Document:

EX-10.19

 Exhibit 10.19 

203-304-P-A 
 LICENSE
AGREEMENT 
 This Agreement is entered into as of 23 July 2007 (“Effective Date”), by and between AIR PRODUCTS AND
CHEMICALS, INC. (“AIR PRODUCTS”), a corporation organized and existing under the laws of the State of Delaware and having its principal office at 7201 Hamilton Boulevard, Allentown, PA 18195, and INOGEN, INC. (“INOGEN”), a
corporation organized under the laws of the State of Delaware and having a place of business at 326 Bollay Drive, Goleta, CA 93117. 
 WHEREAS, AIR
PRODUCTS and INOGEN have entered into a Confidential Disclosure Agreement having an effective date of 6 November 2006, referred to herein as “CDA”. 

WHEREAS, AIR PRODUCTS has developed and acquired AP Technology for a portable medical oxygen concentrator, some of which AIR PRODUCTS has disclosed to
INOGEN under the terms of the CDA; 
 WHEREAS, AIR PRODUCTS agrees to provide Technical Support to INOGEN for two years; 

WHEREAS, INOGEN plans to use AP Technology and AIR PRODUCTS’ Technical Support for new product development or to make improvements to
INOGEN’s existing products; 
 WHEREAS, INOGEN desires to exclusively license AP Technology in the Field; 

WHEREAS, AIR PRODUCTS is under no obligation to a third party that would interfere with AIR PRODUCTS entering into this Agreement, and complying with
all the terms and conditions of this Agreement; 
 WHEREAS, INOGEN is under no obligation to a third party that would interfere with INOGEN entering
into this Agreement and complying with all the terms and conditions of this Agreement; 
 NOW, THEREFORE, in consideration of the
mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

  

					
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 1. DEFINITIONS 

For purposes of this Agreement, the following terms shall have the meanings set forth in this Section 1, or the meaning ascribed to them in the referenced
Section. 
 1.1 Affiliate — as to either Party, means any other person or party which, directly or indirectly, is in control of, is
controlled by, or is under common control with, such Party. For purposes of this definition, control shall mean the power to direct or cause the direction of the management and policies of a Party, either by ownership of voting stock, by contract or
otherwise. 
 1.2 AP Developed Technology — means Developed Technology that is created solely by employees, agents or contractors of AIR
PRODUCTS with obligations to assign their rights to AIR PRODUCTS. 
 1.3 AP Technology — means the patents and patent applications and
their foreign equivalents listed in Appendix A, including any divisionals, re-exams, continuations, continuations-in-part, reissues, renewals and extentions of those patents and patent applications, and the Know How listed in Appendix B. Know How
disclosed by AIR PRODUCTS to INOGEN after the Effective Date shall be reduced to writing and added to Appendix B. Notwithstanding anything to the contrary in this Agreement, except for the Prototype described in Appendix B, disclosures of Know How
after the Effective Date of this Agreement shall be made at AIR PRODUCTS’ discretion. 
 1.4 Contact Persons — means the individual
employees identified in Section 8. 
 1.5 Developed Technology — means any Technology created after the Effective Date of the CDA
that is an Improvement to AP Technology. 
 1.6 Field — means the oxygen concentrator market for human respiratory use, wherein the oxygen
concentrator produces up to 10 liters/minute oxygen-rich gas with an oxygen content of less than 96% by volume of the oxygen-rich gas. 
 1.7
Improvement — means a patented invention or idea, the practice of which infringes or would infringe one or more claims of the patents or patent applications (if issued) that are part of AP Technology. 

1.8 INOGEN Developed Technology — means Developed Technology that is created solely by employees, agents or contractors of INOGEN. 

1.9 Jointly Developed Technology — means Technology that is conceived by at least one employee, agent or contractor of each of the Parties.

  

					
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 1.10 Party or Parties — means either or both of AIR PRODUCTS and INOGEN. 

1.11 Technology — means any invention, design, method, material, process, formula, know-how, algorithms, copyrightable works, whether
patentable or not, or patented or not, and all intellectual property rights thereto and therein. 
 1.12 Term — defined in Section 12
herein. 
 1.13 Territory — means worldwide. 

2. LICENSE 
 2.1 For the Term of
this Agreement and subject to the terms and conditions of this Agreement, AIR PRODUCTS grants to INOGEN and its Affiliates a revocable, nontransferable, exclusive license to AP Technology with the right to grant sublicenses thereunder, to make, have
made, use, sell, have sold, import and have imported products and processes inside the Field and within the Territory. 
 2.2 For the Term of
this Agreement, as long as the license grant in Section 2.1 remains an exclusive license, AIR PRODUCTS grants to INOGEN and its Affiliates an exclusive revocable, nontransferable license to AP Developed Technology with the right to grant
sublicenses thereunder, to make, have made, use, sell, have sold, import and have imported products and processes inside the Field and within the Territory. For the Term of this Agreement, if the license granted in Section 2.1 becomes a
nonexclusive license, then the exclusive license that AIR PRODUCTS granted to INOGEN and its Affiliates to AP Developed Technology (in the first sentence of this Section 2.2) shall become a non-exclusive license. 

2.3 AIR PRODUCTS shall maintain the patents and patent applications listed in Appendix A for the Term of the Agreement while the license in
Section 2.1 remains exclusive; however, AIR PRODUCTS does not guarantee that any or all of the pending patent applications and/or pending claims in those patent applications will issue as patents. AIR PRODUCTS agrees to prosecute the pending
applications listed in Appendix A through to a final rejection in the USPTO, or equivalent in another patent office, but shall not be obligated to continue the prosecution of a patent application after receipt of a final rejection, or equivalent,
from any patent office. The foreign prosecution of the pending foreign patent applications listed in Appendix A shall be done solely within AIR PRODUCTS’ discretion. 

2.4 The aforesaid license grants of Section 2.1 and 2.2 are subject to the rest of the terms and conditions of this License Agreement and
a reserved nonexclusive right of AIR PRODUCTS to AP Technology and AP Developed Technology inside the Field, within the Territory, for research and development purposes. As further consideration for AIR

  

					
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PRODUCTS to disclose and license the AP Technology and AP Developed Technology to INOGEN, INOGEN warrants and represents that INOGEN will not use AP Technology and AP Developed Technology for any
purpose other than in furtherance of improving, making, having made, using, selling, having sold, importing and/or having imported products and processes in the Field. Any unauthorized use hereunder shall constitute a material breach of this
Agreement. 
 2.5 INOGEN grants to AIR PRODUCTS and its Affiliates a paid-up, royalty-free, perpetual, irrevocable, nonexclusive license to
Jointly Developed Technology that is owned by INOGEN, and INOGEN Developed Technology, with the right to sublicense, to make, have made, use, sell, have sold, import and have imported products and processes, outside the Field and inside the
Territory. 
 3. CONSIDERATION 

3.1 In consideration of the licenses granted in Section 2 to INOGEN, INOGEN shall pay to AIR PRODUCTS ten thousand US dollars (US $10,000)
due at the time of executing this Agreement. 
 3.2 Further, in consideration of the licenses granted in Section 2 to INOGEN, INOGEN
shall issue and grant to AIR PRODUCTS 3,424,658 shares of INOGEN’s Series D Convertible Preferred Stock (the “Shares”). Simultaneously with the execution of this Agreement, INOGEN shall cause AIR PRODUCTS to become party to a Joinder
Agreement in the form attached hereto as Exhibit A (the “Joinder Agreement”), pursuant to which Air Products shall become a party to that certain Fifth Amended and Restated Investors’ Rights Agreement, Fourth Amended and Restated
Right of First Refusal and Co-Sale Agreement, and the Fourth Amended and Restated Voting Agreement (collectively, the “Investor Agreements”), each of which is attached hereto as Exhibit B, and pursuant to which AIR PRODUCTS will obtain
certain investor rights (such as registration, information, right of first refusal and co-sale, drag-along, and other rights as described therein). INOGEN hereby represents and warrants to AIR PRODUCTS that the statements in the following
subsections of this Section 3.2 are all true and correct as of the date hereof: 
 3.2.1. Immediately prior to the consummation of the transactions
contemplated hereby, the authorized and outstanding capital stock of the Company will consist of the following: 
 (a) A total of 100,000,000 shares of
common stock, $0.001 par value per share (the “Common Stock”), of which 7,134,254 shares are issued and outstanding. 

  

					
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 (b) A total of 84,269,152 shares of preferred stock, $0.001 par value per share, of which (i) 2,000,000
shares are designated as Series A Preferred Stock, all of which are issued and outstanding; (ii) 12,765,693 shares are designated as Series B Preferred Stock, 12,692,823 of which are issued and outstanding; (iii) of which 11,508,230 shares
are designated as Series C Preferred Stock, 10,238,908 of which are issued and outstanding; and (iv) of which 48,582,878 shares are designated as Series D Preferred Stock, 41,192,635 of which are issued and outstanding and (v) 9,412,351
shares are designated as Series D-1 Preferred stock, none of which are issued or outstanding. The rights, preferences and privileges of the preferred stock are as stated in the Amended and Restated Certificate of Incorporation attached hereto as
Exhibit C (the “Charter”). 
 (c) INOGEN has reserved 10,411,000 shares of Common Stock for issuance under the Company’s Incentive Stock
Option Plan (the “Incentive Plan”). Except as set forth on the capitalization table attached hereto as Exhibit D, there are no outstanding options, warrants, rights (including conversion, preemptive rights or similar rights), or agreements
for the purchase or acquisition from INOGEN of any shares of its capital stock or any securities convertible into or ultimately exchangeable or exercisable for any shares of INOGEN’s capital stock. Except as set forth on the capitalization
table set forth on Exhibit D, and the Investor Agreements, no shares of INOGEN’s outstanding capital stock, or stock issuable upon exercise or exchange of any outstanding options, warrants or rights, or other stock issuable by INOGEN, are
subject to any rights of first refusal or other rights to purchase such stock (whether in favor of INOGEN or any other person), pursuant to any agreement or commitment of INOGEN. 

(d) Except for the Investor Agreements, INOGEN is not a party or otherwise subject to any stockholders agreement or other agreement or understanding, and there
is no such agreement or understanding between any persons or entities, which affects or relates to the registration of any securities of INOGEN or to the voting or giving of written consents by a director of INOGEN or with respect to any capital
stock of INOGEN. 
 (e) The capitalization table set forth on Exhibit D includes a complete list of all stockholders, option holders, warrant holders,
convertible note holders and other security holders of INOGEN as of immediately prior to the consummation of the transactions contemplated hereby, together with a description of the securities held by each such stockholder. The capitalization table
includes complete list of all stockholders, option holders, warrant holders, convertible note holders and other security holders of INOGEN after giving effect to the transactions contemplated hereby. 

  

					
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 3.3 If, prior to January 1, 2011, (i) there has not occurred a “Liquidation
Event”, as described in Section 4.2.2(g) of Inogen’s Seventh Amended and Restated Certificate of Incorporation, as the same may be amended from time to time (the “Certificate of Incorporation”), pursuant to which AIR
PRODUCTS receives gross proceeds of at least seven million five hundred thousand US dollars (US $7,500,000), or (ii) AIR PRODUCTS has not received the Base Amounts (as defined hereinafter) by the Payment Dates (as defined hereinafter), then,
upon the request of AIR PRODUCTS, INOGEN (at its option) shall perform one of the following four options: 
 3.3.1 pay to AIR PRODUCTS a
one-time fee of six hundred thousand US dollars (US $600,000), upon which this Agreement shall automatically terminate; or 
 3.3.2 pay to
AIR PRODUCTS a one-time fee of eight hundred fifty thousand US dollars (US $850,000), upon which the license granted in Section 2.1 shall become a non-exclusive, paid-up license for the Term; or 

3.3.3 repurchase the Shares from AIR PRODUCTS for seven million five hundred thousand US dollars (US $ 7,500,000), upon which the license
granted in Section 2.1 shall be deemed paid-up for the Term; or 
 3.3.4 pay to AIR PRODUCTS an annual fee of seven hundred fifty
thousand US dollars ($750,000) in advance (each, an “Annual Advance”) on or before January 31st of each year beginning with January 31, 2011 for the remaining Term. 

3.4 If INOGEN elects to pay the Annual Advances pursuant to Section 3.3.4, and, thereafter a Liquidation Event occurs pursuant to which
AIR PRODUCTS receives gross proceeds of less than seven million five hundred thousand US dollars (US $7,500,000), then INOGEN shall have the right to fully pay up the exclusive license granted in Section 2.1 for the Term of the Agreement by
making a one-time payment to AIR PRODUCTS equal to the positive difference between seven million five hundred thousand US dollars (US $7,500,000) and the sum of (i) the gross proceeds received by AIR PRODUCTS in connection with such Liquidation
Event and (ii) any unused prorated portion of an Annual Advance.  
 3.5 INOGEN shall retain the exclusive license granted in
Section 2.1 for the Term of this Agreement if on or before the dates set forth below (the “Payment Dates”) either: 
 (i)
there is a Liquidation Event pursuant to which AIR PRODUCTS receives gross proceeds of at least the “Base Amount” within the Payment Date ranges as defined in Table I below, or 

  

					
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 (ii) Inogen elects to repurchase Air Products’ Shares (the “Repurchase Option”)
for a purchase price equal to an amount which Air Products would receive gross proceeds of at least the Base Amounts according to the following Payment Dates (and in such event Air Products would be obligated and required to sell its Shares to
Inogen or its assignees for such Base Amounts): 
 Table I 
  

					
	 Base Amounts in US dollars
	 	 	  	 Payment Date

	$5,400,000	 		  	On or before December 31, 2008
			
	$6,400,000	 		  	At any time between January 1, 2009 and December 31, 2009
			
	$7,500,000	 		  	At any time between Janaury 1, 2010 and December 31, 2010

 If on or before the Payment Dates there is a Liquidation Event pursuant to which AIR PRODUCTS receives gross proceeds of less
than the applicable Base Amounts, INOGEN shall have the right to pay up the exclusive license granted in Section 2.1 for the Term of the Agreement by making a one-time payment to AIR PRODUCTS equal to the positive difference between the
applicable Base Amounts and the gross proceeds received by AIR PRODUCTS in connection with such Liquidation Event. 
 3.6 INOGEN shall have
the right to repurchase the Shares at any time at a price of $2.92 per share, subject to proportionate investment if INOGEN consummates a stock split, stock combination, reorganization or similar event. 

3.7 From and after the date of this Agreement, upon the request of AIR PRODUCTS, INOGEN shall execute and deliver such instruments, documents
or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Section 3. 

3.8 Inogen may exercise its Repurchase Option by giving Air Products written notice thereof. The repurchase price for the Shares shall be equal
to the applicable Base Amount, as determined pursuant to Section 3.5 above, and shall be payable by check in immediately available funds or wire transfer. In the event that INOGEN has elected to exercise the Repurchase Option as to the Shares,
Air Products shall deliver to INOGEN certificate(s) representing the Shares to be acquired by Inogen within ten (10) days following the date of the notice from Inogen. Inogen shall deliver to Air Products against delivery of the Shares, checks
or wire transfers of Inogen payable to Air Products obligated to transfer the Shares in the aggregate amount of the purchase price to be paid as set forth in Section 3.5 above. For 

  

					
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purposes of determining the applicable Base Rate, Inogen shall be deemed to have exercised its Repurchase Option at the time of providing written notice thereof to Air Products. All rights with
respect to such Shares following the exercise of the Repurchase Option shall no longer be deemed to be outstanding and held by Air Products and all rights with respect to such Shares shall immediately cease and terminate, except only the right of
Air Products to receive the applicable Base Amount. From and after the date of this Agreement, upon the request of Inogen, Air Products shall execute and deliver such instruments, documents or other writings as may be reasonably necessary or
desirable to confirm and carry out and to effectuate fully the intent and purposes of this Section 3. 
 4. TECHNICAL SERVICES 

4.1 Employees of INOGEN and AIR PRODUCTS shall attend two on-site meetings per year for two years from the Effective Date. One meeting per year
will be held at AIR PRODUCTS in Allentown, PA and the other meeting per year will be held at INOGEN in Santa Barbara, CA. Each party is responsible for its own costs. The first meeting will be scheduled upon execution of this Agreement. AIR PRODUCTS
shall deliver the Prototype described in Appendix B, to INOGEN at or prior to such first meeting. After the first two years from the Effective Date, subsequent meetings will be arranged upon mutual agreement by the Parties. 

4.2 AIR PRODUCTS shall provide up to one hundred seventy (170) person-hours per year of technical support services to INOGEN for product
development in the Field for the first 2 years of this Agreement for a maximum total of three hundred and forty (340) person-hours. Reasonable lead time will be necessary to schedule the technical support services. 

4.3 Any additional technical services requested by INOGEN during the first 2 years of the Term of this Agreement may be provided by AIR
PRODUCTS, at AIR PRODUCTS’ discretion, at a rate of two hundred and fifty dollars (US $250) per person-hour. 
 5. DEVELOPED TECHNOLOGY

 5.1 INOGEN shall own INOGEN Developed Technology and it shall be licensed to AIR PRODUCTS in accordance with Section 2.5. 

5.2 AIR PRODUCTS shall own AP Developed Technology and it shall be licensed to INOGEN in accordance with Section 2.2. 

5.3 INOGEN shall own and AIR PRODUCTS shall assign to INOGEN any and all of the Jointly Developed Technology with AIR PRODUCTS having the
license rights granted in Section 2.5, provided that such ownership may shift to AIR PRODUCTS if INOGEN chooses 

  

					
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not to file patent applications and/or AIR PRODUCTS files patents or patent applications to protect some of the Jointly Developed Technology in accordance with this Section 5.3 or
Section 5.4. Before INOGEN files any patent application(s) to protect Jointly Developed Technology, INOGEN shall provide AIR PRODUCTS with up to thirty (30) days to review each patent application. AIR PRODUCTS may elect to file its own
patent application(s) to further protect the invention, e.g. for use of the invention outside the Field, and if so shall provide Notice to INOGEN of its desire to file patent application(s) prior to the end of the thirty (30) day review period.
Upon receiving Notice, INOGEN shall provide AIR PRODUCTS with sixty (60) additional days to prepare its own patent application. The Parties shall coordinate the filing of their patent applications so that neither Party creates prior art against
the other Party’s patent application(s). INOGEN agrees to assign the patents filed by AIR PRODUCTS covering Jointly Developed Technology to AIR PRODUCTS. Alternatively, after AIR PRODUCTS’ review of INOGEN’s patent application(s), AIR
PRODUCTS may suggest claims which improve the application, with the understanding that INOGEN is under no obligation to include the suggested claims in the patent filing. 

5.4 If AIR PRODUCTS desires to file a patent covering Jointly Developed Technology which is not patented by INOGEN, AIR PRODUCTS shall provide
Notice to INOGEN’s Contact Person identifying the portion of the Jointly Developed Technology that AIR PRODUCTS desires to patent. INOGEN’s Contact Person shall respond in writing to AIR PRODUCTS within 30 days of receiving the request
whether or not it elects or does not elect to protect the portion of the Jointly Developed Technology. If INOGEN elects not to protect the portion of the Jointly Developed Technology that AIR PRODUCTS would like to protect, then AIR PRODUCTS may
file patents or patent applications to protect that portion of the Jointly Developed Technology. (If INOGEN elects to file patent(s) to protect that portion of the Jointly Developed Technology, then Section 5.3 controls.) If INOGEN does not
elect to protect that portion of the Jointly Developed Technology, AIR PRODUCTS shall give INOGEN an opportunity to review the application and suggest claims which improve the application, with the understanding that AIR PRODUCTS is under no
obligation to include the suggested claims in the patent filing. INOGEN shall submit its comments on the application, if any, within 30 days of its receipt of the application for its review. INOGEN shall assign the patent application(s) filed by AIR
PRODUCTS under this Section 5.4 to AIR PRODUCTS. AIR PRODUCTS hereby grants to INOGEN and its Affiliates a perpetual, irrevocable, paid-up, royalty free, non-exclusive license under these patents to make, have made, use, sell, have sold, import
and have imported products and processes in the Field, and within the Territory, with the right to sublicense. 

  

					
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 5.5 INOGEN and AIR PRODUCTS agree to promptly execute patent application documents and
assignment(s) to vest title of patent application(s) in AIR PRODUCTS or INOGEN, as defined in Sections 5.3 and 5.4. Additionally the Parties agree to assist with prosecution of the patent application(s) if requested by the filing Party. The filing
Party to whom the patent or patent application is assigned is responsible for all of the costs for preparing, filing, prosecuting and maintaining the patent and patent application. 

5.6 Except as described earlier in this Section 5, each Party shall have the first option at its own cost as to whether it shall file,
prosecute, institute suit for or defend against infringement, recover damages and/or maintain any patents, patent applications or other intellectual property registrations, in any country, for the Jointly Developed Technology owned by that Party.
Both Parties shall maintain written records of its work for use as invention records and shall submit such records to the other Party when requested. 

5.7 Except as expressly stated herein, each Party reserves all rights, title and interest in any of its Technology, without any obligation to
account to the other Party. Without limiting the generality of the foregoing, except as expressly provided elsewhere in this Agreement, no right, license or interest of any kind is granted by either Party to the other with respect Technology owned
by AIR PRODUCTS or Technology owned by INOGEN, respectively. Notwithstanding anything to the contrary herein, upon the termination of this Agreement, other than a termination in accordance with Section 12.1, AIR PRODUCTS and its Affiliates
shall have the right to make, have made, use, import, have imported, sell and have sold AP Technology, or sublicense any or all of those rights to a third party in any field and any territory. If this Agreement is terminated other than in accordance
with Section 12.1, any intellectual property rights owned by INOGEN created or filed after the execution of the CDA that are infringed by the making, using, selling or importing of AP Technology shall be automatically perpetually, and
irrevocably licensed to AIR PRODUCTS, with the right to sublicense, for making, having made, using, selling, having sold, importing or having imported products and processes, within any field and territory, on a paid-up and royalty-free basis. 

5.8 If either Party chooses to abandon any patent or patent application filed to protect the Jointly Developed Technology, that Party shall
offer the patent or patent application to the other Party at least thirty (30) days prior to the abandonment of the patent or patent application. However, failure to offer the patent or patent application to the other Party shall not be
considered a breach and shall incur no liability to either Party. 

  

					
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 5.9 Technology that is developed solely by either Party that is not Developed Technology shall be
solely owned by the inventing Party and may be disclosed to the other Party under terms of Confidentiality and be the subject of separate license negotiations between the Parties. 

6. MARKING/OFFICIAL REGISTRATION 

6.1 INOGEN shall mark its products with all applicable patent numbers for AP Technology, AP Developed Technology and Jointly Developed
Technology. INOGEN shall make a good faith effort to keep the patent markings up to date and accurate. 
 6.2 INOGEN, at its expense, is
fully responsible for the action(s) necessary for the purpose of obtaining clearance by the appropriate government agencies, also referred to as regulatory approval (e.g. FDA, EMEA), if needed, and obtaining certifications or markings (e.g., UL,
CE), if needed, for sales of products. 
 7. CONFIDENTIALITY 

7.1 The disclosure period in Section 3.1 of the CDA is extended until two years after the execution of this License Agreement, to protect
the continued disclosure and exchange of confidential information (particularly during the provision of Technical Services) under this License Agreement. The disclosure period may be further extended by the written agreement of the two Parties. The
purpose in Section 1 of the CDA is extended to cover the purposes of this License Agreement. All the other terms and conditions of the CDA continue in full, force and effect. 

7.2 Jointly Developed Technology is AIR PRODUCTS and INOGEN’s Confidential Information that shall not be disclosed by either Party except
as necessary to protect the Jointly Developed Technology by filing patent applications, or except in the form of products when they are offered for sale and sold by either Party, provided both Parties agree not to file patent(s) to protect the
Jointly Developed Technology prior to the sale of products. 
 7.3 The Parties agree that unless otherwise agreed to in writing or except as
required by law or court order, they will not disclose any of the terms or conditions of this Agreement to third parties, and that the relationship between AIR PRODUCTS and INOGEN is considered Confidential Information. AIR PRODUCTS acknowledges
that marking INOGEN’s products with AIR PRODUCTS’ patent numbers and patent application numbers, which will inherently disclose that there is a relationship between the Parties, is not in violation of this Section 7.3. 

  

					
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 7.4 If this Agreement is terminated before INOGEN makes the total payments set forth in
Section 3, INOGEN agrees to return to AIR PRODUCTS all documents, including copies containing AIR PRODUCTS’ Confidential Information except that one copy may be maintained by INOGEN’s legal department for compliance to this
Section 7. 
 8. CONTACT PERSONS 

8.1 Each Party shall designate one of its employees as “Contact Person”. The persons initially designated as Contact Persons are as
follows: 
 For AIR PRODUCTS: 

Carrington Smith 
 Air Products
and Chemicals, Inc. 
 7201 Hamilton Blvd 

Allentown, PA 18195-1501 
 Fax
No: (610) 481-8971 
 For INOGEN: 

Geoff Deane 
 Inogen, Inc. 

326 Bollay Drive 
 Goleta, CA
93117 
 Fax No: (805) 562-0516 

8.2 Each Party may change its Contact Person by giving Notice to the other Party. 

9. INFRINGEMENT OF TECHNOLOGY 
 9.1
AIR PRODUCTS and INOGEN shall promptly notify each other of suspected infringements and/or unauthorized use of AP Technology, INOGEN Developed Technology, and/or Jointly Developed Technology (“Infringement”), and shall inform the other
Party of any evidence of such Infringement. Each Party, as also provided for in Section 5.6, may, but shall not be obligated to take such action to enforce its patents as it determines to be appropriate to abate Infringement, including, without
limitation, instituting suit for Infringement, instituting 

  

					
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arbitration proceedings, or taking other action to abate the Infringement, with the costs and expenses of such action to be borne by the Party who takes the action, provided that where
both Parties agree that action is appropriate, they will in good faith cooperate to jointly bring any such actions and shall share the costs of bringing such actions in such proportions as they may mutually agree. The Parties shall share any
recovery of damages and other judgments resulting from all actions brought to abate Infringement in the same proportion as the Parties have respectively borne the expenses of prosecuting such actions. 

9.2 If a competitor’s product infringes AIR PRODUCTS’ and/or INOGEN’s patents, AIR PRODUCTS and INOGEN shall discuss strategies
to address the infringement, and may agree that it would be better to negotiate a cross-license or license agreement with a competitor that would benefit both Parties. 

10. INDEMNIFICATIONS 
 10.1 INOGEN
shall defend and indemnify AIR PRODUCTS and its directors, officers, and employees against all claims, costs and expenses for damage to property of INOGEN, including loss of use thereof, and for bodily injury, including death resulting therefrom,
sustained by an employee of INOGEN, whether or not resulting from the negligence of AIR PRODUCTS or its directors, officers or employees, provided however, to the extent such damage results from the gross negligence or willful misconduct of AIR
PRODUCTS or its director, officers or employees, such damage shall be excepted from the foregoing obligations. 
 10.2 AIR PRODUCTS shall
defend and indemnify INOGEN and its directors, officers, and employees against all claims, costs and expenses for damage to property of AIR PRODUCTS, including loss of use thereof, and for bodily injury, including death resulting therefrom,
sustained by an employee of AIR PRODUCTS, whether or not resulting the negligence of INOGEN or its directors, officers or employees, provided however, to the extent such damage results from the gross negligence or willful misconduct of INOGEN or its
director, officers or employees, such damage shall be excepted from the foregoing obligations. 
 10.3 INOGEN shall defend and indemnify AIR
PRODUCTS and its directors, officers, and employees against all claims, costs and expenses for damage to property of third parties, including loss of use thereof, and for bodily injury, including death resulting therefrom, sustained by a third party
arising out of the design, manufacture, and sale or other disposal of its products to that third party or the use of the product by that third party. 

