Document:

2010 Stock Option Agreement to purchase common stock

 Exhibit 10.07 
 VOCERA COMMUNICATIONS, INC. 
 2010 STOCK OPTION AGREEMENT 

THIS STOCK OPTION AGREEMENT (the “Agreement”) is made and entered into as of November 3,
2010 (the “Effective Date”) by and between Vocera Communications, Inc. (the “Company”) and DS Consulting Associates, LLC, a Minnesota limited liability company doing business as ExperiaHealth (the
“Optionee”). 
 RECITALS: 

WHEREAS, the Company has entered into an Asset Purchase Agreement (the “Purchase Agreement”)
dated as of the Effective Date, by and among the Optionee, the Company and ExperiaHealth, Inc., a wholly-owned subsidiary of the Company; 
 WHEREAS, part of the consideration to the Optionee by the Company pursuant to the Purchase Agreement is an option (the “Option”) to purchase shares (the
“Shares”) of Common Stock of the Company (“Common Stock”), as set forth in Section 1.1 below and as adjusted from time to time pursuant to Section 5 below, upon the terms and conditions set
forth in this Agreement. 
 AGREEMENT 

NOW THEREFORE, IT IS AGREED between the parties as follows: 

 

	 	1.	 CERTAIN OPTION TERMS. 

1.1. Options and Exercise Price. The Company hereby issues to the Optionee the Option to
purchase a maximum of 250,000 shares of Common Stock at an exercise price of $0.37 per share, deemed to be the fair market value of a share, of Common Stock as of the Effective Date. The purchase price, which is the number of shares being purchased
under the Option multiplied by the exercise price, will be paid to the Company by the Optionee’s delivery of cash or a check. Exercise of the Option will be subject to the terms and restrictions of this Agreement (including, without limitation,
Section 1.2, below). 
 1.2. Vesting. The Option will be exercisable by the
Optionee from time to time and only to the extent that it is “vested.” As of the Effective Date, the Option will be entirely unvested. The Option will vest on March 1, 2011 as to a number of Shares equal to one Share for every $2.00
that the 2011 Revenue exceeds the 2010 Revenue, rounded down to the nearest whole number of Shares. To the extent the 2011 Revenue is less than or equal to the 2010 Revenue, no vesting will occur. Vesting shall cease as to any Shares unvested as of
March 1, 2011 and the right to acquire any such Shares shall terminate. 
  

	 	2.	 DEFINITIONS AND CONSTRUCTION. 

2.1. Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings
assigned to such in the Purchase Agreement. 
 2.2. Construction. Captions and
titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the

 
plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

 

	 	3.	 RESTRICTIONS ON TRANSFER. 

3.1. Restrictions on Options Transferability. The Option will not be transferable other than
(w) in connection with the dissolution of the Optionee; (x) by will or the laws of descent and distribution; (y) with the prior written consent of the Company, to a trust if the then holder of the Option is considered the sole
beneficial owner of the Option for tax purposes and under applicable law while it is held in trust. 
 3.2. Prohibited Transfers. No Holder of any Shares (may Transfer such Shares, or any interest therein except in full compliance with all applicable securities laws and any applicable
restrictions on Transfer provided in the Company’s Certificate of Incorporation and/or Bylaws, which will be deemed incorporated by reference into this Agreement. All Transfers of Shares not complying with the specific limitations and
conditions set forth in this Section 3 and Section 4 below are expressly prohibited. Any prohibited Transfer is ;void and of no effect, and no purported transferee in connection therewith will be recognized as the holder of Shares for any
purpose whatsoever. Should such a Transfer purport to occur, the Company may refuse to carry out the Transfer on its books, attempt to set aside the Transfer, enforce any undertakings or rights with respect to the Shares or exercise any other legal
or equitable remedy. “Transfer” with respect to Shares means a voluntary or involuntary sale, assignment, transfer, conveyance, pledge, hypothecation, encumbrance, disposal, loan, gift, attachment or levy of those Shares,
including any Involuntary Transfer, Donative Transfer or transfer by will or under the laws of descent and distribution. “Involuntary Transfer” with respect to Shares means any of the following: (i) an assignment of the
Shares for the benefit of creditors of the transferor; (ii) a Transfer by will or under the laws of descent and distribution; (iii) a Transfer by operation of law; (iv) an execution of judgment against the Shares or the acquisition of
record or beneficial ownership of Shares by a lender or creditor; (v) a Transfer pursuant to any decree of divorce, dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse
(except for bona fide estate planning purposes) under which any Shares are Transferred or awarded to the spouse of the transferor or are required to be sold; (vi) a Transfer resulting from the filing by the transferor of a petition for relief,
or the filing of an involuntary petition against the transferor, under the bankruptcy laws of the United States or of any other nation; or (vii) a Transfer (even if volitional) constituting a pledge or the imposition of an encumbrance.
“Donative Transfer” with respect to Shares means any voluntary Transfer with donative or charitable intent by a transferor other than for value or the payment of consideration to the transferor. 

3.3. Permitted Transfers. In the case of a Permitted Transfer, the rights of first refusal
and purchase of the Company set forth in Section 4 below will not apply to the particular Transfer constituting the Permitted Transfer. For such purposes, a “Permitted Transfer” means a Transfer by the holder of Shares
that is approved in writing by the Company as a Permitted Transfer. 
 3.4. Conditions
to Transfer. It will be a condition to any Transfer (whether as a Permitted Transfer, as a Transfer referred to in Section 4 or otherwise) of any Shares that: 

(i) the transferee of the Shares will execute such documents as the Company may reasonably require
to ensure that the Company’s rights under this Agreement are adequately protected with respect to such Shares, including, without limitation, the transferee’s agreement to be bound by all of the terms and conditions of this Agreement (such
as transfer restrictions, market standoff provisions and rights of first refusal on transfer) and such Agreement, as if he or she were the original holder of such Shares; and 

  
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 (ii) the Company is satisfied that such Transfer
complies in all respects with the requirements imposed by applicable state and federal securities laws and regulations. 
 3.5. Market Standoff. If in connection with any public offering of securities of the Company (or any Successor Entity), the underwriter or underwriters managing such offering so requests,
then each Optionee and each holder of Shares will agree to not sell or otherwise Transfer any such Shares (other than Shares if and to the extent included in such underwriting) without the prior written consent of such underwriter, for such period
of time as may be requested by the underwriter commencing on the effective date of the registration statement filed with the Securities and Exchange Commission in connection with such offering. By accepting an Option and/or Shares under this
Agreement, the Optionee will be deethed to agree to execute such documents to further evidence such market standoff agreement as may be requested by such underwriter. 
  

	 	4.	 RIGHT OF FIRST REFUSAL. 

4.1. Grant of Right of First Refusal. Except as provided in Section 4.9 below, in the
event the Optionee or a transferee of the Shares proposes or is obligated to Transfer any Shares (the “Transfer Shares”) to any person or entity, including, without limitation, any shareholder of the Company, the Company shall have the
right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section 4 (the “Right of First Refusal”). 

4.2. Notice of Proposed Transfer. Prior to any proposed Transfer of the Transfer Shares, the
Optionee shall deliver written notice (the “Transfer Notice”) to the Company describing fully the proposed Transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the
“Proposed Transferee”) and, if the Transfer is voluntary and for value, the proposed transfer price (the “Proposed Price”), and containing such information necessary to show the bona fide nature of the
proposed Transfer. If the Optionee proposes to Transfer any Transfer Shares to more than one Proposed Transferee, the Optionee shall provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice shall
be signed by both the Optionee and the Proposed Transferee (as applicable) and must constitute a binding commitment of the Optionee and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the
Right of First Refusal. 
 4.3. Bona Fide Transfer. If the Company determines that
the information provided by the Optionee in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Optionee written notice of the Optionee’s failure to comply with the
procedure described in this Section 4, and the Optionee shall have no right to Transfer the Transfer Shares without first complying with the procedure described in this Section 4. The Optionee shall not be permitted to Transfer the
Transfer Shares if the proposed Transfer is not bona fide. 
 4.4. Exercise of Right of
First Refusal. If the Company determines the proposed Transfer to be bona fide, the Company shall have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Optionee otherwise agree) for a
repurchase price determined in accordance with Section 4.5 by delivery to the Optionee of a notice of exercise of the Right of First Refusal within 30 days after the date the Transfer Notice is delivered to the Company. The Company’s
exercise or failure to exercise the Right of First Refusal with respect to any proposed Transfer described in a Transfer Notice shall not affect the Company’s right to exercise the Right of First Refusal with respect to any proposed Transfer
described in any other Transfer Notice, whether or not such other Transfer Notice is issued by 

  
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the Optionee or issued by a person other than the Optionee with respect to a proposed Transfer to the same Proposed Transferee. 

