Document:

EX-4.3

 Exhibit 4.3 

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

			
	Warrant No.    	  	Date of Issuance: November 5, 2014

 Void After November 5, 2021 

AVEDRO, INC. 

Preferred Stock Purchase Warrant 

This Preferred Stock Purchase Warrant (this “Warrant”) is issued to
[                    ] (the “Registered Holder”) by Avedro, Inc. (the “Company”), for value received, pursuant to
the terms of that certain Convertible Note and Warrant Purchase Agreement dated November 5, 2014 (the “Purchase Agreement”), in connection with the Company’s issuance to the Registered Holder and other purchasers of
Convertible Promissory Notes (each, a “Note”). 
 1.    Definitions. 

(a)    “Exercise Price” shall mean $0.01 per share of Warrant Stock. 

(b)    “Next Equity Financing” shall have the meaning ascribed to such term in the Notes. 

(c)    “Purchase Price” shall mean: 

(i)    If the Warrant Stock is the equity securities issued in the Next Equity Financing, then the Purchase Price shall
mean the lowest price per share paid by any investor (in any form other than cancellation of indebtedness) for the equity securities in the Next Equity Financing; 

(ii)    If the Warrant Stock is the Senior Stock (as such term is defined in the Notes) or a New Security (as such term
is defined in the Notes) of the Company, then the Purchase Price shall mean the original issue price for each share of the Senior Stock or New Security, as applicable (subject to appropriate adjustment, without duplication, in the event of any stock
dividend, stock split, combination or other similar recapitalization with respect to the Senior Stock or the New Security, as applicable); or 

(iii)    If the Warrant Stock is the Series D Stock, then the Purchase Price shall mean the original issue price for each
share of Series D Stock (subject to appropriate adjustment, without duplication, in the event of any stock dividend, stock split, combination or other similar recapitalization with respect to the Series D Stock). 

 (d)    “Series D Stock” shall mean the Series D
Preferred Stock, par value $0.00001 per share, of the Company. 
 (e)    “Warrant Coverage Amount”
shall mean 30% of the original principal amount of any and all Notes issued to the Registered Holder pursuant to the Purchase Agreement. 

(f)    “Warrant Stock” shall mean either: 

(i)    if the Notes have converted pursuant to the terms of the Notes (the “Note Conversion”), the class
and/or series of capital stock of the Company issued upon conversion of the Notes; or 
 (ii)    if this Warrant is
exercised prior to any Note Conversion, the Series D Stock. 
 2.    Purchase of Shares. Subject to
the terms and conditions hereinafter set forth and set forth in the Purchase Agreement, the Registered Holder is entitled, upon surrender of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the
Registered Holder in writing), at any time after the date hereof and on or before the Expiration Date (as defined in Section 7 below), to purchase from the Company up to the number of fully paid and nonassessable shares of Warrant Stock that
equals the quotient of (a) the Warrant Coverage Amount divided by (b) the Purchase Price (as adjusted to date). 

3.    Exercise. 

(a)    Manner of Exercise. This Warrant may be exercised by the Registered Holder, in whole or in
part, by surrendering this Warrant, with the purchase/exercise form appended hereto as Exhibit A (the “Purchase Form”) duly executed by such Registered Holder or by such Registered Holder’s duly
authorized attorney, at the principal office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in full of the Exercise Price payable in respect of the number of shares of Warrant Stock purchased
upon such exercise. The Exercise Price may be paid by cash, check, wire transfer, or by the surrender of promissory notes or other instruments representing indebtedness of the Company to the Registered Holder. 

(b)    Effective Time of Exercise. Each exercise of this Warrant shall be deemed to have been effected
immediately prior to the close of business on the day on which this Warrant shall have been surrendered to the Company together with (i) the Exercise Price payable in respect of the number of shares of Warrant Stock purchased upon such exercise
and (i) the duly executed Purchase Form as provided in Section 3(a) above. At such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as provided in Section 3(d)
below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates. 

  
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 (c)    Net Issue Exercise. 

(i)    In lieu of exercising this Warrant in the manner provided above in Section 3(a), the Registered Holder may
elect to receive shares equal to the value of this Warrant (or the portion thereof being canceled) by surrender of this Warrant at the principal office of the Company together with the Purchase Form duly executed by such Registered Holder or such
Registered Holder’s duly authorized attorney, in which event the Company shall issue to such Holder a number of shares of Warrant Stock computed using the following formula: 

X =    Y (A - B) 

                A 

 

					
	Where	    	  X =	 	The number of shares of Warrant Stock to be issued to the Registered Holder.
			
		    	  Y =	 	The number of shares of Warrant Stock purchasable under this Warrant or, if only a portion of this Warrant is being exercised, that portion of the Warrant being cancelled (at the date of such calculation).
			
		    	  A =	 	The fair market value of one share of Warrant Stock (at the date of such calculation).
			
		    	  B =	 	The Exercise Price.

 (ii)    For purposes of this Section 3(c), the fair market value of Warrant Stock on
the date of calculation shall mean with respect to each share of Warrant Stock: 
 (A)    if the exercise is in
connection with an initial public offering of the Company’s Common Stock, and if the Company’s Registration Statement relating to such public offering has been declared effective by the Securities and Exchange Commission, then the fair
market value shall be the product of (x) the initial “Price to Public” per share specified in the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which each share of Warrant Stock
is convertible, at time of such exercise, provided that if the Warrant Stock is Common Stock, each share of Warrant Stock shall be deemed convertible into one share of Common Stock; 

(B)    if this Warrant is exercised after, and not in connection with, the Company’s initial public offering, and if
the Company’s Common Stock is traded on a national securities exchange or actively traded over-the-counter: 

(1)    if the Company’s Common Stock is traded on a national securities exchange, the fair market value shall be
deemed to be the product of (x) the average of the closing prices over a thirty (30) day period ending three (3) days before date of calculation and (y) the number of shares of Common Stock into which each share of Warrant Stock
is convertible on such date, provided that if the Warrant Stock is Common Stock, each share of Warrant Stock shall be deemed convertible into one share of Common Stock; or 

(2)    if the Company’s Common Stock is actively traded over-the-counter, the fair market value shall be deemed to be the product of (x) the average of 

  
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the closing bid or sales price (whichever is applicable) over the thirty (30) day period ending three (3) days before the date of calculation and (y) the number of shares of Common
Stock into which each share of Warrant Stock is convertible on such date, provided that if the Warrant Stock is Common Stock, each share of Warrant Stock shall be deemed convertible into one share of Common Stock; or 

(C)    if neither (A) nor (B) is applicable, the fair market value of Warrant Stock shall be determined in good
faith by the Board of Directors; provided, however, that if Company is at such time subject to an acquisition as described in Section 7(b) below, then the fair market value of Warrant Stock shall be deemed to be the value received by the
holders of such stock pursuant to such acquisition. 
 (d)    Delivery to Holder. As soon as
practicable after the exercise of this Warrant in whole or in part, and in any event within ten (10) business days thereafter, the Company at its expense will cause to be issued in the name of, and delivered to, the Registered Holder, or as
such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 
 (i)    a certificate or
certificates for the number of shares of Warrant Stock to which such Registered Holder shall be entitled; and 

(ii)    in case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling
in the aggregate on the face or faces thereof for the number of shares of Warrant Stock equal (without giving effect to any adjustment therein) to the number of such shares subject to this Warrant (as determined under Section 2 above) minus the
number of such shares purchased by the Registered Holder upon such exercise as provided in Section 3(a) or 3(c) above. 