  

					
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 10.4 Each Party acknowledges that there are hazards associated with the use of oxygen
concentrators, including the oxygen-enriched air and nitrogen gases produced thereby, that they understand such hazards, and that it is the responsibility of each Party to warn and protect its employees and others exposed to such hazards by coming
into contact with oxygen concentrators. 
 10.5 INOGEN will maintain or cause others to maintain commercial general liability insurance in an
amount of not less than two million US dollars ($2,000,000) covering bodily injury and property damage to third parties with an annual aggregate amount of not less than five million US dollars ($5,000,000). INOGEN shall obtain or cause the policy
owner to obtain a waiver of subrogation from the insurer(s) in favor of AIR PRODUCTS, and INOGEN shall have no recourse against AIR PRODUCTS or the other insureds with respect to a loss that is uninsured. INOGEN shall furnish or cause the policy
owners to furnish AIR PRODUCTS with Certificates of Insurance evidencing the coverage required by this Section. 
 11. INDEMNIFICATION FOR PATENT
INFRINGEMENT 
 11.1 INOGEN agrees that it will, at its own expense and to the extent hereinafter stated, defend and hold AIR
PRODUCTS free and harmless in any suit or proceeding insofar as the same is based on a claim that any of its products constitutes an infringement of any patent issued in the Territory. 

11.2 AIR PRODUCTS offers no guarantee nor warranty that the AP Technology, AP Developed Technology or Jointly Developed Technology does not
infringe any patent(s) or patent application(s) owned by one or more third parties in the Territory. It is INOGEN’s sole responsibility to perform clearance searches and non-infringement studies, at INOGEN’s option, prior to manufacturing
and selling any of its products. 
 12. TERMINATION 

12.1 This Agreement shall continue until the last patent included in the AP Technology set forth in Appendix A expires (the “Term”)
unless otherwise provided for in this Agreement. Upon expiration of the last patent in Appendix A if this Agreement has not been earlier terminated, the license to AIR PRODUCTS’ Know How which is part of AP Technology for which the license was
granted in Section 2.1 shall become nonexclusive, paid-up and irrevocable. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 14
	  	June 3, 2007

 12.2 Additionally, this Agreement shall be terminable as follows: 

(a) In the event either Party shall be in material breach in the performance of any provision of this Agreement (“Default”) and such
Default is not cured within sixty (60) days following Notice of such Default thereof from the other Party; or 
 (b) By either Party if
the other Party is declared insolvent, bankrupt, or makes an assignment for the benefit of creditors, or a receiver is appointed or any such proceeding is demanded by, for, or against the other Party under any provision of the United States
Bankruptcy Act (and if involuntary, such proceeding is not dismissed within sixty (60) days); or 
 (c) As provided for in
Section 3.3.1. 
 12.3 Effect of Termination Upon termination of this Agreement in accordance with Section 12.1, or
12.2, or by operation of law, or otherwise: 
 (a) Unless otherwise indicated in this Agreement, upon termination, the license granted in
Section 2.1 shall terminate. 
 (b) Sections 2.5, 3.1, 3.2, 5.3 through 5.7, 7, 10, 11, 13, 15.4, 15.10 shall survive such termination
or expiration; and 
 (c) Notwithstanding anything to the contrary herein, upon termination of this Agreement for any reason, the license to
AP Developed Technology granted in Section 2.2 automatically expires. 
 13. LIMITATION ON LIABILITY 

13.1 AIR PRODUCTS SHALL NOT BE LIABLE IN CONTRACT OR IN TORT (INCLUDING BUT NOT LIMITED TO AIR PRODUCTS’ NEGLIGENCE OR STRICT LIABILITY)
FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING OUT OF THIS AGREEMENT, OR ANY BREACH THEREOF, OR ANY DEFECT IN OR FAILURE OR MALFUNCTION OF ANY PRODUCT INCORPORATING AP TECHNOLOGY, AP DEVELOPED
TECHNOLOGY, AND JOINTLY DEVELOPED TECHNOLOGY LICENSED HEREIN, WHETHER AIR PRODUCTS HAS ADVANCE NOTICE OF THE POSSIBILITY OF SUCH DAMAGES, INCLUDING BUT NOT LIMITED TO INOGEN’S LOSS OF PROFITS, LOSS OF PRODUCTION OR LOSS OF PRODUCT, AND SUCH
LIMITATION ON DAMAGES SHALL SURVIVE FAILURE OF AN EXCLUSIVE REMEDY. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 15
	  	June 3, 2007

 13.2 NOTWITHSTANDING THE FOREGOING, BOTH PARTIES SHALL BE LIABLE TO THE OTHER PARTY FOR ALL
DAMAGES AND COSTS CAUSED BY EACH PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OR BREACH OF CONFIDENTIALITY. 
 13.3 NOTWITHSTANDING
ANY OTHER PROVISIONS OF THIS AGREEMENT, THE TOTAL LIABILITY OF AIR PRODUCTS AND ITS DIRECTORS, EMPLOYEES, AGENTS, REPRESENTATIVES AND SUBCONTRACTORS UNDER THIS AGREEMENT FOR BREACH OF CONTRACT (INCLUDING BUT NOT LIMITED TO FAILURE TO MEET
WARRANTIES) AND IN TORT, WHETHER IN CONNECTION WITH PERFORMANCE, NONPERFORMANCE OR OTHERWISE, SHALL BE LIMITED TO TEN THOUSAND US DOLLARS (US $10,000). WHEN THE LIABILITIES AND COSTS INCURRED BY AIR PRODUCTS AND ITS DIRECTORS, EMPLOYEES, AGENTS,
REPRESENTATIVES AND SUBCONTRACTORS (INCLUDING BUT NOT LIMITED TO COSTS INCURRED IN CORRECTIVE ACTION IN AN EFFORT TO MEET WARRANTIES OR CURE ANY BREACH) EQUAL TEN THOUSAND US DOLLARS (US $10,000), AIR PRODUCTS’ TOTAL LIABILITY UNDER THIS
AGREEMENT SHALL TERMINATE AND INOGEN SHALL HAVE NO FURTHER RECOURSE AGAINST AIR PRODUCTS OR ITS DIRECTORS, EMPLOYEES, AGENTS, REPRESENTATIVES OR SUBCONTRACTORS. 

14. WARRANTIES 
 14.1 AIR PRODUCTS
warrants that as of the effective date, it owns the AP Technology, that it has the right to license the AP Technology to INOGEN. 
 14.2 AIR
PRODUCTS makes no warranties of validity, non-infringement, merchantability nor fitness for a particular use. 
 15. GENERAL 

15.1 Non-Compete  

(a) During the Term of this Agreement without obtaining prior written permission from AIR PRODUCTS, INOGEN shall not work with another
industrial gas company to develop products or technology. 
 (b) During the Term of this Agreement while the license in Section 2.1
remains exclusive, without obtaining prior written permission from INOGEN, AIR PRODUCTS shall not work with another person or company to develop products using the AP Technology within the Field. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 16
	  	June 3, 2007

 15.2 Relationship of the Parties This Agreement shall in no way be construed to
constitute either Party as the partner, employee or agent of the other Party nor shall either Party have the authority to bind the other in any respect, accept service of process or other notice on the other’s behalf, or make any
representation, statement or warranty by or on behalf of the other, it being intended that each shall remain an independent contractor responsible only for its own actions. 

15.3 Assignment This Agreement and the rights, duties and obligations of the Parties hereto shall not be assignable, transferable
or delegable by either Party hereto without the prior written consent of the other, and any purported assignment without such consent shall be void. Notwithstanding the foregoing, either Party may: (i) assign this Agreement to an Affiliate,
provided that the assignment shall not constitute a release of the assigning Party and the assigning Party shall remain liable for all assigned obligations in the event of a breach of this Agreement by its assignee; and (ii) assign all of its
rights and obligations under this Agreement, but not less than all of its rights and obligations, to an entity that acquires all or substantially all of the business of such Party, whether by way of stock sale, asset sale, reorganization or
otherwise, except if such stock sale, asset sale, reorganization or other event involves a competitor of the other Party. 
 15.4
Choice of Law; Choice of Forum This Agreement shall be governed by the law of the Commonwealth of Pennsylvania, without regard to conflicts of law principles. The Parties hereto agree to accept the exclusive jurisdiction of the courts
of the State of Delaware for the adjudication of any dispute arising hereunder. 
 15.5 Force Majeure Either Party shall be
excused from performance of its obligations hereunder to the extent and for such period of time as such performance is prevented by an act of God, fire, flood, earthquake, transportation disruption, war, insurrection, labor dispute or other cause
beyond the reasonable control of such Party, including inability to obtain parts required to perform the work contemplated by this Agreement. If the event of force majeure continues for a period of more than 60 consecutive days, either Party
thereafter may terminate the Agreement upon giving at least 10 days prior Notice to the other Party. Each Party shall bear all of its own costs, expenses, losses and damages suffered and incurred as a result of force majeure. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 17
	  	June 3, 2007

 15.6 Counterparts This Agreement may be executed in counterparts, each of which
when so executed and delivered shall constitute a complete and original instrument but all of which together shall constitute one and the same agreement, and it shall not be necessary when making proof of this Agreement or any counterpart hereof to
account for any other counterpart. 
 15.7 Binding Nature This Agreement shall be binding on upon and inure to the benefit of
the Parties hereto, their successors and permitted assigns. 
 15.8 Authority Each Party represents that it has full power and
authority to enter into and perform this Agreement, and that the person signing this Agreement on behalf of it has been duly authorized and empowered to execute this Agreement. 

15.9 Compliance with Laws Both Parties will at all times conduct their activities (i) so as not to adversely affect any
property or rights of the other Party, and (ii) in compliance with all laws and regulations applicable, including import, export, customs, unfair competition, antitrust, advertising and consumer laws. Specifically, each Party agrees that any
technical information not in the public domain (whether written, or otherwise) first received from the other under this Agreement or developed using such technical information, will not, without the prior written permission of the transmitting
Party, knowingly be transmitted to any of the countries designated in the United States Government Regulations (15 C.F.R. 370 and 10 C.F.R. 810.7, or their respective successor provisions) as issued from time to time relating to the exportation of
technical data. 
 15.10 Severability In the event that any covenant, condition or other provision herein contained is held to
be invalid, void, or illegal by any court of competent jurisdiction, the same shall be deemed to be severable from the remainder of this Agreement and shall in no way affect, impair, or invalidate any other covenant, condition, or other provision
herein. 
 15.11 Entire Agreement The terms and provisions contained in this Agreement and the Exhibits and Appendices
constitute the entire understanding of the Parties with respect to the transactions and matters contemplated hereby and supersede all previous communications, representations, agreements and understandings relating to the subject matter hereof. No
representations, inducements, promises or agreements, whether oral or otherwise, between the Parties not contained herein or incorporated herein by reference will be of any force or effect. 

15.12 Waiver No provision of or right under this Agreement will be deemed to be waived by any act or acquiescence on the part of
either Party, its agents or employees, and may be waived only by an instrument in writing signed by an authorized officer of each Party. No waiver by either Party of any breach of this Agreement by the other Party will be effective as to any other
breach, whether of the same or any other term or condition and whether occurring before or after the date of such waiver. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 18
	  	June 3, 2007

 15.13 Modifications No modification, amendment, supplement to or waiver of this
Agreement, or any of its provisions shall be binding upon the Parties hereto unless made in writing and duly signed by both Parties. 
 15.14
Notices Any Notice that may be given, or is required to be given, under this Agreement, will be in writing and will be sent by facsimile, express mail or sent by certified mail, postage prepaid, return receipt requested and addressed:

  

			
	If to AIR PRODUCTS:	  	 Air Products and Chemicals, Inc.
 7201 Hamilton
Blvd.
 Allentown, PA 18195-1501
 Facsimile No.:
610-481-7803
 Attn: Law Department

		
	With a copy to:	  	 Corporate Technology Partnerships
 Air Products
and Chemicals, Inc.
 At the same address above

		
	If to INOGEN:	  	 INOGEN, Inc.
 336 Bollay Drive

Goleta, CA 93117
 Fax No: (805) 562-0516

Attn: Kathy J. Odell

		
	With a copy to:	  	 INOGEN, Inc.
 336 Bollay Drive

Goleta, CA 93117
 Fax No: (805) 562-0516

Attn: Geoff Deane

 Each Party may at any time change its address for Notices by sending Notice to the other Party of such
change in the manner for sending Notices provided herein. Notices shall be deemed to be given on: (i) the date received if sent by facsimile, if sending party has confirmation of receipt, (ii) the date received if sent by Express Mail or
(iii) on the date received, if sent by certified mail, return receipt requested, if sent to the addresses specified above. 

  

					
		  	 CONFIDENTIAL INFORMATION

Page 19
	  	June 3, 2007

 15.15 Any dispute between the Parties relating to this Agreement which cannot be resolved with
reasonable promptness shall be referred to each Party’s senior manager in an effort to obtain prompt resolution. Neither Party shall commence any action against the other until the expiration of 60 days from the date of referral to such senior
managers; provided however, this shall not preclude a Party from instituting an action seeking injunctive relief to prevent irreparable damage to such Party. 

IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by a duly authorized representative. 

 

									
	Inogen, Inc.	 		 	AIR PRODUCTS and Chemicals, Inc.
					
	By:	 	 /s/ Kathy J. Odell
	 		 	By:	 	 /s/ John C. Tao

					
	Name:	 	 Kathy J. Odell
	 		 	Name:	 	 John C. Tao

					
	Title:	 	 CEO
	 		 	Title: 	 	 Director, Corporate Technology Partnerships

					
	Date:	 	 7/23/07
	 		 	Date:	 	 7/23/07

  

					
		  	 CONFIDENTIAL INFORMATION

Page 20
	  	June 3, 2007

 APPENDIX A 

LIST OF U.S. PATENTS AND U.S. PATENT APPLICATIONS AND THEIR FOREIGN EQUIVALENTS 

 

											
	 U.S. Patent

or
 Application

Number
	  	 Air

Products
 Docket

Number
	  	Title	  	 Application

or Grant
 Date
	  	Status	  	 Foreign

Equivalents
 (Patent
or
 Application

number)

						
	5,656,064	  	05322	  	Base Treated Alumina in Pressure Swing Adsorption	  	8/12/1997	  	Issued	  	Belgium (0766991), Canada (2186681), China (ZL96120134.7), France (0766991), Germany (69626913.9-08), G. Britain (0766991), Italy (0766991), Japan (2785870), Korea South (192691), Norway (316950), Spain(ES2194959), Taiwan
(874780)
						
	6,605,136	  	06249	  	Pressure Swing Adsorption Process Operation ad Optimization	  	8/12/2003	  	Issues in US and China. Others pending	  	China (03147620.1), EPC (03014498.4), Japan (2003-194365)
						
	6,802,889	  	06251	  	Pressure Swing Adsorption System for Gas Separation	  	10/12/2004	  	Issued in US and others pending	  	EPC (03027736.2) and Japan (2003-4078287)
						
	6,824,590	  	05990P	  	Use of Lithium Containing Faujasite in Air Separation Processes Including Water and/or Carbon Dioxide Removal	  	11/30/2004	  	Issued	  	N/A

											
	11/542895	  	06869N	  	Performance Stability in Rapid Cycle Pressure Swing Adsorption Systems	  	8/28/2006	  	Pending	  	N/A
						
	11/542948	  	06923N	  	Performance Stability in Shallow Beds in Pressure Swing Adsorption Systems	  	10/4/2006	  	Pending	  	N/A
						
	11/197859	  	06735	  	Rotary Valve with Internal Leak Control System	  	7/31/2006	  	Pending	  	EPC (06015900.1) and Japan (2006-213507)
						
	10/762785	  	06479	  	Dual Mode Medical Oxygen Concentrator	  	1/22/2004	  	Pending	  	N/A
						
	10/851858	  	06502	  	Weight-Optimized Portable Oxygen Concentrator	  	5/21/2004	  	Pending	  	Canada (2507464), EPC (05010785.3), Japan (2005-148104)
						
	11/034673	  	06479P	  	Simplified Dual Mode Medical Oxygen Concentrator	  	1/13/2005	  	Pending	  	Spain (05001233.5), Portugal (05001233.5), Japan (2005-15856), Great Britain (05001233.5), Germany (05001233.5), France (05001233.5), Canada (2493495)
						
	11/312180	  	06828	  	Continuous Flow Portable Medical Oxygen Concentrator	  	12/20/2005	  	Pending	  	 EPC (06025927.2) and Japan (2006-341649)

 Appenix B – List of Know How 

 

							
	 Attachment #
	  	 Document Title / Filename
	  	 Number of Pages

	-	  	Beds for Portable Medical O2.doc	  	16
	1	  	Beta Column Cyclic Testing.doc	  	3
	2	  	Attrition Beds Update 20050729.doc	  	4
	3	  	Vessel Loading.doc	  	6
	4	  	Thomas Pump Stability Test 051123.doc	  	3
	5	  	Thomas Stability BedLoad 051123.xls	  	1
	6	  	Thomas Pump Stability Test 051128.xls	  	2
		  		  	  

-        Test Log

 

-        Pulse Chart

 

-        P vs T Data
	  	 (1)

(1)

(Electronic File Only)

		  		  	  
		  		  	  
	 7
	  	 Thomas pump stability setup.jpg
	  	 1

	8	  	Vessel_Filling_Tests_1 060123.xls	  	1
	9	  	Comparison vib vs nonvib 060123.jpg	  	1
	10	  	Fill Stability Tests 060201.xls	  	 4

		  		  	 -        Test Notes
	  	 (1)

(1)
 (1)

(Electronic File Only)

(1)

		  		  	 -        Test Data
	  
		  		  	 -        Pulsation Chart
	  
		  		  	 -        Pulsation Data
	  
				
		  		  	 -        Bed Springs
	  	
	11	  	Stability Test and Fix 060201.doc	  	3
	12	  	Fill Stability Tests 060208.xls	  	5
		  		  	 -        Test Notes
	  	 (2)

(1)
 (1)

(Electronic File Only)

(1)

		  		  	 -        Test Data
	  
		  		  	 -        Wave Charts
	  
		  		  	 -        Pulsation Data
	  
				
		  		  	 -        Fill Data
	  	
	13	  	bed_model_fmal_SW2006.zip	  	(Electronic File Only)
		  		  	  

-        bed-tube-BAYONET.SLDPRT

 

-        cap-bayonet bed tube.SLDPRT

 

-        cs112_l1_0_146_2.SLDPRT

 

-        cs112_l1_2.SLDASM

 

-        CS112_l1_2.SLDPRT

 

-        diffuser-bottom.SLDASM

 

-        diffuser-bottom-drafted.SLDPRT

 

-        diffuser-top.SLDASM

 

-        diffuser-top-drafted.SLDPRT

 

-        mesh-diffuser.SLDPRT

 

-        SHIM_CS112_L1_0_146-4-PORT.sldprt

 

-        bed-o-ring.SLDPRT

 

-        BEDTUBE-A-BAYONET.SLDASM
	  	 “

“
 “

“
 “

“
 “

“
 “

“
 “

“
 “

“
 “

“

		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
		  		  	  
	14	  	Bed_model_hex_cap_SW2006.zip	  	(Electronic File Only)
		  		  	  

-        DIFFUSER-4-4-PORT-BOTTOM_DRA.sldprt

 

-        MESH-4-PORT.sldprt
	  	 “

“
 “

		  		  	  

							
		  		  	 -        SHIM CS112_L1_0_146-4-PORT.sldprt

 

-        BED-4-PORT-DRAFT_ASM.sldasm

 

-        BED-O-RING-4-PORT.sldprt

 

-        BED-TUBE-4-PORT-03_DRA.sldprt

 

-        BED-TUBE-CAP-4-PORT-03_DRA.sldprt

 

-        BED-TUBE-O-RING-4-PORT.sldprt

 

-        CS112_L1_0_146_2-4-PORT.sldprt

 

-        CS112_L1_2-4-PORT.sldprt

 

-        CS112 LI 2-4-PORT_ASM.sldasm

 

-        DIFFUSER-4-4-PORT_DRA.sldprt

 
	  	 “
 “

“
 “

“
 “

“
 “

“
 “

“
 “

 

	-	  	 Process Development
	  	41
	1	  	 Process Feasibility of APCI Multi Bed VSA Medical Generator.doc
	  	(Not included due to confidentiality agreement)
	2	  	 Update on Water Front Stability.doc
	  	10
	3	  	 Update on Pretreatment Study.doc
	  	19
	4	  	 Summary of Discussions with J. Kirner 6-2-03 and D. Graham 6-3-03.doc
	  	4
	5	  	 Design Parameters for Portable Medical Generator.doc
	  	8
	6	  	 PDU Evaluation of 4-Bed Process.doc
	  	10
	7	  	 Evaluation of Beta Bed/Valve Assembly.doc
	  	5
	8	  	 Product Rotor Passage Sizes for 4-Bed Process.doc
	  	2
	9	  	 Equalization Passage Sizing Revision.doc
	  	3
	10	  	 Improved Prototype Testing.doc
	  	4
	-	  	 200511 AIChE Presentation Oxygen Process Final.pps
	  	30
	-	  	 Pumps for Portable PVSA System.doc
	  	16
	1	  	Motor efficiency testing.xls	  	5
		  		  	  

-        Data as Taken

 

-        Sorted Data

 

-        Charts

 

-        Data for Thin Gap
	  	 (1)
 (3)

(1)

(Electronic File Only)

	2	  	 Air Squared pump performance.doc
	  	6
	3	  	 Possible Pump Weight Reduction.doc
	  	6
	4	  	 Weight reduction orbiting scroll.doc
	  	3
	5	  	 Weight reduction fixed scroll.doc
	  	5
	6	  	 Weight reduction bracket.doc
	  	6
	7	  	Beta pump summary.xls	  	4
		  		  	  

-        Performance of Air Squared Beta Pumps

 

-        Compressor Capacity

 

-        Vacuum Capacity

 

-        Relative Pump Power
	  	 (1)
 (1)

(1)
 (1)

	8	  	 B012 Beta pump performance.xls
	  	1
	9	  	 Scroll Labs pump performance.xls
	  	2
	10	  	 Scroll Labs cooling test results.xls
	  	3
		  		  	  

-        Test Data

 

-        Charts
	  	 (2)

(1)

	11	  	 Iwata prototype test results 050912.xls
	  	1
	12	  	 Thomas 2250 pump curve.xls
	  	1

							
	13	  	 Pump noise measurements 040912.doc
	  	5
	14	  	 Pump noise measurements 041017.doc
	  	4
	15	  	 Pump noise measurements 041018.doc
	  	1
	16	  	 Sound through case 041020.doc
	  	1
	17	  	 Pump bracket noise 041022.doc
	  	1
	18	  	 Inogen pump noise 041027.doc
	  	2
	19	  	 Noise comparison 041029.doc
	  	2
	20	  	 APCI Inogen noise test 041015.doc
	  	2
	21	  	 Observations on scroll noise 041201.doc
	  	3
	22	  	 Scroll Labs noise data 041214.xls
	  	2
	23’	  	Silencer Tests 050110.xls	  	5
		  		  	  

-        Summary

 

-        Data

 

-        Charts
	  	 (1)

(3)
 (1)

	 24
	  	 Feed Flow&Press Pulse_abridged 051205.xls 
	  	4 
		  		  	 -        Pressure Detail
	  	 (1)

(1) 
 (1)

(Electronic File Only)

(1)

		  		  	 -        Vacuum Detail
	  
		  		  	 -        Notes
	  
		  		  	 -        Pressure-Time Data
	  
				
		  		  	 -        Effect of Throttle Valve on Feed Flow and Pressure Pulsations
	  	
	25 	  	HiFreq Feed Pulse 051212.xls 	  	4
		  		  	  

-        Pulsation Plot

 

-        Frequency Components of

 

-        Pulsation

 

-        Plot Data

 

-        Notes

 

-        Time-Pressure Data
	  	 (1)
 (1)

 
 (Electronic File Only)

(2)
 (Electronic File
Only)

	 26
	  	 Vac Press Pulse 051209.xls
	  	4
		  		  	  

-        Flow vs. Turns

 

-        Pulse vs. Turns

 

-        Notes

 

-        Archive (included in files)
	  	 (1)

(1)
 (2)

(Electronic File Only)

	27	  	 Analysis to 12 Dec 2005 051213.doc
	  	8
	28	  	Recip-Scroll Compare 051115.xls	  	3
		  		  	  

-        Data

 

-        Piezoelectric Transducer Data

 

-        Plot

 

-        Feed Pulsation Detail Plot

 

-        Vacuum Pulsation Detail Plot
	  	 (Electronic File Only)

(1)
 (1)

(1)

	29	  	 Effect of Compression on Humidity 060601.xls
	  	1
	-	  	 Air Squared Design.jpg
	  	1
	-	  	 Conventional BLDC.jpg
	  	1
	-	  	 ThinGap Motor.jpg
	  	1
	-	  	 Rotary Valve Development
	  	23
	1	  	 Prod Port Plate 050317jpg
	  	1
	2	  	 Valve shaft twist 050317jpg
	  	1

							
	3	  	 Prod Rotor 050317.jpg
	  	1
	4	  	 Ceramic bushing detail 050406jpg
	  	1
	5	  	 Embedded debris 5120008.jpg
	  	1
	6	  	 Product rotor 5120009.jpg
	  	1
	7	  	 P5110005 Product stator.jpg
	  	1
	8	  	P5110024 Stainless brg bushing.jpg	  	1
	9	  	 rubbing area detail 050520jpg
	  	1
	10	  	 eccentric rubbing pattern 050520.jpg
	  	1
	11	  	 wear arc 050517.jpg
	  	1
	12	  	 Rotor friction and radial loads.pdf
	  	1
	13	  	 Brg radial load test rig.jpg
	  	1
	14	  	 Test rig shaft wear.jpg
	  	1
	15	  	 Test rig ceramic post test.jpg
	  	1
	16	  	 Rotor_thrust_4bed.xls
	  	1
		  		  	  

-        Pressure Data

 

-        Valve Slot and Port Geometry

 

-        Thrust Chart
	  	 (Electronic File Only)

(Electronic File Only)

(1)

	17	  	 Rotor force equations.doc
	  	2
	18	  	 Valve_leakage_data.xls
	  	2
	19	  	 Prod Valve FEA Report.doc
	  	8
	20	  	 Leakage measurements 060200.xls
	  	4
	21	  	 Leakage Report 060215.doc
	  	3
	22	  	 Leakage Report 060222.doc
	  	4
	23	  	 Rotor and Spring Report.doc
	  	14
	24	  	 New Rotor Spring Force Study.xls
	  	4
		  		  	  

-        Test Log

 

