shall admit as a Substitute Member, subject to Section 5.4(b), any transferee who
acquires Units or any other interest in the Company in accordance with the terms of the Voting Agreement and the Investor Rights Agreement. Concurrently with the admission of a Substitute Member or an Additional Member, the Board shall forthwith
cause any necessary papers to be filed and recorded and notice to be given wherever and to the extent required showing the admission and substitution of a transferee as a Substitute Member in place of the transferring Member or the admission of such
transferee upon the transfer from a Unitholder or an Assignee, or the admission of an Additional Member, all at the expense, including payment of any professional and filing fees incurred, of the Substitute Member or the Additional Member (unless
otherwise approved by the Board, in which case, the Company may cover said expenses). 
 (b) Conditions. The admission
of any Person as a Substitute Member or Additional Member shall be conditioned upon such Person’s written acceptance and adoption of all the terms and provisions of this Agreement, either by (i) execution and delivery of a counterpart
signature page to this Agreement countersigned by an authorized Officer on behalf of the Company or (ii) if requested by the Board, a writing evidencing the intent of such Person to become a Substitute Member or Additional Member (in form and
substance satisfactory to the Board). 
 ARTICLE VI. 

REPORTS TO MEMBERS; TAX MATTERS 

SECTION 6.1. Books of Account. Appropriate books of account shall be kept by the Board, in accordance with GAAP, at the principal place of
business of the Company or a Subsidiary thereof, and each Member shall have access to all books, records and accounts of the Company as is required under the Act, in each case, under such conditions and restrictions as the Board may reasonably
prescribe. 
 SECTION 6.2. Reports. 

(a) Tax Reporting. As promptly as practicable after the close of each fiscal year of the Company, the Company shall
furnish to each Unitholder all Company information necessary to enable each Unitholder to prepare its federal, state, and local income tax returns, which information shall include a Schedule K-1. 

  
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 (b) Determinations. All determinations, valuations and other matters of
judgment required to be made for accounting purposes under this Agreement shall be made by the Board acting in good faith and, if so made, shall be conclusive and binding on all Members and Unitholders, their Successors in Interest and any other
Person bound by this Agreement, and to the fullest extent permitted by law, no such Person shall have the right to an accounting or an appraisal of the assets of the Company or any successor thereto. 

SECTION 6.3. Fiscal Year. The fiscal year of the Company shall end at the close of business on December 31 of each calendar year unless
otherwise determined by the Board in accordance with Section 706 of the Code. 
 SECTION 6.4. Certain Tax Matters. 

(a) Preparation of Returns. The Board shall cause to be prepared and filed all federal, state and local tax returns of
the Company for each year for which such returns are required to be filed. The Board shall determine the appropriate treatment of each item of Company income, gain, loss, deduction and credit and the accounting methods and conventions to be used by
the Company under the tax laws of the United States, the several states and other relevant jurisdictions. 
 (b) Tax
Matters Member. The Company and each Member and each Unitholder hereby designate WCAS Valeritas Holdings, LLC as the “tax matters partner” for purposes of Section 6231(a)(7) of the Code and any analogous provisions of state law
(the “Tax Matters Member”). The Tax Matters Member, on behalf of the Company and its Members and Unitholders, shall be permitted to make any filing or election under the Code, the Regulations, or any other law or regulations that it
believes to be in the best interests of the Company or the Members and Unitholders. The Company shall indemnify and reimburse the Tax Matters Member for all expenses (including legal and accounting fees) incurred as Tax Matters Member pursuant to
this clause (b) in connection with any examination, any administrative or judicial proceeding, or otherwise. 
 (c)
Certain Filings. Upon the sale of Company assets or a liquidation of the Company, the Members and the Unitholders shall provide the Board with certain tax filings as reasonably requested by the Board and required under applicable law. 

ARTICLE VII. 
 MISCELLANEOUS

 SECTION 7.1. Governing Law. THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF DELAWARE,
EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of this Agreement and any mandatory
provision of the Act, the applicable provision of the Act shall control. If any provision of this Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and
the application of that provision to other Persons or circumstances is not affected thereby and that provision shall be enforced to the greatest extent permitted by law. 

  
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 SECTION 7.2. Successors and Assigns. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective Successors in Interest; provided that no Person claiming by, through or under a Member or Unitholder (whether as such Member’s or Unitholder’s Successor in Interest or otherwise),
as distinct from such Member or Unitholder itself, shall have any rights as, or in respect to, a Member or Unitholder (including the right to approve, consent to or vote on any matter or to notice thereof). 