4.    Adjustments. The following provisions of this Section 4 shall apply only if the Warrant Stock is
Preferred Stock of the Company; provided, that in the event of any conflict between the following provisions and any like provisions included in the Company’s Sixth Amended and Restated Certificate of Incorporation, as amended (the
“Restated Certificate”), the terms of the Restated Certificate will take precedence: 

(a)    Conversion of Preferred Stock. If all outstanding shares of Preferred Stock comprising the Warrant
Stock are converted into shares of Common Stock in accordance with the terms of the Restated Certificate, then this Warrant shall automatically become exercisable for that number of shares of Common Stock equal to the number of shares of Common
Stock that would have been received if this Warrant had been exercised in full and the shares of Preferred Stock received thereupon had been simultaneously converted into shares of Common Stock immediately prior to such conversion, and the Purchase
Price shall be automatically adjusted to equal the number obtained by dividing (i) the Purchase Price in effect immediately prior to such conversion, by (ii) the number of shares of Common Stock into which each share of such Preferred
Stock was converted. 
 (b)    Stock Splits and Dividends. If the outstanding shares of Preferred
Stock comprising the Warrant Stock is subdivided into a greater number of shares or a dividend in 

  
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Preferred Stock shall be paid in respect of such Preferred Stock, the Purchase Price in effect immediately prior to such subdivision or at the record date of such dividend shall simultaneously
with the effectiveness of such subdivision or immediately after the record date of such dividend be proportionately reduced. If the outstanding shares of Preferred Stock comprising the Warrant Stock shall be combined into a smaller number of shares,
the Purchase Price in effect immediately prior to such combination shall, simultaneously with the effectiveness of such combination, be proportionately increased. When any adjustment is required to be made in the Purchase Price, the number of shares
of Warrant Stock purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) the product of (X) the number of shares of Warrant Stock issuable upon the exercise of this Warrant immediately prior
to such adjustment, multiplied by (Y) the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately after such adjustment. 

(c)    Reclassification, Etc. In case there occurs any reclassification or change of the outstanding
securities of the Company or of any reorganization of the Company (or any other corporation the stock or securities of which are at the time receivable upon the exercise of this Warrant) or any similar corporate reorganization on or after the date
hereof, then and in each such case the Registered Holder, upon the exercise hereof at any time after the consummation of such reclassification, change, or reorganization shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such consummation, the stock or other securities or property to which such Registered Holder would have been entitled upon such consummation if such Registered Holder had exercised
this Warrant immediately prior thereto, all subject to further adjustment pursuant to the provisions of this Section 4. 

(d)    Adjustment Certificate. When any adjustment is required to be made in the Warrant Stock or the
Purchase Price pursuant to this Section 4, the Company shall promptly mail to the Registered Holder a certificate setting forth (i) a brief statement of the facts requiring such adjustment, (ii) the Purchase Price after such
adjustment and (iii) the kind and amount of stock or other securities or property into which this Warrant shall be exercisable after such adjustment. 

(e)    Acknowledgement. In order to avoid doubt, it is acknowledged that the holder of this Warrant
shall be entitled to the benefit of all adjustments in the number of shares of Common Stock of the Company issuable upon conversion of the Preferred Stock comprising the Warrant Stock which occur prior to the exercise of this Warrant, including
without limitation, any increase in the number of shares of Common Stock issuable upon conversion as a result of a dilutive issuance of capital stock. 

5.    Transfers. 

(a)    Restrictions on Disposition. Each holder of this Warrant acknowledges that this Warrant, the
Warrant Stock and the Common Stock of the Company have not been registered under the Act, and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant, any Warrant Stock issued upon its exercise or any
Common Stock issued upon conversion of the Warrant Stock in any event unless and until (i) there is then in effect a registration statement under the Securities Act of 1933, as amended (the “Act”) as to this Warrant,
such Warrant Stock or such Common Stock and registration or qualification of this 

  
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Warrant, such Warrant Stock or such Common Stock under any applicable U.S. federal or state securities law then in effect, or (ii) the Company shall have received an opinion of counsel,
satisfactory to the Company, that such disposition will not require registration or qualification of this Warrant, such Warrant Stock or such Common Stock under any applicable U.S. federal or state securities law then in effect. Each certificate or
other instrument for Warrant Stock issued upon the exercise of this Warrant or Common Stock issued upon the conversion of such Warrant Stock shall bear a legend substantially to the foregoing effect. 

(b)    Transferability. Subject to the provisions of Section 5(a) hereof and any other transfer
restrictions set forth in any agreement or arrangement to which the Registered Holder is party, this Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of the Warrant with a properly executed assignment (in the
form of Exhibit B hereto) at the principal office of the Company. 
 (c)    Warrant
Register. The Company will maintain a register containing the names and addresses of the Registered Holders of this Warrant. Until any transfer of this Warrant is made in the warrant register, the Company may treat the Registered
Holder of this Warrant as the absolute owner hereof for all purposes; provided, however, that if this Warrant is properly assigned in blank, the Company may (but shall not be required to) treat the bearer hereof as the absolute owner hereof
for all purposes, notwithstanding any notice to the contrary. Any Registered Holder may change such Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change. 

6.    No Impairment. The Company will not, by amendment of its charter or through reorganization,
consolidation, merger, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will (subject to Section 15 below) at all times in good faith assist
in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against impairment. 

7.    Termination. This Warrant (and the right to purchase securities upon exercise hereof) shall terminate
upon the earliest to occur of the following (the “Expiration Date”): (a) November 5, 2021 or (b) a Liquidation Event (as defined in the Restated Certificate). The Company shall give the Registered Holder at least ten
(10) days prior written notice of a Liquidation Event so that the Registered Holder will have an opportunity to exercise this Warrant in connection with (and subject to consummation of) such Liquidation Event. 

8.    Notices of Certain Transactions. In case: 

(a)    the Company shall take a record of the holders of its Preferred Stock (or other stock or securities at the time
deliverable upon the exercise of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right, to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right, or 

  
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 (b)    of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation or merger of the Company, any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving
entity), or any transfer of all or substantially all of the assets of the Company, or 
 (c)    of the voluntary or
involuntary dissolution, liquidation or winding-up of the Company, or 

(d)    of any redemption of the Preferred Stock or mandatory conversion of the Preferred Stock into Common Stock of the
Company, 
 then, and in each such case, the Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation, winding-up, redemption or conversion is to take place, and the time, if any is to be fixed, as of which the holders
of record of Preferred Stock (or such other stock or securities at the time deliverable upon such reorganization, reclassification, consolidation, merger, transfer, dissolution, liquidation, winding-up,
redemption or conversion) are to be determined. Such notice shall be mailed at least ten (10) days prior to the record date or effective date for the event specified in such notice. 

9.    Reservation of Stock. The Company will at all times reserve and keep available, solely for the
issuance and delivery upon the exercise of this Warrant, such shares of Warrant Stock and other stock, securities and property (to the extent such securities or property, as the case may be, are then identifiable) as from time to time shall be
issuable upon the exercise of this Warrant. 
 10.    Exchange of Warrants. Upon the surrender by the
Registered Holder of any Warrant or Warrants, properly endorsed, to the Company at the principal office of the Company, the Company will, subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of such Holder, at
the Company’s expense, a new Warrant or Warrants of like tenor, in the name of such Registered Holder or as such Registered Holder (upon payment by such Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on
the face or faces thereof for the number of shares of Preferred Stock called for on the face or faces of the Warrant or Warrants so surrendered, or (if applicable) calculated in accordance with Section 2 above. 