-        Motor Current Data

 

-        Feed Rotor Leak Data

 

-        Leak Test Photos
	  	 (3)

(Electronic File Only)

(Electronic File Only)

(1)

	25 	  	 Spring Measurements.xls
	  	7 
		  		  	  

-        Measured Data

 

-        Catalog Data

 

-        Bending Moment
	  	 (5)

(1)
 (2)

	 26
	  	 Gearmotor run log.xls
	  	6 
		  		  	  

-        M Series

 

-        Old Motors
	  	 (4)

(2)

	 27
	  	 Bressler_valve_bed_model.zip
	  	(Electronic File Only)
		  		  	  

-        8-32x5-8-PHMS.SLDPRT

 

-        barb-valve-1_4-id-tube.SLDPRT

 

-        barb-valve-3_8-id-tube.SLDPRT

 

-        bed-o-ring.SLDPRT

 

-        BEDTUBE-A-BAYONET.SLDASM

 

-        bed-tube-BAYONET.SLDPRT

 

-        BEDTUBE-B-BAYONET. SLDASM

 

-        cap-bayonet bed tube.SLDPRT

 

-        cap-product tank-bayonet. SLDPRT

 

-        check-smart-132.sldprt
	  	 “

“
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-        cs112 l1_0_146_2. SLDPRT

 

-        cs112_l1_2.SLDASM

 

-        cs112_l1_2.SLDPRT

 

-        diffuser-bottom. SLDASM

 

-        diffuser-bottom-drafted. SLDPRT

 

-        diffuser-top. SLDASM

 

-        diffuser-top-drafted. SLDPRT

 

-        f-ceramic-disk-4-port.sldprt

 

-        f-ceramic-disk-gasket-4-port. SLDPRT

 

-        FEED-MANIFOLD-4-PORT.SLDASM

 

-        f-manifold-motor-mount. SLDPRT

 

-        f-manifold-valve-case.sldprt

 

-        f-rotor-4-port.SLDASM

 

-        f-rotor-4-port.SLDPRT

 

-        f-rotor-back-plate.sldprt

 

-        f-rotor-ceramic-disk.sldprt

 

-        f-rotor-gasket.sldprt

 

-        gearhead-31849a.sldprt

 

-        M3X4-P-HD-SCR.SLDPRT

 

-        manifold-tube-1.SLDPRT

 

-        manifold-tube-2.SLDPRT

 

-        mesh-diffuser.SLDPRT

 

-        motor-bracket.sldprt

 

-        motor-bushing.sldprt

 

-        motor-coupling.SLDPRT

 

-        MOTOR-MANIFOLD-ASSY.SLDASM

 

-        Motor-mount.SLDPRT

 

-        p-ceramic-disk-gasket.sldprt

 

-        p-ceramic-disk.sldprt

 

-        p-manifold-4-port.SLDASM

 

-        p-manifold-4-port.SLDPRT

 

-        prod-rotor-bushing-02.SLDPRT

 

-        product-manifold-bushing.sldprt

 

-        product-tank-bayonet-ASSY.SLDASM

 

-        p-rotor-4-port.SLDASM p-rotor.SLDPRT

 

-        p-rotor-ceramic-disc.SLDPRT

 

-        p-rotor-gasket.SLDPRT

 

-        seal-plate-4-port.sldprt

 

-        SHIM_CS112_L1_0_146-4-PORT.sldprt

 

-        shock-ear-mf-200-uc08-v.sldprt

 

-        shroud-motor.sldprt

 

-        ultrasert-8-32-long.sldprt

 

-        ultrasert-8-32-short.sldprt
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		  		  	 -        valve-0-ring.sldprt

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-        valve-shaft.sldprt

-        VALVE-W-WASHER.SLDPRT

-        001bed-valve-SW-11-23-05.SLDASM

-        8-32X1 75PHMS.SLDPRT
	  	
	28	  	 Bressler_valve_bed_model.z01
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	29	  	 Bressler_valve_bed_model.z02
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	30	  	Redesigned_rotors.zip	  	(Electronic File Only)
		  		  	  

-        Product_backplate_GW_RA.SLDPRT

 

-        p-rotor-ceramic_GW_RA.SLDPRT

 

-        Rotor_location.SLDASM

 

-        Assem2.SLDASM

 

-        f-ceramic-disk-4-port.sldprt

 

-        Feed_backplate_GW.SLDPRT

 

-        f-rotor-ceramic-GW_RA.sldprt

 

-        p-ceramic-disk.sldprt

 

-        prod-rotor-bushing_GW.SLDPRT
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 EXHIBIT A 

Joinder Agreement 

 INOGEN, INC. 

JOINDER TO 
 FOURTH
AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE 
 AGREEMENT, FOURTH AMENDED AND RESTATED VOTING AGREEMENT AND 

SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

THIS JOINDER TO FOURTH AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT, FOURTH AMENDED AND RESTATED VOTING AGREEMENT AND
SIXTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Joinder Agreement”) is entered into as of July     , 2007, by and between INOGEN, INC., a Delaware corporation (the “Company”),
and AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (“Air Products”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in each of that certain Fourth Amended and Restated
Right of First Refusal and Co-Sale Agreement dated November 28, 2006 (the “Co-Sale Agreement”), Fourth Amended and Restated Voting Agreement dated November 28, 2006 (the “Voting Agreement”) and Sixth
Amended and Restated Investor Rights Agreement, dated April 20, 2007 (the “Rights Agreement,” and together with the Co-Sale Agreement and the Voting Agreement, the “Stockholder Agreements”), by and among the
Company, certain investors in the Company’s preferred stock (the “Investors”) and the other parties signatory thereto. 

RECITALS: 
 WHEREAS, the
Company has previously sold to certain of the Investors shares of its Series D Preferred Stock, par value $0.001 per share (“Series D Stock”) pursuant that certain Series D Convertible Preferred Stock Purchase Agreement dated as of
November 28, 2006 and, in connection therewith, the Company, the Investors, and certain other holders of the Company’s capital stock have entered Into each of the Stockholder Agreements; 

WHEREAS, the Company and Air Products are entering into a License Agreement of even date herewith pursuant to which Air Products shall grant
to the Company certain licenses in proprietary technology of Air Products, and, in partial consideration therefor, the Company shall issue and grant to Air Products 3,424,658 shares of Series D Stock; and 

WHEREAS, Air Products desires to become a party to, and be bound by, the terms and conditions of each of the Stockholder Agreements with
respect to the shares of Series D Stock to be issued to Air Products contemporaneously herewith, and the Company and each of the other parties to the Stockholder Agreements is willing to add Air Products as a party to such agreements in such
capacity. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows:

 1. The Company and Air Products hereby agree to incorporate, and be bound by, the terms and
conditions of each of the Co-Sale Agreement, the Voting Agreement and the Rights Agreement, copies of which are attached hereto as Exhibit A, Exhibit B and Exhibit C, respectively. Air Products shall be deemed to be an
“Investor” under each of the Stockholder Agreements. Air Products shall be bound by all the terms and conditions of, and entitled to the benefits of, an Investor with respect to shares of Series D Stock held by Air Products, with the same
force and effect as if Air Product were originally a party thereto. The schedule of Investors attached to each of the Stockholder Agreements shall be amended to include Air Products and the shares of Series D Stock held thereby. 

2. This Joinder Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute
one agreement. 
 3. Except as otherwise set forth herein, each of the Co-Sale Agreement, the Voting Agreement and the Rights Agreement is
unmodified and shall remain in full force and effect. 
 4. This Agreement shall be governed by and construed under the laws of the State of
California without regard for conflicts of laws principles. 
 [Signature Page Follows] 

  
 -2- 

 IN WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as of the date first
set forth above. 
  

			
	INOGEN, INC.
		
	By:	 	 
		 	Kathy Odell
		 	President & Chief Executive Officer

 
			
	
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	 

 
			
	 Name:
	 	John C. Tao
	 Title:
	 	Director, Corporate Technology Partnerships

 EXHIBIT B 

FIFTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

THIS FIFTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 28th day of November,
2006, by and among Inogen, Inc., a Delaware corporation (the “Company”), and the investors listed on Schedule A hereto (each, an “Investor” and collectively the “Investors”). 

RECITALS: 

WHEREAS, the Company and certain of the Investors have entered into that certain Series D Preferred Stock Purchase Agreement of even date
herewith (the “Purchase Agreement”), which provides for, among other things, the purchase by such Investors of shares of Series D Preferred Stock of the Company; 

WHEREAS, the Company and certain of the Investors are parties to that certain Investors’ Rights Agreement, dated July 21, 2006, (the
“Prior Agreement”); and 
 WHEREAS, in order to induce certain of the Investors to enter into the Purchase Agreement and
purchase shares of Series D Preferred Stock thereunder, the Company and the Investors have agreed to enter into this Agreement, which amends and restates the Prior Agreement in its entirety. 

AGREEMENT: 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereto agree that the Rights Agreement
shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 
 1. Registration
Rights. The Company covenants and agrees as follows: 
 1.1 Definitions. For purposes of this Section 1: 

(a) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(b) The term “Act” means the Securities Act of 1933, as amended. 

(c) The term “Form S-3” means such form under the Act as in effect on the date
hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(d) The term “Holder” means any person owning of record, or having the right to acquire, Registrable Securities that have
not been sold to the public, or any assignee of record of such Registrable Securities in accordance with Section 1.12 hereof. 

 (e) The term “Initial Offering” means the Company’s first firm commitment
underwritten public offering of its Common Stock under the Act, with aggregate proceeds of at least fifteen million dollars ($15,000,000) (before deduction of underwriters commissions and expenses) at a public offering price of at least $3.65 (as
adjusted for stock splits, stock dividends, combinations and the like). 
 (f) The terms “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of
such registration statement or document. 
 (g) The term “Registrable Securities” means (i) the Series A
Registrable Securities (as defined below), (ii) the Series B Registrable Securities (as defined below), (iii) the Series C Registrable Securities (as defined below), (iv) the Series D Registrable Securities (as defined
below) and (v) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in
replacement of, the shares referenced in (i), (ii), (iii), and (iv) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned or that have
been sold by a person pursuant to a registration statement under the Act covering such Registrable Securities that has been declared effective by the SEC or in an open market transaction under Rule 144. The number of shares of Registrable
Securities outstanding shall be determined by the number of shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then-exercisable or convertible securities that are, Registrable Securities. 

(h) The term “Rule 144” means Rule 144 under the Act. 

(i) The term “Rule 144(k)” means subsection (k) of Rule 144 under the Act. 

(j) The term “SEC” means the Securities and Exchange Commission. 

(k) The term “Series A Registrable Securities” means the Common Stock issuable or issued upon conversion of the
Series A Preferred Stock. 
 (l) The term “Series B Registrable Securities” means the Common Stock issuable or
issued upon conversion of the Series B Preferred Stock. 
 (m) The term “Series C Registrable Securities” means
the Common Stock issuable or issued upon conversion of the Series C Preferred Stock. 
 (n) The term “Series D
Registrable Securities” means the Common Stock issuable or issued upon conversion of the Series D Preferred Stock. 

  
 -2- 

 1.2 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Series A Preferred Stock, the Series B Preferred
Stock, the Series C Preferred Stock, the Series D Preferred Stock (collectively, the “Preferred Stock”) or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made
in accordance with such registration statement; or 
 (ii) (A) The transferee has agreed in writing to be bound by the terms of this
Agreement to the same extent as if such transferee were the original Holder hereunder, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the
circumstances surrounding the proposed disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not
require registration of such shares under the Securities Act. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. 

(b) Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that is (A) a
partnership transferring to its partners or former partners in accordance with partnership interests, (B) a corporation transferring to a wholly-owned subsidiary or a parent corporation that owns all of the capital stock of the Holder, or to
any corporation or entity that is, within the meaning of the Act, controlling, controlled by or under common control with, any such Holder, (C) a limited liability company transferring to its members, former members or equity holders in
accordance with their interest in the limited liability company, (D) a venture capital fund that is transferring to an affiliated venture capital fund or (E) an individual transferring to the Holder’s family member or trust for the
benefit of an individual Holder; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder hereunder. 

1.3 Request for Registration. 

(a) Subject to the conditions of this Section 1.3, if the Company shall receive at any time after the earlier of (i) July 10,
2008, or (ii) six (6) months after the effective date of the Initial Offering, a written request from the Holders of fifty percent (50%) or more of the Registrable Securities then outstanding (for purposes of this Section 1.3,
the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities, then the Company shall, within ten (10) days of the receipt thereof, give written
notice of such request to all Holders, and subject to the limitations of this Section 1.3, use its best efforts to file, as soon as practicable, and in any event within ninety (90) days of the receipt of such request, a registration
statement under the Act covering all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this
Section 1.3(a). 

  
 -3- 

 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their
request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.3 and the Company shall include such information in the written notice referred to in Section 1.3(a). In such
event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting (unless otherwise mutually agreed by two-thirds in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 1.3, if the underwriter advises the Company that marketing factors require a
limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be
included in the underwriting shall be allocated as follows: first, to the holders of Registrable Securities on a pro rata basis based on the number of Registrable Securities by all such Holders (including the Initiating Holders) and second, to the
other securities to be included in such registration. In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such
underwriting shall be withdrawn from the registration. 
 (c) The Company shall not be required to effect a registration pursuant to this
Section 1.3: 
 (i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of
process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; 

(ii) after the Company has effected two (2) registrations pursuant to this Section 1.3, and such registrations have been declared
or ordered effective; 
 (iii) during the period starting with the date ninety (90) days prior to the Company’s good faith
estimate of the date of the filing of, and ending on a date ninety (90) days after the effective date of, a registration subject to Section 1.4 hereof, unless such offering is the Initial Offering, in which case, ending on a date one
hundred eighty (180) days after the effective date of such registration subject to Section 1.4, provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement
to become effective and provided, in the case of a public offering other than the Initial Offering, that the Initiating Holders were permitted to register such shares as requested to be registered pursuant to Section 1.4 hereof without
reduction by the underwriter thereof; 
 (iv) if the Initiating Holders propose to dispose of Registrable Securities that may be
immediately registered on Form S-3 pursuant to Section 1.5 hereof; or 
 (v) if the
Company shall furnish to Holders within thirty (30) days after requesting a registration statement pursuant to this Section 1.3, a certificate signed by the 

  
 -4- 

 
Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company
and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating
Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12) month period. 
 1.4
Company Registration. 
 (a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a
registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of
securities of participants in a Company stock plan, a registration relating to a transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in a
registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered), the Company shall,
at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with Section 3.4, the Company
shall, subject to the provisions of Section 1.4(c), cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. If a Holder decides not to include all of its Registrable
Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be
filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (b) Right to
Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.4 prior to the effectiveness of such registration whether or not any Holder has elected to include
securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Section 1.8 hereof. 

(c) Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital
stock, the Company shall not be required under this Section 1.4 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters
selected by it (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity as the underwriters determine in their sole discretion will
not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company
that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, that the
underwriters determine in their sole discretion 

  
 -5- 

 
will not jeopardize the success of the offering. If the Holders are so limited by the underwriters’ determination, the number of shares that may be included in the underwriting shall be
allocated, first, to the Company; second, to the Holders on a pro rata basis based on the total number of Registrable Securities held by the Holders; and third, to any stockholder of the Company (other than a Holder) on a pro rata basis. In the
event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata
among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall the amount
of Registrable Securities of the selling Holders included in the offering be reduced below twenty-five percent (25%) of the total amount of securities included in such offering, unless such offering is the Initial Offering, in which case the
selling Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall
be excluded and withdrawn from the registration. For purposes of the preceding sentences concerning apportionment, for any selling stockholder that is a Holder of Registrable securities and that is a venture capital fund, partnership, limited
liability company, or corporation, the affiliated venture capital funds, partners, retired partners, members and stockholders of such Holder, or the estates and family members of any such partners and retired partners, members and any trusts for the
benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by
all such related entities and individuals. 
 1.5 Form S-3 Registration. In case the
Company shall receive from the Holders of Registrable Securities (for purposes of this Section 1.5, the “Initiating Holders”) a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall: 

(a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 

(b) as soon as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit
or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holders joining in such
request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company shall not be obligated to effect any such registration,
qualification or compliance, pursuant to this Section 1.5: 
 (i) if Form S-3 is not
available for such offering by the Holders; 

  
 -6- 

 (ii) if the Holders, together with the holders of any other securities of the Company entitled
to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000; 

(iii) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.5, a certificate signed by
the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration
statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders, provided that such right
shall be exercised by the Company not more than once in any twelve (12) month period; 
 (iv) if the Company has, within the twelve
(12) month period preceding the date of such request, already effected two (2) registrations on Form S-3 pursuant to this Section 1.5; or 

(v) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance. 
 (c) If the Initiating Holders intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.5 and the Company shall include such information in the written notice
referred to in Section 1.5(a). The provisions of Section 1.3(b) shall be applicable to such request (with the substitution of Section 1.5 for references to Section 1.3). 

(d) Subject to the foregoing, the Company shall use its best efforts to file a registration statement covering the Registrable Securities and
other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders. Registrations effected pursuant to this Section 1.5 shall not be counted as requests for registration
effected pursuant to Section 1.3. 
 1.6 Obligations of the Company. Whenever required under this Section 1 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC
a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective, and, keep such registration statement effective for a period of up to one
hundred eighty (180) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 
 (b)
prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as 

  
 -7- 

 
may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of
the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) use all commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions; 
 (e) in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under
such an agreement; 
 (f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(g) cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or trading system
and on each securities exchange and trading system on which similar securities issued by the Company are then listed; 
 (h) provide a
transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 

(i) use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this
Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, or if such securities
are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such
registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter dated
such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters,
if any, and to the Holders requesting registration of Registrable Securities. 

  
 -8- 

 Notwithstanding the provisions of this Section 1, the Company shall upon written notice to
the participating Holders be entitled to postpone or suspend, for a reasonable period of time (but in no event exceeding sixty (60) days from such notice) (the “Suspension Period”), the filing, effectiveness or use of, or
trading under, any registration statement if the Company shall determine that any such filing or the sale of any securities pursuant to such registration statement would: 

(i) in the good faith judgment of the Board of Directors of the Company, materially impede, delay or interfere with any material pending or
proposed financing, acquisition, corporate reorganization or other similar transaction involving the Company for which the Board of Directors of the Company has authorized negotiations; 

(ii) in the good faith judgment of the Board of Directors of the Company, materially adversely impair the consummation of any pending or
proposed material offering or sale of any class of securities by the Company; or 
 (iii) in the good faith judgment of the Board of
Directors of the Company, require disclosure of material nonpublic information that, if disclosed at such time, would be materially harmful to the interests of the Company and its stockholders; provided, however, that during any such
period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any security of any of the Company’s subsidiaries or affiliates). 

In the event of the suspension of effectiveness of any registration statement pursuant to this Section 1.6, the applicable time period
during which such registration statement is to remain effective shall be extended by that number of days equal to the duration of the Suspension Period. No more than one (1) such Suspension Period shall occur in any twelve (12) month
period and, with respect to the filing of any registration statement, such Suspension Period may only be in lieu of any delay provided for in Section 1.3(c)(v) or Section l.5(b)(iii), as applicable. 

1.7 Information from Holder. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such
securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
 1.8 Expenses of
Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.3, 1.4 and 1.5, including (without limitation) all registration, filing
and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one special counsel for the selling Holders shall be borne by the Company. Notwithstanding the
foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.3 or Section 1.5 if the registration request is subsequently withdrawn at the request of the Holders of
two-thirds of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless, in
the case of a registration requested under Section 1.3 or 

  
 -9- 

 
Section 1.5, the Holders of two-thirds of the Registrable Securities agree to forfeit their right to one (1) demand registration pursuant to Section 1.3 and provided,
however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the
request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.3. 

1.9 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers, directors and
stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act,
against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws, any rule or regulation promulgated under the Act, the 1934 Act or any state securities
laws or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a
“Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the
Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws; and the Company will reimburse each such Holder, underwriter, controlling person or other
aforementioned person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that
the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall
not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity
with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling person or other aforementioned person. 

(b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its
officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration
statement or any of such other Holder’s partners, members, directors or officers or 

  
 -10- 

 
any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities to which any of the foregoing persons may become subject, under the Act, the
1934 Act, any state securities laws, any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto)
arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with
such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.10(b) for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any
such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the indemnity agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this subsection 1.10(b) exceed the net
proceeds from the offering received by such Holder. Without limiting the generality of the foregoing or the generality of the definition of “Violation” contained in subsection 1.10(a), for purposes of this subsection 1.10(b), the term
“Violation” shall include the failure by or on behalf of the selling Holder, or any person controlling such Holder, to deliver to any person who purchased shares in the offering from such selling Holder a copy of the most current
prospectus, if required by law so to have been delivered at or prior to the written confirmation of the sale of the shares to such person, and if the delivery of the prospectus (as so amended or supplemented) would have cured the defect giving rise
to such Violation. 
 (c) Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any
action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually
satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with
the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified
party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to
defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.10 to the extent of such prejudice, but the omission so to deliver written notice to the indemnifying party will not relieve it
of any liability that it may have to any indemnified party otherwise than under this Section 1.10. 
 (d) If the indemnification
provided for in this Section 1.10 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such lass, liability, claim, damage or expense in such proportion

  
 -11- 

 
as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) that resulted in such loss,
liability, claim, damage or expense, as well as any other relevant equitable considerations; provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.10(b),
shall exceed the net proceeds from the offering received by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to
correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification
and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 
 1.11 Reports Under the 1934 Act. With a view to
making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms
are understood and defined in Rule 144, at all times after ninety (90) days after the effective date of the Initial Offering; 

(b) file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by the
Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the Act and the 1934 Act (at any time after it
has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that
permits the selling of any such securities without registration or pursuant to such form. 
 1.12 Assignment of Registration Rights.
The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) is a subsidiary,
parent, 

  
 -12- 

 
partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or
(iii) after such assignment or transfer, holds at least 100,000 shares of the original Holder’s Registrable Securities, or all of the original Holder’s Registrable Securities, if less than 100,000 (subject to appropriate adjustment
for stock splits, stock dividends, combinations and other recapitalizations), provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or
assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without
limitation, the provisions of Section 1.14 below; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act.

 1.13 “Market Stand-Off” Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the
managing underwriter, during the period commencing on the effective date of the registration statement relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to
exceed one hundred eighty (180) days), (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer
or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held during such period, or (ii) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or such other securities, in
cash or otherwise. The foregoing provisions of this Section 1.13 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and one
percent (1%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company’s Initial Offering are intended third party beneficiaries of this Section 1.13 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with
this Section 1.13 or that are necessary to give further effect thereto. 
 In order to enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

1.14 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 1 after
five (5) years following the consummation of the Initial Offering; provided however that as to any Holder, such Holder shall not be entitled to registration rights during such earlier time at which such Holder can sell all Registrable
Securities held by it during any three (3) month period without registration in compliance with Rule 144 including, without limitation, Rule 144(k). 

1.15 Limitation on Subsequent Registration Rights. After the date of this Agreement, the Company shall not, without the prior written
consent of the Holders of at least a 

  
 -13- 

 
majority of the registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration
rights on a parity with or senior to those granted to the Holders hereunder. 
 2. Covenants of the Company. 

2.1 Delivery of Financial Statements. The Company shall deliver to each Holder (or transferee of a Holder) that holds at least 100,000
shares (as adjusted for stock splits, dividends, combinations and the like with respect to such shares) of Preferred Stock or Registrable Securities (each a “Major Investor”): 

(a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, an income
statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared
in accordance with generally accepted accounting principles (“GAAP”) and certified by independent public accountants of recognized national standing selected by the Company; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 

(c) with respect to the financial statements called for in subsection (b) of this Section 2.1, an instrument executed by the Chief
Financial Officer or President of the Company certifying that such financials were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and
fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment; and 

(d) annually (and in any event no later than ten (10) days after adoption by the Board of Directors of the Company) the operating plan
of the Company, in the form approved by the Board of Directors, which operating plan shall include at least a projection of income and a projected cash flow statement for each fiscal quarter in such fiscal year and a projected balance sheet as of
the end of each fiscal quarter in such fiscal year. Any material changes in such operating plan shall be delivered to each Major Investor as promptly as practicable after such changes have been approved by the Board of Directors. 

(e) such other information relating to the financial condition, business or corporate affairs of the Company as the Major Investor may from
time to time reasonably request, provided, however, that the Company shall not be obligated under this subsection (e) or any other subsection of Section 2.1 to provide information that it deems in good faith to be a trade
secret or similar confidential information. 
 2.2 Inspection. The Company shall permit each Major Investor, at such Major
Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account 

  
 -14- 

 
and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times during normal business hours as may be requested by the Major
Investor; provided, however, that at the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it deems in good faith to be a trade secret or similar confidential information. 

2.3 Termination of Information and Inspection Covenants. The covenants set forth in Sections 2.1 and 2.2 shall terminate and be of
no further force or effect (i) upon the Initial Offering, (ii) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, or (iii) the Consummation of the merger or
consolidation of the Company or a subsidiary of the Company with or into another entity (except one in which the holders of capital stock of the Company as constituted immediately prior to such merger or consolidation continue to hold at least 50%
of the voting power of the capital stock of the Company or the surviving or acquiring entity in substantially the same relative proportions), whichever event shall first occur. 

2.4 Right of First Offer. Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to each
Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). Except as otherwise set forth herein, each time the Company proposes to offer any shares of, or securities convertible into or
exchangeable or exercisable for any shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 

(a) The Company shall deliver a notice in accordance with Section 3.4 (“Notice”) to the Major Investors stating (i) its
bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company within fifteen (15) calendar days after receipt of the Notice, each Major Investor
may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Registrable Securities issued and held by such Major Investor bears to
the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). The Company shall promptly, in writing, inform each Major Investor
that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to exercise its rights hereunder to purchase its pro rata portion of the Shares. During the ten
(10) day period commencing after such information is given, each Fully-Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by the Major
Investors that is equal to the proportion that the number of shares of Registrable Securities issued and held by such Fully-Exercising Investor bears to the total number of shares of Common Stock of the Company (assuming full conversion and exercise
of all convertible and exercisable securities then outstanding) held by all Fully Exercising Investors. 
 (c) If all Shares that Major
Investors are entitled to obtain pursuant to subsection 2.4(b) are not elected to be obtained as provided in subsection 2.4(b) hereof, the 

  
 -15- 

 
Company may, during the forty-five (45) day period following the expiration of the period provided in subsection 2.4(b) hereof, offer the remaining unsubscribed portion of such Shares to any
person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not sell the Shares within such period, the right provided hereunder shall be deemed to be
revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of
first offer in this Section 2.4 shall not be applicable to (i) the shares of Common Stock reserved for issuances to directors, officers, employees and consultants pursuant to such arrangements, contracts or plans recommended by management
and approved by the Board of Directors, (ii) the issuance of securities in connection with an acquisition of another business entity by the Company by merger, purchase of substantially all of the assets or other reorganization approved by the
Company’s Board of Directors whereby the Company will own more than fifty percent (50%) of the voting power of such business entity or business segment of such entity; (iii) the issuance of securities to financial institutions or
lessors in connection with commercial credit arrangements, equipment financings or similar transactions approved by the Company’s Board of Directors, (iv) the Series A Registrable Securities, Series B Registrable Securities,
Series C Registrable Securities and Series D Registrable Securities, (v) the issuance of securities in a public offering, (vi) the issuance of securities pursuant to currently outstanding options, warrants, notes, or other rights
to acquire securities of the Company, (vii) the issuance of securities in connection with corporate partnering transactions on terms approved by the Board of Directors (including at least the director elected by the holders of Series C
Registrable Securities and the director elected by the holders of Series D Registrable Securities), or (viii) stock splits, stock dividends or like transactions. In addition to the foregoing, the right of first offer in this
Section 2.4 shall not be applicable with respect to any Major Investor and any subsequent offering of Shares if the offer and sale to such Major Investor would cause the Company to be in violation of applicable federal or state securities laws
by virtue of such offer or sale without any available exemption therefrom. 
 (e) The right of first offer under this Section 2.4 may
not be assigned or transferred, except that (i) such right is assignable by each Major Investor to any affiliated venture capital fund or any wholly owned subsidiary or parent of, or to any corporation or entity that is, within the meaning of
the Act, controlling, controlled by or under common control with, any such Major Investor, and (ii) such right is assignable between and among Major Investors. 