SECTION 7.3. Amendments and Waivers. Subject to Section 3.10, this Agreement may only be amended or modified upon (a) the approval of a
majority of the Managers and (b) the written consent of Members holding a majority of the Common Units, Series C Preferred Units (on an as converted to Common Units basis) and Series B Preferred Units (on an as converted to Common Units basis),
voting together as a single class; provided, that (x) if an amendment or modification would alter or change the powers, preferences, or special rights of any class or series of Units, the Members holding a majority of such Units (on an
as converted to Common Units basis) must approve such amendment or modification in writing and (y) any amendment or modification of (i) Section 3.2(e), (ii) the first sentence of Section 3.3, (iii) the first sentence of
Section 3.5 or (iv) Section 3.7 shall require the written consent of the Series B Required Holders. For the avoidance of doubt, and notwithstanding anything to the contrary above, the authorization and issuance of additional Units,
whether of a new or existing class, subclass or series of Units, at the direction of the Board, whether such additional Units are junior, senior or pari passu with one or more classes, subclasses or series of existing Units, and the amendment
of this Agreement and Schedules A, B and C hereto to reflect the terms and relative rights, preferences or privileges of such additional Units, shall not require the approval of any Member other than as provided in
Section 3.10, even if the issuance of such additional Units would have a dilutive effect on the economic, governance, voting or other rights of one or more classes, subclasses or series of Units. Each Member and each Unitholder shall be
bound by any amendment, amendment and restatement, modification, waiver, or supplement to the terms and provisions of this Agreement effected in accordance with this Section 7.3, whether or not such Member or Unitholder has consented
thereto. 
 SECTION 7.4. Notices. Whenever notice is required or permitted by this Agreement to be given, such notice shall be in writing
and shall be given to any Member or Unitholder at its address or facsimile number shown in the Company’s books and records, or, if given to the Company, at the following address: 

Valeritas Holdings, LLC 

750 Route 202 South, Suite 100 

Bridgewater, NJ 08807 

Attention: 

Facsimile Number: 

Telephone Number: 

  
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 with a copy to (which shall not constitute notice): 

Morgan, Lewis & Bockius LLP 

502 Carnegie Center 

Princeton, New Jersey 08540 

Attention: Steven M. Cohen 

Telephone No.: 

Facsimile No.: 
 Each proper
notice shall be effective upon any of the following: (i) personal delivery to the recipient, (ii) one Business Day after being sent by facsimile to the recipient (with hard copy sent to the recipient by reputable overnight courier service
that same day or the next Business Day (charges prepaid)), (iii) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid) or (iv) five Business Days after being deposited in the mails
(first class or airmail postage prepaid). 
 SECTION 7.5. Counterparts. This Agreement may be executed in any number of counterparts
(including by means of signature pages sent by facsimile or other electronic means), all of which together shall constitute a single instrument. 

SECTION 7.6. Entire Agreement. This Agreement and the other documents and agreements referred to herein or entered into concurrently herewith
embody the entire agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth
or referred to herein and therein. This Agreement and such other documents and agreements supersede all prior (but not contemporaneous) agreements and understandings between the parties with respect to such subject matter. 

SECTION 7.7. Jurisdiction. Any suit, action or proceeding under or with respect to this Agreement, or any judgment entered by any court in
respect of any thereof, shall be brought in any court of competent jurisdiction in the State of Delaware and each of the Company, the Members and the Unitholders hereby submits to the exclusive jurisdiction of such courts for the purpose of any such
suit, action, proceeding or judgment. To the fullest extent permitted by law, each of the Company, the Members and the Unitholders hereby irrevocably waives any objections which it may now or hereafter have to the laying of the venue of any suit,
action or proceeding arising out of or relating to this Agreement brought in any court of competent jurisdiction in the State of Delaware, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such
court has been brought in any inconvenient forum. 
 SECTION 7.8. Section Titles. Section titles and headings are for descriptive purposes
only and shall not control or alter the meaning of this Agreement as set forth in the text hereof. 
 SECTION 7.9. Intended Third Party
Beneficiaries. Each Indemnitee that is not a direct party hereunder for purposes of Section 3.9 of this Agreement is and shall be considered an express third-party beneficiary for purposes of Section 3.9 of this Agreement and
shall be entitled to enforce this Agreement to the same extent as a party hereunder. 

  
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 [remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Limited Liability Company
Agreement as of the day and year first above written. 
  

							
	THE COMPANY:	 	VALERITAS HOLDINGS, LLC
			
		 	By:	 	 /s/ Kristine Peterson

		 		 	Name:	 	Kristine Peterson
		 		 	Title:	 	CEO
		
	TEMPORARY MEMBER:	 	VALERITAS, INC.
			
		 	By:	 	 /s/ Kristine Peterson

		 		 	Name:	 	Kristine Peterson
		 		 	Title:	 	CEO

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Abingworth Bioventures V LP acting by its Manager Abingworth LLP

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 38 Jermyn St.

	 London SW1Y 6DN

	 United Kingdom

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	Advanced Technology Ventures VIII, L.P.
	By: ATV Associates VIII, L.L.C., its General Partner
		
	By:	 	 /s/ Jean George

		 	Jean George, Managing Director
	
	Address:
	
	500 Boylston Street, Suite 1380
	Boston, MA 02116
	
	Date:
	
	 June 19, 2014

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 AUDA CAPITAL IV CO-INVESTMENT FUND L.P.

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 c/o Auda International L.P.

	 888 Seventh Ave., 41 Floor

	 New York, NY 10106

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 AUDA CAPITAL IV CO-INVESTMENT GMBH & CO. KG

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 c/o Auda International L.P.

	 888 Seventh Ave., 41 Floor

	 New York, NY 10106

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 AUDA VALERITAS SEGREGATED PORTFOLIO

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 c/o Auda International L.P.