11.    Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 

12.    Mailing of Notices. Any notice required or permitted pursuant to this Warrant shall be in writing and
shall be deemed effectively given: (a) upon receipt, when delivered 

  
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personally or sent by courier (b) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt, (c) when
sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, or (d) forty-eight (48) hours after being deposited in the regular mail, as certified or
registered mail (airmail if sent internationally). All communications shall be sent to the Company or the Registered Holder at the addresses, facsimile numbers or email addresses listed on the signature page hereto, or at such other address,
facsimile number or email address as the Company or the Registered Holder may designate by ten (10) days advance written notice to the other parties hereto. 

13.    No Rights as Shareholder. Until the exercise of this Warrant, the Registered Holder of this Warrant
shall not have or exercise any rights by virtue hereof as a shareholder of the Company. 
 14.    No Fractional
Shares. No fractional shares of Warrant Stock will be issued in connection with any exercise hereunder. In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the fair market value of one share of Warrant Stock on the date of exercise, as determined in good faith by the Company’s Board of Directors. 

15.    Amendment or Waiver. Any term of this Warrant may be amended or waived upon written consent of the
Company and the holders of at least 2/3 of the Warrant Stock issuable upon exercise of all outstanding warrants purchased pursuant to the Purchase Agreement. By acceptance hereof, the Registered Holder acknowledges that in the event the required
consent is obtained, any term of this Warrant may be amended or waived with or without the consent of the Registered Holder; provided, however, that any amendment hereof that would materially adversely affect the Registered Holder in a manner
different from the holders of the remaining warrants issued pursuant to the Purchase Agreement shall also require the consent of Registered Holder. 

16.    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or
otherwise affect the meaning of any provision of this Warrant. 
 17.    Governing Law. This
Warrant and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of
conflicts of law. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the
Company has caused this Warrant to be executed by its duly authorized officer as of November 5, 2014. 
  

			
	COMPANY:
	
	AVEDRO, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 Address:

	Fax:	 	
	Email:	 	
	
	AGREED TO AND ACCEPTED:
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Address:	 	
	Fax:	 	
	Email:	 	

  
 SIGNATURE
PAGE TO WARRANT 

 EXHIBIT A 

PURCHASE/EXERCISE FORM 
  

			
	 To:  Avedro, Inc.
	  	                        Dated:
                    

 The undersigned, pursuant to the provisions set forth in the attached Warrant No. W-        , hereby irrevocably elects to (a) purchase                  shares of
                     (the “Warrant Stock”) covered by such Warrant and herewith makes payment of
$        , representing the full exercise price for such shares at the price per share provided for in such Warrant, or (b) exercise such Warrant for
                 shares purchasable under the Warrant pursuant to the Net Issue Exercise provisions of Section 3(c) of such Warrant. 

The undersigned acknowledges that it has reviewed the representations and warranties contained in Section 3 of the Purchase Agreement (as
defined in the Warrant) and by its signature below hereby makes such representations and warranties to the Company. Defined terms contained in such representations and warranties shall have the meanings assigned to them in the Purchase Agreement,
provided that the term “Purchaser” shall refer to the undersigned and the term “Securities” shall refer to the Warrant Stock and, if applicable, the Common Stock of the Company issuable upon conversion of the Warrant Stock. 

The undersigned further acknowledges that it has reviewed and agrees to be bound by the market standoff provisions applicable to the Warrant
Stock, and agrees that it will promptly execute and deliver to the Company all transaction documents related to the issuance of Warrant Stock to which the undersigned is not already a party. 

 

	
	Signature:
                                         
                       
	
	Name (print):
                                         
                  
	
	Title (if applic.):
                                         
             
	
	Company (if applic.):
                                         
     

 EXHIBIT B 

ASSIGNMENT FORM 

FOR VALUE
RECEIVED,                                        
hereby sells, assigns and transfers all of the rights of the undersigned under the attached Warrant with respect to the number of shares of Warrant Stock covered thereby set forth below, unto: 

 

									
	 Name of Assignee
	  	Address/Facsimile Number	 	  	No. of Shares	 
		  				  			
		  				  			
		  				  			

  

							
	Dated:                     	 		 	Signature:	 	  

				
		 		 		 	  

				
		 		 	Witness:EX-4.4

 Exhibit 4.4 

THIS WARRANT, AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL (WHICH MAY BE COMPANY COUNSEL) REASONABLY
SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT, OR ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT
AGREEMENT 
 To Purchase Shares of Preferred Stock of 

AVEDRO, INC. 
 Dated as of
December 22, 2015 (the “Effective Date”) 
 WHEREAS, Avedro, Inc., a Delaware corporation, has entered into a Loan and Security
Agreement dated as of September 11, 2014 (the “Loan Agreement”) with Hercules Technology Growth Capital, Inc., a Maryland corporation, in its capacity as administrative agent, Hercules Technology III, L.P., a Delaware limited
partnership (the “Warrantholder”) and the other lender parties thereto; 
 WHEREAS, in connection with the Loan Agreement, the Company and
the Warrantholder entered into a Warrant Agreement dated as of September 11, 2014 (the “Original Warrant Agreement”) pursuant to which the Company granted to Warrantholder the right to purchase shares of the Company’s
Series D Stock or Next Preferred Round Series of Preferred Stock (each as defined in the Original Warrant Agreement); 
 WHEREAS, on November 13, 2015,
the Company (i) underwent a recapitalization pursuant to which all of the outstanding shares of the Company’s Preferred Stock were converted to Common Stock (the “Recapitalization” ) (ii) adopted a Seventh Amended and
Restated Certificate of Incorporation altering the authorized stock of the Company such that the Company is authorized to issue Common Stock and Series AA Preferred Stock; and (iii) issued and sold to investors shares of the Company’s
Series AA Preferred Stock (the “Series AA Financing”); 
 WHEREAS, in connection with the Recapitalization and Series AA Financing, the
Company (as defined below) and the Warrantholder desire to terminate and cancel the Original Warrant Agreement and the Company desires to grant to Warrantholder, in consideration for, among other things, the financial accommodations provided for in
the Loan Agreement and the termination of the Original Warrant Agreement, the right to purchase shares of Preferred Stock (as defined below) pursuant to this Warrant Agreement (the “Agreement”); 

NOW, THEREFORE, in consideration of the Warrantholder providing the financial accommodations contemplated in the Loan Agreement, cancelling the Original
Warrant Agreement and entering into the Warrant Agreement, and in consideration of the mutual covenants and agreements contained herein, the Company and Warrantholder agree as follows: 

SECTION 1.    GRANT OF THE RIGHT TO PURCHASE PREFERRED STOCK. 

For value received, the Company hereby grants to the Warrantholder, and the Warrantholder is entitled, upon the terms and subject to the conditions
hereinafter set forth, to subscribe for and purchase, from the Company, an aggregate number of fully paid and non-assessable shares of the Preferred Stock equal to the quotient derived by dividing (a) the
Warrant Coverage (as defined below) by (b) the Exercise Price (as defined below). The Exercise Price of such shares is subject to adjustment as provided in Section 8. As used herein, the following terms shall have the following meanings:

 “Act” means the Securities Act of 1933, as amended. 

“Company” means Avedro, Inc., a Delaware corporation, and any successor or surviving entity that assumes the obligations of
the Company under this Agreement pursuant to Section 8(a). 

 “Charter” means the Company’s Certificate of Incorporation or other
constitutional document, as may be amended from time to time. 
 “Common Stock” means the Company’s common stock,
$0.00001 par value per share. 
 “Exercise Price” means the Series AA Price. 