4.5. Payment of Repurchase Price. The price per Transfer Share being repurchased pursuant to
the Right of First Refusal shall be an amount equal to (x) the Proposed Price, in the case of a amount shall be paid by the Company (or its transferee) in cash or a cash equivalent within sixty (60) days following its receipt of the
Optionee’s Transfer Notice, For purposes of the foregoing, cancellation of any indebtedness of the Optionee to the Company shall be treated as payment to the Optionee in cash to the extent of the unpaid principal and any accrued interest
canceled. 
 4.6. Failure to Exercise Right of First Refusal. If the Company fails
to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Optionee otherwise agree) within the period specified in. Section 4.4 above, the Optionee may conclude a Transfer to the Proposed Transferee of the
Transfer Shares on the terms and conditions and to the Proposed Transferee described in the Transfer Notice, provided such Transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice. The Company
shall have the right to demand further assurances from the Optionee and the Proposed Transferee (in a form satisfactory to the Company) that the Transfer of the Transfer Shares was actually carried out on the terms and conditions described in the
Transfer Notice. No Transfer Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions
different from those described in the Transfer Notice, as well as any subsequent proposed Transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance by the Optionee with the procedure described in
this Section 4. 
 4.7. Transferees of Transfer Shares. All transferees of the
Transfer Shares or any interest therein, other than the Company, shall be required as a condition of such Transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Transfer Shares or
interest therein subject to all of the terms and conditions of this Agreement, including this Section 4 providing for the Right of First Refusal with respect to any subsequent Transfer. Any sale or transfer of any Shares shall be void unless
the provisions of this Section 4 are met. 
 4.8. Assignment of Right of First
Refusal. The Company shall have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company. 

4.9. Early Termination of Right of First Refusal. The other provisions of this Agreement
notwithstanding, the Right of First Refusal shall terminate and be of no further force and effect upon the existence of a public market for the class of shares subject to the Right of First Refusal. A market” shall be deemed to exist if such
stock is listed on a national securities exchange, as that tem,. is used in the Securities Exchange Act of 1934, as amended. 
  

	 	5.	 ADJUSTMENT TO SHARES SUBJECT TO AGREEMENT; CHANGE OF CONTROL. 

5.1. If, from time to time during the term of this Agreement, there is any stock dividend or
liquidating dividend of cash or property, stock split, reverse stock split, recapitalization, reclassification or other similar change in the character or amount of any of the outstanding securities of the Company, then, in such event any and all
new, substituted or, additional securities or other property to which the Optionee is entitled by reason of Optionee’s ownership of Shares will be immediately subject to the provisions of this Agreement on the same

  
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basis as all Shares originally acquired hereunder, and will be included in the word “Shares” for all purposes of this Agreement with the same force and effect as the Shares presently
subject to this Agreement. 
 5.2. In addition, in the event of a Change of Control
Transaction, the Option shall become an option to acquire the cash, securities or other property into which the Common Stock converted as a result of such Change of Control Transaction. The term “Change of Control
Transaction” means a Business Combination in which (x) les than 50% of the outstanding voting securities of the Successor Entity immediately following the Closing of the Business Combination transaction are beneficially held by
those persons and entities who beneficially held the voting securities of the Company immediately prior to such transaction as a result of or in exchange for such voting securities of the Company held immediately prior to such transaction; or
(b) an existing shareholder (including its Affiliates) that held less than 50% of the outstanding voting securities of the Company prior to such transaction succeeds to ownership of more than 50% of the outstanding voting securities of the
Company as a result of the transaction; the term “Business Combination” means a transaction or series of related transactions consummated within any period of ninety (90) days resulting in (i) the sale of all or
substantially all of the assets of the Company, or (ii) a merger or consolidation or other reorganization in which the Company or a Subsidiary is a party. “Successor Entity” means a corporation or other entity that
acquires all or substantially all of the assets of the Company, or which is the surviving or parent entity resulting from a Business Combination. 
  

	 	6.	 EMPLOYMENT MATTERS. 

Nothing in this Agreement will create in any manner whatsoever an employment agreement between Company and
the Optionee, or any of its members, or affect in any manner the right or power of the Company, or a Parent Corporation or Subsidiary Corporation, to terminate the Optionee’s Service for any reason or no reason, with or without cause, subject
to any other agreements between Company and the Optionee. 
  

	 	7.	 RIGHTS AS A SHAREHOLDER. 

The Optionee shall have no rights as a shareholder with respect to any Shares covered by the Option until
the date of the issuance of a certificate for the Shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company (the “Issuance
Date”). No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the Issuance Date. On the Issuance Date, the Optionee shall become the record holder of the Shares, entitled to
dividends, if any, voting rights and other rights of a holder thereof, subject to the provisions of this Agreement. 
  

	 	8.	 RESTRICTIONS ON ISSUANCE OF SHARES. 

Notwithstanding any other provision of this Agreement to the contrary, no Shares shall be issued if the
issuance or delivery of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be
listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of the Shares hereunder shall relieve the Company of
any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the issuance and delivery of the Shares, the Company may require the Optionee to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested. 

  
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	 	9.	 RESTRICTIONS ON TRANSFER OF SHARES. 

No shares acquired pursuant to this Agreement may be sold, exchanged, transferred (including, without
limitation, any transfer to a nominee or agent of the Optionee), assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the nrnvicinnq of tilic Agreement nr arynlienble law The
rnrrir,q-rtv chap not he rertnired to transfer on its books any shares which shall have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such shares or to accord the right to vote as
such owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 
  

	 	10.	 PUBLIC OFFERING. 

The Optionee hereby agrees that in the event of any underwritten public offering of stock, including an
initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any
short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter
for such public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering. The foregoing
limitation shall not apply to shares registered in the public offering under the Securities Act. The Optionee agrees to execute any agreement requested by the underwriters of the Company to confirm such restrictions. 

 

	 	11.	 LEGENDS. 

 The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing shares of stock
subject to the provisions of this Agreement. The Optionee shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to the Agreement in the possession of the Optionee in
order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE CORPORATION
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE CORPORATION, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH
ACT.” 

  
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 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL OFFICE OF THIS CORPORATION.” 
  

	 	12.	 MISCELLANEOUS. 

12.1. Administration. All questions of interpretation concerning this Agreement shall be
determined by the Board of Directors of the Company (the “Board”). All determinations by the Board. 
 12.2. Fractional Shares. No fractional shares shall be issued pursuant to this Agreement. 

12.3. Notices. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail,
with postage and fees prepaid, addressed to the other party at the address shown below that party’s signature or at such other address as such party may designate in writing from time to time to the other party. 

12.4. Binding Effect. Subject to the restrictions on transfer set forth herein, this
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. 

12.5. Entire Agreement; Amendment. This Agreement and the Purchase Agreement together
constitute the entire understanding and agreement of the Optionee and the Company with respect to the subject matter contained herein and there are no agreements or understandings between the Optionee and the Company with respect to such subject
matter other than those as set forth or provided for herein and therein. No amendment or addition hereto will be deemed effective unless agreed to in writing by the parties hereto. 

12.6. Specific Performance. The Optionee agrees that the Company will be entitled to a
decree of specific performance of the terms hereof or an injunction restraining violation of this Agreement in addition to any other remedies available to the Company, 

12.7. Waiver. No failure on the part of any party to exercise or delay in exercising any
right hereunder will be deemed a waiver thereof, nor will any such failure or delay, or any single or partial exercise of any such right, preclude any further or other exercise of such right or any other right. 

12.8. Validity. If any provision of this Agreement, or the application thereof, is for any
reason and to any extent determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement and the application of such provision will be interpreted so as best to reasonably effect the intent of the
parties hereto. 

  
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 12.9. Applicable Law. This Agreement shall be
governed by the laws of the State of California, without regard to such state’s conflicts of laws. 
  

									
	THE COMPANY:	 		 	VOCERA COMMUNICATIONS, INC.
					
		 		 		 	 By:
	 	 /s/ Martin J. Silver

		 		 		 	 Name:
	 	 Martin J. Silver

		 		 		 	 Title:
	 	 Chief Financial Officer

  

									
	THE OPTIONEE:	 		 	DS CONSULTING ASSOCIATES, LLC
					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 

 [Signature Page to 2010 Stock Option Agreement]

  
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	THE COMPANY:	 		 	VOCERA COMMUNICATIONS, INC.
					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 

  

									
	THE OPTIONEE:	 		 	DS CONSULTING ASSOCIATES, LLC
					
		 		 		 	 By:
	 	 /s/ David R. Strand

		 		 		 	 Name:
	 	 David R. Strand

		 		 		 	 Title:
	 	 Chief Manager

 [Signature Page to 2010 Stock Option Agreement]

 Optionee:
                     

Date:                     

 STOCK OPTION 
 EXERCISE NOTICE 
 Vocera Communications, Inc. 

Attention: Chief Financial Officer 
  

 
  

 
 Ladies and Gentlemen: 

1. Exercise of Option. The undersigned was granted a stock option (the “Option”) to
purchase shares of the common stock of Vocera Communications, Inc. (the “Company”) pursuant to the 2010 Stock Option Agreement dated November ____, 2010 (the “Option Agreement”). The undersigned hereby
elects to exercise the Option as to a total of __________ shares of the common stock of the Company (the “Shares”), which are fully vested shares. 

2. Payments. Enclosed is full payment in the aggregate amount of $________ for the Shares in the manner set
forth in the Option Agreement. 
 3. Binding Effect. The undersigned agree that the Shares are
being acquired in accordance with and subject to the terms, provisions and conditions of the Option Agreement, including the Right of First Refusal set forth therein, to all of which the undersigned hereby expressly assents. This Agreement shall
inure to the benefit of and be binding upon the undersigned’s heirs, executors, administrators, successors and assigns. 
 4. Transfer. The undersigned understand and acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and that consequently the Shares must be held indefinitely unless they are subsequently registered under the Securities Act, an exemption from such registration is available, or they are sold in accordance with Rule 144 or Rule 701 under the
Securities Act. The undersigned further understand and acknowledge that the Company is under no obligation to register the Shares. The undersigned understands that the certificate or certificates evidencing the Shares will be imprinted with legends
which prohibit the transfer of the Shares unless they are registered or such registration is not required in the opinion of legal counsel satisfactory to the Company. 