	 888 Seventh Ave., 41 Floor

	 New York, NY 10106

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 BioVentures Investors Limited Partnership

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 6/23/2014

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	CHL Medical Partners III Side Fund, LP
	 CHL Medical Partners III, LP

	MEMBER NAME:
	
	

	MEMBER SIGNATURE
	
	 6/19/14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 JOHN E DAVIS III & BETTY F DAVIS JTWROS

	MEMBER NAME:
	
	 /s/ JOHN E DAVIS III

/s/ BETTY F. DAVIS

	MEMBER SIGNATURE
	
	 7/2/14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Elizabeth Gordon

	MEMBER NAME:
	
	 /s/ Elizabeth Gordon

	MEMBER SIGNATURE
	
	 6/24/14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Daniel J. Galles

	MEMBER NAME:
	
	 /s/ Daniel J. Galles

	MEMBER SIGNATURE
	
	 6/19/14

	DATE
	
	Address:
	 HLM Venture Partners

	 222 Berkeley St., 20th Floor

	 Boston, MA 02116

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MPM BioVentures IV-QP, L.P.
	
	By: MPM BioVentures IV GP LLC, its General Partner
	By: MPM BioVentures IV LLC, its Managing Member
		
	By:	 	 /s/ Todd Foley

	Name:	 	Todd Foley
	Title:	 	Member
	
	 6/19/14

	DATE	 	
	
	Address:
	 200 Clarendon Street, 54th
Floor

	 Boston, MA 02116

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MPM BioVentures IV GmbH & Co. Beteiligungs KG
	
	By: MPM BioVentures IV GP LLC, in its capacity as the Managing Limited Partner
	By: MPM BioVentures IV LLC, its Managing Member
		
	By:	 	 /s/ Todd Foley

	Name:	 	Todd Foley
	Title:	 	Member
	
	 6/19/14

	DATE
	
	Address:
	 200 Clarendon Street, 54th Floor

	 Boston, MA 02116

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MPM Asset Management Investors BV4 LLC
	
	By: MPM BioVentures IV LLC, its Manager
		
	By:	 	 /s/ Todd Foley

	Name:	 	Todd Foley
	Title:	 	Member
	
	 6/19/14

	DATE
	
	Address:
	 200 Clarendon Street, 54th Floor

	 Boston, MA 02116

	      

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 EVAN NORTON

	MEMBER NAME:
	
	 /s/ EVAN NORTON

	MEMBER SIGNATURE
	
	 6/23/2014

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement. together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Joseph Brown

	MEMBER NAME:
	
	 /s/ Joseph Brown

	MEMBER SIGNATURE
	
	 July 6, 2014

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 ONSET VI, L.P.

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 6/23/2014

	DATE
	
	Address:
	 ONSET VENTURES

	 2490 Sand Hill Rd.

	 Menlo Park, CA 94025

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 PED-VLRTS, LLC

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 June 20, 2014

	DATE
	
	Address:
	 4525 Harding Rd.

	 Suite 200

	 Nashville, TN 37205

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	  

	MEMBER NAME:
	
	

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Saint John’s University

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 2850 Abbey Plaza

	 PO Box 2222

	 Collegeville, MN 56321

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 South Ferry #2, LP

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 07/06/14

	DATE
	
	Address:
	 One State Street Plaza 29AF

	 New York N.Y. 10004

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 The Board of Trustees of the Leland Stanford Junior University (SBST)

	MEMBER NAME:
	
	 /s/ Martina Poquet

	  

	MEMBER SIGNATURE
	
	 June 27, 2014

	DATE

 
			
		
		 	Martina Poquet
	Address:	 	Managing Director
		 	Stanford Management Company
	  

		 	635 Knight Way
	  

		 	Stanford, CA 94305-7297
	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 The Board of Trustees of the Leland Stanford Junior University (DAPER 1)

	MEMBER NAME:
	
	/s/ Martina Poquet
	  

	MEMBER SIGNATURE
	
	 June 27, 2014

	DATE

 
			
		
		 	Martina Poquet
	Address:	 	Managing Director
		 	Stanford Management Company
	  

		 	635 Knight Way
	  

		 	Stanford, CA 94305-7297
	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 THE PERMANENTE FEDERATION LLC-SERIES 1

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 20 JUN 2014

	DATE
	
	Address:
	 ONE KAISER PLAZA, 22ND FLOOR

	 OAKLAND, CA 94612

	 ATTN: CHRIS GRANT

	510-271-5687

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 KAISER PERMANENTE VENTURES LLC-SERIES A

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 20 JUN 2014

	DATE
	
	Address:
	 ONE KAISER PLAZA, 22ND FLOOR

	 OAKLAND, CA 94612

	 ATTN: CHRIS GRANT

	510-271-5687

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 KAISER PERMANENTE VENTURES LLC-SERIES B

	MEMBER NAME:
	
	

	  

	MEMBER SIGNATURE
	
	 20 JUN 2014

	DATE
	
	Address:
	 ONE KAISER PLAZA, 22ND FLOOR

	 OAKLAND, CA 94612

	 ATTN: CHRIS GRANT

	510-271-5687

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Tullis Opportunity Fund LP

	MEMBER NAME:
	
	 

	Manager, Tullis Opportunity Fund LLC, The General Partner
	  

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 55 Old Field Point Rd.

	 Greenwich, CT 06830

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Tullis Opportunity Fund II, L.P.

	MEMBER NAME:
	
	 

 Manager Tullis Opportunity Fund II LLC

the general partner

	MEMBER SIGNATURE
	
	 June 23, 2014

	DATE
	
	Address:
	 55 Old Field Point Rd.

	 Greenwich, CT 06830

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among the Company and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to attach this signature page to the
Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability company interest in the Company
pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement), the undersigned hereby adopts and
agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together, constitute the limited liability company
agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	U.S. Venture Partners IX, L.P.
	