“Initial Public Offering” means the initial underwritten public offering of the Company’s Common Stock pursuant to a
registration statement under the Act, which public offering has been declared effective by the Securities and Exchange Commission (“SEC”). 

“Merger Event” means any sale, lease or other transfer of all or substantially all assets of the Company or any merger or
consolidation involving the Company in which the Company is not the surviving entity, or in which the outstanding shares of the Company’s capital stock are otherwise converted into or exchanged for shares of preferred stock, other securities or
property of another entity. 
 “Preferred Stock” means Series AA Stock; provided, further, that, subject to
provisions of Section 8(f) below, upon and after the occurrence of an event which results in the automatic or voluntary conversion, redemption or retirement of all (but not less than all) of the outstanding shares of such Preferred Stock,
including, without limitation, pursuant to the consummation of an Initial Public Offering, then from and after the date upon which such outstanding shares are so converted, redeemed or retired, “Preferred Stock” shall mean the Common
Stock. 
 “Purchase Price” means, with respect to any exercise of this Agreement, an amount equal to the Exercise Price as
of the relevant time multiplied by the number of shares of Preferred Stock requested to be exercised under this Agreement pursuant to such exercise. 

“Series AA Stock” means the Company’s Series AA Preferred Stock, $0.00001 par value per share, as presently constituted
under the Charter, and any other class, series or other designation of security into or for which such Series AA Preferred Stock is converted, substituted or exchanged pursuant to a reorganization, reclassification, recapitalization or similar
transaction. 
 “Series AA Price” means $1.00 per share, as may be adjusted from time to time in accordance with the
provisions of the Charter. 
 “Warrant Coverage” means $300,000.00. 

SECTION 2.    TERM OF THE AGREEMENT. 

Except as otherwise provided for herein, the term of this Agreement and the right to purchase Preferred Stock as granted herein (the
“Warrant”) shall commence on the Effective Date and shall be exercisable for a period ending upon the later to occur of (i) September 11, 2024; or (ii) if the Initial Public Offering shall be consummated on or before
September 11, 2024, five (5) years after the Initial Public Offering. 
 SECTION 3.    EXERCISE OF THE
PURCHASE RIGHTS. 
 (a)    Exercise. The purchase rights set forth in this Agreement are exercisable by the
Warrantholder, in whole or in part, at any time, or from time to time, prior to the expiration of the term set forth in Section 2, by tendering to the Company at its principal office a notice of exercise in the form attached hereto as
Exhibit I (the “Notice of Exercise”), duly completed and executed. Promptly upon receipt of the Notice of Exercise and the payment of the Purchase Price in accordance with the terms set forth below, and in no event later than
three (3) business days thereafter, the Company shall issue to the Warrantholder a certificate for the number of shares of Preferred Stock purchased and shall execute the acknowledgment of exercise in the form attached hereto as Exhibit
II (the “Acknowledgment of Exercise”) indicating the number of shares which remain subject to future purchases, if any. 

  
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 The Purchase Price may be paid at the Warrantholder’s election either (i) by cash or check, or
(ii) by surrender of all or a portion of the Warrant for shares of Preferred Stock to be exercised under this Agreement and, if applicable, an amended Agreement representing the remaining number of shares purchasable hereunder, as determined
below (“Net Issuance”). If the Warrantholder elects the Net Issuance method, the Company will issue Preferred Stock in accordance with the following formula: 
  

					
		  		  	 X = Y(A-B)

              A

			
	Where:	  	X =	  	the number of shares of Preferred Stock to be issued to the Warrantholder.
			
		  	Y =	  	the number of shares of Preferred Stock requested to be exercised under this Agreement.
			
		  	A =	  	the fair market value of one (1) share of Preferred Stock at the time of issuance of such shares of Preferred Stock.
			
		  	B =	  	the Exercise Price.

 For purposes of the above calculation, current fair market value of Preferred Stock shall mean with respect to each share of
Preferred Stock: 
 (i)    if the exercise is in connection with an Initial Public Offering, and if the
Company’s Registration Statement relating to such Initial Public Offering has been declared effective by the SEC, then the fair market value per share shall be the product of (x) the initial “Price to Public” of the Common Stock
specified in the final prospectus with respect to the offering and (y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise; 

(ii)    if the exercise is after, and not in connection with an Initial Public Offering, the fair market
value shall be deemed to be the product of (x) the average closing price of a share of Common Stock over the five (5) day trading period ending three (3) days prior to the date of the Warrantholder’s Notice of Exercise
(y) the number of shares of Common Stock into which each share of Preferred Stock is convertible at the time of such exercise 

(iii)    if at any time the Common Stock is not listed on any securities exchange, the current fair market
value of Preferred Stock shall be the product of (x) either (1) the fair market value of one (1) share of Preferred Stock, as determined pursuant to any third party valuation of the Preferred Stock (such as a 409A valuation or goodwill
impairment valuation) regularly prepared in the ordinary course of the Company’s business (a “regularly prepared valuation”) if such regularly prepared valuation purports to value the Preferred Stock as of any date that is within
twelve (12) months of the applicable date of determination or (2) if there is no such regularly prepared valuation within the immediately preceding twelve (12) months of the date of determination, any third party valuation conducted
by an appraiser experienced in business valuations and chosen by the Board for the purposes of determining current fair market value of Preferred Stock under this Warrant and (y) the number of shares of Common Stock into which each share of
Preferred Stock is convertible at the time of such exercise, unless the Company shall become subject to a Merger Event, in which case the fair market value of Preferred Stock shall be deemed to be the per share value of the shares of preferred
stock, other securities or property of the acquiring entity received by the holders of the Company’s Preferred Stock on a common equivalent basis pursuant to such Merger Event. 

Upon partial exercise by either cash or Net Issuance, the Company shall promptly issue an amended Agreement representing the remaining number of shares
purchasable hereunder. All other terms and conditions of such amended Agreement shall be identical to those contained herein, including, but not limited to the Effective Date hereof. 

(b)    Exercise Prior to Expiration. To the extent this Agreement is not previously exercised as to all Preferred
Stock subject hereto, and if the fair market value of one share of the Preferred Stock is greater than the Exercise Price then in effect, this Agreement shall be deemed automatically 

  
 3 

 
exercised pursuant to Section 3(a) (even if not surrendered) immediately before its expiration. For purposes of such automatic exercise, the fair market value of one share of the Preferred
Stock upon such expiration shall be determined pursuant to Section 3(a). To the extent this Agreement or any portion thereof is deemed automatically exercised pursuant to this Section 3(b), the Company agrees to promptly notify the
Warrantholder of the number of shares of Preferred Stock, if any, the Warrantholder is to receive by reason of such automatic exercise. 

SECTION 4.    RESERVATION OF SHARES. 

During the term of this Agreement, the Company will at all times have authorized and reserved a sufficient number of shares of its Preferred Stock to provide
for the exercise of the rights to purchase Preferred Stock as provided for herein, and shall have authorized and reserved a sufficient number of shares of its Common Stock to provide for the conversion of the shares of Preferred Stock issuable
hereunder. 
 SECTION 5.    NO FRACTIONAL SHARES OR SCRIP. 

No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Agreement, but in lieu of such fractional shares the
Company shall make a cash payment therefor upon the basis of the then fair market value of one share of Preferred Stock (as determined in accordance with Section 3(a) above). 

SECTION 6.    NO RIGHTS AS SHAREHOLDER/STOCKHOLDER. 

This Agreement does not entitle the Warrantholder to any voting rights or other rights as a stockholder of the Company prior to the exercise of this
Agreement. 
 SECTION 7.    WARRANTHOLDER REGISTRY. 