The undersigned is aware that Rule 144, promulgated under the Securities Act, which permits limited public resale of
securities acquired in a nonpublic offering, is not currently available with respect to the Shares and, in any event, is available only if certain conditions are satisfied. The undersigned understands that any sale of the Shares that might be made
in reliance upon Rule 144 may only be made in limited amounts in accordance with the terms and conditions of such rule and that a copy of Rule 144 will be delivered to me upon request. 

  
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 The undersigned understands that it is purchasing the Shares pursuant to the
terms of the undersigned’s Option Agreement, a copy of which I have received and carefully read and understand. 
  

			
	DS CONSULTING ASSOCIATES, LLC
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 Receipt of the above is hereby acknowledged.

 
 VOCERA COMMUNICATIONS, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
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 VOCERA COMMUNICATIONS, INC. 

2011 STOCK OPTION AGREEMENT 
 THIS STOCK OPTION AGREEMENT (the “Agreement”) is made and entered into as of November 3, 2010 (the “Effective Date”) by and between Vocera
Communications, Inc. (the “Company”) and DS Consulting Associates, LLC, a Minnesota limited liability company doing business as ExperiaHealth (the “Optionee”). 

RECITALS: 
 WHEREAS, the Company has entered into an Asset Purchase Agreement (the “Purchase Agreement”) dated as of the Effective Date, by and among the Optionee, the Company and
ExperiaHealth, Inc., a wholly-owned subsidiary of the Company; 
 WHEREAS, part of the consideration to the
Optionee by the Company pursuant to the Purchase Agreement is an option (the “Option”) to purchase shares (the “Shares”) of Common Stock of the Company (“Common Stock”), as set
forth in Section 1.1 below and as adjusted from time to time pursuant to Section 5 below, upon the terms and conditions set forth in this Agreement. 
 AGREEMENT 
 NOW THEREFORE, IT IS AGREED between the parties
as follows: 
  

	 	1.	 CERTAIN OPTION TERMS. 

1.1. Options and Exercise Price. The Company hereby issues to the Optionee the Option to
purchase a maximum of 250,000 shares of Common Stock at an exercise price of $0.37 per share, deemed to be the fair market value of a share, of Common Stock as of the Effective Date. The purchase price, which is the number of shares being purchased
under the Option multiplied by the exercise price, will be paid to the Company by the Optionee’s delivery of cash or a check. Exercise of the Option will be subject to the terms and restrictions of this Agreement (including, without limitation,
Section 1.2, below). 
 1.2. Vesting. The Option will be exercisable by the
Optionee from time to time and only to the extent that it is “vested.” As of the Effective Date, the Option will be entirely unvested. The Option will vest on March 1, 2012 as to a number of Shares equal to one Share for every $2.00
that the 2011 Revenue exceeds the 2010 Revenue, rounded down to the nearest whole number of Shares. To the extent the 2011 Revenue is less than or equal to the 2010 Revenue, no vesting will occur. Vesting shall cease as to any Shares unvested as of
March 1, 2011 and the right to acquire any such Shares shall terminate. 
  

	 	2.	 DEFINITIONS AND CONSTRUCTION. 

2.1. Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings
assigned to such in the Purchase Agreement. 
 2.2. Construction. Captions and
titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the

 
plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise. 

 

	 	3.	 RESTRICTIONS ON TRANSFER. 

3.1. Restrictions on Options Transferability. The Option will not be transferable other than
(w) in connection with the dissolution of the Optionee; (x) by will or the laws of descent and distribution; (y) with the prior written consent of the Company, to a trust if the then holder of the Option is considered the sole
beneficial owner of the Option for tax purposes and under applicable law while it is held in trust. 
 3.2. Prohibited Transfers. No Holder of any Shares (may Transfer such Shares, or any interest therein except in full compliance with all applicable securities laws and any applicable
restrictions on Transfer provided in the Company’s Certificate of Incorporation and/or Bylaws, which will be deemed incorporated by reference into this Agreement. All Transfers of Shares not complying with the specific limitations and
conditions set forth in this Section 3 and Section 4 below are expressly prohibited. Any prohibited Transfer is ;void and of no effect, and no purported transferee in connection therewith will be recognized as the holder of Shares for any
purpose whatsoever. Should such a Transfer purport to occur, the Company may refuse to carry out the Transfer on its books, attempt to set aside the Transfer, enforce any undertakings or rights with respect to the Shares or exercise any other legal
or equitable remedy. “Transfer” with respect to Shares means a voluntary or involuntary sale, assignment, transfer, conveyance, pledge, hypothecation, encumbrance, disposal, loan, gift, attachment or levy of those Shares,
including any Involuntary Transfer, Donative Transfer or transfer by will or under the laws of descent and distribution. “Involuntary Transfer” with respect to Shares means any of the following: (i) an assignment of the
Shares for the benefit of creditors of the transferor; (ii) a Transfer by will or under the laws of descent and distribution; (iii) a Transfer by operation of law; (iv) an execution of judgment against the Shares or the acquisition of
record or beneficial ownership of Shares by a lender or creditor; (v) a Transfer pursuant to any decree of divorce, dissolution or separate maintenance, any property settlement, any separation agreement or any other agreement with a spouse
(except for bona fide estate planning purposes) under which any Shares are Transferred or awarded to the spouse of the transferor or are required to be sold; (vi) a Transfer resulting from the filing by the transferor of a petition for relief,
or the filing of an involuntary petition against the transferor, under the bankruptcy laws of the United States or of any other nation; or (vii) a Transfer (even if volitional) constituting a pledge or the imposition of an encumbrance.
“Donative Transfer” with respect to Shares means any voluntary Transfer with donative or charitable intent by a transferor other than for value or the payment of consideration to the transferor. 

3.3. Permitted Transfers. In the case of a Permitted Transfer, the rights of first refusal
and purchase of the Company set forth in Section 4 below will not apply to the particular Transfer constituting the Permitted Transfer. For such purposes, a “Permitted Transfer” means a Transfer by the holder of Shares
that is approved in writing by the Company as a Permitted Transfer. 
 3.4. Conditions
to Transfer. It will be a condition to any Transfer (whether as a Permitted Transfer, as a Transfer referred to in Section 4 or otherwise) of any Shares that: 

(i) the transferee of the Shares will execute such documents as the Company may reasonably require
to ensure that the Company’s rights under this Agreement are adequately protected with respect to such Shares, including, without limitation, the transferee’s agreement to be bound by all of the terms and conditions of this Agreement (such
as transfer restrictions, market standoff provisions and rights of first refusal on transfer) and such Agreement, as if he or she were the original holder of such Shares; and 

  
 2 

 (ii) the Company is satisfied that such Transfer
complies in all respects with the requirements imposed by applicable state and federal securities laws and regulations. 
 3.5. Market Standoff. If in connection with any public offering of securities of the Company (or any Successor Entity), the underwriter or underwriters managing such offering so requests,
then each Optionee and each holder of Shares will agree to not sell or otherwise Transfer any such Shares (other than Shares if and to the extent included in such underwriting) without the prior written consent of such underwriter, for such period
of time as may be requested by the underwriter commencing on the effective date of the registration statement filed with the Securities and Exchange Commission in connection with such offering. By accepting an Option and/or Shares under this
Agreement, the Optionee will be deethed to agree to execute such documents to further evidence such market standoff agreement as may be requested by such underwriter. 
  

	 	4.	 RIGHT OF FIRST REFUSAL. 

4.1. Grant of Right of First Refusal. Except as provided in Section 4.9 below, in the
event the Optionee or a transferee of the Shares proposes or is obligated to Transfer any Shares (the “Transfer Shares”) to any person or entity, including, without limitation, any shareholder of the Company, the Company shall have the
right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section 4 (the “Right of First Refusal”). 

4.2. Notice of Proposed Transfer. Prior to any proposed Transfer of the Transfer Shares, the
Optionee shall deliver written notice (the “Transfer Notice”) to the Company describing fully the proposed Transfer, including the number of Transfer Shares, the name and address of the proposed transferee (the
“Proposed Transferee”) and, if the Transfer is voluntary and for value, the proposed transfer price (the “Proposed Price”), and containing such information necessary to show the bona fide nature of the
proposed Transfer. If the Optionee proposes to Transfer any Transfer Shares to more than one Proposed Transferee, the Optionee shall provide a separate Transfer Notice for the proposed transfer to each Proposed Transferee. The Transfer Notice shall
be signed by both the Optionee and the Proposed Transferee (as applicable) and must constitute a binding commitment of the Optionee and the Proposed Transferee for the transfer of the Transfer Shares to the Proposed Transferee subject only to the
Right of First Refusal. 
 4.3. Bona Fide Transfer. If the Company determines that
the information provided by the Optionee in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer, the Company shall give the Optionee written notice of the Optionee’s failure to comply with the
procedure described in this Section 4, and the Optionee shall have no right to Transfer the Transfer Shares without first complying with the procedure described in this Section 4. The Optionee shall not be permitted to Transfer the
Transfer Shares if the proposed Transfer is not bona fide. 
 4.4. Exercise of Right of
First Refusal. If the Company determines the proposed Transfer to be bona fide, the Company shall have the right to purchase all, but not less than all, of the Transfer Shares (except as the Company and the Optionee otherwise agree) for a
repurchase price determined in accordance with Section 4.5 by delivery to the Optionee of a notice of exercise of the Right of First Refusal within 30 days after the date the Transfer Notice is delivered to the Company. The Company’s
exercise or failure to exercise the Right of First Refusal with respect to any proposed Transfer described in a Transfer Notice shall not affect the Company’s right to exercise the Right of First Refusal with respect to any proposed Transfer
described in any other Transfer Notice, whether or not such other Transfer Notice is issued by 

  
 3 

 
the Optionee or issued by a person other than the Optionee with respect to a proposed Transfer to the same Proposed Transferee. 