	MEMBER SIGNATURE:
	
	U.S. Venture Partners IX, L.P.
	By Presidio Management Group IX, L.L.C.
	Its General Partner
		
	By:	 	 /s/ Jonathan D. Root

		 	Jonathan D. Root, Managing Member
	
	 07 / 02 / 2014

	DATE
	
	Address:
	Attn: Chief Financial Officer
	2735 Sand Hill Road
	Menlo Park CA 94025
	Fax: (650) 854-3018
	Email: deals@usvp.com

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among the Company and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to attach this signature page to the
Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability company interest in the Company
pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement), the undersigned hereby adopts and
agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together, constitute the limited liability company
agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	U.S. Venture Partners X, L.P.
	USVP X Affiliates, L.P.
	
	MEMBER SIGNATURE:
	
	 U.S. Venture Partners IX, L.P.

USVP X Affiliates, L.P.

	By Presidio Management Group IX, L.L.C.
	Its General Partner
		
	By:	 	 /s/ Jonathan D. Root

		 	Jonathan D. Root, Managing Member
	
	 07 / 02 / 2014

	DATE
	
	Address:
	Attn: Chief Financial Officer
	2735 Sand Hill Road
	Menlo Park CA 94025
	Fax: (650) 854-3018
	Email: deals@usvp.com

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	WCAS Valeritas Holdings, LLC
	
	MEMBER SIGNATURE:
	
	WCAS VALERITAS HOLDINGS, LLC
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	Jonathan M. Rather
	Title:	 	President
	
	  

	DATE

 
			
		
	Address:	 	c/o Welsh, Carson, Anderson & Stowe
		 	320 Park Avenue, Suite 2500
		 	New York, New York 10022
		 	Attn: Paul B. Queally

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	WCAS XI Co-Investors LLC
	
	MEMBER SIGNATURE:
	
	WCAS XI CO-INVESTORS LLC
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	Jonathan M. Rather
	Title:	 	Managing Member
	
	  

	DATE

 
			
		
	Address:	 	c/o Welsh, Carson, Anderson & Stowe
		 	320 Park Avenue, Suite 2500
		 	New York, New York 10022
		 	Attn: Paul B. Queally

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together.
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	WCAS Management Corporation
	
	MEMBER SIGNATURE:
	
	WCAS MANAGEMENT CORPORATION
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	Jonathan M. Rather
	Title:	 	Treasurer
	
	  

	DATE

 
			
		
	Address:	 	c/o Welsh, Carson, Anderson & Stowe
		 	320 Park Avenue, Suite 2500
		 	New York, New York 10022
		 	Attn: Paul B. Queally

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

			
	MEMBER NAME:
	
	WCAS Capital Partners IV, L.P.
	
	MEMBER SIGNATURE:
	
	WCAS CAPITAL PARTNERS IV, L.P.
		
	By:	 	WCAS CP IV ASSOCIATES LLC,
		 	its General Partner
		
	By:	 	 /s/ Jonathan M. Rather

	Name:	 	Jonathan M. Rather
	Title:	 	Managing Member
	
	  

	DATE

 
			
		
	Address:	 	c/o Welsh, Carson, Anderson & Stowe
		 	320 Park Avenue, Suite 2500
		 	New York, New York 10022
		 	Attn: Paul B. Queally

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Glenda Lewis

	MEMBER NAME:
	
	 /s/ Glenda Lewis

	MEMBER SIGNATURE
	
	 7/2/14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Massachusetts Development Finance Agency

	MEMBER NAME:
	
	 /s/ Laura L Canter

	MEMBER SIGNATURE
	
	 6-23-14

	DATE
	
	Address:
	 99 HIGH ST.

	 BOSTON, MA 02110

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Lisa J. McGuinness

	MEMBER NAME:
	
	 /s/ Lisa McGuinness

	MEMBER SIGNATURE
	
	 06/28/2014

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 HEATHER MEROLLI

	MEMBER NAME:
	
	 /s/ HEATHER MEROLLI

	MEMBER SIGNATURE
	
	 6-27-14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 Gregory Sellman

	MEMBER NAME:
	
	 /s/ Gregory Sellman

	MEMBER SIGNATURE
	
	 6-29-14

	DATE
	
	Address:
	  

	  

	  

 VALERITAS HOLDINGS, LLC 

COUNTERPART SIGNATURE PAGE 

TO 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 The undersigned hereby adopts and agrees to be bound by all of the terms and provisions
of the Amended and Restated Limited Liability Company Agreement among Valeritas Holdings, LLC (the “Company”) and the members of the Company (the “Holdings Operating Agreement”), and further (i) authorizes the Company to
attach this signature page to the Holdings Operating Agreement in order to make the undersigned a party to the Holdings Operating Agreement and (ii) acknowledges that to the extent undersigned has the right to receive units of limited liability
company interest in the Company pursuant to the Merger (as defined in the Holdings Operating Agreement) but has not executed and delivered the Voting Agreement or the Investor Rights Agreement (each as defined in the Holdings Operating Agreement),
the undersigned hereby adopts and agrees to be bound by all of the terms and provisions of the Voting Agreement and the Investor Rights Agreement. The Holdings Operating Agreement, Voting Agreement and the Investor Rights Agreement, together,
constitute the limited liability company agreement of the Company for purposes of the Delaware Limited Liability Company Act. 
  