(f) The covenants set forth in this Section 2.4 shall terminate and be of no further force or effect (i) upon the Initial Offering,
or (ii) upon the consummation of the merger or consolidation of the Company or any subsidiary of the Company with or into another entity (except one in which the holders of capital stock of the Company as constituted immediately prior to such
merger or consolidation continue to hold at least 50% of the voting power of the capital stock of the Company or the surviving or acquiring entity in substantially the same relative proportions), (iii) whichever event shall first occur. 

2.5 Proprietary Information and Inventions Agreements. The Company will cause each person now or hereafter employed or engaged by it or
any subsidiary with access to 

  
 -16- 

 
confidential information to enter into a proprietary information and inventions agreement substantially in the form approved by the Board of Directors. 

2.6 Board of Directors. 

(a) Each committee established by the Board of Directors shall include the director elected by the holders of Series D Registrable
Securities, unless such director declines to participate. The Company will reimburse the reasonable out-of-pocket expenses (including travel, food and lodging expenses) of each non-employee member of the Board of Directors actually incurred in
connection with such member’s attendance of the meetings of the Company’s Board of directors or any committee thereof. The Company shall enter into an indemnification agreement with each of its directors to indemnify such directors to the
maximum extent permissible under applicable law in an amount and pursuant to such terms as are approved by the Company’s Board of Directors, but in any event with coverage equal to at least $3,000,000. 

(b) The Company and the Investors agrees that Arboretum Ventures (“Arboretum”) shall have the right to have one observer
attend all meetings of the Board of Directors in a nonvoting, observer capacity, to receive notice of such meetings and to receive the information provided by the Company to the Board of Directors (the “Observation Rights”). The
Company may require as a condition precedent to the Observation Rights of Arboretum that each person proposing to attend any meeting of the Board of Directors as Arboretum’s observer and each person to have access to any of the information
provided by the Company to the Board of Directors shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so received during such meetings or otherwise; and, provided further, that the
Company reserves the right not to provide information and to exclude Arboretum (or its representatives) from any meeting or portion thereof if delivery of such information or attendance at such meeting by Arboretum (or its representatives) would
result in disclosure of trade secrets to such Investor or its representative or would adversely affect the attorney-client privilege between the Company and its counsel or if Arboretum (or its representatives) is a direct competitor of the Company.

 2.7 Limitation on Drag Along Agreements. Any drag-along or equivalent agreement to which the Company and the Holders may become a
party in the future shall provide that in no event will any Holder be required to agree to sell any capital stock of the Company unless the liability for indemnification, if any, of such Holder is several, not joint, is pro rata in accordance with
such Holder’s relative stock ownership of the Company as of the closing of such sale of the Company, and, except in the case of potential liability for fraud or willful misconduct by such Investor, will not exceed the consideration payable to
such Holder, if any, in such sale of the Company. 
 2.8 Additional Issuances of Capital Stock. The Company will not, without the
approval of the Board of Directors (including at least one director elected by the holders of the Series C Registrable Securities), issue any additional shares of Preferred Stock or Common Stock, except for issuances of Common Stock or options
to purchase Common Stock under the Company’s equity incentive plans that are approved by the Board of Directors (including at the director elected by the holders of Series C Registrable Securities and the director elected by the holders of
Series D Registrable Securities). 

  
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 3. Miscellaneous. 

3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit
of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties
hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements
among California residents entered into and to be performed entirely within California. 
 3.3 Titles and Subtitles. The titles and
subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.4 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages or schedules attached hereto (or at such other addresses as shall be specified by notice given in accordance with
this Section 3.4). 
 3.5 Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

3.6 Entire Agreement; Amendments and Waivers. This Agreement (including the schedules or exhibits hereto, if any) and the documents
delivered pursuant thereto constitute the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof and supersedes all other agreements with regard thereto, including the Prior Rights Agreement.
This Agreement may be amended or terminated and the observance of any term of this Agreement may be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively) with
the written consent of the Company and the holders of at least two-thirds of the Registrable Securities. Notwithstanding the foregoing, (x) this Agreement may not be amended or terminated and the observance of any term hereunder may not be
waived with respect to any Holder without the written consent of such Holder unless such amendment, termination or waiver applies to all Holders in the same fashion (it being agreed that a waiver of the provisions of Section 2.4 with respect to
a particular transaction shall be deemed to apply to all Major Investors in the same fashion, notwithstanding the fact that certain Major Investors may nonetheless, by agreement with the Company, purchase securities in such transaction) and does not
treat holders of different series of Preferred Stock differently and (y) Section 2.7 hereof may not be amended without the consent of Novo A/S. Any amendment or 

  
 -18- 

 
waiver effected in accordance with this paragraph shall be binding upon each Holder of any Registrable Securities, each future Holder of all such Registrable Securities, and the Company. 

3.7 Severability. If any provision or set of provisions of this Agreement (or any portion thereof) is held by an arbitrator or court of
competent jurisdiction to be invalid, illegal or unenforceable for any reason whatever: (a) such provision shall be limited or modified in its application to the minimum extent necessary to avoid the invalidity, illegality or unenforceability
of such provision and such modified provision shall be reduced to a writing and signed by the parties hereto; (b) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or
impaired thereby; and (c) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision (or portion thereof) held invalid, illegal or unenforceable. 

3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliated entities (including affiliated venture
capital funds) or persons or partners or former partners or members of a Major Investor shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

3.9 Facsimile and Counterparts. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties
hereto, and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and an executed copy of this Agreement may be delivered by one or more parties hereto by
facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any
party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

3.10 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon
any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any
similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any
waiver on such party’s part of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise
afforded to any party, shall be cumulative and not alternative 
 3.11 Further Assurances. Each party hereto agrees to execute and
deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more fully effectuate this
Agreement. 
 3.12 Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this
Agreement, the prevailing party in such dispute shall be entitled to recover 

  
 -19- 

 
from the losing party such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

[Signature Pages Follow] 

  
 -20- 

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

			
	INOGEN, INC.
	
	/s/ Kathy Odell
	Kathy Odell
	Chief Executive Officer
	Address:	 	 120 Cremona Drive, Suite B
 Goleta, CA 93117

Fax (805) 562-0516

 [Signature Page to Inogen, Inc. Fifth Amended and Restated Investor Rights Agreement] 

 
			
	INVESTORS:
	
	Novo A/S
		
	By:	 	/s/ Urlik Spork
		 	Urlik Spork
		 	Senior Partner

  

			
	Avalon Ventures VII, L.P.
		
	By:	 	Avalon Ventures VII GP, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	/s/ Kevin J. Kinsella
		 	 Kevin J. Kinsella
 Managing
Director

  

			
	 Versant Venture Capital II, L.P.

Versant Affiliates Fund II-A, L.P.
 Versant Side Fund
II, L.P.

		
	By:	 	Versant Ventures II, L.L.C.
	Each of Its General Partner

  

			
	By:	 	/s/ William J. Link
		 	 William J. Link, Ph.D.
 Managing
Director

  

			
	AMV Partners I, L.P.
		
	By:	 	Accuitive Medical Ventures, L.L,C.
	Its:	 	General Partner

  

			
	By:	 	/s/ Thomas D. Weldon
	Name:	 	 Thomas D. Weldon
 Managing
Director

 [Signature Page to Inogen, Inc. Fifth Amended and Restated Investor Rights Agreement] 

 
			
	Arboretum Ventures 1, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	 Timothy B. Petersen
 Managing
Director

  

			
	Arboretum Ventures 1-A, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	 Timothy B. Petersen
 Managing
Director

  

			
	Launch Point Technologies, LLC
		
	By:	 	/s/ Brad Paden
		 	 Brad Paden
 President

  

			
	 Stephen E. Cooper Family Partnership

The Cooper Revocable Trust Dtd 7/26/96

		
	By:	 	/s/ Stephen E. Cooper
		 	 Stephen E. Cooper
 Trustee

  

			
	 The UCSB Foundation
 f/b/o
The College of Engineering

		
	By:	 	/s/ Authorized Representative
	Name:	 	 
	Title:	 	 

 [Signature Page to Inogen, Inc. Fifth Amended and Restated Investor Rights Agreement] 

			
	The Delimit Family Revocable Trust, u/t/d 3/6/84
		
	By:	 	/s/ Charles L. DeHont
		 	 Charles L. DeHont
 Trustee

  

	
	/s/ Robert C. Bodine
	Robert C. Bodine

  

	
	/s/ Duard Enoch
	Duard Enoch

  

			
	Louis and Bernice Weider Family Trust, u/t/d 12/23/93
		
	By:	 	/s/ Louis Weider
		 	 Louis Weider
 Trustee

  

			
	Scar Family Trust u/t/d 1/4/78
		
	By:	 	/s/ Howard Scar
		 	 Howard Scar
 Trustee

  

			
	The Raymond Lawrence Henricksen and Susan Lynn Henricksen Living Trust u/t/d 9/17/90
		
	By:	 	/s/ Raymond Lawrence Henricksen
		 	 Raymond Lawrence Henricksen

Trustee

 [Signature Page to Inogen, Inc. Fifth Amended and Restated Investor Rights Agreement] 

 
			
	Debcor Corp. Defined Benefit Pension Plan
		
	By:	 	/s/ Richard H. Childress
		 	 Richard H. Childress

Trustee

  

	
	/s/ John Petote
	John Petote

  

	
	/s/ M. Lynn Brewer
	M. Lynn Brewer

 [Signature Page to Inogen, Inc. Fifth Amended and Restated Investor Rights Agreement] 

 SCHEDULE A 

LIST OF INVESTORS 
  

																	
	 	  	No. of Shares of Preferred Stock	 
	 Investor Name and Address
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 LAUNCH POINT TECHNOLOGIES, LLC
(f/k/a Magnetic Moments, LLC)
*
*
	  	 	400,000	  	  				  				  	 	39,569	  
	 AVALON VENTURES VII, L.P.
*
*
	  				  				  				  	 	5,486,351	  
	 AMV PARTNERS, I, L.P.
Accuitive Medical Ventures
*
*
	  				  				  	 	4,266,212	  	  	 	3,577,266	  
	 VERSANT VENTURE CAPITAL II, L.P.
*
*
	  				  	 	9,826,700	  	  	 	4,836,671	  	  	 	14,824,980	  
	 VERSANT AFFILIATES FUND II-A, L.P.
*
*
	  				  	 	186,484	  	  	 	91,787	  	  	 	281,336	  
	 VERSANT SIDE FUND II, L.P.
*
*
	  				  	 	87,826	  	  	 	43,228	  	  	 	132,497	  
	 DUARD ENOCH
*
*
	  				  	 	131,877	  	  	 	34,130	  	  	 	42,469	  
	 THE DEHONT FAMILY REVOCABLE
TRUST
*
*
	  				  	 	290,641	  	  	 	137,153	  	  			
	 ROBERT C. BODINE
*
*
	  				  	 	194,411	  	  				  			
	 LOUIS AND BERNICE WEIDER FAMILY
TRUST
*
*
	  				  	 	161,656	  	  	 	76,285	  	  	 	289,958	  
	 SCAR FAMILY TRUST
*
*
	  				  	 	128,888	  	  				  			
	 THE HENRICKSEN LIVING TRUST DATED
OCTOBER 20TH, 2003
*
*
	  				  	 	261,207	  	  				  			
	 DEBCOR CORP. DEFINED BENEFIT PENSION
PLAN
*
*
	  				  	 	128,417	  	  	 	60,599	  	  	 	71,806	  

  
 A-1 

																	
	 	  	No. of Shares of Preferred Stock	 
	 Investor Name and Address
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 JOHN PETOTE
*
*
	  				  	 	127,559	  	  	 	60,195	  	  	 	75,110	  
	 M. LYNN BREWER
*
*
	  				  	 	255,782	  	  	 	120,703	  	  	 	64,453	  
	 THE COOPER REVOCABLE TRUST DTD 7/26/96,
STEPHEN E.
COOPER AND
SUSAN D. COOPER TRUSTEES
*
*
	  	 	1,450,000	  	  	 	911,375	  	  	 	100,000	  	  	 	543,416	  
	 THE STEPHEN E. COOPER FAMILY
PARTNERSHIP
*
*
	  				  				  	 	406,945	  	  	 	10,000	  
	 DANIEL THOMAS
*
*
	  				  				  	 	5,000	  	  			
	 THE UCSB FOUNDATION F/B/O THE COLLEGE OF
ENGINEERING
*
*
	  	 	150,000	  	  				  				  			
	 ARBORETUM VENTURES 1, LLC
*
*
	  				  				  				  	 	1,438,356	  
	 ARBORETUM VENTURES 1-A, LLC
*
*
	  				  				  				  	 	958,904	  
	 NOVO A/S
*
*
*
	  				  				  				  	 	10,958,904	  

  
 A-2 

 FOURTH AMENDED AND RESTATED 

RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 

THIS FOURTH AMENDED AND RESTATED RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (the Agreement”) is entered into as of the 28th day
of November, 2006, by and among Inogen, Inc., a Delaware corporation (the “Company”), the parties listed on the Schedule of Investors attached as Schedule A hereto (each, an “Investor” and, collectively, the
“Investors”), and the parties listed on the Schedule of Founders attached as Schedule B hereto (the “Founders”). The Company, the Founders and the Investors are individually each referred to herein as a
“Party” and are collectively referred to herein as the “Parties.” The Company’s Board of Directors is referred to herein as the “Board.” The shares of the Company’s Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock may be referred to herein as the “Preferred Stock.” 

RECITALS: 

WHEREAS, each Founder is the beneficial owner of the number of shares of Common Stock of the Company set forth opposite his/her name on
Schedule B hereto; and 
 WHEREAS, the Company, the Founders, and certain of the Investors are parties to that certain Third Amended
and Restated Right of First Refusal and Co-Sale Agreement, dated July 21, 2006 (the “Prior Agreement”); and 

WHEREAS, pursuant to the Series D Preferred Stock Purchase Agreement, dated as of the date hereof, the Company has proposed to sell additional
shares of Series D Preferred Stock to the Investors, and it is a condition to the parties’ obligations under such agreement that the Company, the Founders, and the Investors enter into this Agreement, which amends and restates the Prior
Agreement in its entirety. 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties to the Prior Agreement hereby agree that
the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto agree as follows: 
 1.
Definitions. For the purposes of this Agreement 
 (a) “Delivery” shall be deemed to have been made in accordance
with Section 6 below. 
 (b) The term “Equity Securities” means any securities now owned or subsequently acquired by
a Founder (or a transferee in accordance with Section 2.4 herein) having voting rights in the election of the Board of the Company, or any securities evidencing an ownership interest in the Company, or any securities convertible into or
exercisable for any shares of the foregoing. 

 (c) The term “Holder” means any Investor who holds at least 200,000 shares of
Preferred Stock, or 200,000 shares of Common Stock (issued or issuable upon conversion of the Preferred Stock of the Company (in each of the foregoing cases as adjusted for stock splits, dividends and the like with respect to such series or class of
stock) and their permitted transferees pursuant to Section 3 hereof. 
 (d) The term “Parties” means the Company, the
Investors and the Founders. 
 (e) The term “Transfer” shall include any sale, assignment, encumbrance, hypothecation,
pledge, conveyance in trust, gift, transfer by bequest, devise or descent, or other transfer or disposition of any kind, including, but not limited to, transfers pursuant to divorce or legal separation, transfers to receivers, levying creditors,
trustees or receivers in bankruptcy proceedings or general assignees for the benefit of creditors, whether voluntary, involuntarily or by operation of law, directly or indirectly, of any of the Equity Securities. 

2. Agreements Among the Company, the Investors and the Founders. 

2.1 Rights of Refusal. 

(a) Transfer Notice. If at any time a Founder proposes to Transfer Equity Securities (a “Selling Founder”), then the
Selling Founder shall promptly give the Company and each Holder Written notice of the Selling Founder’s intention to make the Transfer (the “Transfer Notice”). The Transfer Notice shall include (i) a description of the
Equity Securities to be transferred (“Offered Shares’), (ii) the name(s) and address(es) of the prospective transferee(s), (iii) the consideration and (iv) the material terms and conditions upon which the proposed
Transfer is to be made. The Transfer Notice shall certify that the Selling Founder has received a firm offer from the prospective transferee(s) and in good faith believes a binding agreement for the Transfer is obtainable on the terms set forth in
the Transfer Notice. The Transfer Notice shall also include a copy of any written proposal, term sheet or letter of intent or other agreement relating to the proposed Transfer. In the event that the transfer is being made pursuant to the provisions
of Section 2.4, the Transfer Notice shall state under which specific subsection the Transfer is being made. 
 (b) Company’s
Right of First Refusal. The Company shall have an option for a period of ten (10) days from Delivery of the Transfer Notice to elect to purchase the Offered Shares at the same price and subject to the same material terms and conditions as
described in the Transfer Notice. The Company may exercise such purchase option and, thereby, purchase all (or any portion of) the Offered Shares by notifying the Selling Founder in writing before expiration of the ten (10) day period as to the
number of such shares that it wishes to purchase. If the Company gives the Selling Founder notice that it desires to purchase such shares, then payment for the Offered Shares shall be by check or wire transfer, against delivery of the Offered Shares
to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the Transfer Notice
contemplated a later closing with the prospective third party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 2.1(e). If the Company fails to purchase all of the Offered Shares by
exercising the option granted in this Section 2.1(b) within the ten (10) day period, the remaining Offered Shares shall be subject to the options granted to the Holders pursuant to subsection 2.1(d). 

  
 -2- 

 (c) Additional Transfer Notice. Subject to the Company’s right set forth in
Section 2.1(b), if at any time the Selling Founder proposes a Transfer, then, within five (5) days after the Company has declined to purchase all, or a portion of, the Offered Shares, the Selling Founder shall give each Holder an
“Additional Transfer Notice” that shall include all of the information and certifications required in a Transfer Notice and shall additionally identify the Offered Shares that the Company has declined to purchase and briefly
describe the Holders’ rights of first refusal and co-sale rights with respect to the proposed Transfer. 
 (d) Holders’ Right
of First Refusal. 
 (i) Each Holder shall have an option for a period of fifteen (15) days from the Delivery of the Additional
Transfer Notice from the Selling Founder set forth in Section12.1(c) to elect to purchase its respective pro rata share of the Offered Shares covered by the Additional Transfer Notice at the same
price and subject to the same material terms and conditions as described in the Additional Transfer Notice. Each Holder may exercise such purchase option (a “Participating Holder” for the purposes of Section 2.1(d) and 2.1(e))
and, thereby, purchase all or any portion of his, her or its pro rata share of the Offered Shares covered by the Additional Transfer Notice, by notifying the Selling Founder and the Company in writing, before expiration of the fifteen (15) day
period as to the number of such shares that he, she or it wishes to purchase (the “Participating Holder Notice”). Each Holder’s pro rata share of the Offered Shares covered by the Additional Transfer Notice shall be a fraction
of such shares, of which the number of shares of Common Stock (including shares of Common Stock issuable upon conversion of shares of Preferred Stock (“Preferred Shares”) owned by such Holder on the date of the Transfer Notice shall be the
numerator and the total number of shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred Shares) held by all Holders on the date of the Transfer Notice shall be the denominator. 

(ii) Holder’s Right of Oversubscription. In the event any Holder elects not to purchase its pro rata share of the Offered Shares
available pursuant to its rights under subsection 2.1(d)(i) within the time period set forth therein, then the Selling Founder shall promptly give written notice to each of the Participating Holders (the “Overallotment Notice”),
which shall set forth the number of Offered Shares not purchased by the other Holders, and shall offer the Participating Holders the right to acquire the unsubscribed shares. Each Participating Holder shall have five (5) days after Delivery of
the Overallotment Notice to deliver a written notice to the Selling Founder (the “Participating Holders Overallotment Notice”) of its election to purchase its pro rata share o the unsubscribed shares on the same terms and conditions
as set forth in the Additional Transfer Notice. For purposes of this Section 2.1(d)(ii), the denominator described in clause (i) of this subsection 2.1(d) shall be the total number of shares of Common Stock (including shares of Common
Stock issuable upon conversion of Preferred Shares) owned by all Participating Holders who elected to purchase their pro rata of unsubscribed shares. Each Participating Holder shall be entitled to apportion the Offered Shares to be purchased among
its partners and affiliates (including in the case of a venture capital fund other venture capital funds affiliated with such fund), provided that such Participating Holder notifies the Selling Founder of such allocation. 

  
 -3- 

 (e) Payment. 

(i) The Participating Holders shall effect the purchase of the Offered Shares with payment by check or wire transfer, against delivery of the
Offered Shares to be purchased at a place agreed upon between the parties and at the time of the scheduled closing therefor, which shall be no later than forty-five (45) days after Delivery to the Company of the Transfer Notice, unless the
Transfer Notice contemplated a later closing with the prospective third party transferee(s) or unless the value of the purchase price has not yet been established pursuant to Section 2.1(e). 

(ii) Should the purchase price specified in the Transfer Notice or Additional Transfer Notice be payable in property other than cash or
evidences of indebtedness, the Company (or the Participating Holders) shall have the right to pay the purchase price in the form of cash equal in amount to the value of such property. If the Selling Founder and the Company (or the Participating
Holders) cannot agree on such cash value within ten (10) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional Transfer Notice to the Holders), the valuation shall be made by an appraiser of recognized
standing selected by the Selling Founder and the Company (or the Participating Holders) or, if they cannot agree on an appraiser within twenty (20) days after Delivery to the Company of the Transfer Notice (or the Delivery of the Additional
Transfer Notice to the Holders), each shall select an appraiser of recognized standing and the two appraisers shall designate a third appraiser of recognized standing, whose appraisal shall be determinative of such value. The cost of such appraisal
shall be shared equally by the Selling Founder and the Company (or the Participating Holders), with half of the cost borne by the Company and the Participating Holders pro rata by each, based on the number of shares such parties are purchasing
pursuant to this Section 2. If the time for the closing of the Company’s purchase or the Participating Holders purchase has expired prior to the determination of the value of the purchase price offered by the prospective transferee(s),
then such closing shall be held on or prior to the fifth business day after such valuation shall have been made pursuant to this subsection. 

2.2 Right of Co-Sale. 

To the extent the Company and the Holders do not exercise their respective rights of refusal as to all of the Offered Shares pursuant to
Section 2.1, then the Selling Founder shall deliver to the Company and each Holder written notice (the “Co-Sale Notice”) and each Holder (a “Selling Holder” for purposes of this Section 2.2) that notifies
the Selling Founder in writing within twenty (20) days after Delivery of the Co-Sale Notice shall have the right to participate in such sale of Equity Securities on the same terms and conditions as specified in the Transfer Notice. Such Selling
Holder’s notice to the Selling Founder shall indicate the number of shares of capital stock of the Comps y that the Selling Holder wishes to sell under his, her or its right to participate. To the extent one or more of the Holders exercise such
right of participation in accordance with the terms and conditions set forth below, the number of shares of Equity Securities that the Selling Founder may sell in the Transfer shall be correspondingly reduced. 

(a) Each Selling Holder may sell all or any part of that number of shares of capital stock of the Company equal to the product obtained by
multiplying (i) the aggregate number of shares of Equity Securities covered by the Transfer Notice that have not been subscribed 

  
 -4- 

 
for pursuant to Section 2.1 by (ii) a fraction, the numerator of which is the number of shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred
Shares) owned y the Selling Holder on the date of the Transfer Notice and the denominator of which is the total n tuber of shares of Common Stock (including shares of Common Stock issuable upon conversion of Preferred Shares) owned by the Selling
Founder and all of the Selling Holders on the date of the Transfer Notice. 
 (b) Each Selling Holder shall effect its participation in the
sale by promptly delivering to the Selling Founder for transfer to the prospective purchaser one or more certificates, properly endorsed for transfer, which represent: 

(i) the type and number of shares of capital stock of the Company that such Selling Holder elects to sell; or 

(ii) that number of shares of capital stock of the Company that are at such time convertible into the number of shares of Common Stock that
such Selling Holder elects to sell; provided, however, that if the prospective third-party purchaser objects to the delivery of shares of capital stock of the Company in lieu of Common Stock, such Selling Holder shall convert such shines of capital
stock of the Company into Common Stock and deliver Common Stock as provided in this Section 2.2. The Company agrees to make any such conversion concurrent with the actual transfer of such shares to the purchaser and contingent on such transfer.

 (c) The stock certificate or certificates that the Selling Holder delivers to the Selling Founder pursuant to this Section 2.2(c)
shall be transferred to the prospective purchaser in consummation of the sale of the Equity Securities pursuant to the terms and conditions specified in the Transfer Notice, and the Selling Founder shall promptly thereafter remit to such Selling
Holder that portion of the sale proceeds to which such Selling Holder is entitled by reason of its participation in such sale. To the extent that any prospective purchaser or purchasers prohibits such assignment or otherwise refuses to purchase
shares or other securities from a Selling Holder exercising its rights of co-sale hereunder, the Selling Founder shall not sell to such prospective purchaser or purchasers any Equity Securities unless and until, simultaneously with such sale, the
Selling Founder shall purchase such shires or other securities from such Selling Holder for the same consideration and on the same terms and conditions as the proposed transfer described in the Transfer Notice. 