4.5. Payment of Repurchase Price. The price per Transfer Share being repurchased pursuant to
the Right of First Refusal shall be an amount equal to (x) the Proposed Price, in the case of a amount shall be paid by the Company (or its transferee) in cash or a cash equivalent within sixty (60) days following its receipt of the
Optionee’s Transfer Notice, For purposes of the foregoing, cancellation of any indebtedness of the Optionee to the Company shall be treated as payment to the Optionee in cash to the extent of the unpaid principal and any accrued interest
canceled. 
 4.6. Failure to Exercise Right of First Refusal. If the Company fails
to exercise the Right of First Refusal in full (or to such lesser extent as the Company and the Optionee otherwise agree) within the period specified in. Section 4.4 above, the Optionee may conclude a Transfer to the Proposed Transferee of the
Transfer Shares on the terms and conditions and to the Proposed Transferee described in the Transfer Notice, provided such Transfer occurs not later than ninety (90) days following delivery to the Company of the Transfer Notice. The Company
shall have the right to demand further assurances from the Optionee and the Proposed Transferee (in a form satisfactory to the Company) that the Transfer of the Transfer Shares was actually carried out on the terms and conditions described in the
Transfer Notice. No Transfer Shares shall be transferred on the books of the Company until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. Any proposed transfer on terms and conditions
different from those described in the Transfer Notice, as well as any subsequent proposed Transfer by the Optionee, shall again be subject to the Right of First Refusal and shall require compliance by the Optionee with the procedure described in
this Section 4. 
 4.7. Transferees of Transfer Shares. All transferees of the
Transfer Shares or any interest therein, other than the Company, shall be required as a condition of such Transfer to agree in writing (in a form satisfactory to the Company) that such transferee shall receive and hold such Transfer Shares or
interest therein subject to all of the terms and conditions of this Agreement, including this Section 4 providing for the Right of First Refusal with respect to any subsequent Transfer. Any sale or transfer of any Shares shall be void unless
the provisions of this Section 4 are met. 
 4.8. Assignment of Right of First
Refusal. The Company shall have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company. 

4.9. Early Termination of Right of First Refusal. The other provisions of this Agreement
notwithstanding, the Right of First Refusal shall terminate and be of no further force and effect upon the existence of a public market for the class of shares subject to the Right of First Refusal. A market” shall be deemed to exist if such
stock is listed on a national securities exchange, as that tem,. is used in the Securities Exchange Act of 1934, as amended. 
  

	 	5.	 ADJUSTMENT TO SHARES SUBJECT TO AGREEMENT; CHANGE OF CONTROL. 

5.1. If, from time to time during the term of this Agreement, there is any stock dividend or
liquidating dividend of cash or property, stock split, reverse stock split, recapitalization, reclassification or other similar change in the character or amount of any of the outstanding securities of the Company, then, in such event any and all
new, substituted or, additional securities or other property to which the Optionee is entitled by reason of Optionee’s ownership of Shares will be immediately subject to the provisions of this Agreement on the same

  
 4 

 
basis as all Shares originally acquired hereunder, and will be included in the word “Shares” for all purposes of this Agreement with the same force and effect as the Shares presently
subject to this Agreement. 
 5.2. In addition, in the event of a Change of Control
Transaction, the Option shall become an option to acquire the cash, securities or other property into which the Common Stock converted as a result of such Change of Control Transaction. The term “Change of Control
Transaction” means a Business Combination in which (x) les than 50% of the outstanding voting securities of the Successor Entity immediately following the Closing of the Business Combination transaction are beneficially held by
those persons and entities who beneficially held the voting securities of the Company immediately prior to such transaction as a result of or in exchange for such voting securities of the Company held immediately prior to such transaction; or
(b) an existing shareholder (including its Affiliates) that held less than 50% of the outstanding voting securities of the Company prior to such transaction succeeds to ownership of more than 50% of the outstanding voting securities of the
Company as a result of the transaction; the term “Business Combination” means a transaction or series of related transactions consummated within any period of ninety (90) days resulting in (i) the sale of all or
substantially all of the assets of the Company, or (ii) a merger or consolidation or other reorganization in which the Company or a Subsidiary is a party. “Successor Entity” means a corporation or other entity that
acquires all or substantially all of the assets of the Company, or which is the surviving or parent entity resulting from a Business Combination. 
  

	 	6.	 EMPLOYMENT MATTERS. 

Nothing in this Agreement will create in any manner whatsoever an employment agreement between Company and
the Optionee, or any of its members, or affect in any manner the right or power of the Company, or a Parent Corporation or Subsidiary Corporation, to terminate the Optionee’s Service for any reason or no reason, with or without cause, subject
to any other agreements between Company and the Optionee. 
  

	 	7.	 RIGHTS AS A SHAREHOLDER. 

The Optionee shall have no rights as a shareholder with respect to any Shares covered by the Option until
the date of the issuance of a certificate for the Shares for which the Option has been exercised (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company (the “Issuance
Date”). No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the Issuance Date. On the Issuance Date, the Optionee shall become the record holder of the Shares, entitled to
dividends, if any, voting rights and other rights of a holder thereof, subject to the provisions of this Agreement. 
  

	 	8.	 RESTRICTIONS ON ISSUANCE OF SHARES. 

Notwithstanding any other provision of this Agreement to the contrary, no Shares shall be issued if the
issuance or delivery of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be
listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of the Shares hereunder shall relieve the Company of
any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the issuance and delivery of the Shares, the Company may require the Optionee to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested. 

  
 5 

	 	9.	 RESTRICTIONS ON TRANSFER OF SHARES. 

No shares acquired pursuant to this Agreement may be sold, exchanged, transferred (including, without
limitation, any transfer to a nominee or agent of the Optionee), assigned, pledged, hypothecated or otherwise disposed of, including by operation of law, in any manner which violates any of the nrnvicinnq of tilic Agreement nr arynlienble law The
rnrrir,q-rtv chap not he rertnired to transfer on its books any shares which shall have been transferred in violation of any of the provisions set forth in this Agreement or (b) to treat as owner of such shares or to accord the right to vote as
such owner or to pay dividends to any transferee to whom such shares shall have been so transferred. 
  

	 	10.	 PUBLIC OFFERING. 

The Optionee hereby agrees that in the event of any underwritten public offering of stock, including an
initial public offering of stock, made by the Company pursuant to an effective registration statement filed under the Securities Act, the Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any
short sale of, or otherwise dispose of any shares of stock of the Company or any rights to acquire stock of the Company for such period of time from and after the effective date of such registration statement as may be established by the underwriter
for such public offering; provided, however, that such period of time shall not exceed one hundred eighty (180) days from the effective date of the registration statement to be filed in connection with such public offering. The foregoing
limitation shall not apply to shares registered in the public offering under the Securities Act. The Optionee agrees to execute any agreement requested by the underwriters of the Company to confirm such restrictions. 

 

	 	11.	 LEGENDS. 

 The Company may at any time place legends referencing the Right of First Refusal and any applicable federal, state or foreign securities law restrictions on all certificates representing shares of stock
subject to the provisions of this Agreement. The Optionee shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to the Agreement in the possession of the Optionee in
order to carry out the provisions of this Section. Unless otherwise specified by the Company, legends placed on such certificates may include, but shall not be limited to, the following: 

“THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH SECURITIES, THE SALE IS MADE IN ACCORDANCE WITH RULE 144 OR RULE 701 UNDER THE ACT, OR THE CORPORATION
RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THESE SECURITIES REASONABLY SATISFACTORY TO THE CORPORATION, STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH
ACT.” 

  
 6 

 “THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON TRANSFER AND REPURCHASE RIGHTS IN FAVOR OF THE CORPORATION OR ITS ASSIGNEE SET FORTH IN AN AGREEMENT BETWEEN THE CORPORATION AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL OFFICE OF THIS CORPORATION.” 
  

	 	12.	 MISCELLANEOUS. 

12.1. Administration. All questions of interpretation concerning this Agreement shall be
determined by the Board of Directors of the Company (the “Board”). All determinations by the Board. 
 12.2. Fractional Shares. No fractional shares shall be issued pursuant to this Agreement. 

12.3. Notices. Any notice required or permitted hereunder shall be given in writing and
shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail,
with postage and fees prepaid, addressed to the other party at the address shown below that party’s signature or at such other address as such party may designate in writing from time to time to the other party. 

12.4. Binding Effect. Subject to the restrictions on transfer set forth herein, this
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. 