The Company shall maintain a registry showing the name and address of the registered holder of this Agreement. Warrantholder’s initial address, for
purposes of such registry, is set forth below Warrantholder’s signature on this Agreement. Warrantholder may change such address by giving written notice of such changed address to the Company pursuant to Section 13(d). 

SECTION 8.    ADJUSTMENT RIGHTS. 

The Exercise Price and the number of shares of Preferred Stock purchasable hereunder are subject to adjustment, as follows: 

(a)    Merger Event. If at any time there shall be Merger Event, then, as a part of such Merger Event, lawful
provision shall be made so that the Warrantholder shall thereafter be entitled to receive, upon exercise of this Agreement, the number of shares of preferred stock or other securities or property (collectively, “Reference Property”)
that the Warrantholder would have received in connection with such Merger Event if Warrantholder had exercised this Agreement immediately prior to the Merger Event. In any such case, appropriate adjustment (as determined in good faith by the
Company’s Board of Directors) shall be made in the application of the provisions of this Agreement with respect to the rights and interests of the Warrantholder after the Merger Event to the end that the provisions of this Agreement (including
adjustments of the Exercise Price and adjustments to ensure that the provisions of this Section 8 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Agreement in relation to any Reference Property
thereafter acquirable upon exercise of such purchase rights) shall continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Merger Event, upon the closing thereof, the
successor or surviving entity shall assume the obligations of this Agreement; provided that the foregoing assumption requirement shall not apply if the consideration to be paid for or in respect of the outstanding shares of Preferred Stock in such
Merger Event consists solely of cash and/or readily marketable securities and in connection with any such Merger Event in which consideration consists solely of cash and/or readily marketable securities, the Warrant will be deemed to be exercised
contingent upon the closing of such Merger Event. In connection with a Merger Event and upon Warrantholder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that
Warrantholder would have received if Warrantholder 

  
 4 

 
had chosen to exercise its right to have shares issued pursuant to the Net Issuance provisions of this Warrant Agreement without actually exercising such right, acquiring such shares, and
exchanging such shares for such consideration. If the successor or surviving entity in a Merger Event shall refuse to assume the obligations of the Company pursuant to this Agreement, the Company shall give the Warrantholder written notice of at
least five (5) business days prior to the closing of the Merger Event of such fact and the Warrantholder shall have the option to put this Warrant to the Company for a per share amount equal to the difference between the fair market value of
the Merger Event consideration (as reasonably determined by the Company’s board) payable for one share of Preferred Stock and the Exercise Price. 

(b)    Reclassification of Shares. Except for Merger Events subject to Section 8(a) and subject to
Section 8(f), if the Company at any time shall, by combination, reclassification, reorganization, exchange or subdivision of securities or otherwise, change any of the securities as to which purchase rights under this Agreement exist into the
same or a different number of securities of any other class or classes, this Agreement shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the
securities which were subject to the purchase rights under this Agreement immediately prior to such combination, reclassification, exchange, subdivision or other change. The provisions of this Section 8(b) shall similarly apply to successive
combination, reclassification, exchange, subdivision or other change. 
 (c)    Subdivision or Combination of
Shares. If the Company at any time shall combine or subdivide its Preferred Stock, (i) in the case of a subdivision, the Exercise Price shall be proportionately decreased and the number of shares of Preferred Stock issuable hereunder shall
be proportionately increased, or (ii) in the case of a combination, the Exercise Price shall be proportionately increased and the number of shares of Preferred Stock issuable hereunder shall be proportionately decreased. 

(d)    Stock Dividends. If the Company at any time while this Agreement is outstanding and unexpired shall: 

(i)    pay a dividend with respect to the Preferred Stock payable in Preferred Stock, then the Exercise Price shall be
adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by multiplying the Exercise Price in effect immediately prior to such date of determination by a fraction
(A) the numerator of which shall be the total number of shares of Preferred Stock outstanding immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Preferred Stock
outstanding immediately after such dividend or distribution; or 
 (ii)    make any other distribution with respect to
Preferred Stock (or stock into which the Preferred Stock is convertible), except any distribution specifically provided for in any other clause of this Section 8, then, in each such case, provision shall be made by the Company such that the
Warrantholder shall receive upon exercise or conversion of this Warrant a proportionate share of any such distribution as though it were the holder of the Preferred Stock (or other stock for which the Preferred Stock is convertible) as of the record
date fixed for the determination of the stockholders of the Company entitled to receive such distribution. 

(e)    Antidilution Rights. Additional antidilution rights applicable to the Preferred Stock purchasable hereunder
are as set forth in the Charter and shall be applicable with respect to the Preferred Stock issuable hereunder. The Company shall promptly provide the Warrantholder with any restatement, amendment, modification or waiver of the Charter;
provided, that no such amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Preferred Stock as of the date hereof unless such amendment, modification or waiver affects the rights of Warrantholder
with respect to the Preferred Stock in the same manner as it affects all other holders of such Preferred Stock. The Company shall provide Warrantholder with prior written notice of any issuance of its stock or other equity security to occur after
the Effective Date of this Agreement, which notice shall include (a) the price at which such stock or security is to be sold, (b) the number of shares to be issued, and (c) such other information as necessary for Warrantholder to
determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate anti-dilution adjustment pursuant to the forgoing subsections (c) or (d) or this subsection (e), and the Charter. 

  
 5 

 (f)    “Pay to Play” Rights. In the event that any
“pay to play” terms or conditions (i.e. terms or conditions that require a holder of the Preferred Stock to purchase securities in a future round of equity financing or else lose the benefit of anti-dilution protections or other rights
applicable to shares of Preferred Stock or have such shares of Preferred Stock automatically convert into Common Stock or another class or series of capital stock) in the Charter are triggered in connection with any Equity Round (a “Trigger
Event”), then, in each such event, the purchase rights under this Agreement shall automatically adjust to provide the Warrantholder, upon the later exercise hereof, with the same securities and/or rights that the Warrantholder would have
received had the Warrantholder (x) exercised this Warrant prior to such Trigger Event, and (y) participated in the applicable equity financing in an amount sufficient to be deemed to have fully participated for purposes of such “pay
to play” provision. 
 (g)    Notice of Adjustments. If: (i) the Company shall declare any dividend or
distribution upon its stock, whether in stock, cash, property or other securities; (ii) there shall be any Merger Event; (iv) there shall be an Initial Public Offering; (iii) the Company shall sell, lease, license or otherwise
transfer all or substantially all of its assets; or (iv) there shall be any voluntary dissolution, liquidation or winding up of the Company; then, in connection with each such event, the Company shall send to the Warrantholder: (A) at
least twenty (20) days’ prior written notice of the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, subscription rights (specifying the date on which the holders of Preferred
Stock shall be entitled thereto) or for determining rights to vote in respect of such Merger Event, dissolution, liquidation or winding up; (B) in the case of any such Merger Event, sale, lease, license or other transfer of all or substantially
all assets, dissolution, liquidation or winding up, at least twenty (20) days’ prior written notice of the date when the same shall take place (and specifying the date on which the holders of Preferred Stock shall be entitled to exchange
their Preferred Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding up); and (C) in the case of an Initial Public Offering, the Company shall give the Warrantholder at least twenty
(20) days’ written notice prior to the effective date thereof. 
 Each such written notice shall set forth, in reasonable detail, (i) the
event requiring the notice, and (ii) if any adjustment is required to be made, (A) the amount of such adjustment, (B) the method by which such adjustment was calculated, (C) the adjusted Exercise Price (if the Exercise Price has
been adjusted), and (D) the number of shares subject to purchase hereunder after giving effect to such adjustment, and shall be given in accordance with Section 13(g) below. 