2.3 Non-Exercise of Rights. To the extent that the Company and the Holders have not exercised their rights to purchase the Offered
Shares within the time periods specified in Section 2.1 and the Holders have not exercised their rights to participate in the sale of the Offered Shares subject to the Co-Sale Notice within the time periods specified in Section 2.2, the
Selling Founder shall have a period of sixty (60) days from the expiration of such rights in which to sell the Offered Shares upon terms and conditions (including the purchase price) no more favorable than those specified in the Transfer Notice
to the third-party transferee(s) identified in the Transfer Notice. The third-party transferee(s) shall acquire the Offered Shares free and clear of subsequent rights of first refusal and co-sale rights under this Agreement. In the event Selling
Founder does not consummate the sale or disposition of the Offered Shares within the sixty (60) day period from the expiration of these rights, the Company’s first refusal rights and the Holders’ first refusal rights and 

  
 -5- 

 
co-sale rights shall continue to be applicable to any subsequent disposition of the Offered Shares by the Selling Founder and the provisions of Sections 2.1 and 2.2 shall again be applicable
until such right 1apses in accordance with the terms of this Agreement. Furthermore, the exercise or non-exercise of the rights of the Company and the Holders under this Section 2 to purchase Equity Securities from the Selling Founder or
participate in sales of Equity Securities by the Selling Founder shall not adversely affect their rights to make subsequent purchases from the Selling Founder of Equity Securities or subsequently participate in sales of Equity Securities by the
Selling Founder. 
 2.4 Limitations to Rights of Refusal and Co-Sale. Notwithstanding the provisions of Section 2.1 and 2.2 of
this Agreement, the first refusal rights of the Company and first refusal and co-sale rights of the Holders shall not apply to (a) the Transfer of Equity Securities to another Founder, any spouse or member of Founder’s immediate family or
other close relatives of such Founder, or to or by a custodian, trustee (including a trustee of a voting trust), executor, or other fiduciary for the account of the Founder’s spouse or members of the Founder’s immediate family, or to a
trust for the Founder’s own self, or a charitable remainder trust, or any bona fide gift, (b) the sale by a Founder (as a selling stockholder) of any Equity Securities in a firm commitment underwritten initial public offering by the
Company of shares of its common stock pursuant to an effective registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, in an offering with aggregate gross cash proceeds to the Company of
not less than $15,000,000 (before deduction of underwriters’ commissions and expenses) at a public offering price per share of not less than $3.65 (as adjusted for stock splits, stock dividends, combinations and the like) (a “Qualified
IPO”), (c) any pledge of Equity Securities made pursuant to a bona fide loan transaction that creates a mere security interest, and (d) any transfer of Equity Securities pursuant to a statutory merger or statutory consolidation of
the Company with or into another corporation or corporations; provided, however, that in the event of any transfer made pursuant to one of the exemptions provided by clauses (a), (b) and (c), (i) the Founder shall inform the
Investors of such Transfer prior to effecting it and (ii) each such transferee or assignee, prior to the completion of the Transfer, shall have executed documents assuming the obligations of the Founder under this Agreement with respect to the
transferred Equity Securities. Such transferred Equity Securities shall remain “Equity Securities” hereunder, and such pledgee, transferee or donee shall be treated as the “Founder” for purposes of this Agreement. 

2.5 Prohibited Transfers. 

(a) Except as otherwise provided in this Agreement, each Founder will not sell, assign, transfer, pledge, hypothecate, or otherwise encumber
or dispose of in any way, all of or any part of or any interest in the Equity Securities. Any sale, assignment, transfer, pledge, hypothecation or other encumbrance or disposition of Equity Securities not made in conformance with this Agreement
shall be null and void, shall not be recorded on the books of the Company and shall not be recognized by the Company. 
 (b) In the event
the Founder should sell any Equity Securities in contravention of the rights of first refusal of the Holders under Section 2.1 (a “Prohibited Transaction”), the Holders shall have the option to purchase from the pledgee,
purchaser or transfer e of the Equity Securities transferred in violation of Section 2.1, the number of shares that the 

  
 -6- 

 
Holders would have been entitled to purchase had such Prohibited Transaction been effected in accordance with Section 2.1 hereof, on the following terms and conditions: 

(i) the price per share at which the shares are to be purchased by the Holder shall be equal to the price per share paid to such Founder by
the third party purchaser or purchasers of such Equity Securities that is subject to the Prohibited Transaction; and 
 (ii) the Founder
effecting such Prohibited Transaction shall reimburse the Holder for any expenses, including legal fees and expenses, incurred in effecting such purchase. 

(c) In the event the Founder should sell any Equity Securities in contravention of the co-sale rights of the Holders under Section 2.2
(a “Prohibited Transfer”), the Holders, in addition to such other remedies as may be available at law, in equity or hereunder, shall have the put option provided below under subsection (d), and the Founder shall be bound by the
applicable provisions of such option. 
 (d) In the event of a Prohibited Transfer, each Holder shall have the right to sell to the Founder
the type and number of shares of Equity Securities equal to the number of shares each Holder would have been entitled to transfer to the third-party transferee(s) under Section 2.2 hereof had the Prohibited Transfer been effected pursuant to
and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions: 
 (i) The price per share at which
the shares are to be sold to the Founder shall be equal to the price per share paid by the third-party transferee(s) to the Founder in the Prohibited Transfer. The Founder shall also reimburse each Holder for any and all fees and expenses, including
reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Holder’s rights under Section 2.2. 

(ii) Within ninety (90) days after the later of the dates on which the Holder (A) receives notice of the Prohibited Transfer or
(B) otherwise becomes aware of the Prohibited Transfer, each Holder shall, if exercising the option created hereby, deliver to the Founder the certificate or certificates representing shares to be sold, each certificate to be properly endorsed
for transfer. 
 (iii) The Founder shall, upon receipt of the certificate or certificates for the shares to be sold by a Holder, pursuant
to this Section 2.5, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in subparagraph 2.5(d)(i), in cash or by other means acceptable to the Holder. 

3. Assignments and Transfers; No Third Party Beneficiaries. This Agreement and the rights and obligations of the parties hereunder
shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives, but shall not otherwise be for the benefit of any third party. The rights of the Holders hereunder are only assignable (i) by
each of such Holders to any other Holder, (ii) to a partner, former partner, member, affiliate or equity holder of such Holder, or the estate of such partner, former partner, member, affiliate or equity holder, (iii) to an 

  
 -7- 

 
assignee or transferee who acquires all of the Preferred Shares, or all of the Common Stock issuable upon conversion of Preferred Shares, purchased by a Holder, or (iv) to an assignee or
transferee who acquire at least 200,000 of Preferred Shares or Common Stock issuable upon conversion of Preferred Shares. For purposes of giving notice under Sections 2.1 and 2.2 hereunder, the holdings of transferees and assignees of a partnership
or limited liability company who are limited partners, partner, or retired partners, members or retired members of such partnership or limited liability company (including spouses and ancestors, lineal descendants and siblings of such partners or
spouses) who acquire such shares by gift, will or intestate succession) shall be aggregated together and need only be given to such partnership or limited liability company unless such entity or individual acquires at least 200,000 Preferred Shares
or Common Stock issuable upon conversion of Preferred Shares. 
 4. Legend. 

(a) Each existing or replacement certificate for shares now owned or hereafter acquired by any Founder shall bear the following legend upon
its face: 
 “THE SALE, PLEDGE, HYPOTHECATION, ASSIGNMENT OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO
THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND BETWEEN THE CORPORATION AND CERTAIN HOLDERS OF STOCK OF THE CORPORATION. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE
CORPORATION.” 
 The legend referred to above shall be removed upon termination of this Agreement in accordance with the provisions of
Section 8 below. 
 (b) The Founders agree that the Company may instruct its transfer agent to impose transfer restrictions on the
shares represented by certificates bearing the legend referred to in Section 4(a) above to enforce the provisions of this Agreement and the Company agrees to promptly do so. The legend shall be removed at the request of any Founder following
termination of this Agreement. 
 5. Effect of Change in Company’s Capital Structure. Appropriate adjustments shall be made in
the number and class of shares in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or like change in the capital structure of the Company. If, from time to time, the Company pays a stock dividend or
effects a stock split or other change in the character or amount of any of the outstanding stock of the Company, then in such event any and all new, substituted or additional securities to which the Founder is entitled by reason of the
Founder’s ownership of Equity Securities shall be immediately subject to the rights and obligations set forth in Section12 with the same force and effect as the stock subject to such rights immediately before such event. 

  
 -8- 

 6. Notices. All notices and other communications given or made pursuant hereto shall be in
Writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages or schedules attached hereto (or at such other addresses as shall be specified by
notice given in accordance with this Section 6). 
 7. Further Instruments and Actions. The parties agree to execute such
further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. Each Founder agrees to cooperate affirmatively with the Company, the Investors and the Holders, and to the extent
reasonably requested by the Company, the Investors or the Holders, to enforce rights and obligations pursuant hereto. 
 8. Term.
This Agreement shall terminate and be of no further force or effect upon the earliest to occur of (a) the consummation of the Company’s Qualified TO, (b) the consummation of the merger or consolidation of the Company or a subsidiary
of the Company with or into another entity (except one in which the holders of capital stock of the Company as constituted immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the capital stock of
the Company or the surviving or acquiring entity in substantially the same relative proportions), (c) a liquidation, dissolution or winding up of the Company or (d) with respect to each Investor, the point in time when such Investor,
together with its permitted transferees and assigns, no longer Owns at least 200,000 shares of Common Stock issuable or issued upon conversion of the Preferred Stock of the Company. 

9. Entire Agreement. This Agreement and any other documents delivered pursuant hereto contain the entire understanding of the parties
hereto with respect to the subject matter hereof, supersedes all other agreements between or among any of the parties with respect to the subject matter hereof. 

10. Governing Law. This Agreement shall be interpreted under the laws of the State of California without reference to California
conflicts of law provisions. 
 11. Amendments and Waivers. This Agreement may be amended or terminated and the observance of any
term of this Agreement may be waived with respect to all parties to this Agreement (either generally or in a particular instance and either retroactively or prospectively) with the written consent of the Company, Founders holding at least a majority
of the voting power of all Equity Securities of the Company then held by the Founders, and Investors holding at least two-thirds of the outstanding shares of Preferred Stock of the Company (or Common Stock issued upon the conversion thereof) held by
all Investors, voting together as a single class on an as-converted to Common Stock basis. Notwithstanding the foregoing, (x) the consent of the Founders shall not be required for any amendment or waiver if such amendment or waiver does not
apply to or otherwise materially increase the obligations or materially and adversely impact the rights of the Founders and (y) this Agreement may not be amended or terminated and the observance of any term hereunder

  
 -9- 

 
may not be waived with respect to any Investor without the written consent of such Investor unless such amendment, termination or waiver applies to all similarly situated Investors in the same
fashion and does not treat holders of different series of Preferred Stock differently. Any amendment or waiver effected in accordance with this paragraph shall be binding upon the Founder and all Holders and their respective successors and assigns.

 12. Severability. If any provision or set of provisions of this Agreement (or any portion thereof is held by an arbitrator or
court of competent jurisdiction to be invalid, illegal or unenforceable for any reason whatever: (a) such provision shall be limited or modified in its application to the minimum extent necessary to avoid the invalidity, illegality or
unenforceability of such provision and such modified provision shall be reduced to a writing and signed by the parties hereto; (b) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be
affected or impaired thereby; and (c) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision (or portion thereof) held invalid, illegal or
unenforceable. 
 13. Attorney’s Fees. In the event that any dispute among the parties to this Agreement should result in
litigation, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation,
such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

14. Aggregation of Stock. For the purposes of determining the availability of any rights under is Agreement, (a) the holdings of
transferees and assignees of an individual, a partnership or a limited liability company who are spouses, ancestors, lineal descendants or siblings of such individual, partners or retired partners of such partnership or partnerships affiliated with
such transferring or assigning partnership or members or retired members of such limited liability company or limited liability companies affiliated with such transferring or assigning limited liability company (including spouses and ancestors,
lineal descendants and siblings of such partners or members or spouses who acquire Common Stock by gift, will or intestate succession) and (b) the holdings of entities or persons affiliated with such individual, partnership or limited liability
company shall be aggregated together with the individual, partnership or limited liability company, as the case may be, for the purpose of exercising any rights or taking any action under this Agreement. 

15. Conflict with Other Rights of First Refusal. Each of the Founder(s) has entered into a Restricted Stock Purchase Agreement with the
Company, which agreement contains a right of first refusal provision in favor of the Company. For so long as this Agreement remains in existence, the right of first refusal provisions contained in this Agreement shall supersede the right of first
refusal provisions contained in the Founder’s Restricted Stock Purchase Agreement; provided, however, that the other provisions of the Founder’s Restricted Stock Purchase Agreement shall remain in full force and effect. If, however,
this Agreement shall terminate, the right of first refusal provisions contained in the Founder’s Restricted Stock Purchase Agreement shall be in full force and effect in accordance with their terms. 

  
 -10- 

 16. Facsimile and Counterparts. A facsimile, telecopy or other reproduction of this
Agreement may be executed by one or more parties hereto, and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and an executed copy of this Agreement may
be delivered by one or more parties hereto by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and
effective for all purposes. At the request of any party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

17. Conditions to Exercise of Rights. Exercise of the Investors’ rights under this Agreement shall be subject to and conditioned
upon, and the Founders and the Company shall use their best efforts to assist each Investor in, compliance with applicable laws. 
 18.
Further Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such
other acts and things as may be necessary to more fully effectuate this Agreement. 
 [Signature Pages Follow] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated Right of
First Refusal and Co-Sale Agreement as of the date first written above. 
  

	
	INOGEN, INC.
	
	/s/ Kathy Odell
	 Kathy Odell
 Chief Executive
Officer

  

	
	FOUNDERS:
	
	/s/ Byron Myers
	Byron Myers

 
	
	
	/s/ Alison Perry
	Alison Perry

 
	
	
	/s/ Brenton Taylor
	Brenton Taylor

 
	
	
	/s/ Kathy Odell
	Kathy Odell

 [Signature Page to Inogen, Inc. Fourth Amended & Restated Right of First Refusal and
Co-Sale Agreement] 

 
			
	INVESTORS:
	
	Novo A/S
		
	By:	 	/s/ Urlik Spork
		 	 Urlik Spork
 Senior
Partner

  

			
	Avalon Ventures VII, L.P.
		
	By:	 	Avalon Ventures VII GP, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	/s/ Kevin J. Kinsella
		 	 Kevin J. Kinsella
 Managing
Director

  

			
	 Versant Venture Capital II, L.P.

Versant Affiliates Fund II-A, L.P.
 Versant Side Fund
II, L.P.

		
	By:	 	Versant Ventures II, L.L.C.
		 	Each of Its General Partner

  

			
	By:	 	/s/ William J. Link
		 	 William J. Link, Ph.D.
 Managing
Director

  

			
	AMV Partners I, L.P.
		
	By:	 	Accuitive Medical Ventures, L.L.C.
	Its:	 	General Partner

  

			
	By:	 	/s/ Charles Larsen
	Name:	 	 
		 	Managing Director

 [Signature Page to Inogen, Inc. Fourth Amended & Restated Right of First Refusal and
Co-Sale Agreement] 

 
			
	Arboretum Ventures 1, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	 Timothy B. Petersen
 Managing
Director

  

			
	Arboretum Ventures 1-A, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	 Timothy B. Petersen
 Managing
Director

  

			
	Launch Point Technologies, LLC
		
	By:	 	/s/ Brad Paden
		 	 Brad Paden
 President

  

			
	 Stephen E. Cooper Family Partnership

The Cooper Revocable Trust Dtd 7/26/96

		
	By:	 	/s/ Stephen E. Cooper
		 	 Stephen E. Cooper
 Trustee

  

			
	The UCSB Foundation f/b/o The College of Engineering
		
	By:	 	/s/ Authorized Representative
	Name:	 	 
	Title:	 	 

 [Signature Page to Inogen, Inc. Fourth Amended & Restated Right of First Refusal and
Co-Sale Agreement] 

 
			
	The DeHont Family Revocable Trust, u/t/d 3/6/84
		
	By:	 	/s/ Charles L. DeHont
		 	 Charles L. DeHont

Trustee

 
	
	
	/s/ Robert C. Bodine
	Robert C. Bodine

 
	
	
	/s/ Duard Enoch
	Duard Enoch

  

			
	Louis and Bernice Weider Family Trust, u/t/d 12/23/93
		
	By:	 	/s/ Louis Weider
		 	 Louis Weider
 Trustee

  

			
	Scar Family Trust u/t/d 1/4/78
		
	By:	 	/s/ Howard Scar
		 	 Howard Scar
 Trustee

  

			
	The Raymond Lawrence Henricksen and Susan Lynn Henricksen Living Trust u/t/d 9/17/90
		
	By:	 	/s/ Raymond Lawrence Henricksen
		 	 Raymond Lawrence Henricksen

Trustee

 [Signature Page to Inogen, Inc. Fourth Amended & Restated Right of First Refusal and
Co-Sale Agreement] 

 
			
	Debcor Corp. Defined Benefit Pension Plan
		
	By:	 	/s/ Richard H. Childress
		 	 Richard H. Childress

Trustee

 
	
	
	/s/ John Petote
	John Petote

 
	
	
	/s/ M. Lynn Brewer
	M. Lynn Brewer

  

			
	Numenor Ventures, LLC
		
	By:	 	/s/ R. Scott Greer
		 	R. Scott Greer, Managing Director

 [Signature Page to Inogen, Inc. Fourth Amended & Restated Right of First Refusal and
Co-Sale Agreement] 

 SCHEDULE A 

SCHEDULE OF INVESTORS 
  

																	
	Investor Name and Address	  	No. of Shares of Preferred Stock	 
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 LAUNCH POINT TECHNOLOGIES, LLC

(f/k/a Magnetic Moments, LLC)

*

*
	  	 	400,000	  	  				  				  	 	39,569	  
	 AVALON VENTURES VII, L.P.

*

*
	  				  				  				  	 	5,486,351	  
	 AMV PARTNERS, LLP

Accuitive Medical Ventures

*

*
	  				  				  	 	4,266,212	  	  	 	3,577,266	  
	 VERSANT VENTURE CAPITAL II, L.P.

*

*
	  				  	 	9,826,700	  	  	 	4,836,671	  	  	 	14,824,980	  
	 VERSANT AFFILIATES FUND II-A, L.P.

*

*
	  				  	 	186,484	  	  	 	91,787	  	  	 	281,336	  
	 VERSANT SIDE FUND II, L.P.

*

*
	  				  	 	87,826	  	  	 	43,228	  	  	 	132,497	  
	 DUARD ENOCH

*

*
	  				  	 	131,877	  	  	 	34,130	  	  	 	42,469	  
	 THE DEHONT FAMILY REVOCABLE
TRUST
 *

*
	  				  	 	290,641	  	  	 	137,153	  	  			
	 ROBERT C. BODINE

*

*
	  				  	 	194,411	  	  				  			

																	
	Investor Name and Address	  	No. of Shares of Preferred Stock	 
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 LOUIS AND BERNICE WEIDER
FAMILY TRUST
 *

*
	  				  	 	161,656	  	  	 	76,285	  	  	 	289,958	  
	 SCAR FAMILY TRUST

*

*
	  				  	 	128,888	  	  				  			
	 THE HENRICKSEN LIVING TRUST
DATED
 OCTOBER 20th,
2003
 *

*
	  				  	 	261,207	  	  				  			
	 DEBCOR CORP. DEFINED BENEFIT
PENSION PLAN
 *

*
	  				  	 	128,417	  	  	 	60,599	  	  	 	71,806	  
	 JOHN PETOTE

*

*
	  				  	 	127,559	  	  	 	60,195	  	  	 	75,110	  
	 M. LYNN BREWER

*

*
	  				  	 	255,782	  	  	 	120,703	  	  	 	64,453	  
	 THE COOPER REVOCABLE TRUST
DTD 7/26/96
 STEPHEN E. COOPER AND SUSAN
D. COOPER TRUSTEES
 *

*
	  	 	1,450,000	  	  	 	911,375	  	  	 	100,000	  	  	 	543,416	  
	 THE STEPHEN E. COOPER FAMILY
PARTNERSHIP
 *

*
	  				  				  	 	406,945	  	  	 	10,000	  
	 DANIEL THOMAS

*

*
	  				  				  	 	5,000	  	  			

													
	Investor Name and Address	  	No. of Shares of Preferred Stock	 
	  	Series A	 	  	Series B	  	Series C	  	Series D	 
	 THE UCSB FOUNDATION F/B/O

THE COLLEGE OF ENGINEERING

*

*

*
	  	 	150,000	  	  		  		  			
	 ARBORETUM VENTURES 1-A, LLC

*

*
	  				  		  		  	 	1,438,356	  
	 ARBORETUM VENTURES 1-A, LLC

*

*
	  				  		  		  	 	958,904	  
	 NOVO A/S

*

*

*
	  				  		  		  	 	10,958,904	  
	 NUMENOR VENTURES, LLC

*

*
	  				  		  		  	 	1,027,397	  

 SCHEDULE B 

SCHEDULE OF FOUNDERS 
  

					
	 Founder
	  	Number of Shares	 
	 Byron Myers
	  	 	700,000	  
	 Alison Perry
	  	 	700,000	  
	 Brenton Taylor
	  	 	700,000	  
	 Kathy Odell
	  	 	1,600,000	  

 FOURTH AMENDED AND RESTATED VOTING AGREEMENT 

THIS FOURTH AMENDED AND RESTATED VOTING AGREEMENT (the “Agreement”) is made and entered into as of November 28, 2006, by
and among Inogen, Inc., a Delaware corporation (the “Company”), the parties listed on the Schedule of Investors attached as Schedule A hereto (each, an “Investor” and collectively, the
“Investors”), and the parties listed on the Schedule of Founders attached as Schedule B hereto (the “Founders”). The Company, the Founders and the Investors are individually each referred to herein as a
“Party” and are collectively referred to herein as the “Parties.” The Company’s Board of Directors is referred to herein as the “Board.” The shares of the Company’s Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock may be referred to herein as the “Preferred Stock.” 

WITNESSETH: 

WHEREAS, the Company and certain of the Investors have entered into that certain Series D Preferred Stock Purchase Agreement of
even date herewith (the “Purchase Agreement”), which provides for, among other things, the purchase by such Investors of shares of Series D Preferred Stock; 

WHEREAS, the Company, the Founders and certain of the Investors are parties to that certain Third Amended and Restated Voting
Agreement, dated July 21, 2006 (the “Prior Agreement”), which sets forth terms and provisions regarding the designation of individuals who will serve on the Board and the voting of shares for the purpose of electing directors
of the Company; and 
 WHEREAS, in order to induce the Investors to enter into the Purchase Agreement and purchase shares of
Series D Preferred Stock thereunder, the Company, the Founders, and the Investors have agreed to enter into this Agreement, which amends and restates the Prior Agreement, with the Investors. 

NOW, THEREFORE, in consideration of the foregoing premises and certain other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties to the Prior Agreement hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement and the Parties further agree as follows: 

1. Agreement to Vote. Each Investor, as a holder of Preferred Stock, hereby agrees to hold all of the shares of Preferred Stock and any
other voting securities of the Company subsequently acquired by such Investor (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such securities) (hereinafter collectively referred to as
the “Investor Shares”) subject to, and to vote the Investor Shares at a regular or special meeting of stockholders (or by written consent) in accordance with, the provisions of this Agreement. Each Founder, as a holder of Common
Stock of the Company, hereby agrees to hold all of the shares of Common Stock and any other voting securities of the Company subsequently acquired by such Founder (and any securities of the Company issued with respect to, upon

 
conversion of, or in exchange or substitution for such securities) (collectively, the “Founder Shares”) subject to, and to vote the Founder Shares at a regular or special meeting
of stockholders (or by written consent) in accordance with, the provisions of this Agreement. The Investor Shares and the Founder Shares are sometimes collectively referred to herein as the “Shares.” 

2. Board Size. Each Investor and Founder shall vote at a regular or special meeting of stockholders (or by written consent) the
Investor Shares or Founder Shares that they own (or as to which they have voting power) to ensure that the size of the Board shall be set at five (5), provided, however, that the Board of Directors may, upon unanimous consent, increase the size of
the Board to be set at six (6), whereafter each Investor and Founder shall vote at a regular or special meeting of stockholders (or by written consent) the Investor Shares or Founder Shares that they own (or as to which they have voting power) to
ensure that the size of the Board shall be set at six (6). 
 3. Election of Directors. On all matters relating to the election of
directors of the Company, the Parties agree to vote all capital stock of the Company held by them (or the holders thereof shall consent pursuant to an action by written consent of the holders of capital stock of the Company) so as to elect members
of the Company’s Board as follows: 
 (a) Pursuant to the Company’s Sixth Amended and Restated Certificate of Incorporation (the
“Restated Certificate”), the holders of the Series A Preferred Stock, voting together as a separate class, are entitled to elect one (1) director of the Company (such director, the “Series A
Director”). At each election of directors in which the holders of Series A Preferred Stock, voting as a separate class, are entitled to elect the Series A Director, and so long as Stephen Cooper continues to hold at least fifty
percent (50%) of the total issued and outstanding shares of Series A Preferred Stock, the Parties shall vote all of their Shares so as to elect one individual nominated by Stephen Cooper, which individual initially shall be Stephen Cooper.

 (b) Pursuant to the Company’s Restated Certificate, the holders of the Series B Preferred Stock, voting together as a separate
class, are entitled to elect one (1) director of the Company (such director, the “Series B Director”). At each election of directors in which the holders of Series B Preferred Stock, voting as a separate class, are
entitled to elect the Series B Director, and so long, as Versant Venture Capital II, L.P., Versant Affiliates Fund II-A, L.P., and Versant Side Fund II, L.P. or their respective affiliates
or transferees (collectively, “Versant”) continue to hold more than fifty percent (50%) of the total issued and outstanding shares of Series B Preferred Stock, the Parties shall vote all of their Shares so as to elect one
individual nominated by Versant, which individual initially shall be Bill Link. 
 (c) Pursuant to the Company’s Restated Certificate,
the holders of the Series C Preferred Stock, voting together as a separate class, are entitled to elect one (1) director of the Company (such director, the “Series C Director”). At each election of directors in which
the holders of Series C Preferred Stock, voting as a separate class, are entitled to elect the Series C Director, and so long as AMV Partners I, L.P., or its affiliates or transferees (collectively, “Accuitive”)
continue to hold more than fifty percent (50%) of the shares of Series C Preferred Stock initially issued to Accuitive, the Parties shall vote all of their Shares so as to elect one individual nominated by Accuitive, which individual
initially shall be Charles Larsen. 

  
 -2- 

 (d) Pursuant to the Company’s Restated Certificate, the holders of the Series D
Preferred Stock, voting together as a separate class, are entitled to elect one (1) director of the Company (such director, the “Series D Director”). At each election of directors in which the holders of Series D
Preferred Stock, voting as a separate class, are entitled to elect the Series D Director, and so long, as Novo A/S, or its affiliates or transferees (collectively, “Novo”) continue to hold more than fifty percent (50%) of
the shares of Series D Preferred Stock initially issued to Novo, the Parties shall vote all of their Shares so as to elect one individual nominated by Novo, which individual initially shall be Heath Lukatch. 