12.5. Entire Agreement; Amendment. This Agreement and the Purchase Agreement together
constitute the entire understanding and agreement of the Optionee and the Company with respect to the subject matter contained herein and there are no agreements or understandings between the Optionee and the Company with respect to such subject
matter other than those as set forth or provided for herein and therein. No amendment or addition hereto will be deemed effective unless agreed to in writing by the parties hereto. 

12.6. Specific Performance. The Optionee agrees that the Company will be entitled to a
decree of specific performance of the terms hereof or an injunction restraining violation of this Agreement in addition to any other remedies available to the Company, 

12.7. Waiver. No failure on the part of any party to exercise or delay in exercising any
right hereunder will be deemed a waiver thereof, nor will any such failure or delay, or any single or partial exercise of any such right, preclude any further or other exercise of such right or any other right. 

12.8. Validity. If any provision of this Agreement, or the application thereof, is for any
reason and to any extent determined by a court of competent jurisdiction to be invalid or unenforceable, the remainder of this Agreement and the application of such provision will be interpreted so as best to reasonably effect the intent of the
parties hereto. 

  
 7 

 12.9. Applicable Law. This Agreement shall be
governed by the laws of the State of California, without regard to such state’s conflicts of laws. 
  

									
	THE COMPANY:	 		 	VOCERA COMMUNICATIONS, INC.
					
		 		 		 	 By:
	 	 /s/ Martin J. Silver

		 		 		 	 Name:
	 	 Martin J. Silver

		 		 		 	 Title:
	 	 Chief Financial Officer

  

									
	THE OPTIONEE:	 		 	DS CONSULTING ASSOCIATES, LLC
					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 

 [Signature Page to 2011 Stock Option Agreement]

  
 8 

									
	THE COMPANY:	 		 	VOCERA COMMUNICATIONS, INC.
					
		 		 		 	 By:
	 	 
		 		 		 	 Name:
	 	 
		 		 		 	 Title:
	 	 

  

									
	THE OPTIONEE:	 		 	DS CONSULTING ASSOCIATES, LLC
					
		 		 		 	 By:
	 	 /s/ David R. Strand

		 		 		 	 Name:
	 	 David R. Strand

		 		 		 	 Title:
	 	 Chief Manager

 [Signature Page to 2011 Stock Option Agreement]

 Optionee:
                     

Date:                     

 STOCK OPTION 
 EXERCISE NOTICE 
 Vocera Communications, Inc. 

Attention: Chief Financial Officer 
  

 
  

 
 Ladies and Gentlemen: 

1. Exercise of Option. The undersigned was granted a stock option (the “Option”) to
purchase shares of the common stock of Vocera Communications, Inc. (the “Company”) pursuant to the 2011 Stock Option Agreement dated November ____, 2010 (the “Option Agreement”). The undersigned hereby
elects to exercise the Option as to a total of __________ shares of the common stock of the Company (the “Shares”), which are fully vested shares. 

2. Payments. Enclosed is full payment in the aggregate amount of $________ for the Shares in the manner set
forth in the Option Agreement. 
 3. Binding Effect. The undersigned agree that the Shares are
being acquired in accordance with and subject to the terms, provisions and conditions of the Option Agreement, including the Right of First Refusal set forth therein, to all of which the undersigned hereby expressly assents. This Agreement shall
inure to the benefit of and be binding upon the undersigned’s heirs, executors, administrators, successors and assigns. 
 4. Transfer. The undersigned understand and acknowledge that the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
and that consequently the Shares must be held indefinitely unless they are subsequently registered under the Securities Act, an exemption from such registration is available, or they are sold in accordance with Rule 144 or Rule 701 under the
Securities Act. The undersigned further understand and acknowledge that the Company is under no obligation to register the Shares. The undersigned understands that the certificate or certificates evidencing the Shares will be imprinted with legends
which prohibit the transfer of the Shares unless they are registered or such registration is not required in the opinion of legal counsel satisfactory to the Company. 

The undersigned is aware that Rule 144, promulgated under the Securities Act, which peiniits limited public resale of
securities acquired in a nonpublic offering, is not currently available with respect to the Shares and, in any event, is available only if certain conditions are satisfied. The undersigned understands that any sale of the Shares that might be made
in reliance upon Rule 144 may only be made in limited amounts in accordance with the terms and conditions of such rule and that a copy of Rule 144 will be delivered to me upon request. 

  
 1 

 The undersigned understands that it is purchasing the Shares pursuant to the
terms of the undersigned’s Option Agreement, a copy of which I have received and carefully read and understand. 
  

			
	DS CONSULTING ASSOCIATES, LLC
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

			
	 Receipt of the above is hereby acknowledged.

 
 VOCERA COMMUNICATIONS, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  
 2Warrant to purchase shares of Series C Preferred Stock

 Exhibit 10.08 
 THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN
STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OK RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO
THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS; PROVIDED THAT NO OPINION SHALL BE REQUIRED IF SUCH RESALE IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT OR THE
RESALE IS MADE IN COMPLIANCE WITH RULE 144 OR RULE 144A UNDER THE ACT. 
 WARRANT 

TO PURCHASE 
 SHARES OF SERIES C PREFERRED STOCK 
 THIS
CERTIFIES THAT, for good and valuable consideration received from Heller Financial Leasing, Inc. a GE Capital Company (“Warrantholder”) is entitled to subscribe for and purchase 147,368 shares (as adjusted pursuant to
provisions hereof, the “Shares”) of the fully paid and non-assessable Series C Preferred Stock of Vocera Communications, Inc., a Delaware corporation with its principal place of business at 20230 Stevens Creek
Blvd., Cupertino. CA 95014 (the “Company”), at an exercise price per share of $0.475 (such price and such other price as shall result, from time to time, from adjustments specified herein, is hereafter referred to as the
“Exercise Price”), subject to the provisions and upon the terms and conditions hereinafter set forth. As used herein, the term “Preferred Stock” or “Shares” shall mean the Company’s presently
authorized Series C Preferred Stock, and any stock into or for which such Series C Preferred Stock may hereafter be converted or exchanged pursuant to the Certificate of Incorporation of the Company as from time to time amended as provided
by law and in such Certificate. As used herein, the term “Grant Date” shall mean August 14. 2002. The Company acknowledges that the cash consideration paid by Warrantholder for this Warrant is $10.00 for income
tax purposes, and that this Warrant is issued in connection with that certain financial accommodation entered into by and between Company as the obligor and Warrantholder as the obligee thereunder (the “Financing Arrangement”). 

In the event that all preferred stock is mandated to be converted into Common Stock, this Warrant shall be exercisable
solely for such Common Stock, and any reference throughout this Warrant to shares of Preferred Stock shall be deemed to refer to the shares of Common Stock into which the Preferred Stock may be converted in accordance with the conversion formula set
forth in the Company’s Articles of Incorporation, as amended from time to time. 

 1. Term. The purchase rights represented by this Warrant are
exercisable, in whole or in part, at any time and from time to time, from and after the Grant Date and on or prior to the earlier to occur of the following: 

(a) 11:59 p.m., California time, on the tenth anniversary of the Grant Date: or 

(b) immediately prior to the closing of (i) a Public Merger, or (ii) an acquisition of all or
substantially all of the Company’s shares or assets for cash (including cash payable on a deferred basis pursuant to a note or an earnout provision). 
 For purposes of this Warrant, “Public Merger” shall mean either: (a) any consolidation or merger of the Company with or into another corporation or entity if following such merger, the
stockholders of the Company immediately prior to such transaction own less than 50% of the outstanding shares of the surviving entity where the surviving entity’s capital stock trades on the Nasdaq National Market, New York Stock Exchange,
Over-the-Counter or other exchange, or (b) a sale of all or substantially all of the assets of the Company to a corporation or entity whose capital stock trades on the Nasdaq National Market, New York Stock Exchange, Over-the-Counter or other
exchange. 
 2. Method of Exercise: Net Issue Exercise. 

2.1. Method of Exercise; Payment Issuance of New Warrant. The purchase rights represented by this
Warrant may be exercised by the Warrantholder, in whole or in part and from time to time, by the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A duly executed) at the principal office of the
Company and by the payment to the Company of an amount equal to the then applicable Exercise Price per share multiplied by the number of Shares then being purchased. The Warrantholder shall be deemed to have become the holder(s) of record of, and
shall be treated for all purposes as the record holder(s) of, the Shares represented thereby (and such Shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised.
In the event of any exercise of the rights represented by this Warrant, certificates for the Shares so purchased: shall be promptly delivered to the holder hereof as soon as possible (and in any event within five business days of receipt of such
notice) and, unless this Warrant has been fully exercised, a new warrant lit representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the holder hereof as soon as
possible (and in any event within such five business day period). 
 2.2. Non-Cash
Exercise. 
 (a) In lieu of payment in cash, the rights represented by this Warrant may also
be exercised by a written notice of exercise in the form of Annex A attached hereto, providing for the non-cash exercise of this Warrant for the Shares equal to the value (as determined below) of this Warrant (or the portion thereof
being exercised), specifying that this non-cash exercise election has been made, and the net number of Shares to be issued after giving effect to such non-cash exercise. In the event the Warrantholder makes such election, Company shall issue to the
holder a number of shares computed using the following formula: 
  

									
	 X
	  	 	=	  	  	Y(A –B)	  	
	  	  	A	  	

  
 2 

 Where: 
  