(h)    Timely Notice. Failure to timely provide such notice required by subsection (f) above shall entitle
Warrantholder to retain the benefit of the applicable notice period notwithstanding anything to the contrary contained in any insufficient notice received by Warrantholder. For purposes of this subsection (g), and notwithstanding anything to
the contrary in Section 13(g), the notice period shall begin on the date Warrantholder actually receives a written notice containing all the information required to be provided in such subsection (f). 

SECTION 9.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY. 

(a)    Reservation of Preferred Stock. The Preferred Stock issuable upon exercise of the Warrantholder’s rights
has been duly and validly reserved and, when issued in accordance with the provisions of this Agreement, will be validly issued, fully paid and non-assessable, and will be free of any taxes, liens, charges or
encumbrances of any nature whatsoever; provided, that the Preferred Stock issuable pursuant to this Agreement may be subject to restrictions on transfer hereunder and under state and/or federal securities laws. The Company has made available
to the Warrantholder true, correct and complete copies of its current Charter bylaws and current capitalization table. The issuance of certificates for shares of Preferred Stock upon exercise of this Agreement shall be made without charge to the
Warrantholder for any issuance tax in respect thereof, or other cost incurred by the Company in connection with such exercise and the related issuance of shares of Preferred Stock; provided, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer and the issuance and delivery of any certificate in a name other than that of the Warrantholder. 

  
 6 

 (b)    Due Authority. The execution and delivery by the Company
of this Agreement and the performance of all obligations of the Company hereunder, including the issuance to Warrantholder of the right to acquire the shares of Preferred Stock and the Common Stock into which it may be converted, have been duly
authorized by all necessary corporate action on the part of the Company. This Agreement: (1) does not violate the Company’s Charter or current bylaws; (2) does not contravene any law or governmental rule, regulation or order
applicable to it; and (3) does not and will not contravene any provision of, or constitute a default under, any indenture, mortgage, contract or other instrument to which it is a party or by which it is bound. This Agreement constitutes a
legal, valid and binding agreement of the Company, enforceable in accordance with its terms. 
 (c)    Consents and
Approvals. No consent or approval of, giving of notice to, registration with, or taking of any other action in respect of any state, federal or other governmental authority or agency is required with respect to the execution, delivery and
performance by the Company of its obligations under this Agreement, except for the filing of notices pursuant to Regulation D under the Act and any filing required by applicable state securities law, which filings will be effective by the time
required thereby. 
 (d)    Issued Securities. All issued and outstanding shares of Common Stock, Preferred Stock
or any other securities of the Company have been duly authorized and validly issued and are fully paid and nonassessable. All outstanding shares of Common Stock, Preferred Stock and any other securities were issued in full compliance with all
federal and state securities laws. In addition, as of the date immediately preceding the date of this Agreement: 

(i)    The authorized capital of the Company consists of (A) 48,000,000 shares of Common Stock, and (B) 32,300,000 shares
of Preferred Stock, all of which are Series AA Preferred Stock. 
 (ii)    The Company’s capitalization as of the
date of this Agreement is set forth on Schedule 1 annexed hereto. The Company does not own any stock, partnership interest or other securities of any Person, except for Permitted Investments (as defined in the Loan Agreement). 

(e)    Registration Rights. That certain Fifth Amended and Restated Investors Rights Agreement dated as of
November 13, 2015, as hereinafter amended (the “Investors Rights Agreement”) provides, and the Company covenants that the Investors Rights Agreement will, during the term of the Warrant, provide, that the shares of Common Stock
issued and issuable upon conversion of the shares of Preferred Stock issued and issuable upon exercise of this Warrant, and, at all times (if any) when the Preferred Stock shall be Common Stock, the shares of Preferred Stock issued and issuable upon
exercise of this Warrant, shall have the “Piggyback,” and S-3 registration rights on a pari passu basis with the holders of outstanding shares of Preferred Stock who are parties thereto. The
provisions set forth in the Investors Rights Agreement may not be amended, modified or waived without the prior written consent of the Warrantholder unless such amendment, modification or waiver affects the rights associated with the shares of
Preferred Stock issued and issuable upon exercise hereof in the same manner as such amendment, modification, or waiver affects the rights associated with all outstanding shares of such Preferred Stock whose holders are parties thereto. 

(f)    Other Commitments to Register Securities. Except as set forth in this Agreement and the Investors Rights
Agreement, the Company is not, pursuant to the terms of any other agreement currently in existence, under any obligation to register under the Act any of its presently outstanding securities or any of its securities which may hereafter be issued.

 (g)    Exempt Transaction. Subject to the accuracy of the Warrantholder’s representations in
Section 10, the issuance of the Preferred Stock upon exercise of this Agreement, and the issuance of the Common Stock upon conversion of the Preferred Stock, will each constitute a transaction exempt from (i) the registration requirements
of Section 5 of the Act, in reliance upon Section 4(2) thereof, and (ii) the qualification requirements of the applicable state securities laws. 

  
 7 

 (h)    Compliance with Rule 144. The Company shall, at all times
prior to the earlier to occur of (x) the date of sale or other disposition by Warrantholder of this Warrant or all shares of Common Stock issued on exercise of this Warrant, (y) the registration pursuant to subsection (g) above of the
shares issued on exercise of this Warrant, or (z) the expiration or earlier termination of this Warrant if the Warrant has not been exercised in full or in part on such date, use all commercially reasonable efforts to timely file all reports
required under the 1934 Act and otherwise timely take all actions necessary to permit the Warrantholder to sell or otherwise dispose of this Warrant and the shares of Common Stock issued on exercise hereof pursuant to Rule 144 promulgated under the
Act as amended and in effect from time to time, provided that the foregoing shall not apply in the event of a Merger Event following which the successor or surviving entity is not subject to the reporting requirements of the 1934 Act. If the
Warrantholder proposes to sell Common Stock issuable upon the exercise of this Agreement in compliance with Rule 144, then, upon Warrantholder’s written request to the Company, the Company shall furnish to the Warrantholder, within five
(5) business days after receipt of such request, a written statement confirming the Company’s compliance with the filing and other requirements of such Rule. 

(i)    Information Rights. During the term of this Warrant, Warrantholder shall be entitled to the information
rights contained in Section 7.1 of the Loan Agreement, and Section 7.1 of the Loan Agreement is hereby incorporated into this Agreement by this reference as though fully set forth herein for so long as any Indebtedness (as defined in the
Loan Agreement) owed by the Company to Warrantholder remains outstanding. Once all Indebtedness has been repaid, the Warrantholder shall be entitled to the same information rights as it would be entitled to pursuant to the Investors Rights Agreement
if it exercised the Warrant in full; and if not otherwise provided, the Company shall provide the Warrantholder with the information required to be provided pursuant to and in accordance with Section 7.1(a), (b), and (c) of the Loan
Agreement. 
 SECTION 10.    REPRESENTATIONS AND COVENANTS OF THE WARRANTHOLDER. 

This Agreement has been entered into by the Company in reliance upon the following representations and covenants of the Warrantholder: 

(a)    Investment Purpose. The right to acquire Preferred Stock is being acquired for investment and not with a view
to the sale or distribution of any part thereof, and the Warrantholder has no present intention of selling or engaging in any public distribution of such rights or the Preferred Stock except pursuant to an effective registration statement or an
exemption from the registration requirements of the Act. 
 (b)    Private Issue. The Warrantholder understands
(i) that the Preferred Stock issuable upon exercise of this Agreement is not registered under the Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Agreement will be exempt from the
registration and qualifications requirements thereof, and (ii) that the Company’s reliance on such exemption is predicated on the representations set forth in this Section 10. 