	
	 POUL STRANGE

	MEMBER NAME:
	
	 /s/ POUL STRANGE

	MEMBER SIGNATURE
	
	 7/4/2014

	DATE
	
	Address:
	  

	  

	  

 Schedule A 

UNITHOLDERS AND OUTSTANDING UNITS (AS OF JUNE 19, 2014) 
  

																	
	 Unitholder
	  	Series A
Preferred Units	 	  	Series B
Preferred Units	 	  	Series C
Preferred Units	 	  	Common Units	 
	 Abingworth Bioventures V LP
	  				  	 	8,244,975	  	  	 	4,480,011	  	  			
	 Advanced Technology Ventures VIII, L.P.
	  				  	 	6,183,732	  	  	 	3,370,745	  	  			
	 Agate Medical Investments Cayman L.P.
	  				  	 	1,108,328	  	  	 	383,904	  	  			
	 Agate Medical Investments L.P
	  				  	 	3,109,937	  	  	 	1,045,610	  	  			
	 Auda Capital IV Co-Investment Fund L.P.
	  	 	1,052,131	  	  	 	265,060	  	  	 	608,109	  	  			
	 Auda Capital IV Co-Investment GmbH & Co. KG
	  	 	2,038,218	  	  	 	513,483	  	  	 	1,178,052	  	  			
	 Auda Valeritas Segregated Portfolio
	  	 	3,090,348	  	  	 	778,542	  	  	 	1,786,163	  	  			
	 Bioventures Investors Limited Partnership
	  	 	1,573,128	  	  				  				  			
	 Brian Beutel
	  				  	 	44,263	  	  				  			
	 CHL Medical Partners III Side Fund, L.P.
	  				  	 	186,423	  	  	 	100,319	  	  			
	 CHL Medical Partners III, L.P,
	  				  	 	2,039,721	  	  	 	1,113,147	  	  			
	 John Curtin
	  				  	 	22,131	  	  				  			
	 Joe Fitzgerald
	  				  	 	88,526	  	  				  			
	 John E. Davis III and Betty F. Davis, JTWROS
	  				  	 	22,131	  	  				  			
	 Kenneth L. Franke and Grace L. Franke Living Trust
	  				  	 	22,131	  	  				  			
	 Elizabeth Gordon
	  	 	225,000	  	  	 	1,030,588	  	  	 	124,029	  	  	 	450,000	  
	 Highbridge International LLC
	  				  	 	182,213	  	  				  			

															
	 Unitholder
	  	Series A
Preferred Units	 	  	Series B
Preferred Units	 	  	Series C
Preferred Units	 	  	Common Units
	 HLM Venture Partners II, L.P.
	  				  	 	4,122,488	  	  	 	2,247,163	  	  	
	 I. I. Y. Mordechay Ltd.
	  				  				  	 	121,951	  	  	
	 Kaiser Permanente Ventures, LLC - Series A
	  				  	 	507,383	  	  	 	276,574	  	  	
	 Kaiser Permanente Ventures, LLC - Series B
	  				  	 	317,115	  	  	 	172,859	  	  	
	 Meyers Family Revocable Trust
	  				  	 	66,394	  	  				  	
	 MPM Asset Management Investors BV4 LLC
	  				  	 	329,608	  	  	 	179,670	  	  	
	 MPM BioVentures IV GmbH & Co. Beteiligungs KG
	  				  	 	446,566	  	  	 	243,423	  	  	
	 MPM BioVentures IV-QP, L.P
	  				  	 	11,591,370	  	  	 	6,318,443	  	  	
	 Evan Norton
	  				  	 	20,613	  	  				  	
	 Onset VI, L.P.
	  				  	 	4,946,985	  	  	 	2,696,596	  	  	
	 PED-VLRTS, LLC
	  	 	1,004,488	  	  	 	253,058	  	  	 	576,342	  	  	
	 Pitango Venture Capital Fund V, L.P.
	  				  	 	12,268,990	  	  	 	7,299,534	  	  	
	 Pitango Venture Capital Principals Fund V, L.P.
	  				  	 	268,731	  	  	 	159,886	  	  	
	 Southferry #2, L.P.
	  				  	 	182,213	  	  				  	
	 The Board of Trustees of the Leland Stanford Junior University (DAPER I)
	  				  	 	41,225	  	  				  	
	 The Board of Trustees of the Leland Stanford Junior University (SBSTI)
	  				  	 	41,225	  	  				  	
	 The Permanente Federation LLC - Series I
	  				  	 	824,498	  	  	 	449,433	  	  	