					
	 I.    
	  	 X=
	  	 THE NUMBER OF SHARES TO BE ISSUED TO THE HOLDER

			
		  	 Y =
	  	 the number of Shares purchasable under the Warrant or, if only a portion of the ‘Warrant is being exercised, the portion of the Warrant being exercised
(as of the date of such non-cash exercise)

			
		  	 A =
	  	 the Fair Market Value of one Share of Preferred Stock (as f the date of such non-cash exercise)

			
		  	 B =
	  	 Exercise Price of one Share of Preferred Stock (as adjusted to the date of such non-cash exercise)

 (b) For purposes of this Section 2.2, the “Fair Market
Value” of one share of the Company’s Preferred Stock shall be equal to the number of shares of Common Stock into which each share of Preferred Stock is convertible as of the date of the exercise, multiplied by the “Fair Market
Value” of a share of Common Stock (as determined pursuant to this Section 2.2). The Fair Market Value of one share of the Company’s Common Stock shall be equal to either (i) if the exercise of this Warrant occurs in connection
with an initial public offering of the Company, then the Fair Market Value shall be equal to the “initial price to public” specified in the final prospectus with respect to the initial public offering, or (ii) if the exercise of this
Warrant occurs after an initial public offering of the Company but not in connection therewith, then the Fair Market Value shall be equal to the average of the closing price(s) of the Company’s Common Stock as quoted over the counter or on any
exchange on which the Common Stock is listed as such closing prices are published in The Wall Street Journal for the fifteen trading days (or such lesser number of trading days as the Stock may have been actually trading) ending on the day prior to
the date of determination of Fair Market Value. Notwithstanding the foregoing, if the Warrant is exercised in connection with a merger or sale of all or substantially all of the Company’s assets, Fair Market Value shall mean the value that
would have been allocable to or received in respect of a Warrant Share had the Warrant been exercised prior to such merger or sale. If the Common Stock is not traded Over-The-Counter or on an exchange, or if the Warrant is not exercised in
connection: with a merger or sale of all or substantially all of its assets, the Fair Market Value shall be determined in good faith by the Company’s board of directors. 

2.3. Exercise Into Common Stock. Upon any exercise of this Warrant, at the election of the holder,
this Warrant may be exercised into the number of shares of Common Stock into which the Shares issuable upon such exercise are then convertible. 
 2.4. Automatic Exercise. Immediately before the expiration or termination of this Warrant, to the extent this Warrant is not previously exercised, and if the Fair Market Value of one share of
whichever is applicable of either (i) the Preferred Stock subject to this Warrant or (ii) the Company’s Common Stock issuable upon conversion of the Preferred Stock subject to this Warrant, is greater than the Exercise Price, then in
effect as adjusted pursuant to this Warrant, then this Warrant shall be deemed automatically exercised pursuant to Section 2.2 above, even if not surrendered. For purposes of such automatic exercise, the Fair Market Value of the Company’s
Common Stock upon such expiration shall be determined pursuant to Section 2.2 (b) above. To the extent this Warrant or any portion thereof is deemed automatically 

  
 3 

 
exercised pursuant to this Section, the Company agrees to promptly notify the Warrantholder of the number of Shares, if any, the holder hereof is to receive by reason of such automatic exercise.

 2.5. Exercise in Connection with an Initial Public Offering, Sale or Merger.
Notwithstanding any other provision hereof, if the exercise of all or any portion of this Warrant is made or to be made in connection with the occurrence of a public offering, sale or merger of the Company, the exercise of all or any portion of this
Warrant shall, at the election of the Warrantholder, be conditioned upon the consummation of the public offering., sale or merger of the Company, in which case such exercise shall not be deemed to be effective until the consummation of such
transaction. In the event, that the transaction is not consummated within 45 days of the targeted date of the transaction, any such exercise shall, at the election of the Warrantholder, be deemed rescinded. 

3. Stock Fully Paid: Reservation of Shares. All Shares that may be issued upon the exercise of the rights
represented by this Warrant and Common Stock issuable upon conversion of the Preferred Stock will, upon issuance, be validly issued, fully paid and non-assessable, issued in compliance with all applicable federal and state securities laws, and free
from all taxes, liens and charges with respect to the issue thereof. During the period within which the rights represented by this Warrant may be exercised, the Company will at all times have authorized and reserved for the purpose of issuance upon
exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Preferred Stock (and Common Stock issuable upon conversion of the Preferred Stock) to provide for the exercise of the rights represented by this Warrant.

 4. Adjustment of Exercise Price and Number of Shares. The number of Shares purchasable upon the
exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 

(a) Reclassification, Reorganization. Change or Conversion. In case of any reclassification,
reorganization, change or conversion of securities of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination), then in any of these events, the Company shall execute a replacement warrant (a “New Warrant”), in form and substance satisfactory to the holder of this Warrant, providing that the holder of this Warrant shall have the right
to exercise such New Warrant and upon such exercise to receive the same proportionate amount of the reconfigured capital structure of the Company and at the same proportionate exercise price (expressed as shares of preferred or common stock or other
applicable securities of the Company at a stated exercise price) as the holder of this Warrant would have received in the prior capital structure of the Company upon the exercise hereof immediately prior to such reclassification, reorganization,
change, or conversion. Such New Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this section (a) shall similarly apply to
successive reclassifications, reorganizations, changes, or conversions. 
 (b) Merger or
Sale. Subject to the earlier termination of this Warrant, in case of any (i) consolidation or merger of the Company with or into another corporation or entity (other than a merger with another corporation or entity in which the Company is
the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), or (ii) sale of all or substantially all of the assets of the Company, then in either of
such events, the Company, or such successor or purchasing 

  
 4 

 
corporation, as the case may be, shall execute a replacement warrant (a “New Warrant”), in form and substance satisfactory to the holder of this Warrant, providing that the holder
of’ this Warrant shall have the right to exercise such New Warrant and upon such exercise to receive the same proportionate amount of the capital structure of the issuer of the New Warrant and at the same proportionate exercise price (expressed
as shares of preferred or common stock or other applicable securities of such new issuer at a stated exercise price) as the holder of this Warrant would have received in the prior capital structure of the Company upon the exercise hereof immediately
prior to such consolidation, merger or sale. Such New Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this section
(b) shall similarly apply to successive mergers and sales. 
 (c) Subdivisions or
Combination of Shares; Stock Dividends. In the event that the Company shall at any time subdivide the outstanding, shares of Preferred Stock, or shall issue a stock dividend on its outstanding shares of Preferred Stock, the number of Shares
issuable upon exercise of this Warrant immediately prior to such subdivision or immediately prior to the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event
that the Company shall at any time combine the outstanding shares of Preferred Stock, the number of Shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased, and the Exercise Price shall
be proportionately increased, effective at the dose of business on the date of such subdivision, stock dividend or combination, as the case may be. 

(d) No Impairment. The Company will not, by amendment of its Articles of Incorporation or through
any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, 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 4 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. 
 (e) Notices of Record Date. In case at any
time: 
 (i) the Company shall declare any dividend upon its Preferred Stock or Common Stock
payable in cash or stock or make any other distribution to the holders of its Preferred Stock or its Common Stock; 
 (ii) the Company shall offer for subscription pro rata to the holders of its Preferred Stock any additional shares of stock of any class, or other rights; 

(iii) there shall be any capital reorganization or reclassification of the capital stock of the Company,
or a consolidation or merger of the Company with or into, or a sale of all or substantially all its assets to another entity or entities; or 
 (iv) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the Company; then, in any one or more of said cases, the Company shall give notice as provided in
Section 11(f) hereunder as follows: (a) at least 30 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 or subscription rights or for
determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, and (b) in the case of any such 

  
 5 

 
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, at least 30 days’ prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause (a) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of preferred stock or Common Stock shall be entitled thereto, and such
notice in accordance with the foregoing clause (b) shall also specify the date on which the holders of preferred stock or Common Stock shall be entitled to exchange their preferred stock or Common Stock for securities or other property
deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, as the case may be. 
 5. Notice of Adjustments. Whenever the Exercise Price shall be adjusted pursuant to the provisions hereof, the Company shall within thirty (30) days of such adjustment deliver a certificate
signed on behalf of the Company by its chief financial officer to the holder of this Warrant setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated,
and the Exercise Price after giving effect to such adjustment. 
 6. Fractional Shares. No fractional
shares of Preferred Stock or Common Stock will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis of the Exercise Price then in effect. 