(c)    Financial Risk. The Warrantholder has such knowledge and experience in financial and business matters as to
be capable of evaluating the merits and risks of its investment, and has the ability to bear the economic risks of its investment. 

(d)    Risk of No Registration. The Warrantholder understands that if the Company does not register with the SEC
pursuant to Section 12 of the Securities Exchange Act of 1934 (the “1934 Act”), or file reports pursuant to Section 15(d) of the 1934 Act, or if a registration statement covering the securities under the Act is not in
effect when it desires to sell (i) the rights to purchase Preferred Stock pursuant to this Agreement or (ii) the Preferred Stock issuable upon exercise of the right to purchase, it may be required to hold such securities for an indefinite
period. The Warrantholder also understands that any sale of (A) its rights hereunder to purchase Preferred Stock or (B) Preferred Stock issued or issuable hereunder which might be made by it in reliance upon Rule 144 under the Act may be
made only in accordance with the terms and conditions of that Rule. 

  
 8 

 (e)    Accredited Investor. Warrantholder is an “accredited
investor” within the meaning of the Securities and Exchange Rule 501 of Regulation D, as presently in effect. 

(f)    “Market Stand-Off” Agreement. 

(i)    The Warrantholder hereby agrees that it will not, without the prior written consent of the managing underwriter,
during the period commencing on the date of the final prospectus relating to the Company’s Initial Public Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (l80)
days) (A) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or
indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock (whether such shares or any such securities are then owned by the Warrantholder or are thereafter acquired, or (B) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (A) or (B) above is to be settled by
delivery of Common Stock or other securities, in cash or otherwise. For the avoidance of doubt, notwithstanding the foregoing, the Warrantholder may exercise the Warrant at any time in accordance with the terms of this Agreement. The foregoing
provisions of this Section 10(f) shall apply only to the Company’s initial offering of equity securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to
the Warrantholder if all officers, directors and greater than one percent (1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company’s Initial Public Offering are intended third-party beneficiaries of this Section 10(f) and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. The Warrantholder further agrees to execute
such agreements as may be reasonably requested by the underwriters in the Company’s Initial Public Offering that are consistent with this Section 10(f) or that are necessary to give further effect thereto. In addition, if (x) during
the last seventeen (17) days of the one hundred eighty (180) day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (y) prior to the expiration of the one
hundred eighty (180) day restricted period, the Company announces that it will release earnings results during the sixteen (16) day period beginning on the last day of the one hundred eighty (180) day period, the restrictions imposed
by this Section 10(f)(i) shall continue to apply until the expiration of the eighteen (18) day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 

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

(ii)    The Warrantholder agrees that a legend reading substantially as follows shall be placed on all certificates
representing all securities of the Warrantholder (and the shares or securities of every other person subject to the restriction contained in this Section 10(f)): 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER
THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE
ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

  
 9 

 SECTION 11.    TRANSFERS. 

Subject to compliance with applicable federal and state securities laws, this Agreement and all rights hereunder are transferable, in whole or in part,
without charge to the holder hereof (except for transfer taxes) upon surrender of this Agreement properly endorsed. Each taker and holder of this Agreement, by taking or holding the same, consents and agrees that this Agreement, when endorsed in
blank, shall be deemed negotiable, and that the holder hereof, when this Agreement shall have been so endorsed and its transfer recorded on the Company’s books, shall be treated by the Company and all other persons dealing with this Agreement
as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented by this Agreement. The transfer of this Agreement shall be recorded on the books of the Company upon receipt by the Company of a notice of
transfer in the form attached hereto as Exhibit III (the “Transfer Notice”), at its principal offices and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. Until the Company
receives such Transfer Notice, the Company may treat the registered owner hereof as the owner for all purposes. 
 SECTION
12.    Cancellation of Prior Warrant Agreement 
 Effective as of the date hereof, the Company and the Warrantholder hereby
acknowledge and agree that, the Original Warrant Agreement is, and any rights of or remedies available to the Warrantholder under the Original Warrant Agreement are, hereby terminated in all respects. 

SECTION 13.    MISCELLANEOUS. 

(a)    Effective Date. The provisions of this Agreement shall be construed and shall be given effect in all respects
as if it had been executed and delivered by the Company on the date hereof. This Agreement shall be binding upon any successors or assigns of the Company. 

(b)    Remedies. In the event of any default hereunder, the non-defaulting
party may proceed to protect and enforce its rights either by suit in equity and/or by action at law, including but not limited to an action for damages as a result of any such default, and/or an action for specific performance for any default where
Warrantholder will not have an adequate remedy at law and where damages will not be readily ascertainable. The Company expressly agrees that it shall not oppose an application by the Warrantholder or any other person entitled to the benefit of this
Agreement requiring specific performance of any or all provisions hereof or enjoining the Company from continuing to commit any such breach of this Agreement. 

(c)    No Impairment of Rights. The Company will not, by amendment of its Charter or through any other means, avoid
or seek to avoid the observance or performance of any of the terms of this Agreement, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order
to protect the rights of the Warrantholder against impairment. 
 (d)    Additional Documents. The Company, upon
execution of this Agreement, shall provide the Warrantholder with certified resolutions with respect to the representations, warranties and covenants set forth in Sections 9(a) through 9(d), 9(f) and 9(g). Upon request, the Company shall also supply
documentation reasonably necessary to evaluate whether to exercise (in cash or a net issuance basis) this Warrant, including without limitation, (i) any merger/purchase/asset sale agreement and related documents and estimated payout allocations
to each of the respective shareholders, warrant and option holders in connection with a Merger Event, (ii) the most recent capitalization tables, 409A valuations (if any), and board determination of share value (including any waterfall or per
share allocations provided to the share/unitholders), and (iii) most recent articles of incorporation or organization (as applicable). 

(e)    Attorney’s Fees. In any litigation, arbitration or court proceeding between the Company and the
Warrantholder relating hereto, the prevailing party shall be entitled to reasonable attorneys’ fees and expenses and all reasonable costs of proceedings incurred in enforcing this Agreement. For the purposes of this Section 13(e),
attorneys’ fees shall include without limitation fees incurred in connection with the following: (i) contempt proceedings; (ii) discovery; (iii) any motion, proceeding or 

  
 10 

 
other activity of any kind in connection with an insolvency proceeding; (iv) garnishment, levy, and debtor and third party examinations; and (v) post-judgment motions and proceedings of
any kind, including without limitation any activity taken to collect or enforce any judgment. 

(f)    Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held
invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired, and the invalid, illegal or unenforceable provision shall be replaced by a mutually acceptable valid, legal and enforceable provision, which comes
closest to the intention of the parties underlying the invalid, illegal or unenforceable provision. 

(g)    Notices. Except as otherwise provided herein, any notice, demand, request, consent, approval, declaration,
service of process or other communication that is required, contemplated, or permitted under this Agreement or with respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given, delivered, and
received upon the earlier of: (i) the day of transmission by facsimile or hand delivery if transmission or delivery occurs on a business day at or before 5:00 pm in the time zone of the recipient, or, if transmission or delivery occurs on a non-business day or after such time, the first business day thereafter, or the first business day after deposit with an overnight express service or overnight mail delivery service; or (ii) the third calendar
day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as follows: 
 If
to Warrantholder: 
 Hercules Technology III, L.P. 