(e) Pursuant to the Company’s Restated Certificate, the holders of Common Stock, the holders of Series A Preferred Stock, the
holders of Series B Preferred Stock, the holders of Series C Preferred Stock and the holders of Series D Preferred Stock, voting together as a single class, on an as converted to common stock basis, have the right to elect the
remaining directors (such directors, the “Remaining Directors”). At each election of directors in which the holders of Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and
Series D Preferred Stock, voting together as a single class, are entitled to elect the Remaining Director, the Parties shall vote all of their respective Shares so as to elect: 

(i) one (1) Remaining Director who shall be the individual then serving as the Company’s Chief Executive Officer, which individual
initially shall be Kathy Odell; and 
 (ii) in the event that the size of the Board is increased to six members as provided in
Section 2 hereof, one (1) Remaining Director nominated jointly by the Series A Director, Series 13 Director, Series C Director, Series D Director and the other Remaining Director, which nominee shall be a non-employee
director with industry knowledge and experience. 
 4. Removal; Vacancy. Each of the Parties agrees to vote his, her or its Shares
and take such other actions as are necessary (including, without limitation, executing written consents of stockholders), for the removal of any director upon the request of the Party entitled under this Agreement to designate such director pursuant
to the provisions of Sections 3(a), (b), (c), (d) and (e) hereof (collectively, the “Designees”). Any such removal shall create a vacancy and any such vacancy, as well as any vacancy created by the death or
resignation of a director designated pursuant to the provisions of Sections 3(a), (b), (c), (d) and (e) hereof, shall be filled in accordance with Sections 3(a), (b), (c), (d) and (e) hereof. 

5. Legend on Share Certificates. Each certificate representing any Shares shall be endorsed by the Company with a legend reading
substantially as follows: 
 “THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A VOTING AGREEMENT (A COPY OF WHICH MAY BE OBTAINED UPON
WRITTEN REQUEST FROM THE ISSUER), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID VOTING AGREEMENT.” 

  
 -3- 

 6. Covenants of the Company. The Company will not, by any voluntary action, avoid or seek
to avoid the observance or performance of any of the terms to be performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all of the provisions of this Agreement and in the taking of all such actions as
may be necessary, appropriate or reasonably requested by the holders of a majority of the outstanding voting securities held by the Parties hereto assuming conversion of all outstanding securities in order to protect the rights of the Parties
hereunder against impairment. 
 7. No Liability for Election of Recommended Directors. Neither any of the Parties nor any officer,
director, stockholder, partner, member, employee or agent of any such Party, makes any representation or warranty as to the fitness or competence of the nominee of any Party hereunder to serve on the Company’s Board by virtue of such
Party’s execution of this Agreement or by the act of such Party in voting for such nominee pursuant to this Agreement. 
 8.
Specific Enforcement. It is agreed and understood that monetary damages would not adequately compensate an injured Party for the breach of this Agreement by any Party, that this Agreement shall be specifically enforceable, and that any breach
or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each Party hereto waives any claim or defense that there is an adequate remedy at law for such breach or
threatened breach. 
 9. Execution by the Company. The Company agrees that it will cause all certificates evidencing the Shares to
bear the legend required by Section 5 herein, and it shall supply, free of charge, a copy of this Agreement to any holder of a certificate evidencing the Shares upon written request from such holder to the Company at its principal office. The
Parties hereby agree that the failure to cause the certificates evidencing the Shares to bear the legend required by Section 5 herein and/or failure of the Company to supply, free of charge, a copy of this Agreement as provided under this
Section 5 shall not affect the validity or enforcement of this Agreement. 
 10. Cumulative Voting. In the event that any
stockholder of the Company exercises any right to cumulate its votes in connection with any election of directors, the Parties shall coordinate their voting to ensure that the maximum number of Designees is elected to the Board of Directors. In
determining the maximum number of Designees which may be ensured election, the parties hereto shall assume that all outstanding Shares are voted and shall assume that any Shares held by persons who are not parties to this Agreement will vote their
Shares for candidates other than the Designees. 
 11. Irrevocable Proxy. To secure the Parties obligations to vote the Shares in
accordance with this Agreement, each Party hereby appoints the Chief Executive Officer of the Company, or such other person as may be designated from time to time by a majority of the Board, as such Party’s true and lawful proxy and attorney,
with the power to act alone and with full power of substitution, to vote all of the Shares in favor of and consistent with the matters set forth in Section 3 hereof (as applicable) if, and only if, such Party fails to vote all of such
Party’s Shares in accordance with the applicable provisions of this Agreement. The proxy and power granted by each Party pursuant to this Section 11 are coupled with an interest and are given to secure the performance of such Party’s
duties under this Agreement. Each such proxy will be irrevocable for the term hereof. The proxy, 

  
 -4- 

 
so long as any party hereto is an individual, will survive the death, incompetency and disability of such party or any other individual holder of Shares and, so long as any party hereto is an
entity, will survive the merger or dissolution of such Party or any other entity holding any Shares. 
 12. Captions. The captions,
headings and arrangements used in this Agreement are for convenience only and do not in any way limit or amplify the terms and provisions hereof. 

13. Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively
given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (iii) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on Schedule A hereto (or at such other addresses as shall be specified by notice given in accordance with this
Section 13). 
 14. Term. This Agreement shall terminate and be of no further force or effect upon (a) the date of the closing of
a Qualified Public Offering (as defined in the Restated Certificate as in effect on the date hereof), (b) the consummation of the merger or consolidation of the Company or a subsidiary of the Company with or into another entity (except one in
which the holders of capital stock of the Company as constituted immediately prior to such merger or consolidation continue to hold at least 50% of the voting power of the capital stock of the Company or the surviving or acquiring entity), or
(c) a liquidation, dissolution or winding up of the Company. 
 15. Manner of Voting. The voting of shares pursuant to this
Agreement may be effected in person, by proxy, by written consent, or in any other manner permitted by applicable law. 
 16. Amendments
and Waivers. This Agreement may be amended or terminated and the observance of any term of this Agreement may be waived with respect to all Parties to this Agreement (either generally or in a particular circumstance and either retroactively or
prospectively) with the written consent of the Company, the Investors holding Investor Shares representing at least two-thirds of the voting power of all Investor Shares then held by the Investors, and Founders then employed by the Company holding
at least a majority of the voting power of all Founder Shares then held by Founders then employed by the Company. Notwithstanding the foregoing, (a) this Agreement may not be amended or terminated and the observance of any term hereunder may
not be waived with respect to any Investor or Founder without the written consent of such Investor or Founder unless such amendment, termination or waiver applies to all Investors and Founders, respectively, in the same fashion, (b) the right
of Stephen Cooper to designate a director pursuant to Section 3(a) may not be amended, terminated or waived without the written consent of Stephen Cooper so long as Stephen Cooper continues to hold more than 50% of the total issued and
outstanding shares of Series A Preferred Stock, (c) the right of Versant to designate a director pursuant to Section 3(b) may not be amended, terminated or waived without the written consent of Versant so long as Versant or its
permitted transferees, affiliates, and assigns continues to hold more than 50% of the total issued and outstanding shares of Series B Preferred Stock, (d) the right of 

  
 -5- 

 
Accuitive or its permitted transferees, affiliates, and assigns to designate a director pursuant to Section 3(c) may not be amended, terminated or waived without the written consent of
Accuitive so long as Accuitive or its permitted transferees, affiliates, and assigns continues to hold more than 50% of the shares of Series C Preferred Stock initially issued to Accuitive, (e) the right of Novo or its permitted
transferees, affiliates, and assigns to designate a director pursuant to Section 3(d) may not be amended, terminated or waived without the written consent of Novo so long as Novo or its permitted transferees, affiliates, and assigns continues
to hold more than 50% of the shares of Series D Preferred Stock initially issued to Novo, and (f) the consent of the Founders shall not be required for any amendment or waiver if such amendment or waiver does not apply to or materially
increase the obligations, or materially and adversely impact the rights, of the Founders. Any amendment or waiver so effected shall be binding upon all the Parties. No waivers of any breach of this Agreement extended by any Party hereto to any other
party shall be construed as a waiver of any rights or remedies of any other Party hereto or with respect to any subsequent breach. 
 17.
Stock Splits, Stock Dividends, etc. In the event of any issuance of shares of the Company’s voting securities hereafter to any of the Parties hereto (including, without limitation, in connection with any stock split, stock dividend,
recapitalization, reorganization, or the like), such shares shall become subject to this Agreement and shall be endorsed with the legend set forth in Section 5. 

18. Severability. If any provision or set of provisions of this Agreement (or any portion thereof) is held by an arbitrator or court of
competent jurisdiction to be invalid, illegal or unenforceable for any reason whatever: (a) such provision shall be limited or modified in its application to the minimum extent necessary to avoid the invalidity, illegality or unenforceability
of such provision and such modified provision shall be reduced to a writing and signed by the parties hereto; (b) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or
impaired thereby; and (c) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision (or portion thereof) held invalid, illegal or unenforceable. 

19. Transfers and Binding Effect. In addition to any restriction or transfer that may be imposed by any other agreement by which any
Party hereto may be bound, this Agreement shall be binding upon the Parties, their respective heirs, successors, transferees and assigns, and to such additional individuals or entities that may become stockholders of the Company and that desire to
become Parties hereto; provided that no transfer or assignment of any Shares shall be deemed effective unless and until the transferee or assignee, as applicable (the “Transferee”), shall have executed and delivered an Adoption
Agreement substantially in the form attached hereto as Exhibit A (the “Adoption Agreement”) and the transferor shall have given written notice of the transfer to the Company. Upon the execution and delivery of an
Adoption Agreement by any Transferee reasonably acceptable to the Company, such Transferee shall be deemed to be a “Party” as if such Transferee’s signature appeared on the signature pages hereto and an “Investor” or
“Founder” as applicable based on whether the transferor or assignor was an “Investor” or a “Founder.” By their execution hereof or an Adoption Agreement, each of the Parties hereto appoints

  
 -6- 

 
the Company as its attorney-in-fact for the purpose of executing any Adoption Agreement which may be required to be delivered hereunder. 

20. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without
regard to conflicts of law principles thereof. 
 21. Entire Agreement. This Agreement and the exhibits hereto is intended to be the
sole agreement of the Parties as it relates to this subject matter and does hereby supersede all other agreements of the Parties relating to the subject matter hereof including the Prior Agreement. 

22. Facsimile and Counterparts. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties
hereto, and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and an executed copy of this Agreement may be delivered by one or more parties hereto by
facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any
party hereto, all parties hereto agree to execute an original of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 

23. Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any Party, upon any
breach, default or noncompliance by another Party under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any
similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any Party’s part of any breach, default or noncompliance under this Agreement or any
waiver on such Party’s part of any provisions or conditions of the Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement by law, or otherwise
afforded to any party, shall be cumulative and not alternative. 
 24. Attorney’s Fees. In the event that any suit or action is
instituted under or in relation to this Agreement, including without limitation to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of
enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses
of appeals. 
 25. Further Assurances. Each Party agrees to execute such further instruments and to take such further action as may
be reasonably be requested by any other Party to carry out the intent of this Agreement. Each Party agrees not to vote any Shares, or to take any other actions, that would in any manner defeat, impair, be inconsistent with or adversely affect the
stated intentions of the Parties hereunder. 
 [Signature Pages Follow] 

  
 -7- 

 IN WITNESS WHEREOF, the Parties have executed this Fourth Amended and Restated Voting Agreement
as of the date first above written. 
  

	
	INOGEN, INC.
	
	/s/ Kathy Odell
	Kathy Odell
	Chief Executive Officer
	
	FOUNDERS:
	
	/s/ Byron Myers
	Byron Myers
	
	/s/ Alison Perry
	Alison Perry
	
	/s/ Brenton Taylor
	Brenton Taylor
	
	/s/ Kathy Odell
	Kathy Odell

 [Signature Page to Inogen, Inc. Fourth Amended and Restated Voting Agreement] 

 
			
	INVESTORS:
	
	Novo A/S
		
	By:	 	/s/ Urlik Spork
		 	Urlik Spork
		 	Senior Partner
	
	Avalon Ventures VII, L.P.
	By:	 	Avalon Ventures VII GP, L.L.C.
	Its:	 	General Partner
		
	By:	 	/s/ Kevin J. Kinsella
		 	Kevin J. Kinsella
		 	Managing Director
	
	 Versant Venture Capital II, L.P.

Versant Affiliates Fund II-A, L.P.
 Versant Side Fund
II, L.P.

		
	By:	 	Versant Ventures II, L.L.C.
	Each of Its General Partner
		
	By:	 	/s/ William J. Link
		 	William J. Link, Ph.D.
		 	Managing Director
	
	AMV Partners I, L.P.
	By:	 	Accuitive Medical Ventures, L.L.C.
	Its:	 	General Partner
		
	By:	 	/s/ Charles Larsen

 
			
		
	Name:	 	 
		 	Managing Director

 [Signature Page to Inogen, Inc. Fourth Amended and Restated Voting Agreement] 

 
			
	Arboretum Ventures 1, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	Timothy B. Petersen
		 	Managing Director
	
	Arboretum Ventures 1-A, LLC
		
	By:	 	/s/ Timothy B. Petersen
		 	Timothy B. Petersen
		 	Managing Director
	
	Launch Point Technologies, LLC
		
	By:	 	/s/ Brad Paden
		 	Brad Paden
		 	President
	
	 Stephen E. Cooper Family Partnership

The Cooper Revocable Trust Dtd 7/26/96

		
	By:	 	/s/ Stephen E. Cooper
		 	Stephen E. Cooper
		 	Trustee
	
	The UCSB Foundation f/b/o The College of Engineering
		
	By:	 	/s/ Authorized Representative

 
			
		
	Name:	 	 
		
	Title:	 	 

 [Signature Page to Inogen, Inc. Fourth Amended and Restated Voting Agreement] 

 
			
	The DeHont Family Revocable Trust, u/t/d 3/6/84
		
	By:	 	/s/ Charles L. DeHont
		 	Charles L. DeHont
		 	Trustee
	
	/s/ Robert C. Bodine
	Robert C. Bodine
	
	/s/ Duard Enoch
	Duard Enoch
	
	 Louis and Bernice Weider Family Trust,

u/t/d 12/23/93

		
	By:	 	/s/ Louis Weider
		 	Louis Weider
		 	Trustee
	
	Scar Family Trust u/t/d 1/4/78
		
	By:	 	/s/ Howard Scar
		 	Howard Scar
		 	Trustee
	
	The Raymond Lawrence Henricksen and Susan Lynn Henricksen Living Trust u/t/d 9/17/90
		
	By:	 	/s/ Raymond Lawrence Henricksen
		 	Raymond Lawrence Henricksen
		 	Trustee

 [Signature Page to Inogen, Inc. Fourth Amended and Restated Voting Agreement] 

 
			
	Debcor Corp. Defined Benefit Pension Plan
		
	By:	 	/s/ Richard H. Childress
		 	Richard H. Childress
		 	Trustee
	
	/s/ John Petote
	John Petote
	
	/s/ M. Lynn Brewer
	M. Lynn Brewer
	
	Numenor Ventures, LLC
		
	By:	 	/s/ R. Scott Greer
		 	R. Scott Greer
		 	Managing Director

 [Signature Page to Inogen, Inc. Fourth Amended and Restated Voting Agreement] 

 SCHEDULE A 

SCHEDULE OF INVESTORS 
  

																	
	 	  	No. of Shares of Preferred Stock	 
	 Investor Name and Address
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 LAUNCH POINT TECHNOLOGIES, LLC 

(f/k/a Magnetic Moments, LLC)

*

*
	  	 	400,000	  	  				  				  	 	39,569	  
	 AVALON VENTURES VII, L.P. 

*

*
	  				  				  				  	 	5,486,351	  
	 AMV PARTNERS, I, L.P. 

Accuitive Medical Ventures

*

*
	  				  				  	 	4,266,212	  	  	 	3,577,266	  
	 VERSANT VENTURE CAPITAL II, L.P. 

*

*
	  				  	 	9,826,700	  	  	 	4,836,671	  	  	 	14,824,980	  
	 VERSANT AFFILIATES FUND II-A, L.P. 

*

*
	  				  	 	186,484	  	  	 	91,787	  	  	 	281,336	  
	 VERSANT SIDE FUND II, L.P. 

*

*
	  				  	 	87,826	  	  	 	43,228	  	  	 	132,497	  
	 DUARD ENOCH 

*

*
	  				  	 	131,877	  	  	 	34,130	  	  	 	42,469	  
	 THE DEHONT FAMILY
REVOCABLE TRUST 
 *

*
	  				  	 	290,641	  	  	 	137,153	  	  			
	 ROBERT C. BODINE 

*

*
	  				  	 	194,411	  	  				  			
	 LOUIS AND BERNICE WEIDER
FAMILY TRUST 
 *

*
	  				  	 	161,656	  	  	 	76,285	  	  	 	289,958	  
	 SCAR FAMILY TRUST 

*

*
	  				  	 	128,888	  	  				  			
	 THE HENRICKSEN LIVING TRUST
DATED
 OCTOBER 20TH,
2003 
 *

*
	  				  	 	261,207	  	  				  			

																	
	 	  	No. of Shares of Preferred Stock	 
	 Investor Name and Address
	  	Series A	 	  	Series B	 	  	Series C	 	  	Series D	 
	 DEBCOR CORP. DEFINED BENEFIT
PENSION PLAN
 *

*
	  				  	 	128,417	  	  	 	60,599	  	  	 	71,806	  
	 JOHN PETOTE 

*

*
	  				  	 	127,559	  	  	 	60,195	  	  	 	75,110	  
	 M. LYNN BREWER 

*

*
	  				  	 	255,782	  	  	 	120,703	  	  	 	64,453	  
	 THE COOPER REVOCABLE TRUST
DTD 7/26/96,
 STEPHEN E. COOPER AND
SUSAN D. COOPER
 TRUSTEES 

*

*
	  	 	1,450,000	  	  	 	911,375	  	  	 	100,000	  	  	 	543,416	  
	 THE STEPHEN E. COOPER FAMILY
PARTNERSHIP 
 *

*
	  				  				  	 	406,945	  	  	 	10,000	  
	 DANIEL THOMAS 

*

*
	  				  				  	 	5,000	  	  			
	 THE UCSB FOUNDATION F/B/O

THE COLLEGE OF ENGINEERING 

*

*

*
	  	 	150,000	  	  				  				  			
	 ARBORETUM VENTURES 1, LLC 

*

*
	  				  				  				  	 	1,438,356	  
	 ARBORETUM VENTURES 1-A, LLC 

*

*
	  				  				  				  	 	958,904	  
	 NOVO A/S 

*

*

*
	  				  				  				  	 	10,958,904	  
	 NUMENOR VENTURES, LLC 

*

*
	  				  				  				  	 	1,027,397	  

 SCHEDULE B 

SCHEDULE OF FOUNDERS 
 Byron Myers 

Alison Perry 
 Brenton Taylor 

Kathy Odell 

 EXHIBIT A 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned (the “Transferee”) pursuant to the terms of that certain Third Amended and Restated Voting Agreement dated as of November 2006
(the “Agreement”) by and among the Company and certain of its stockholders. Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Adoption
Agreement, the Transferee agrees as follows: 
 (a) Acknowledgment. Transferee acknowledges that Transferee is acquiring certain
shares of the capital stock of the Company (the “Stock”), subject to the terms and conditions of the Agreement. 
 (b)
Agreement. The Stock acquired by Transferee shall be bound by and subject to the terms of the Agreement, and Transferee shall be deemed to be a “Founder” or “Investor”, as the case may be, under the
Agreement and subject to the Agreement and the terms, conditions and restrictions thereof with the same force and effect as if Transferee were originally a Party thereto. 

(c) Notice. Any notice required or permitted by the Agreement shall be given to Transferee at the address listed beside
Transferee’s signature below. 
 EXECUTED AND DATED this
             day of                     ,
            . 
  

			
	TRANSFEREE:
		
	Signature:	 	 

 
			
		
	Print Name:	 	 

 
			
		
	Title:	 	 

 
			
		
	Address:	 	 

 
			
		
	Fax:	 	 

 Accepted and Agreed: 
  

			
	Inogen, Inc.
		
	Signature:	 	 

			
		
	Print Name:	 	 

			
		
	Title:	 	 

 EXHIBIT C 

The Charter 

  

					
		  	 Delaware
  

The First State
	  	PAGE 1

 I, HARRIET SMITH WINDSOR, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS
A TRUE AND CORRECT COPY OF THE RESTATED CERTIFICATE OF “INOGEN, INC.”, FILED IN THIS OFFICE ON THE TWENTIETH DAY OF APRIL, A.D. 2007, AT 4:52 O’CLOCK P.M. 

A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO THE NEW CASTLE COUNTY RECORDER OF DEEDS. 

 

									
		  	

	  		  	

	 3460984 8100
  

070461623
	  	  	  	  

Harriet Smith Windsor, Secretary of State

AUTHENTICATION:   5612833
  

              
          DATE:   04-20-07

					
		 		 	 State of Delaware

Secretary of State

Division of Corporations

Delivered 04:53 PM 04/20/2007

FILED 04:52 PM 04/20/2007

SRV 070461623 – 3460984 FILE

 SEVENTH AMENDED AND RESTATED 

CERTIFICATE OF INCORPORATION 

OF 
 INOGEN, INC. 

(Pursuant to Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware) 

The undersigned, Kathy Odell, does hereby certify that: 

FIRST: She is the Chief Executive Officer of Inogen, Inc. (the “Corporation”). 

SECOND: The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on
November 27, 2001 under the name “Inogen, Inc.” 
 THIRD: This Seventh Amended and Restated Certificate of
Incorporation (the “Restated Certificate”) restates and amends the Sixth Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on November 28, 2006. 

FOURTH: The Sixth Amended and Restated Certificate of Incorporation of this Corporation is hereby amended and restated in its entirety
as follows: 
 ARTICLE I 

NAME 
 The name of this
Corporation is Inogen, Inc. 
 ARTICLE II 

REGISTERED OFFICE AND AGENT 

The address of the registered office of the Corporation in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington,
Delaware 19808, County of New Castle. The name of the Corporation’s registered agent at that address is the Corporation Service Company. 

ARTICLE III 

PURPOSE 
 The purpose of
the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware, as amended from time to time. 

 ARTICLE IV 

AUTHORIZED SHARES 
 4.1
Classes of Stock. This Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is
authorized to issue is 177,733,513 shares. 100,000,000 shares shall be Common Stock, $0.001 par value per share, and 77,733,513 shares shall be Preferred Stock, $0.001 par value per share. 

4.2 Rights, Preferences and Restrictions of Preferred Stock. The initial five series of Preferred Stock shall be designated
“Series A Preferred Stock,” consisting of 2,000,000 shares, “Series B Preferred Stock,” consisting of 12,765,693 shares, “Series C Preferred Stock,” consisting of 11,508,230 shares, “Series D
Preferred Stock,” consisting of 45,158,220 shares, and “Series D-1 Preferred Stock” consisting of 6,301,370 shares. The rights, preferences and restrictions granted to and imposed on the Series A Preferred Stock,
Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock are set forth below in this Section 4.2. 

4.2.1 Dividends. 
 (a)
The holders of shares of Series D-1 Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock
or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of this Corporation) on the Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock or Common Stock of this Corporation, at the annual rate of eight percent (8%) of the Original Series D-1 Issue Price (as such term is defined in Section 4.2.2 below).
Dividends shall only be payable when, as and if declared by the Board of Directors and shall not be cumulative. If the assets legally available for payment of dividends shall be insufficient to satisfy the Company’s payment obligations to the
holders of Series D.-1 Preferred Stock under this Section 4.2.1(a), then the dividends to be paid shall be distributed among the holders of the Series D-1 Preferred Stock ratably in proportion to the full amounts to which they
otherwise would be entitled in regards to each such holder’s holdings of Series D-1 Preferred Stock. 
 (b) Subject to the prior
rights of the holders of Series D-1 Preferred Stock set forth in subsection (a) above, the holders of shares of Series D Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and
in preference to any declaration or payment of any dividend (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of
this Corporation) on the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock or Common Stock of this Corporation, at the annual rate of eight percent (8%) of the Original Series D Issue Price (as
such term is defined in Section 4.2.2 below). Dividends shall only be payable when, as and if declared by the Board of Directors and shall not be cumulative. If the assets legally available for payment of dividends shall be insufficient
to satisfy the Company’s payment obligations to the holders of Series D Preferred. Stock under this Section 4.2.1(b), then the dividends to be paid shall be distributed among the holders of the Series D

  
 -2- 

 
Preferred Stock ratably in proportion to the full amounts to which they otherwise would be entitled in regards to each such holder’s holdings of Series D Preferred Stock. 

(c) Subject to the prior rights of the holders of Series D-1 Preferred Stock and Series D Preferred Stock set forth in
subsections (a) and (b) above, the holders of shares of Series C Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any
dividend (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of this Corporation) on the Series A Preferred
Stock, Series B Preferred Stock or Common Stock of this Corporation, at the annual rate of eight percent (8%) of the Original Series C Issue Price (as such term is defined in Section 4.2.2 below). Dividends shall only be
payable when, as and if declared by the Board of Directors and shall not be cumulative. If the assets legally available for payment of dividends shall be insufficient to satisfy the Company’s payment obligations to the holders of Series C
Preferred Stock under this Section 4.2.1(c), then the dividends to be paid shall be distributed among the holders of the Series C Preferred Stock ratably in proportion to the full amounts to which they otherwise would be entitled in
regards to each such holder’s holdings of Series C Preferred Stock. 
 (d) Subject to the prior rights of the holders of
Series D-1 Preferred Stock, Series D Preferred Stock and Series C Preferred Stock set forth in subsections (a), (b) and (c) above, respectively, the holders of shares of Series A Preferred Stock and Series B
Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, prior and in preference to any declaration or payment of any dividend (payable other than in Common Stock or other securities and rights
convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of this Corporation) on the Common Stock of this Corporation, at the annual rate of Five Percent (5%) of the Original
Series A Issue Price or Original Series B Issue Price, respectively (as such terms are defined Section 4.2.2 below). Dividends shall only be payable when, as and if declared by the Board of Directors. If after payment of the
dividends required by subsection (a) and (b) above, the assets legally available for payment of dividends shall be insufficient to satisfy the Company’s payment obligations to the holders of Series A Preferred Stock and
Series B Preferred Stock under this Section 4.2.1(d), then the dividends to be paid shall be distributed among the holders of Series A Preferred Stock and Series B Preferred Stock ratably in proportion to the full amounts
to which they otherwise would be entitled in regards to each such holder’s holdings of Series A Preferred and Series B Preferred Stock. 

(e) So long as any shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D
Preferred Stock or Series D-1 Preferred Stock shall be outstanding, no dividend shall be paid or declared, nor shall any other distribution be made, on any shares of Common Stock until all dividends (set forth in Sections 4.2.1(a),
4.2.1(b), 4.2.1(c) and 4.2.1(d) above) on the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall have been paid or
declared and set apart. Subject to the foregoing sentence, in the event dividends are paid on any share of Common Stock, then such dividends shall be declared equally on the Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock, Series D-1 Preferred Stock and 

  
 -3- 

 
Common Stock, treating each share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock Series D Preferred Stock and Series D-1 Preferred Stock
as being equal to the number of shares of Common Stock (including fractions of a share) into which such share is then convertible. 
 4.2.2
Liquidation, Dissolution or Winding Up. 
 (a) Preference of Series D-1 Preferred Stock. In the event of any
liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, holders of each share of Series D-1 Preferred Stock shall be entitled to be paid out of the assets or funds of the Corporation available for
distribution to holders of the Corporation’s capital stock, whether such assets are capital, surplus or earnings, an amount per outstanding share of Series D-1 Preferred Stock equal to two (2) times the Original Series D-1 Issue
Price (as defined below), plus any declared but unpaid dividends (collectively, the “Series D-1 Liquidation Preference”) before any sums shall be paid or any assets distributed among the
holders of shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock or Series D Preferred Stock. The “Series D-1 Original Issue Price” shall mean $0.73 per share,
as adjusted for any stock dividends, combinations or stock splits following the effectiveness of this Restated Certificate with respect to the Series D-1 Preferred Stock. If the assets and funds of the Corporation shall be insufficient to
permit the payment in full to the holders of the Series D-1 Preferred Stock of the amount thus distributable, then the entire assets and funds of the Corporation available for such distribution shall be distributed ratably among the holders of
the Series D-1 Preferred Stock in proportion to the full amounts to which they otherwise would be entitled in regards to each such holder’s holdings of Series D-1 Preferred Stock. 