7. Compliance with Securities Act; Disposition of Warrant or Shares of Preferred Stock. 

(a) Compliance with Securities Act. The holder of this Warrant, by acceptance hereof, agrees that
this Warrant, the shares of Preferred Stock to be issued upon exercise hereof and the Common Stock to be issued upon the conversion of such Preferred Stock, are being acquired for investment purposes only and that such holder will not offer, sell or
otherwise dispose of this Warrant or any shares of Preferred Stock to be issued upon exercise hereof (or Common Stock to be issued upon the conversion of such Preferred Stock) except under circumstances which will not result in a violation of the
Securities Act of 1933, as amended (the “Act”) and as permitted by Section 7(b) below. This Warrant and all shares of Preferred Stock issued upon exercise of this Warrant (or Common Stock to be issued upon the conversion of
such Preferred Stock) shall, unless registered under the Securities Act, be stamped or imprinted with a legend in substantially the following form: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. AS AMENDED (THE “ACT”). NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR (ii) AN OPINION OF COUNSEL FOR THE HOLDER, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED, EXCEPT THAT NO SUCH OPINION SHALL BE REQUIRED IF SUCH SALE IS PURSUANT TO RULE 144 PROMULGATED
UNDER THE ACT. 
 (b) Disposition of Warrant and Shares. With respect to any offer,
sale or other transfer or disposition of this Warrant or any shares of Preferred Stock acquired pursuant to the exercise of this Warrant (or Common Stock to be issued upon the conversion of such

  
 6 

 
Preferred Stock) prior to registration of such Shares, the holder hereof and each subsequent holder of this Warrant agrees to give written notice to the Company prior thereto, describing briefly
the manner thereof, together with a written opinion of such holder’s counsel (if reasonably requested by the Company and reasonably satisfactory to the Company) to the effect that (i) such offer, sale or other transfer or disposition may
be effected without registration or qualification of this Warrant or such shares of Preferred Stock (or Common Stock to be issued upon the conversion of such Preferred Stock) under the Securities Act as then in effect, and (ii) indicating
whether or not under the Securities Act this Warrant or the certificates representing such shares of Preferred Stock or Common Stock to be sold or otherwise transferred or disposed of require any restrictive legend thereon in order to ensure
compliance with the Act; provided, however, that a written opinion of holder’s counsel shall not be required in connection with any sale pursuant to Rule 144. This Warrant or the certificates representing the shares of Preferred
Stock or Common Stock thus transferred (except a transfer pursuant to Rule 144) shall bear a legend as to the applicable restrictions on transferability in order to insure compliance with the Act, unless in the aforesaid opinion of counsel for
the holder, such legend is not required in order to insure compliance with the Act. Upon any valid transfer of this Warrant or portion thereof, Company agrees to reissue the Warrant (or Warrants in the case of a partial transfer) and/or the Shares
receivable upon the exercise hereof, and if the legend is not required, such re-issuance shall be without said legend. Nothing herein shall restrict the transfer of this Warrant (or any portion hereof) or the certificates representing the shares of
Preferred Stock acquired pursuant to the exercise of this Warrant (or Common Stock to be issued upon the conversion of such Preferred Stock) by the initial holder hereof or any successor holder to (i) any affiliate of such holder, including
without limitation any partnership affiliated with such holder, any partner of any such partnership or any successor corporation to the holder hereof as a result of a merger or consolidation with or a sale of all or substantially all of the stock or
assets of the holder, (ii) any legal entity or natural person (hereinafter “Person”) in a public offering pursuant to an effective registration statement under the Act, (iii) to any other Person to the extent that the transfer to
such Person is exempt from the registration requirements of the Securities Act and such Person agrees in writing to be bound by all of the restrictions on transfer contained herein, or (iv) any Person or Persons if the holder hereof shall also
transfer or assign all or part of its interest in the Financing Arrangement and such Person agrees in writing to be bound by all of the restrictions on transfer contained herein. Any transfer described above must be made in compliance with all
applicable federal and state securities laws. The Company may issue stop transfer instructions to its transfer agent in connection with the foregoing restrictions. 

8. Warrantholder’s Representations. 

(a) The Warrantholder acknowledges that it has had access to all material information concerning the
Company which it has requested. The Warrantholder also acknowledges that it has had the opportunity to, and has to its satisfaction, questioned the officers of the Company with respect to its investment hereunder. The Warrantholder represents that
it understands that the Warrant and the Preferred Stock (and the shares of Common Stock issuable upon conversion of the Preferred Stock) are speculative investments, that it is aware of the Company’s business affairs and financial condition and
that it has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Warrant. The Warrantholder is purchasing the Warrant and any Preferred Stock issued upon exercise thereof (and the shares of
Common Stock issuable upon conversion of the Preferred 

  
 7 

 
Stock) for investment for its own account only and not with a view to, or for resale in connection with, any “distribution” thereof in violation of the Act or applicable state
securities laws, The Warrantholder further represents that it understands that the Warrant and Preferred Stock have not been registered under the Securities Act or applicable state securities laws by reason of specific exemptions therefrom, which
exemptions depend upon, among other things, the bona tide nature of the Warrantholder’s investment intent as expressed herein. The Warrantholder is an “accredited investor” as defined in Regulation D promulgated under the Act.

 9. Company’s Representations. 

As a material inducement to the Warrantholder to purchase this Warrant, the Company hereby represents and warrants that:

 (a) The Company shall have made all filings under applicable federal and state securities laws
necessary to consummate the issuance of this Warrant pursuant to this Agreement in compliance with such laws, except for such filings as may be made properly after the Closing. 

(b) If there are parties to any stock purchase agreements whose consent or approval is required prior
to the execution and delivery of this Warrant, the Company and any such parties shall have entered into an amendment to each such stock purchase agreement to provide for such consent and any required waivers, in such form and substance
acceptable to the Warrantholder., and such amendment shall be in full force and effect as of the date hereof. 
 (c) If there are parties to any investor’s rights agreements whose consent or approval is required prior to the execution and delivery of this Warrant, the Company and any such parties shall
have entered into an amendment to each such investor’s rights agreement providing for such consent and any required waivers, in such form and substance acceptable to Warrantholder, and such amendment shall be in full force and effect as of the
date hereof. 
 (d) The copies of any existing stock purchase agreements and investor’s
rights agreements and the Company’s charter documents and bylaws which have been furnished to Warrantholder or the Warrantholder’s counsel reflect all amendments made thereto at any time prior to the date hereof and are correct and
complete. 
 (e) As of the date hereof, the authorized capital stock of the Company shall be as
stated on the Capitalization Schedule attached hereto as Exhibit B (the “Capitalization Schedule”) and made a part hereof. As of the date hereof, except for this Warrant and except as set forth on the attached
Capitalization Schedule, the Company shall not have outstanding any stock or securities convertible or exchangeable for any shares of its capital stock or containing any profit participation features, nor shall it have outstanding any rights,
warrants or options to subscribe for or to purchase its capital stock or any stock or securities convertible into or exchangeable for its capital stock or any stock appreciation rights or phantom stock plans. As of the date hereof, except as set
forth on the Capitalization Schedule, the Company shall not be subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its capital stock or any warrants, options or other rights to acquire its
capital stock. As of the date hereof, all of the outstanding shares of the Company’s capital stock shall be validly issued, fully paid and nonassessable. 

  
 8 

 (f) With respect to the issuance of this Warrant or the
issuance of the Preferred Stock upon exercise of the Warrant (and the shares of Common Stock issuable upon conversion of the Preferred Stock), there are no statutory or contractual Stockholders preemptive rights or rights of refusal, except for any
such rights contained in any stock purchase agreement and/or investor’s rights agreements which have been waived. The Company has not violated any applicable federal or state securities laws in connection with the offer, sale or issuance of any
of its capital stock, and the offer, sale and issuance of this Warrant does not require registration under the Securities Act or any applicable state securities laws. To the best of the Company’s knowledge, there are no agreements between the
Company’s stockholders with respect to the voting or transfer of the Company’s capital stock or with respect to any other aspect, of the Company’s affairs, except for any stock purchase agreements and any investor’s rights
agreements identified on the attached Capitalization Schedule. 
 (g) The execution, delivery and
performance of this Warrant has been duly authorized by the Company. This Warrant constitutes a valid and binding obligation of the Company, enforceable in accordance with its respective terms. The execution and delivery by the Company of this
Warrant, the issuance of the Preferred Stock upon exercise of this Warrant (and the shares of Common Stock issuable upon conversion of the Preferred Stock), and the fulfillment of and compliance with the respective terms hereof and thereof by the
Company, do not and shall not (i) conflict with or result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon
the Company’s capital stock or assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency pursuant to, the charter or bylaws of the Company or any subsidiary, or any law, statute, rule or regulation to
which the Company or any subsidiary is subject, or any agreement, instrument, order, judgment or decree to which the Company or any subsidiary is subject, except for any such filings required under applicable “blue sky” or state securities
laws or required under Regulation D promulgated under the Act. 
 (h) The number of shares
of Common Stock of the Company into which the Shares may be converted is subject to certain adjustments, pursuant to terms of the Certificate of Incorporation of the Company, upon certain issuances by the Company of additional equity securities at
certain price per share less than $0.475 (determined on an as converted to Common Stock basis). 
 10.
Company Financial Information. 
 Until such time as the Company shall have satisfied all of its
obligations under the Financing Arrangement, Company shall deliver to Warrantholder such financial information as is required under the terms of the Financing Arrangement. From and after the date that the Company shall have satisfied all of its
obligations under the Financing Arrangement, and notwithstanding any other agreement to the contrary between the parties hereto, the Company shall deliver to the Warrantholder (so long as the Warrantholder holds all or any portion of the Warrant or
any Preferred Stock or any shares of Common Stock issuable upon conversion of the Preferred Stock) all of the financial and other information delivered or required to be delivered 

  
 9 

 
by the Company to any of its stockholders. All such financial and other information shall be delivered pursuant to this Section 10 on a timely basis, but no later than 45 days after each
fiscal quarter end for quarterly statements and no later than 120 days after each fiscal year end for annual statements. 
 11. Miscellaneous. 
 (a) Rights as
Shareholders. No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be deemed the holder of Preferred Stock (or Common Stock to be issued upon the conversion of such Preferred Stock) or otherwise be entitled to
any voting or other rights as a shareholder of the Company, until this Warrant shall have been exercised and the Shares purchasable upon the exercise shall have become deliverable, as provided herein. 