Legal Department 
 Attention: 

400 Hamilton Avenue, Suite 310 

Palo Alto, California 94301 

Facsimile: 
 Telephone: 

With a copy to: 
 RIEMER & BRAUNSTEIN
LLP 
 Attention: Adam W. Jacobs, Esquire 

Three Center Plaza 
 Boston,
Massachusetts 02018 
 Facsimile: 

Telephone: 
 If to the Company: 

AVEDRO, INC. 
 Attention: Chief
Legal Officer 
 230 Third Avenue 

Waltham, Massachusetts 02451 

Facsimile: 
 Telephone: 

or to such other address as each party may designate for itself by like notice. 

(h)    Entire Agreement; Amendments. This Agreement constitutes the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof, and supersedes and replaces in their entirety any prior proposals, term sheets, letters, negotiations or other documents or agreements, whether written or oral, with respect to the subject
matter hereof (including Warrantholder’s proposal letter dated July 23, 2014). None of the terms of this Agreement may be amended except by an instrument executed by each of the parties hereto. 

  
 11 

 (i)    Headings. The various headings in this Agreement are
inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof. 

(j)    No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this
Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement. 
 (k)    No Waiver. No omission or delay by
Warrantholder at any time to enforce any right or remedy reserved to it, or to require performance of any of the terms, covenants or provisions hereof by the Company at any time designated, shall be a waiver of any such right or remedy to which
Warrantholder is entitled, nor shall it in any way affect the right of Warrantholder to enforce such provisions thereafter. 

(l)    Survival. All agreements, representations and warranties contained in this Agreement or in any document
delivered pursuant hereto shall be for the benefit of Warrantholder and shall survive the execution and delivery of this Agreement and the expiration or other termination of this Agreement. 

(m)    Governing Law. This Agreement have been negotiated and delivered to Warrantholder in the State of California,
and shall have been accepted by Warrantholder in the State of California. Delivery of Preferred Stock to Warrantholder by the Company under this Agreement is due in the State of California. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

(n)    Consent to Jurisdiction and Venue. All judicial proceedings arising in or under or related to this Agreement
may be brought in any state or federal court of competent jurisdiction located in the State of California. By execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to personal jurisdiction in
Santa Clara County, State of California; (b) waives any objection as to jurisdiction or venue in Santa Clara County, State of California; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts;
and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this Agreement. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in
accordance with the requirements for notice set forth in Section 13(g), and shall be deemed effective and received as set forth in Section 13(g). Nothing herein shall affect the right to serve process in any other manner permitted by law
or shall limit the right of either party to bring proceedings in the courts of any other jurisdiction. 

(o)    Mutual Waiver of Jury Trial. Because disputes arising in connection with complex financial transactions are
most quickly and economically resolved by an experienced and expert person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such
applicable laws. EACH OF THE COMPANY AND WARRANTHOLDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”)
ASSERTED BY THE COMPANY AGAINST WARRANTHOLDER OR ITS ASSIGNEE OR BY WARRANTHOLDER OR ITS ASSIGNEE AGAINST THE COMPANY. This waiver extends to all such Claims, including Claims that involve Persons other than the Company and Warrantholder; Claims
that arise out of or are in any way connected to the relationship between the Company and Warrantholder; and any Claims for damages, breach of contract, specific performance, or any equitable or legal relief of any kind, arising out of this
Agreement. 
 (p)     Judicial Reference. If the waiver of jury trial set forth above is ineffective or
unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting 

  
 12 

 
without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable referee or, if the parties cannot agree, a referee selected by the Presiding Judge of Santa
Clara County, California. Such proceeding shall be conducted in Santa Clara County, California, with California rules of evidence and discovery applicable to such proceeding. 

(q)    Prejudgment Relief. In the event Claims are to be resolved by arbitration, either party may seek from a court
of competent jurisdiction identified in Section 13(n), any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are
otherwise subject to resolution by judicial reference. 
 (r)    Counterparts. This Agreement and any amendments,
waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts shall
constitute but one and the same instrument. 
 [Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by its officers thereunto
duly authorized as of the Effective Date. 
  

							
	COMPANY:	 		 	AVEDRO, INC.
				
		 		 	By:	 	/s/ Brian K. Roberts
				
		 		 	Name:	 	Brian K. Roberts
				
		 		 	Title:	 	CFO
			
	WARRANTHOLDER:	 		 	 HERCULES TECHNOLOGY III, L.P.,
 a
Delaware limited partnership

				
		 		 	By:	 	Hercules Technology SBIC Management, LLC, its General Partner
		 		 	By:	 	 Hercules Technology Growth Capital, Inc.,
 its
Manager

				
		 		 	By:	 	/s/ Ben Bang
		 		 	Name:	 	Ben Bang
		 		 	Title:	 	Senior Counsel

  
 14 

 EXHIBIT I 

NOTICE OF EXERCISE 

To:    AVEDRO, INC. 
  

	(1)	 The undersigned Warrantholder hereby elects to purchase
[                ] shares of the Series AA Preferred Stock of Avedro, Inc., pursuant to the terms of the Agreement dated the
[        ] day of
[                    ,                   
 ] (the “Agreement”) between Avedro, Inc. and the Warrantholder, and [CASH PAYMENT: tenders herewith payment of the Purchase Price in full, together with all applicable transfer taxes, if any.] [NET ISSUANCE: elects pursuant to
Section 3(a) of the Agreement to effect a Net Issuance.] 

  

	(2)	 Please issue a certificate or certificates representing said shares of Series AA Preferred Stock in the name of
the undersigned or in such other name as is specified below. 

  

							
		 		 	  

		 		 	(Name)
			
		 		 	  

		 		 	(Address)
			
	WARRANTHOLDER:	 		 	 HERCULES TECHNOLOGY III, L.P.,
 a
Delaware limited partnership

				
		 		 	By:	 	 Hercules Technology SBIC Management, LLC,
 its
General Partner

		 		 	By:	 	 Hercules Technology Growth Capital, Inc.,
 its
Manager

				
		 		 	By:	 	 
		 		 	Name:	 	Ben Bang
		 		 	Title:	 	Senior Counsel

  
 15 

 EXHIBIT II 

ACKNOWLEDGMENT OF EXERCISE 
 The undersigned
[                                        
], hereby acknowledges receipt of the “Notice of Exercise” from Hercules Technology III, L.P., to purchase [                ] shares of the Series AA
Preferred Stock of Avedro, Inc., pursuant to the terms of the Agreement, and further acknowledges that [                ] shares remain subject to purchase under
the terms of the Agreement. 
  

							
	COMPANY:	 		 	Avedro, Inc.
				
		 		 	By:	 	 
				
		 		 	Title:	 	 
				
		 		 	Date:	 	 

  
 16 

 EXHIBIT III 

TRANSFER NOTICE 
 (To transfer or assign the
foregoing Agreement execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing
Agreement and all rights evidenced thereby are hereby transferred and assigned to 
  

					
	  
	  	
	(Please Print)	 		  	
			
	whose address is	 	  
	  	
		
	  
	  	

  

					
		  	Dated:	 	  

					
			
		  	Holder’s Signature:	 	  

			
		  	Holder’s Address:	 	  

		
		  	  

  

					
	Signature Guaranteed:	 	  
	  	

 NOTE: The signature to this Transfer Notice must correspond with the name as it appears on the face of the Agreement,
without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Agreement. 

  
 17 

 Schedule 1- Capitalization Table 

  
 18

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