																	
	 Unitholder
	  	Series A
Preferred Units	 	  	Series B
Preferred Units	 	  	Series C
Preferred Units	 	  	Common Units	 
	 Tullis Opportunity Fund II, L.P.
	  	 	283,344	  	  	 	71,382	  	  	 	165,885	  	  			
	 Tullis Opportunity Fund, L.P.
	  	 	283,345	  	  	 	71,382	  	  	 	165,885	  	  			
	 Saint John’s University
	  				  	 	24,735	  	  				  			
	 U.S. Venture Partners IX, L.P.
	  				  	 	4,122,487	  	  				  			
	 U.S. Venture Partners X
	  				  	 	3,994,690	  	  				  			
	 USVP X Affiliates
	  				  	 	127,797	  	  				  			
	 WCAS Capital Partners IV, L.P.
	  				  				  	 	439,200	  	  			
	 WCAS Management Corporation
	  				  				  	 	216,723	  	  			
	 WCAS Valeritas Holdings, LLC
	  				  				  	 	69,182,468	  	  			
	 WCAS XI Co-Investors LLC
	  				  				  	 	287,220	  	  			
	 Kathy Aycok
	  				  				  				  	 	3,750	  
	 Mandy Bentley
	  				  				  				  	 	500	  
	 Joseph Brown
	  				  				  				  	 	2,000	  
	 Michele Carter
	  				  				  				  	 	2,500	  
	 Dan Connors
	  				  				  				  	 	75,000	  
	 Yash Dave
	  				  				  				  	 	1,050	  
	 Arleen DeCicco
	  				  				  				  	 	22,250	  
	 Timothy E. Last
	  				  				  				  	 	15,000	  
	 Steven F. Levesque
	  				  				  				  	 	7,833	  
	 Glenda Lewis
	  				  				  				  	 	4,063	  
	 Ronald Manning
	  				  				  				  	 	16,016	  
	 Massachusetts Development Finance Agency
	  				  				  				  	 	28,954	  
	 Devin V. McAllister
	  				  				  				  	 	21,667	  
	 Lisa J. McGuinness
	  				  				  				  	 	2,000	  
	 Heather Merolli
	  				  				  				  	 	2,000	  
	 Deborah J. Nagy
	  				  				  				  	 	2,000	  
	 Hung Nguyen
	  				  				  				  	 	10,000	  

																	
	 Unitholder
	  	Series A
Preferred Units	 	  	Series B
Preferred Units	 	  	Series C
Preferred Units	 	  	Common Units	 
	 Michael Price
	  				  				  				  	 	2,000	  
	 William Rebello
	  				  				  				  	 	25,625	  
	 Tam Pham
	  				  				  				  	 	2,000	  
	 Greg Sellman
	  				  				  				  	 	2,500	  
	 Mike Stout
	  				  				  				  	 	16,042	  
	 Poul Strange
	  				  				  				  	 	48,000	  
	 Christine Tanaka
	  				  				  				  	 	500	  
	 Oscar Tamayo
	  				  				  				  	 	1,814	  
	 Mark D. Taylor
	  				  				  				  	 	2,000	  
	 The Estate of Frank Baldino, Jr.
	  				  				  				  	 	120,938	  
	 The Helen L. Levesque 2012 Trust, Helen L. Levesque, Trustee
	  				  				  				  	 	65,500	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	9,550,002	  	  	 	68,483,119	  	  	 	105,267,393	  	  	 	953,502	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 Schedule B* 

MEMBERS 
 Abingworth Bioventures V LP 

Advanced Technology Ventures VIII, L.P. 
 Agate Medical
Investments Cayman L.P. 
 Agate Medical Investments L.P 
 Auda
Capital IV Co-Investment Fund L.P. 
 Auda Capital IV Co-Investment GmbH & Co. KG 

Auda Valeritas Segregated Portfolio 
 Bioventures Investors
Limited Partnership 
 Brian Beutel 
 CHL Medical Partners III
Side Fund, L.P. 
 CHL Medical Partners III, L.P, 
 John Curtin

 Joe Fitzgerald 
 John E. Davis III and Betty F. Davis, JTWROS

 Kenneth L. Franke and Grace L. Franke Living Trust 

Elizabeth Gordon 
 Highbridge International LLC 

HLM Venture Partners II, L.P. 
 I. I. Y. Mordechay Ltd. 

Kaiser Permanente Ventures, LLC - Series A 
 Kaiser Permanente
Ventures, LLC - Series B 
 Meyers Family Revocable Trust 
 MPM
Asset Management Investors BV4 LLC 
 MPM BioVentures IV GmbH & Co. Beteiligungs KG 

MPM BioVentures IV-QP, L.P 
 Evan Norton 

Onset VI, L.P. 
 PED-VLRTS, LLC 

Pitango Venture Capital Fund V, L.P. 
 Pitango Venture Capital
Principals Fund V, L.P. 
 Southferry #2, L.P. 
 The Board of
Trustees of the Leland Stanford Junior University (DAPER I) 
 The Board of Trustees of the Leland Stanford Junior University (SBSTI) 

The Permanente Federation LLC - Series I 
 Tullis Opportunity Fund
II, L.P. 
 Tullis Opportunity Fund, L.P. 
 Saint John’s
University 
 U.S. Venture Partners IX, L.P. 
 U.S. Venture
Partners X 
 USVP X Affiliates 
 WCAS Capital Partners IV, L.P.

 WCAS Management Corporation 

 WCAS Valeritas Holdings, LLC 

WCAS XI Co-Investors LLC 
 Kathy Aycok 

Mandy Bentley 
 Joseph Brown 

Michele Carter 
 Dan Connors 

Yash Dave 
 Arleen DeCicco 

Timothy E. Last 
 Steven F. Levesque 

Glenda Lewis 
 Ronald Manning 

Massachusetts Development Finance Agency 
 Devin V. McAllister

 Lisa J. McGuinness 
 Heather Merolli 

Deborah J. Nagy 
 Hung Nguyen 

Michael Price 
 William Rebello 

Tam Pham 
 Greg Sellman 

Mike Stout 
 Poul Strange 

Christine Tanaka 
 Oscar Tamayo 

Mark D. Taylor 
 The Estate of Frank Baldino, Jr. 