(b) Issuance Tax. The issuance of certificates for shares of Preferred Stock upon exercise of this
Warrant (or Common Stock to be issued upon the conversion of such Preferred Stock) shall be made without charge to the holder hereof for any issuance tax in respect hereof, provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and deliver of any certificate in a name other than that of the holder of this Warrant. 

(c) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with
respect to its securities which is inconsistent with or violates the rights granted to the holders of this Warrant by the Company whether hereunder or in any other document, agreement or instrument by which the Company may be bound. 

(d) Modification and Waiver. This Warrant and any provision hereof may be changed, waived,
discharged or terminated only by an instrument in writing signed by the Company and the holder of this Warrant. 
 (e) Attorneys’ Fees. In the event: of an action, suit or proceeding brought tinder or in connection herewith, the prevailing party therein shall be entitled to recover from, and the other
party hereto agrees to pay, the prevailing party’s costs and expenses in connection therewith, including reasonably attorneys’ fees. 
 (f) Notices. All notices, demands or other communications required or permitted to be given or delivered under or by reason of the provisions hereof shall be in writing and shall be deemed to have
been given when (i) delivered personally to the recipient, (ii) sent via facsimile transmission, (iii) the next business day after having been sent to the recipient by reputable overnight courier service (charges prepaid) or
(iv) four business days after having been mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the Warrantholder and to the
Company at the respective addresses and transmission numbers indicated on the signature page hereof, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

 (g) Binding Effect on Successors. This Warrant and the terms hereof shall be binding
upon any corporation succeeding the Company by merger, consolidation or acquisition 

  
 10 

 
of all or substantially all of the Company’s assets, and all of the obligations of the Company relating to the Preferred Stock issuable upon the exercise of this Warrant (or Common Stock to
be issued upon the conversion of such Preferred Stock) or any New Warrant (and the securities issuable thereunder) shall survive the exercise and termination of this Warrant (or any New Warrant) and all of the covenants and agreements of the Company
shall inure to the benefit of the successors and assigns of the holder hereof. All covenants and agreements contained herein by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of
the parties hereto whether so expressed or not. 
 (h) Lost Warrants or Stock
Certificates. The Company covenants to the holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant or any stock certificate issued upon exercise hereof or
in replacement thereafter and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company and without requiring any bond, or in the case of any such mutilation upon surrender and
cancellation of such Warrant or stock certificate, the Company will make and deliver a replacement Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 

(i) Registration Agreement. The Warrantholder shall be entitled to all of the rights set forth in
that certain Amended and Restated Investors’ Rights Agreement, dated as of May 2, 2002 (as the same may be amended from time to time, the “IRA”) in effect as of Grant Date among the Company and the parties thereto including the
investors listed on any one or more Schedules thereto, on the terms and conditions set forth therein, as if such terms and conditions were set forth in this Warrant. A copy of said IRA has been provided to the Warrantholder. Simultaneously with the
execution of this Warrant, the Warrantholder shall execute, at the option of the Issuer, either a counterpart signature page to such IRA, or an amendment to the IRA, either of which document shall add the Warrantholder as a party thereto and give
the Warrantholder all registration and other rights as and to the extent provided therein. Company and the Purchaser hereby further agree that for the purposes of the IRA, the Shares issuable upon exercise of this Warrant are “Registrable
Securities,” as that term is defined in the Investors’ Rights Agreement. 
 (j)
Descriptive Headings. The descriptive headings of the several paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. 

(k) Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS
OF THE PARTIES SHALL BE GOVERNED BY, THE LAWS OF THE STATE WHERE THE COMPANY IS INCORPORATED. 
 SIGNATURE PAGE FOLLOWS:

  
 11 

 In Witness Whereof, this ‘Warrant to purchase Preferred Stock has been duly executed as
of the Grant Date hereinabove set forth. 
  

							
	 Issued By:
	 	 Accepted By:

	 Vocera Communications, Inc.
	 	 Heller Financial Leasing, Inc., a GE Capital Company

				
	 By:
	 	 /s/ Julie Shimer
	 	 By:
	 	 /s/ illegible

	 Julie Shimer
	 		 	
	 Title:
	 	 CEO
	 	 Title:
	 	 AVP Contract Administration

	 Address for Notices:
	 	 Address for Notices:

	 20230 Stevens Creek Blvd.
	 	 500 West Monroe

	 Cupertino, CA 95014
	 	 Chicago, IL 60661

		 	 Attention: Portfolio Management, GE Capital

		 	 Technology Finance

				
	 Fax:
	 	 312476-2593
	 	 Fax:
	 	 312476-2593

  
 12 

 EXHIBIT A 
 Notice of Exercise 
  

	 To:
	 Kyocera Communications, Inc.(“Company”) 

20230 Stevens Creek Blvd. 
 Cupertino, CA 95014 
 Attention: Chief Financial Officer

 [1. The undersigned hereby elects to purchase
                     shares of Series C Preferred Stock of Company pursuant to the terms of the attached Warrants, and tenders herewith
payment of the purchase price of such shares in full.] 
 [1. The undersigned hereby elects to purchase
                     shares of Series C Preferred Stock of Company pursuant to a non-cash exercise of the Warrant as provided in
Section 2.2 of the Warrant.*] 
 2. Check here if applicable:
        . The undersigned confirms that this exercise is made in connection with the occurrence of a public offering, sale or merger of the Company, and the undersigned further elects to condition this
exercise of the Warrant upon the consummation of said public offering, sale or merger of the Company. This exercise shall not be deemed to be effective until the consummation of such transaction. In the event that transaction is not consummated
within 45 days of the targeted date of the transaction, the undersigned will advise Company whether or not this exercise should be deemed rescinded. 
 2. Please issue a certificate or certificates representing said shares in the name of the undersigned or in such other name or names as are specified below: 

Heller Financial Leasing, Inc. 
 500 West Monroe 
 Chicago, IL 60661 

3. The undersigned represents that the foresaid shares are’ being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing such shares. 

 

			
	 Heller Financial Leasing, Inc., a GE Capital Company

		
	 By:
	 	 
		 	 (Signature)

		
	 Its:
	 	 
		
	 Date:
	 	 

 EXHIBIT B 
 CAPITALIZATION SCHEDULE: TABLE 
 Vocera Communications, Inc.

  

																	
	 Classes of Capital Stock
	  	Number of Shares
Authorized	 	  	Number of Share
Issued And
Outstanding	 	  	Number of Shares Reserved
for Issuance Upon	 
	  	  	  	Exercise of Options,
Warrants Other
Rights Agreements	 	  	Conversion of
Convertible
Securities	 
	 Common Stock
	  	 	150,000,000	  	  	 	3,629,122	  	  	 	9,603,254	  	  	 	37,441,307	  
	 Series A Preferred Stock
	  	 	3,062,129	  	  	 	3,062,129	  	  	 	0	  	  	 	0	  
	 Series Al Preferred Stock
	  	 	3,062,129	  	  	 	0	  	  	 	0	  	  	 	0	  
	 Series B Preferred Stock
	  	 	5,378,789	  	  	 	5,378,789	  	  	 	0	  	  	 	0	  
	 Series B1 Preferred Stock
	  	 	5,378,789	  	  	 	0	  	  	 	0	  	  	 	0	  
	 Series C Preferred Stock
	  	 	26,000,000	  	  	 	25,263,158	  	  	 	147,368	  	  	 	0	  
	 Series C1 Preferred Stock
	  	 	26,000,000	  	  	 	0	  	  	 	0	  	  	 	0	  
	 Total Preferred Stock
	  	 	70,000,000	  	  	 	33,704,076	  	  	 	147,368	  	  	 	—  	  

 Totally Fully Diluted Outstanding Common Stock: 50,673,683 shares 

As of the Closing and immediately thereafter, the authorized capital stock of the Company shall consist of: 

 

	 	 (A)
	 70,000,000 preferred stock, of which: 

  

	 	 1.
	 3,062,129 shares shall be designated as Series A Preferred Stock of which 3,062,129 shares shall be issued and outstanding, and

  

	 	 2.
	 5,378,789 shares shall be designated as Series B Preferred Stock of which 5,378,789 shall issued and outstanding, and

  

	 	 3.
	 26,000,000 shares shall be designated as Series C Preferred Stock of which 25,263,l58 shall be issued and outstanding, and

  

	 	 4.
	 147,368 shares of Series C Preferred Stock shall be reserved for issuance upon exercise of the Warrant. 

 

	 	 (B)
	 150,000,000 shares of Common Stock, of which: 

  

	 	 1.
	 3,629,122 shares shall be issued and outstanding, and 

 

	 	 2.
	 3,062,129 shares shall be reserved for issuance upon conversion of the Series A Preferred Stock, and 

 

	 	 3.
	 8,968,652 shares shall be reserved for issuance upon conversion of the Series B Preferred Stock, and 

 

	 	 4.
	 25,410,526 shares shall be reserved for issuance upon conversion of the Series C Preferred Stock, and 

 

	 	 5.
	 9,603,254 shares shall be reserved for issuance upon exercise of outstanding warrants and employee stock options. 

Pre-emptive Rights and Rights of First 
  

	 1.
	 Stockholder Agreement(s): Amended and Restated Investor Rights Agreement dated May 2, 2002

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