(b) Preference of Series D Preferred Stock. In the event of any liquidation, dissolution or winding up of the Corporation,
whether voluntary or involuntary, and after such payments shall have been made in full pursuant to subsection 4.2.2(a) above, holders of each share of Series D Preferred Stock shall be entitled to be paid out of the assets or funds
of the Corporation available for distribution to holders of the Corporation’s capital stock, whether such assets are capital, surplus or earnings, an amount equal to $0.730 per outstanding share (as adjusted for any stock dividends,
combinations or stock splits following the effectiveness of this Restated Certificate with respect to such shares) (the “Original Series D Issue Price”) plus any declared but unpaid dividends (collectively, the
“Series D Liquidation Preference”) before any sums shall be paid or any assets distributed among the holders of shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, or Series C Preferred
Stock. If the assets and funds of the Corporation shall be insufficient to permit the payment in full to the holders of the Series D Preferred Stock of the amount thus distributable, then, subject to the liquidation preferences of the
Series D-1 Preferred Stock, the entire assets and funds of the Corporation available for such distribution shall be distributed ratably among the holders of the Series D Preferred Stock in proportion to the full amounts to which they
otherwise would be entitled in regards to each such holder’s holdings of Series D Preferred Stock. 

  
 -4- 

 (c) Preference of Series C Preferred Stock. In the event of any liquidation,
dissolution or winding up of the Corporation, whether voluntary or involuntary, and after such payments shall have been made in full pursuant to subsection 4.2.2(a) and subsection 4.2.2(b) above, holders of each share of
Series C Preferred Stock shall be entitled to be paid out of the assets or funds of the Corporation available for distribution to holders of the Corporation’s capital stock, whether such assets are capital, surplus or earnings, an amount
equal to $0.586 per outstanding share (as adjusted for any stock dividends, combinations or stock splits following the effectiveness of this Restated Certificate with respect to such shares) (the “Original Series C Issue
Price”) plus any declared but unpaid dividends (collectively, the “Series C Liquidation Preference”) before any sums shall be paid or any assets distributed among the holders of shares of Common Stock, Series A
Preferred Stock or Series B Preferred Stock. If the assets and funds of the Corporation shall be insufficient to permit the payment in full to the holders of the Series C Preferred Stock of the amount thus distributable, then, subject to
the liquidation preferences of the Series D Preferred Stock and Series D-1 Preferred Stock, the entire assets and funds of the Corporation available for such distribution shall be distributed ratably among the holders of the Series C
Preferred Stock in proportion to the full amounts to which they otherwise would be entitled in regards to each such holder’s holdings of Series C Preferred Stock. 

(d) Preference of Series B Preferred Stock. In the event of any liquidation, dissolution or winding up of the Corporation,
whether voluntary or involuntary, and after such payments shall have been made in full pursuant to subsections 4.2.2(a), (b) and (c) above, holders of each share of Series B Preferred Stock shall be entitled
to be paid out of the assets or funds of the Corporation available for distribution to holders of the Corporation’s capital stock, whether such assets are capital, surplus or earnings, an amount equal to $0.396 per outstanding share (as
adjusted for any stock dividends, combinations or stock splits following the effectiveness of this Restated Certificate with respect to such shares) (the “Original Series B Issue Price”) plus any declared but unpaid dividends
(collectively, the “Series B Liquidation Preference”) before any sums shall be paid or any assets distributed among the holders of shares of Common Stock or Series A, Preferred Stock. If the assets and funds of the
Corporation shall be insufficient to permit the payment in full to the holders of the Series B Preferred Stock of the amount thus distributable, then, subject to the liquidation preferences of the Series C Preferred Stock, Series D
Preferred Stock and the Series D-1 Preferred Stock, the entire assets and funds of the Corporation available for such distribution shall be distributed ratably among the holders of the Series B Preferred Stock in proportion to the full
amounts to which they otherwise would be entitled in regards to each such holder’s holdings of Series B Preferred Stock. 
 (e)
Preference of Series A Preferred Stock. In the event of any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, and after such payments shall have been made in full pursuant to subsections
4.2.2(a), (b), (c) and (d) above, holders of each share of Series A Preferred Stock shall be entitled to be paid out of the assets and funds of the Corporation available for distribution to holders of the
Corporation’s capital stock, whether such assets are capital, surplus or earnings, an amount equal to $0.125 per outstanding share (as adjusted for any stock dividends, combinations or stock splits following the effectiveness of this Restated
Certificate with respect to such shares) (the “Original Series A Issue Price”) plus any 

  
 -5- 

 
declared but unpaid dividends (collectively, the “Series A Liquidation Preference”) before any sums shall be paid or any assets distributed among the holders of shares of
Common Stock. If the assets and funds of the Corporation shall be insufficient to permit the payment in full to the holders of the Series A Preferred Stock of the amount thus distributable, then, subject to the liquidation preferences of the
Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock, the entire assets and funds of the Corporation available for such distribution shall be distributed ratably among the holders of the Series A
Preferred Stock in proportion to the full amounts to which they otherwise would be entitled in regards to each such holder’s holdings of Series A Preferred Stock. 

(f) After the payments shall have been made in full pursuant to subsections 4.2.2(a), (b), (c), (d) and
(e) above, the remaining assets and funds of the Corporation available for distribution to stockholders shall be distributed ratably among the holders of Common Stock, Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock in proportion to the shares of Common Stock then held by them (calculated assuming full conversion of the shares of Series A Preferred Stock,
Series B Preferred Stock Series C Preferred Stock, Series D Prefer d Stock and Series D-1 Preferred Stock into Common Stock). 

(g) Deemed Liquidation. For purposes of Section 4.2.2, the following shall be regarded as liquidation, dissolution or
winding up of the affairs of the Corporation: (i) the closing of the sale, transfer, exclusive license or other disposition of all or substantially all of the Corporation’s assets; (ii) the consummation of the merger or consolidation
of the Corporation or a subsidiary of the Corporation with or into another entity (except one in which the holders of capital stock of the Corporation as constituted immediately prior to such merger or consolidation continue to hold at least 50% of
the voting power of the capital stock of the Corporation or the surviving or acquiring entity in substantially the same relative proportions); (iii) the closing of the acquisition, in one transaction or a series of related transactions, by a
person or group of affiliated persons of 50% or more of the outstanding voting stock of the Corporation; provided, however, that a transaction shall not constitute a liquidation, dissolution or winding up of the affairs of the Corporation pursuant
to this clause (iii): if its sole purpose is to change the domicile of the Corporation; and (iv) a liquidation, dissolution or winding up of the Corporation. 

(h) Distributions Other Than Cash. Whenever the distribution provided for herein shall be paid in property other than cash, the value
of such distribution shall be the fair market value of such property as determined in good faith by the Board of Directors and the holders of a majority of the outstanding shares of Series A Preferred Stock, Series B Preferred Stock
Series C Preferred Stock and Series D Preferred Stock, voting together as a single class on an as-converted to Common Stock basis; provided however than in the event the holders of Series D Preferred Stock are to be distributed
property that is different in nature than is distributed to holders of other series of Preferred Stock, then a determination of the fair market value of the property to be distributed shall require the approval of the holders of at least 60% of the
Series D Preferred Stock, voting as a separate class. 

  
 -6- 

 (i) The Corporation shall give each holder of record of Preferred Stock written notice of any
impending transaction which would be deemed a liquidation, dissolution or winding up of the affairs of the Corporation pursuant to subsection 4.2.2(g) not later than the earliest of (A) twenty (20) days prior to the
stockholders’ meeting called to approve such transaction, (B) twenty (20) days prior to the closing of such transaction, or (C) the date by which notice is required under applicable laws. The first of such notices shall describe
the material terms and conditions of the impending transaction, and the Corporation shall thereafter give such holders prompt notice of any material changes. The transaction shall in no event take place sooner than twenty (20) days after the
Corporation has given the first notice provided for herein or sooner than ten (10) days after the Corporation has given notice of any material changes provided for herein; provided, however, that such periods may be shortened or waived upon the
written consent of the holders of Preferred Stock that are entitled to such notice rights or similar notice tights and that represent at least a majority of the voting power of all then outstanding shares of such Preferred Stock, voting together as
a single class on an as-converted to Common Stock basis. 
 4.2.3 No Reissuance of the Preferred Stock. No share or shares of the
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock acquired by the Corporation by reason of purchase, conversion or otherwise shall be
reissued. The Corporation may from time to time take such appropriate corporate action as may be necessary to reduce the authorized number of shares of the Series A Preferred Stock, Series B Preferred Stock Series C Preferred Stock,
Series D Preferred Stock and Series D-1 Preferred Stock accordingly. 
 4.2.4 Conversion. The holders of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series B Preferred Stock shall have conversion rights as follows: 

(a) Right to Convert. Each share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock,
Series D Preferred Stock and Series D-1 Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of this Corporation or any transfer agent for such
stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Series A Issue Price, the Original Series B Issue Price, the Original Series C Issue Price, the Original
Series D Issue Price or the Original Series D-1 Issue Price by the conversion price applicable to such shares (each a “Conversion Price”), as hereafter determined, in effect on the
date of conversion. The initial conversion price per share for the Series A Preferred Stock (the “Series A Conversion Price”) shall be the Original Series A Issue Price for such share; provided, however that
the Series A Conversion Price shall be subject to adjustment as set forth in subsection 4.2.4(d). The initial conversion price per share for the Series B Preferred Stock (the “Series B Conversion Price”) shall be
the Original Series B Issue Price for such share; provided, however that the Series B Conversion Price shall be subject to adjustment as set forth in subsection 4.2.4(d). The initial conversion price per share for
the Series C Preferred Stock (the “Series C Conversion Price”) shall be the Original Series C Issue Price for such share; provided, however that the Series C Conversion Price shall be subject to adjustment
as set forth in subsection 4.2.4(d). The initial conversion price per share for the Series D Preferred Stock (the “Series D Conversion Price”) shall be the Original Series D Issue Price for such

  
 -7- 

 
share; provided, however that the Series D Conversion Price shall be subject to adjustment as set forth in subsection 4.2.4(d). The initial conversion price per
share for the Series D-1 Preferred Stock (the “Series D-1 Conversion Price”) shall be the Original Series D-1 Issue Price for such share; provided, however that the
Series D-1 Conversion Price shall be subject to adjustment as set forth in subsection 4.2.4(d). 
 (b) Automatic
Conversion. Each share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall automatically be converted into shares of Common Stock
at the conversion price per share applicable to such shares in effect upon (i) the closing of a firm commitment underwritten initial public offering by the Corporation of shares of its Common Stock pursuant to an effective registration
statement filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended, in an offering with aggregate gross cash proceeds to the Corporation of not less than $15,000,000 (before deduction of underwriters’
commissions and expenses) at a public offering price per share of not less than five (5) times the Original Series D Issue Price, as adjusted from time to time (a “Qualified Public Offering”), or (ii) upon the vote or
written consent of holders of at least a majority of the then-outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock,
voting together as a single class on an as-converted Common Stock basis; provided however that the approval of sixty percent (60%) of the outstanding shares of Series D Preferred Stock shall also be required under this clause (ii)
unless the conversion shall be subject to the closing of a firm commitment underwritten initial public offering by the Corporation of shares of its Common Stock pursuant to an effective registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933, as amended, in an offering with aggregate gross cash proceeds to the Corporation of not less than $15,000,000 (before deduction of underwriters’ commissions and expenses) at a public offering price
per share of not less than one (1) times the Original Series D Issue Price, as adjusted from time to time. 
 (c) Mechanics of
Conversion. Before any holder of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock shall be entitled to convert the same into shares of
Common Stock pursuant to subsection 4.2.4(a), such holder shall surrender the certificate or certificates therefor, duly endorsed, at the office of this Corporation or of any appointed transfer agent, and give written notice to this
Corporation at its principal corporate office of such holder’s election to convert the same, and shall state therein the name or names in which the certificate or certificates for shares of Common Stock are to be issued. This Corporation shall,
as soon as practicable thereafter, issue and deliver at such office to such holder of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock, or
to the nominee or nominees of such holder, a certificate or certificates for the number of shares of Common Stock to which such holder shall be entitled as aforesaid and shall promptly pay in cash or, to the extent sufficient funds are not then
legally available therefor, in Common Stock (at the Common Stock’s fair market value determined by the Board of Directors as of the date of such conversion), any declared and unpaid dividends on the shares of Series A Preferred Stock,
Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock being converted. Such conversion 

  
 -8- 

 
shall be deemed to have been made immediately prior to the close of business on the date of such surrender of the shares of Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock to be converted, and the person or persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes
as the record holder or holders of such shares of Common Stock as of such date. In the event of an automatic conversion pursuant to subsection 4.2.4(b), the outstanding shares of Series A Preferred Stock, Series B Preferred
Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall be converted automatically without further action by the holders of such shares and whether or not the certificates representing such
shares are surrendered to the Corporation or its transfer agent, provided that the Corporation shall not be obligated to issue certificates evidencing the shares of Common Stock issuable upon such automatic conversion unless the certificates
evidencing such shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock are delivered to the Corporation or its transfer agent or the
holder notifies the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the Corporation to indemnify the Corporation from any loss incurred by it in connection with
such certificates. Upon the occurrence of the automatic conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock, the holders of
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall surrender the certificates representing such shares at the office of the Corporation
or any appointed transfer agent. Thereupon, there shall be issued and delivered to such holder promptly at such office and in its name as shown on such surrendered certificate or certificates, a certificate or certificates for the number of shares
of Common Stock into which the shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock surrendered were convertible on the date on which
such automatic conversion occurred, and any declared and unpaid dividends shall be paid in accordance with the provisions above. If the conversion is in connection with a Qualified Public Offering, the conversion may, at the option of any holder
tendering Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock for conversion, be conditioned upon the closing with the underwriters of the sale
of securities pursuant to such offering, in which event the person or persons entitled to receive the Common Stock upon conversion of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D
Preferred Stock or Series D-1 Preferred Stock shall not be deemed to have ‘converted such Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1
Preferred Stock until immediately prior to the closing of such sale of securities. 
 (d) Conversion Price Adjustments of Preferred
Stock for Certain Dilutive Issuances, Splits and Combinations. The Series A Conversion Price, the Series B Conversion Price, Series C Conversion Price, Series D Conversion Price and the Series D-1 Conversion Price shall
be subject to adjustment from time to time as follows: 

  
 -9- 

 (i) Adjustment for Certain Dilutive Issuances. 

(A) Upon each issuance by this Corporation of any Additional Stock (as defined below) without consideration or for a consideration per share
less than the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price, as applicable, in effect immediately prior to the issuance of such
Additional Stock, then the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series 1) Conversion Price or Series D-1 Conversion Price, as applicable, in effect immediately prior to each such
issuance shall forthwith (except as otherwise provided in this subsection 4.2.4(d)(i)) be adjusted to a price determined by multiplying the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price,
Series D Conversion Price or Series D-1 Conversion Price, as applicable, by a fraction, (x) the numerator of which shall be the number of shares of Common Stock outstanding immediately prior to
the issuance of such Additional Stock plus the number of shares of Common Stock which the aggregate consideration received by the Corporation for the total number of shares of Additional Stock so issued would purchase at Conversion Price in effect
for such series immediately prior to such issuance, and (y) the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such issuance of Additional Stock plus the number of shares of such Additional
Stock so issued. For the purpose of the above calculation, the number of shares of Common Stock outstanding immediately prior to such issuance of Additional Stock shall be calculated as if all outstanding shares of all series of Preferred Stock had
been fully converted into shares of Common Stock immediately prior to such issuance, and any outstanding options, warrants or other rights for the purchase of shares of stock or convertible securities shall be treated in the manner set forth in
subsection 4.2.4(d)(i)(E). 
 (B) No adjustment of the Series A Conversion Price, Series B Conversion Price,
Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price shall be made in an amount less than One Cent ($0.01) per share, provided that any adjustments that are not required to be made by reason of this
sentence shall be carried forward and shall be either taken into account in any subsequent adjustment made prior to three (3) years from the date of the event giving rise to the adjustment being carried forward, or shall be made at the end of
three (3) years from the date of the event giving rise to the adjustment being carried forward, and upon such adjustment the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D
Conversion Price or Series D-1 Conversion Price, as applicable, shall be rounded up or down to the nearest cent. Except to the limited extent provided for in subsections 4.2.4(d)(i)(E)(3) and (4), no adjustment of the
Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price pursuant to this subsection 4.2.4(d)(i) shall have the effect of
increasing the Conversion Price above the Conversion Price in effect immediately prior to such adjustment. 
 (C) In the case of the
issuance of Additional Stock for cash, the consideration shall be deemed to be the amount of cash paid therefor after deducting any reasonable discounts or commissions, but before deducting any other expenses allowed, paid or

  
 -10- 

 
incurred by this Corporation for any underwriting or otherwise in connection with the issuance and sale thereof. 

(D) In the case of the issuance of Additional Stock for a consideration in whole or in part other than cash, the consideration other than
cash shall be deemed to be the fair market value thereof as determined in good faith by the Board of Directors and the holders of a majority of the then outstanding shares of Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock, voting together as a single class on an as-converted to Common Stock basis. 

(E) In the case of the issuance of options to purchase or rights to subscribe for Common Stock, securities by their terms convertible into or
exchangeable for Common Stock or options to purchase or rights to subscribe for such convertible or exchangeable securities, the following provisions shall apply for all purposes of this subsections 4.2.4(d)(i) and (ii): 

(1) The aggregate maximum number of shares of Common Stock deliverable upon exercise (whether or not then exercisable) of such options to
purchase or rights to subscribe for Common Stock shall be deemed to have been issued at the time such options or rights were issued and for a consideration equal to the consideration (determined in the manner provided in
subsections 4.2.4(d)(i)(C) and (D)), if any, received by the Corporation upon the issuance of such options or rights plus the minimum exercise price provided in such options or rights for the Common Stock covered thereby. 

(2) The aggregate maximum number of shares of Common Stock deliverable upon conversion of or in exchange (whether or not then convertible or
exchangeable) for any such convertible or exchangeable securities or upon the exercise of options to purchase or rights to subscribe for such convertible or exchangeable securities and subsequent conversion or exchange thereof shall be deemed to
have been issued at the time such securities were issued or such options or rights were issued and for a consideration equal to the consideration, if any, received by the Corporation for any such securities and related options or rights (excluding
any cash received on account of interest or dividends), plus the minimum additional consideration, if any, to be received by the Corporation upon the conversion or exchange of such securities or the exercise of any related options or rights (the
consideration in each case to be determined in the manner provided in subsections 4.2.4(d)(i)(C) and (D)). 
 (3) In the
event of any change in the number of shares of Common Stock deliverable or in the consideration payable to this Corporation upon exercise of such options or rights or upon conversion of or in exchange for such convertible or exchangeable securities,
including, but not limited to, a change resulting from the antidilution provisions thereof, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price and Series D-1
Conversion Price, to the extent in any way affected by or computed using such options, rights or securities, shall be recomputed to reflect such change, but no further adjustment shall be made for the actual issuance of Common Stock or any payment
of 

  
 -11- 

 
such consideration upon the exercise of any such options or rights or the conversion or exchange of such securities. 

(4) Upon the expiration of any such options or rights, the termination of any such rights to convert or exchange or the expiration of any
options or rights related to such convertible or exchangeable securities, the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price, to the
extent in any way affected by or computed using such options, rights or securities, shall be recomputed to reflect the issuance of only the number of shares of Common Stock (and convertible or exchangeable securities that remain in effect) actually
issued upon the exercise of such options or rights, upon the conversion or exchange of such securities or upon the exercise of the options or rights related to such securities. 

(5) The number of shares of Common Stock deemed issued and the consideration deemed paid therefor pursuant to
subsections (i)(E)(1) and (2) shall be appropriately adjusted to reflect any change, termination or expiration of the type described in either subsection 4.2.4(d)(i)(E)(3) or (4). 

(ii) “Additional Stock” shall mean any shares of Common Stock issued (or deemed to have been issued pursuant to
subsection 4.2.4(d)(i)(E) by this Corporation other than the following: 
 (A) Common Stock issued pursuant to a transaction
described in subsection 4.2.4(d)(iii) hereof; 
 (B) Common Stock reserved for issuances to directors, officers, employees and
consultants of the Corporation pursuant to arrangements, contracts or plans approved by the Board of Directors; 
 (C) Common Stock issued
upon conversion of shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock, provided that in each case such shares of Preferred Stock
were originally issued at the Original Issuance Price applicable to such series of Preferred Stock; 
 (D) Common Stock issued or issuable
in a public offering; 
 (E) Common Stock issued or issuable to financial institutions or lessors in connection with commercial credit
arrangements, equipment financings, real property leasing transactions or similar transactions, as approved by the Board of Directors, including the vote of the directors elected by the holders of Series C Preferred Stock, Series D
Preferred Stock and Series D-1 Preferred Stock; 
 (F) Common Stock issued pursuant to options, warrants, notes, or other rights to
acquire securities of the Corporation outstanding as of the effectiveness of this Restated Certificate; 

  
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 (G) Common Stock issued or issuable upon the exercise of warrants issued pursuant to that
certain Series D-1 Preferred Stock Convertible Promissory Note Purchase Agreement dated of even date herewith; or 
 (H) Any shares
that the holders of a majority of the then outstanding shares of Preferred Stock for which the issuance of Additional Stock would otherwise result in an adjustment to the conversion price thereof, voting together as a single class on an as-converted
to Common Stock basis, agree that such shares shall not constitute Additional Stock. 
 (iii) Adjustment for Splits and Dividends.
In the event the Corporation should at any time or from time to time following the effectiveness of this Restated Certificate fix a record date for the effectuation of a split or subdivision of the outstanding shares of Common Stock or the
determination of holders of Common Stock entitled to receive a dividend or other distribution payable in additional shares of Common Stock or other securities or rights convertible into, or entitling the holder thereof to receive directly or
indirectly, additional shares of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares of Common Stock or the Common Stock Equivalents
(including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split or subdivision if no record date is fixed), the Series A Conversion
Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price and Series D-1 Conversion Price shall be appropriately decreased so that the number of shares of Common Stock issuable on conversion of each
share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall be increased in proportion to such increase of the aggregate of shares of
Common Stock outstanding and those issuable with respect to such Common Stock Equivalents. 
 (iv) Adjustment for Combinations. If
the number of shares of Common Stock outstanding at any time following the effectiveness of this Restated Certificate is decreased by a combination of the outstanding shares of Common Stock (without a corresponding proportional decrease in the
number of shares of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock) then, following the record date of such combination, the
Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price, as applicable, shall be appropriately increased so that the number of shares of
Common Stock issuable on conversion of each share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall be decreased in proportion to
such decrease in outstanding shares. 
 (e) Other Distributions. In the event this Corporation shall declare a distribution payable
in securities of other persons, evidences of indebtedness issued by this Corporation or other persons, assets (excluding cash dividends) or options or rights not referred to in subsection 4.2.4(d)(iii), then, in each such case, the
holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock 

  
 -13- 

 
shall be entitled to a proportionate share of any such distribution as though they were the holders of the number of shares of Common Stock of the Corporation into which their shares of
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock are convertible as of the record date fixed for the determination of the holders of Common
Stock of the Corporation entitled to receive such distribution. 
 (f) Recapitalizations. If at any time or from time to time the
Common Stock issuable upon the conversion of the Preferred Stock is changed into the same or a different number of shares of any class or classes of stock, whether by recapitalization, reclassification, reorganization or otherwise (other than a
subdivision, combination or merger, reorganization or sale of assets transaction provided for elsewhere in this Section 4.2.4 or Section 4.2.2 of this Article IV), provision shall be made so that the holders of
Series A Preferred Stock, Series B Preferred Stock , Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock shall thereafter be entitled to receive upon conversion of such Series A Preferred
Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock the number of shares of stock or other securities or property of the
Corporation or otherwise, to which a holder of Common Stock deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall be made in the application of the provisions of this
Section 4.2.4 with respect to the rights of the holders of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock after the
recapitalization to the end that the provisions of this Section 4.2.4 (including adjustment of the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion
Price and Series D-1 Conversion Price, as applicable, then in effect and the number of shares purchasable upon conversion of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred
Stock and Series D-1 Preferred Stock) shall be applicable after that event as nearly equivalent as is practicable. 
 (g) No
Impairment. This Corporation will not, by amendment of its Certificate of Incorporation (except in accordance with Section 4.2.6 hereof and applicable law) or through any reorganization, recapitalization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by this Corporation, but will at all times
in good faith assist in the carrying out of all the provisions of this Section 4.2.4 and in the taking of all such action as may be necessary or appropriate in order to protect the conversion rights of the holders of Series A
Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock against dilution or other impairment. 

(h) No Fractional Shares and Certificate as to Adjustments. 

(i) No fractional shares shall be issued upon the conversion of any share or shares of Series A Preferred Stock, Series B Preferred
Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock. In lieu of issuing any fractional shares to which such stockholder is entitled, the Corporation shall pay cash equal to the product of such
fraction multiplied by the fair market value of the Common Stock (as determined in good faith by 

  
 -14- 

 
the Board) on the date of conversion. Whether or not fractional shares would have been issuable upon such conversion shall be determined on the basis of the total number of shares of
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock the holder is at the time converting into Common
Stock and the number of shares of Common Stock issuable upon such aggregate conversion. 
 (ii) Upon the occurrence of each adjustment or
readjustment of the Series A Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price or Series D-1 Conversion Price pursuant to this Section 4.2.4, this
Corporation, at its expense, shall promptly compute such adjustment or readjustment in accordance with the terms hereof and prepare and furnish to each holder of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred
Stock, Series D Preferred Stock or Series D-1 Preferred Stock, as applicable, a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or readjustment is based including a
statement of (A) such adjustment and readjustment, (B) the consideration received or deemed to be received by the Corporation for any Additional Stock issued or sold or deemed to have been issued or sold, (C) the Series A
Conversion Price, Series B Conversion Price, Series C Conversion Price, Series D Conversion Price and Series D-1 Conversion Price at the time in effect, and (D) the number of shares of
Common Stock and the amount, if any, of other property which at the time would be received upon the conversion of a share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock
and Series D-1 Preferred Stock, as applicable. 
 (iii) Reservation of Stock Issuable Upon Conversion. This Corporation shall
at all times reserve and keep available out of its authorized but unissued shares of Common Stock, solely for the purpose of effecting the conversion of the shares of Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred and Series D-1 Preferred Stock such number of shares of Common Stock as shall from time to time be sufficient to effect the conversion of all outstanding shares of Series A Preferred Stock,
Series B Preferred Stock, Series C Preferred Stock, Series D Preferred and Series D-1 Preferred Stock; and if at any time the number of authorized but unissued shares of Common Stock shall not
be sufficient to effect the conversion of all then outstanding shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock, in addition to
such other remedies as shall be available to the holder of such Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock, this Corporation will take
such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including, without limitation, engaging in
best efforts to obtain the requisite stockholder approval of any necessary amendment to this Restated Certificate. 
 (iv) Notices. Any
notice required by the provisions of Sections 4.2.2 and 4.2.4 to be given to the holders of shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or
Series D-1 Preferred Stock shall be deemed given (A) upon personal delivery to the party to be notified, (B) when sent by confirmed facsimile if sent during normal business hours of the recipient (if not, then on the next

  
 -15- 

 
business day), (C) if sent and delivered within the United States, (1) five (5) days after deposit in the United States mail, by registered or certified mail, postage prepaid,
return receipt requested or (2) the day after delivery to an overnight delivery service of national reputation, or (D) if sent or delivered outside the United States, three (3) days after deposit with a recognized international
courier service. All such notices shall be delivered and addressed to each holder of record at his address appearing on the books of this Corporation. 