The Helen L. Levesque 2012 Trust, Helen L. Levesque, Trustee 
  

	*	Subject to such person’s acceptance of such units of limited liability company interest 

 Schedule C 

CAPITAL CONTRIBUTIONS (AS OF JUNE 19, 2014) 
  

																													
	 Unitholder
	  	Capital Contribution	 
	 	  	Shares of
Series A
Preferred Stock
of Valeritas,
Inc.	 	  	Shares of
Series B
Preferred Stock
of Valeritas,
Inc.	 	  	PIK Shares of
Series B
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C-2
Preferred
Stock of
Valeritas, Inc.	 	  	PIK Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Common
Stock of
Valeritas,
Inc.	 
	 Abingworth Bioventures V LP
	  				  	 	8,244,975	  	  	 	941,646	  	  	 	4,480,011	  	  				  	 	821,166	  	  			
	 Advanced Technology Ventures VIII, L.P.
	  				  	 	6,183,732	  	  	 	706,235	  	  	 	3,370,745	  	  				  	 	617,506	  	  			
	 Agate Medical Investments Cayman L.P.
	  				  	 	1,108,328	  	  	 	126,581	  	  	 	383,904	  	  				  	 	70,433	  	  			
	 Agate Medical Investments L.P
	  				  	 	3,109,937	  	  	 	355,181	  	  	 	1,045,610	  	  				  	 	191,034	  	  			
	 Auda Capital IV Co-Investment Fund L.P.
	  	 	1,052,131	  	  	 	265,060	  	  	 	30,272	  	  	 	608,109	  	  				  	 	111,462	  	  			
	 Auda Capital IV Co-Investment GmbH & Co. KG
	  	 	2,038,218	  	  	 	513,483	  	  	 	58,644	  	  	 	1,178,052	  	  				  	 	215,929	  	  			
	 Auda Valeritas Segregated Portfolio
	  	 	3,090,348	  	  	 	778,542	  	  	 	88,916	  	  	 	1,786,163	  	  				  	 	327,391	  	  			
	 Bioventures Investors Limited Partnership
	  	 	1,573,128	  	  				  				  				  				  				  			
	 Brian Beutel
	  				  	 	44,263	  	  	 	5,055	  	  				  				  				  			
	 CHL Medical Partners III Side Fund, L.P.
	  				  	 	186,423	  	  	 	21,291	  	  	 	100,319	  	  				  	 	18,378	  	  			
	 CHL Medical Partners III, L.P,
	  				  	 	2,039,721	  	  	 	232,954	  	  	 	1,113,147	  	  				  	 	203,924	  	  			
	 John Curtin
	  				  	 	22,131	  	  	 	2,528	  	  				  				  				  			
	 Joe Fitzgerald
	  				  	 	88,526	  	  	 	10,110	  	  				  				  				  			
	 John E. Davis III and Betty F. Davis, JTWROS
	  				  	 	22,131	  	  	 	2,528	  	  				  				  				  			
	 Kenneth L. Franke and Grace L. Franke Living Trust
	  				  	 	22,131	  	  	 	2,528	  	  				  				  				  			
	 Elizabeth Gordon
	  	 	225,000	  	  	 	1,030,588	  	  	 	117,702	  	  	 	124,029	  	  				  	 	22,483	  	  	 	450,000	  
	 Highbridge International LLC
	  				  	 	182,213	  	  	 	20,810	  	  				  				  				  			
	 HLM Venture Partners II, L.P.
	  				  	 	4,122,488	  	  	 	470,824	  	  	 	2,247,163	  	  				  	 	411,671	  	  			
	 I. I. Y. Mordechay Ltd.
	  				  				  				  				  	 	121,951	  	  	 	29,129	  	  			

																									
	 Unitholder
	  	Capital Contribution
	 	  	Shares of
Series A
Preferred Stock
of Valeritas,
Inc.	 	  	Shares of
Series B
Preferred Stock
of Valeritas,
Inc.	 	  	PIK Shares of
Series B
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C-2
Preferred
Stock of
Valeritas, Inc.	  	PIK Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Common
Stock of
Valeritas,
Inc.
	 Kaiser Permanente Ventures, LLC - Series A
	  				  	 	507,383	  	  	 	57,947	  	  	 	276,574	  	  		  	 	50,667	  	  	
	 Kaiser Permanente Ventures, LLC - Series B
	  				  	 	317,115	  	  	 	36,217	  	  	 	172,859	  	  		  	 	31,667	  	  	
	 The Permanente Federation LLC - Series I
	  				  	 	824,498	  	  	 	94,164	  	  	 	449,433	  	  		  	 	82,334	  	  	
	 Meyers Family Revocable Trust
	  				  	 	66,394	  	  	 	7,583	  	  				  		  				  	
	 MPM Asset Management Investors BV4 LLC
	  				  	 	329,608	  	  	 	37,644	  	  	 	179,670	  	  		  	 	32,915	  	  	
	 MPM BioVentures IV GmbH & Co. Beteiligungs KG
	  				  	 	446,566	  	  	 	51,002	  	  	 	243,423	  	  		  	 	44,594	  	  	
	 MPM BioVentures IV-QP, L.P
	  				  	 	11,591,370	  	  	 	1,323,834	  	  	 	6,318,443	  	  		  	 	1,157,511	  	  	
	 Evan Norton
	  				  	 	20,613	  	  	 	2,354	  	  				  		  				  	
	 Onset VI, L.P.
	  				  	 	4,946,985	  	  	 	564,988	  	  	 	2,696,596	  	  		  	 	494,004	  	  	
	 PED-VLRTS, LLC
	  	 	1,004,488	  	  	 	253,058	  	  	 	28,901	  	  	 	576,342	  	  		  	 	105,875	  	  	
	 Pitango Venture Capital Fund V, L.P.
	  				  	 	12,268,990	  	  	 	1,401,224	  	  	 	7,299,534	  	  		  	 	1,337,552	  	  	
	 Pitango Venture Capital Principals Fund V, L.P.
	  				  	 	268,731	  	  	 	30,691	  	  	 	159,886	  	  		  	 	29,297	  	  	
	 Southferry #2, L.P.
	  				  	 	182,213	  	  	 	20,810	  	  				  		  				  	
	 The Board of Trustees of the Leland Stanford Junior University (DAPER I)
	  				  	 	41,225	  	  	 	4,708	  	  				  		  				  	
	 The Board of Trustees of the Leland Stanford Junior University (SBSTI)
	  				  	 	41,225	  	  	 	4,708	  	  				  		  				  	
	 Tullis Opportunity Fund II, L.P.
	  	 	283,344	  	  	 	71,382	  	  	 	8,152	  	  	 	165,885	  	  		  	 	30,287	  	  	
	 Tullis Opportunity Fund, L.P.
	  	 	283,345	  	  	 	71,382	  	  	 	8,152	  	  	 	165,885	  	  		  	 	30,287	  	  	
	 Saint John’s University
	  				  	 	24,735	  	  	 	2,825	  	  				  		  				  	
	 U.S. Venture Partners IX, L.P.
	  				  	 	4,122,487	  	  	 	470,823	  	  				  		  				  	
	 U.S. Venture Partners X
	  				  	 	3,994,690	  	  	 	456,228	  	  				  		  				  	
	 USVP X Affiliates
	  				  	 	127,797	  	  	 	14,596	  	  				  		  				  	
	 WCAS Capital Partners IV, L.P.
	  				  				  				  	 	439,200	  	  		  	 	104,906	  	  	
	 WCAS Management Corporation
	  				  				  				  	 	216,723	  	  		  	 	39,812	  	  	

																													
	 Unitholder
	  	Capital Contribution	 
	 	  	Shares of
Series A
Preferred Stock
of Valeritas,
Inc.	 	  	Shares of
Series B
Preferred Stock
of Valeritas,
Inc.	 	  	PIK Shares of
Series B
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Series C-2
Preferred
Stock of
Valeritas, Inc.	 	  	PIK Shares of
Series C
Preferred
Stock of
Valeritas, Inc.	 	  	Shares of
Common
Stock of
Valeritas,
Inc.	 
	 WCAS Valeritas Holdings, LLC
	  				  				  				  	 	69,182,468	  	  				  	 	12,708,548	  	  			
	 WCAS XI Co-Investors LLC
	  				  				  				  	 	287,220	  	  				  	 	53,133	  	  			
	 Kathy Aycok
	  				  				  				  				  				  				  	 	3,750	  
	 Mandy Bentley
	  				  				  				  				  				  				  	 	500	  
	 Joseph Brown
	  				  				  				  				  				  				  	 	2,000	  
	 Michele Carter
	  				  				  				  				  				  				  	 	2,500	  
	 Dan Connors
	  				  				  				  				  				  				  	 	75,000	  
	 Yash Dave
	  				  				  				  				  				  				  	 	1,050	  
	 Arleen DeCicco
	  				  				  				  				  				  				  	 	22,250	  
	 Timothy E. Last
	  				  				  				  				  				  				  	 	15,000	  
	 Steven F. Levesque
	  				  				  				  				  				  				  	 	7,833	  
	 Glenda Lewis
	  				  				  				  				  				  				  	 	4,063	  
	 Ronald Manning
	  				  				  				  				  				  				  	 	16,016	  
	 Massachusetts Development Finance Agency
	  				  				  				  				  				  				  	 	28,954	  
	 Devin V. McAllister
	  				  				  				  				  				  				  	 	21,667	  
	 Lisa J. McGuinness
	  				  				  				  				  				  				  	 	2,000	  
	 Heather Merolli
	  				  				  				  				  				  				  	 	2,000	  
	 Deborah J. Nagy
	  				  				  				  				  				  				  	 	2,000	  
	 Hung Nguyen
	  				  				  				  				  				  				  	 	10,000	  
	 Michael Price
	  				  				  				  				  				  				  	 	2,000	  
	 William Rebello
	  				  				  				  				  				  				  	 	25,625	  
	 Tam Pham
	  				  				  				  				  				  				  	 	2,000	  
	 Greg Sellman
	  				  				  				  				  				  				  	 	2,500	  
	 Mike Stout
	  				  				  				  				  				  				  	 	16,042	  
	 Poul Strange
	  				  				  				  				  				  				  	 	48,000	  
	 Christine Tanaka
	  				  				  				  				  				  				  	 	500	  
	 Oscar Tamayo
	  				  				  				  				  				  				  	 	1,814	  
	 Mark D. Taylor
	  				  				  				  				  				  				  	 	2,000	  
	 The Estate of Frank Baldino, Jr.
	  				  				  				  				  				  				  	 	120,938	  
	 The Helen L. Levesque 2012 Trust, Helen L. Levesque, Trustee
	  				  				  				  				  				  				  	 	65,500	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	9,550,002	  	  	 	68,483,119	  	  	 	7,821,356	  	  	 	105,267,393	  	  	 	121,951	  	  	 	19,373,895	  	  	 	953,502

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]