4.2.5 Voting Rights. 

(a) The holder of any share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D
Preferred Stock or Series D-1 Preferred Stock shall have the right to one vote for each share of Common Stock into which such share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D
Preferred Stock or Series D-1 Preferred Stock could then be converted, and with respect to such vote, such holder shall have full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, and shall be
entitled, notwithstanding any provision hereof, to notice of any stockholders’ meeting in accordance with the Bylaws of this Corporation, and shall be entitled to vote, together with holders of Common Stock, with respect to any question upon
which holders of Common Stock have the right to vote as a single class, unless otherwise prohibited by law; provided, however, that, notwithstanding anything to the contrary in this subsection 4.2.5(a), the rights of holders of
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock to vote for directors shall be as set forth in subsection 4.2.5.(b).
Fractional votes shall not, however, be permitted and any fractional voting rights resulting from the above formula (after aggregating all shares into which shares of Preferred Stock held by each holder could be converted), shall be disregarded.

 (b) Until the closing of the Corporation’s Qualified Public Offering, (i) one (1) of the members of the Board of
Directors shall be elected, removed or replaced solely by the vote or written consent of the holders of the Series A Preferred Stock, voting as a separate class (approval by the vote or written consent of the holders of a majority of the shares
of Series A Preferred Stock then outstanding shall constitute an action by the holders of Series A Preferred Stock pursuant to this subsection 4.2.5(b)), (ii) one (1) of the members of the Board of Directors shall be
elected, removed or replaced solely by the vote or written consent of the holders of the Series B Preferred Stock, voting as a separate class (approval by the vote or written consent of the holders of a majority of the shares of Series B
Preferred Stock then outstanding shall constitute an action by the holders of Series B Preferred Stock pursuant to this subsection 4.2.5(b)), (iii) one (1) of the members of the Board of Directors shall be elected, removed
or replaced solely by the vote or written consent of the holders of the Series C Preferred Stock, voting as a separate class (approval by the vote or written consent of the holders of a majority of the shares of Series C Preferred Stock
then outstanding shall constitute an action by the holders of Series C Preferred Stock pursuant to this subsection 4.2.5(b)), (iv) one (1) of the members of the Board of Directors shall be elected, removed or replaced
solely by the vote or written consent of the holders of the Series D Preferred Stock, voting as a separate class (approval by the vote or written consent of the holders of a majority of the shares of Series D Preferred Stock then
outstanding shall constitute an action by the holders of 

  
 -16- 

 
Series D Preferred Stock pursuant to this subsection 4.2.5(b)), and (v) and all remaining members other Board of Directors will be elected, removed or replaced by a vote or
written consent of the outstanding shares of Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock, voting together as a single
class, with each share of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock being entitled to a number of votes equal to the number of
shares of Common Stock into which such shares are then convertible, as provided for under subsection 4.2.5(a). 
 4.2.6 Protective
Provisions of Preferred Stock. 
 (a) So long as any shares of Preferred Stock remain outstanding, this Corporation shall not, without
first obtaining the approval (by vote or written consent, as provided by law) of the holders of at least 66 2/3% of the then outstanding shares of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock,
Series D Preferred Stock and Series D-1 Preferred Stock, voting together as a single class on an as-converted to Common Stock basis), take any action, whether by merger, consolidation or otherwise,
that: 
 (i) effects a sale, transfer, exclusive license or other distribution of all or substantially all of the Corporation’s assets
or which results in a merger, consolidation, other corporate reorganization, sale of control or other transaction or series of transactions where the stockholders of the Corporation before such transaction or transactions will hold following such
transaction or transactions less than 50% of the voting power of the capital stock of the Corporation or the surviving or acquiring entity in substantially the same relative proportions) or liquidate, dissolve or wind up the Corporation; 

(ii) creates (by new authorization, merger, reclassification, recapitalization or otherwise) or results in the issuance of any new class or
series of shares or any other securities convertible into equity securities of this Corporation having rights, preferences or privileges senior to or on a parity with the Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock or Series D-1 Preferred Stock, as applicable; 
 (iii) increases or decreases (other
than by conversion) the total number of authorized shares of Common Stock or Preferred Stock (whether by merger, amendment to the Certificate of Incorporation or Bylaws or otherwise); 

(iv) results in the redemption, retirement, purchase or acquisition of any shares of Common Stock or Preferred Stock of the Corporation
(other than (A) shares of Common Stock purchased from consultants, advisors, employees or directors pursuant to agreements under which the Corporation has the option to repurchase shares of its Common Stock, provided that (1) the purchase
price for unvested shares is equal to the lower of the purchase price paid or the then current fair market value and (2) the total amount applied to the repurchase of shares of Common Stock shall not exceed $25,000 during any twelve
(12) month period, or (B) pursuant to Section 4.2.7 below); 

  
 -17- 

 (v) results in the payment or declaration of any dividend or distribution on any shares of
Common Stock; 
 (vi) permits, or results in, a subsidiary of the Corporation to sell, or results in such subsidiary selling, securities to
a third party; or 
 (vii) increases or decreases the authorized number of directors of the Corporation. 

(b) The Corporation shall not amend its Certificate of Incorporation or Bylaws, whether by merger, consolidation or otherwise, without the
approval, by vote or written consent, by the holders of 66 2/3% of a series of Preferred Stock if such amendment would change any of the rights, preferences or privileges provided for herein or in the Bylaws, as applicable, for the benefit of
any shares of that series of Preferred Stock. 
 (c) So long as any shares of Series D Preferred Stock remain outstanding, this
Corporation shall not, without first obtaining the approval (by vote or written consent, as provided by law) of the holders of at least 60% of the then outstanding shares of the Series D Preferred Stock take any action, whether by merger,
consolidation or otherwise, that 
 (i) amends, alters, waives or repeals any provision of the Certificate of Incorporation or Bylaws of
the Corporation if such action would alter the rights, preferences, privileges or powers of, or restrictions provided for the benefit of the Series D Preferred Stock in a manner that is different from the impact of such action on the other
series of Preferred Stock; 
 (ii) creates (by new authorization, merger, reclassification, recapitalization or otherwise) or results in
the issuance of any new class or series of shares or any other securities convertible into equity securities of this Corporation having rights, preferences or privileges senior to or on a parity with the Series I) Preferred Stock, as
applicable; or 
 (iii) increases or decreases (other than by conversion) the total number of authorized shares of Series D Preferred
Stock (whether by merger, amendment to the Certificate of Incorporation or Bylaws or otherwise). 
 (d) This Corporation shall not, without
first obtaining the approval (by vote or written consent, as provided by law) of the holders of at least a majority of the shares of Series D-1 Preferred Stock issued or issuable upon the conversion of convertible promissory notes issued
pursuant to that certain Series 1)-1 Preferred Stock Convertible Promissory Note Purchase Agreement dated of even date herewith take any action, whether by merger, consolidation or otherwise, that: 

(i) amends, alters, waives or repeals any provision of the Certificate of Incorporation or Bylaws of the Corporation if such action would
alter the rights, preferences, privileges or powers of, or restrictions provided for the benefit of the Series D-1 

  
 -18- 

 
Preferred Stock in a manner that is different from the impact of such action on the other series of Preferred Stock; 

(ii) creates (by new authorization, merger, reclassification, recapitalization or otherwise) or results in the issuance of any new class or
series of shares or any other securities convertible into equity securities of this Corporation having rights, preferences or privileges senior to or on a parity with the Series D-1 Preferred Stock, as applicable; 

(iii) increases or decreases (other than by conversion) the total number of authorized shares of Series D-1 Preferred Stock (whether by
merger, amendment to the Certificate of Incorporation or Bylaws or otherwise); or 
 (iv) issues or commits to issue any shares of
Series D-1 Preferred Stock other than upon the conversion of convertible promissory notes issued pursuant to that certain Series D-1 Preferred Stock Convertible Promissory Note Purchase Agreement dated of even date herewith. 

4.2.7 Redemption. 
 (a)
Redemption of Series D-1 Preferred Stock. From and after July 29, 2010, each holder of Series D-1 Preferred Stock, upon the written approval of the holders of at least a majority of the shares of Series D-1 Preferred Stock
then outstanding, may, at its option, at any time (and from time to time), require the Corporation to redeem all or a part of the Series D-1 Preferred Stock held by such holder by delivery of a written notice requesting such redemption and the
number of shares to be redeemed (the “Series D-1 Redemption Notice”). Within five (5) days after the date of receipt of a Series D-1 Redemption Notice (the “Series D-1 Date of Receipt”), the
Corporation shall deliver written notice to all other holders of Preferred Stock informing each such holder of (1) the receipt of such Series D-1 Redemption Notice, (2) the Series D-1 Date of Receipt, (3) the number of
shares of Series D-1 Preferred Stock requested to be redeemed in the Series D-1 Redemption Notice, and (4) the total number of shares of Series D-1 Preferred Stock outstanding as of the Series D-1 Date of Receipt. Any such
holder desiring to have any of its Series D-1 Preferred Stock redeemed by the Corporation in accordance with the schedule below shall have until thirty (30) days after the Series D-1 Date of Receipt (such 30 day period, the
“Series D-1 Exercise Period”) in which to notify the Corporation of the number of shares of Series D-1 Preferred Stock which such holder desires the Corporation to redeem. The total number of shares of Series D-1
Preferred Stock which are so requested to be redeemed by all holders of Series D-1 Preferred Stock are referred to herein as the “Series D-1 Redemption Shares”. The Corporation shall redeem such shares in three equal
redemptions according to the following schedule: (i) one-third of the Series D-1 Redemption Shares within thirty (30) days of the end of the Series D-1 Exercise Period, (ii) one-third
of the Series D-1 Redemption Shares on the first anniversary of the Series D-1 Redemption Notice; and (iii) one-third of the Series D-1 Redemption Shares on the second anniversary of the Series D-1 Redemption Notice (the
“Series D-1 Redemption Dates”). Subject to subsection 4.2.7(f), the Corporation shall redeem the Series D-1 Redemption Shares at a price equal to the Series D-1 Liquidation Preference for each such share as of the
applicable Series D-1 Redemption Date (the “Series D-1 Redemption Price”). The Corporation shall pay for shares redeemed hereunder by 

  
 -19- 

 
delivery of cash in the amount of the Series D-1 Redemption Price for the shares to be so redeemed on the respective Series D-1 Redemption Dates. 

(b) Redemption of Series D Preferred Stock. From and after July 29, 2010, each holder of Series D Preferred Stock, upon
the written approval of the holders of at least a majority of the shares of Series D Preferred Stock then outstanding, may, at its option, at any time (and from time to time), require the Corporation to redeem all or a part of the Series D
Preferred Stock held by such holder by delivery of a written notice requesting such redemption and the number of shares to be redeemed (the “Series D Redemption Notice”). Within five (5) days after the date of receipt of a
Series D Redemption Notice (the “Series D Date of Receipt”), the Corporation shall deliver written notice to all other holders of Preferred Stock informing each such holder of (1) the receipt of such Series D
Redemption Notice, (2) the Series D Date of Receipt, (3) the number of shares of Series D Preferred Stock requested to be redeemed in the Series D Redemption Notice, and (4) the total number of shares of Series D
Preferred Stock outstanding as of the Series D Date of Receipt. Any such holder desiring to have any of its Series D Preferred Stock redeemed by the Corporation in accordance with the schedule below shall have until thirty (30) days
after the Series D Date of Receipt (such 30 day period, the “Series D Exercise Period”) in which to notify the Corporation of the number of shares of Series D Preferred Stock which such holder desires the Corporation
to redeem. The total number of shares of Series D Preferred Stock which are so requested to be redeemed by all holders of Series D Preferred Stock are referred to herein as the “Series D Redemption Shares”. The
Corporation shall redeem such shares in three equal redemptions according to the following schedule: (i) one-third of the Series D Redemption Shares within thirty (30) days of the end of the Series D Exercise Period,
(ii) one-third of the Series D Redemption Shares on the first anniversary of the Series D Redemption Notice; and (iii) one-third of the Series D Redemption Shares on the second anniversary of the Series D Redemption
Notice (the “Series D Redemption Dates”). Subject to subsection 4.2.7(f), the Corporation shall redeem the Series D Redemption Shares at a price equal to the Series D Liquidation Preference for each such share as of
the applicable Series D Redemption Date (the “Series D Redemption Price”). The Corporation shall pay for shares redeemed hereunder by delivery of cash in the amount of the Series D Redemption Price for the shares to
be so redeemed on the respective Series D Redemption Dates. 
 (c) Redemption of Series C Preferred Stock. From and after
July 29, 2010, each holder of Series C Preferred Stock, upon the written approval of the holders of at least a majority of the shares of Series C Preferred Stock then outstanding, may, at its option, at any time (and from time to
time), require the Corporation to redeem all or a part of the Series C Preferred Stock held by such holder by delivery of a written notice requesting such redemption and the number of shares to be redeemed (the “Series C Redemption
Notice”). Within five (5) days after the date of receipt of a Series C Redemption Notice (the “Series C Date of Receipt”), the Corporation shall deliver written notice to all other holders of Preferred Stock
informing each such holder of (1) the receipt of such Series C Redemption Notice, (2) the Series C Date of Receipt, (3) the number of shares of Series C Preferred Stock requested to be redeemed in the Series C
Redemption Notice, and (4) the total number of shares of Series C Preferred Stock outstanding as of the Series C Date of Receipt. Any such holder desiring to have any of its Series C Preferred Stock redeemed by the

  
 -20- 

 
Corporation in accordance with the schedule below shall have until thirty (30) days after the Series C Date of Receipt (such 30 day period, the “Series C Exercise
Period”) in which to notify the Corporation of the number of shares of Series C Preferred Stock which such holder desires the Corporation to redeem. The total number of shares of Series C Preferred Stock which are so requested to
be redeemed by all holders of Series C Preferred Stock are referred to herein as the “Series C Redemption Shares”. The Corporation shall redeem such shares in three equal redemptions according to the following schedule:
(i) one-third of the Series C Redemption Shares within thirty (30) days of the end of the Series C Exercise Period, (ii) one-third of the Series C Redemption Shares on the first anniversary of the Series C
Redemption Notice; and (iii) one-third of the Series C Redemption Shares on the second anniversary of the Series C Redemption Notice (the “Series C Redemption Dates”). Subject to subsection 4.2.7(f), the
Corporation shall redeem the Series C Redemption Shares at a price equal to the Series C Liquidation Preference for each such share as of the applicable Series C Redemption Date (the “Series C Redemption Price”).
The Corporation shall pay for shares redeemed hereunder by delivery of cash in the amount of the Series X Redemption Price for the shares to be so redeemed on the respective Series C Redemption Dates. 

(d) Redemption of Series B Preferred Stock. From and after July 29, 2010, each holder of Series B Preferred Stock, upon
the written approval of the holders of at least a majority of the shares of Series B Preferred Stock then outstanding, may, at its option, at any time (and from time to time), require the Corporation to redeem all or a part of the Series B
Preferred Stock held by such holder by delivery of a written notice requesting such redemption and the number of shares to be redeemed (the “Series B Redemption Notice”). Within five (5) days after the date of receipt of a
Series B Redemption Notice (the “Series B Date of Receipt”), the Corporation shall deliver written notice to all other holders of Preferred Stock informing each such holder of (1) the receipt of such Series B
Redemption Notice, (2) the Series B Date of Receipt, (3) the number of shares of Series B Preferred Stock requested to be redeemed in the Series B Redemption Notice, and (4) the total number of shares of Series B
Preferred Stock outstanding as of the Series B Date of Receipt. Any such holder desiring to have any of its Series B Preferred Stock redeemed by the Corporation in accordance with the schedule below shall have until thirty (30) days
after the Series B Date of Receipt (such 30 day period, the “Series B Exercise Period”) in which to notify the Corporation of the number of shares of Series B Preferred Stock which such holder desires the Corporation
to redeem. The total number of shares of Series B Preferred Stock which are so requested to be redeemed by all holders of Series B Preferred Stock are referred to herein as the “Series B Redemption Shares”. The
Corporation shall redeem such shares in three equal redemptions according to the following schedule: (i) one-third of the Series B Redemption Shares within thirty (30) days of the end of the Series B Exercise Period,
(ii) one-third of the Series B Redemption Shares on the first anniversary of the Series B Redemption Notice; and (iii) one-third of the Series B Redemption Shares on the second anniversary of the Series B Redemption
Notice (the “Series B Redemption Dates”). Subject to subsection 4.2.7(f), the Corporation shall redeem the Series B Redemption Shares at a price equal to the Series B Liquidation Preference for each such share as of
the applicable Series B Redemption Date (the “Series B Redemption Price”). The Corporation shall pay for shares redeemed hereunder by delivery of cash in the amount of the Redemption Price for the shares to be so redeemed
on the respective Series B Redemption Dates. 

  
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 (e) Surrender of Stock. On or before each applicable Redemption Date, each holder of
shares of Preferred Stock to be redeemed, shall surrender the certificate or certificates representing such shares to the Corporation, and thereupon the applicable Redemption Price for such shares shall be payable to the order of the person whose
name appears on such certificate or certificates as the owner thereof, and each surrendered certificate shall be cancelled and retired. In the event less than all of the shares represented by such certificate are redeemed, a new certificate
representing the unredeemed shares shall be issued to the holder of such shares. 
 (f) Partial Redemption. From and after each
applicable Redemption Date, unless there shall have been a default in payment of the applicable Redemption Price, all rights of the holders as to the shares of Preferred Stock to be redeemed (except the right to receive the applicable Redemption
Price without interest upon surrender of their certificate or certificates) shall cease with respect to such redeemed shares, and such shares shall not thereafter be transferred on the books of the Corporation or be deemed to be outstanding for any
purpose whatsoever. If the funds of the Corporation legally available for redemption of shares of Preferred Stock on any applicable Redemption Date are insufficient to redeem the total number of such shares to be redeemed on such date, those funds
which are legally available will be used to redeem (w) the maximum possible number of shares of Series D-1 Preferred Stock to be redeemed on such Redemption Date, (x) after paying or setting aside for payment amounts to be paid to the
holders of Series D-1 Preferred Stock and Series D Preferred Stock under clause (w), the maximum possible number of shares of shares of Series D Preferred Stock to be redeemed on such Redemption Date, and, (y) after paying
or setting aside for payment amounts to be paid to the holders of Series D-1 Preferred Stock and Series D Preferred Stock under clause (w) and clause (x), the maximum possible number of shares of Series A Preferred, Stock,
Series B Preferred Stock, and Series C Preferred Stock proportionately among the holders of such shares to be redeemed based upon the aggregate applicable Redemption Price of their holdings of Preferred Stock as of the applicable
Redemption Date. The shares of Preferred Stock not redeemed shall remain outstanding and entitled to all the rights and preferences provided herein. Subject to the rights of any series of Preferred Stock that may from time to time come into
existence, at any time thereafter when additional funds of the Corporation are legally available for the redemption of shares of Preferred Stock such funds will immediately be used to redeem the balance of the shares which the Corporation has become
obliged to redeem on any applicable Redemption Date but which it has not redeemed in accordance with the foregoing provisions. 
 (g)
Deposit of Redemption Price. On or prior to each applicable Redemption Date, the Corporation shall deposit the applicable Redemption Price of all shares designated for redemption and not yet redeemed with a bank or trust company having
aggregate capital and surplus in excess of $100,000,000 as a trust fund for the benefit of the respective holders of the shares designated for redemption and not yet redeemed, with irrevocable instructions and authority to the bank or trust company
to pay the applicable Redemption Price for such shares to their respective holders on or after the applicable Redemption Date upon receipt of notification from the Corporation that such holder has surrendered its share certificate to the
Corporation. Such instructions shall also provide that any moneys deposited by the Corporation for the redemption of shares thereafter converted into shares of the Corporation’s Common Stock prior to the applicable Redemption Date shall be
returned to the Corporation forthwith upon such conversion. The balance 

  
 -22- 

 
of any moneys deposited by the remaining unclaimed at the expiration of three (3) years following the applicable Redemption Date shall thereafter be returned to the Corporation upon its
request expressed in a resolution of its Board of Directors. 
 4.3 Common Stock. 

4.3.1 Dividend Rights. Subject to the prior rights of holders of Series A Preferred Stock, Series B Preferred Stock,
Series C Preferred Stock, Series D Preferred Stock and Series D-1 Preferred Stock and subject to subsection 4.2.1(e), the holders of the Common Stock shall be entitled to receive, when, as and if declared by the Board of Directors,
out of any assets of the Corporation legally available therefor, such dividends as may be declared from time to time by the Board of Directors. 

4.3.2 Liquidation Rights. Upon the liquidation, dissolution or winding up of the Corporation, the assets of the Corporation shall be
distributed as provided in Section 4.2.2 of this Article IV. 
 4.3.3 Voting Rights. The holder of each share
of Common Stock shall have the right to one vote, and shall be entitled to notice of any stockholders’ meeting in accordance with the Bylaws of this Corporation, and shall be entitled to vote upon such matters and in such manner as may be
provided by law, provided, however, that, notwithstanding anything to the contrary in this Section 4.3.3 the rights of holders of Common Stock to vote for directors shall be as set forth in subsection 4.2.5(b) above.
Subject to compliance with subsection 4.2.6, the number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares of Common Stock then outstanding) by an affirmative vote of the holders of a majority of
the Common Stock and Preferred Stock voting together as a single class on an as-if converted to Common Stock basis. 
 ARTICLE V 

BOARD OF DIRECTORS AND MEETINGS OF STOCKHOLDERS 

5.1 The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors and elections of
directors need not be by written ballot unless otherwise provided in the Bylaws. 
 5.2 Meetings of the stockholders may be held within or
without the State of Delaware, as the Bylaws may provide. The books of the Corporation may be kept (subject to any provision contained in the Delaware Statutes) outside the State of Delaware at such place or places as may be designated from time to
time by the Board of Directors or by the Bylaws of the Corporation. 

  
 -23- 

 ARTICLE VI 

LIMITATION OF DIRECTORS’ LIABILITY 

A director of this Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of
fiduciary duty as a director, provided that this provision shall not eliminate or limit the liability of a director (i) for any breach of his duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve international misconduct or a knowing violation of the law, (iii) under Section 174 of the General Corporation Law of the State of Delaware, or (iv) for any transaction from which the director derives an
improper personal benefit. If the General Corporation Law of the State of Delaware is hereafter amended to authorize corporate action further limiting or eliminating the personal liability of directors, then the liability of the directors of the
Corporation shall be limited or eliminated to the fullest extent permitted by the General Corporation Law of the State of Delaware, as so amended from time to time. Any repeal or modification of this Article VI by the stockholders of the Corporation
shall be prospective only, and shall not adversely affect any limitation on the personal liability of a director of the Corporation existing at the time of such repeal or modification. 

ARTICLE VII 

INDEMNIFICATION 
 To the
fullest extent permitted by applicable law, the Corporation hereby indemnifies (and agrees to advance expenses to) directors of the Corporation (and may agree to do the same for any of other persons to which General Corporation Law permits the
Corporation to provide indemnification through bylaw provisions, agreements with such agents or other persons, vote of stockholders or otherwise), in excess of the indemnification and advancement otherwise permitted by Section 145 of the
General Corporation Law, subject only to limits created by applicable General Corporation Law (statutory or non-statutory), with respect to actions for breach of duty to the Corporation, its stockholders, and others. 

Any amendment, repeal or modification of the foregoing provisions of this Article VII shall not adversely affect any right or protection of a
director, officer, agent, or other person existing at the time of, or increase the liability of any director of the Corporation with respect to any acts or omissions of such director, officer or agent occurring prior to, such amendment, repeal or
modification. 
 ARTICLE VIII 

AMENDMENT OF BYLAWS 

Subject to subsection 4.2.6 above, the Board of Directors of the Corporation shall have the power to make, alter, amend, change,
add to or repeal the Bylaws of the Corporation, subject to the right of stockholders entitled to vote with respect to such making, alteration, amendment change, addition or repeal. 

  
 -24- 

 ARTICLE IX 

RENUNCIATION OF CERTAIN OPPORTUNITIES 

In the event that a member of the Board of Directors of the Corporation who is also a partner or employee of an entity that is a holder of
Preferred Stock and that is in the business of investing and reinvesting in other entities, or an employee of an entity that manages such an entity (each, a “Fund”) acquires knowledge of a potential transaction or other matter in such
individual’s capacity as a partner or employee of the Fund or the manager or general partner of the Fund (and other than directly in connection with such individual’s service as a member of the Board of Directors of the Corporation) and
that may be an opportunity of interest for both the Corporation and such Fund (a “Corporate Opportunity”), then the Corporation (i) renounces any expectancy that such director or Fund offer an opportunity to participate in such
Corporate Opportunity to the Corporation and (ii) to the fullest extent permitted by law, waives any claim that such opportunity constitute a Corporate Opportunity that should have been presented by such director or fund to the Corporation or
any of its affiliates, provided, however, that such director acts in good faith. Neither any amendment nor repeal of this ARTICLE IX, nor the adoption of any provision of this Corporation’s Certificate of Incorporation
inconsistent with this ARTICLE IX, shall eliminate or reduce the effect of this ARTICLE IX, in respect of any matter occurring, or any action or proceeding accruing or arising or that, but for this ARTICLE IX, would accrue or arise, prior to such
amendment, repeal or adoption of an inconsistent provision. 
 ARTICLE X 

AMENDMENT OF CERTIFICATE OF INCORPORATION 

Subject to subsection 4.2.6 above, the Corporation reserves the right to amend, alter, change or repeal any provision contained in
this Restated Certificate, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation. 

FIFTH: The foregoing Restated Certificate has been approved by the Board of Directors by written consent in accordance with
Section 141(0 of the General Corporation Law of the State of Delaware. 
 SIXTH: The foregoing Restated Certificate has been
approved by the stockholders of the Corporation by written consent in accordance with Section 228 of the General Corporation Law of the State of Delaware. 

SEVENTH: The foregoing Restated Certificate has been duly adopted in accordance with the applicable provisions of Sections 242 and
245 of the General Corporation Law of the State of Delaware. 

  
 -25- 

 IN WITNESS WHEREOF, the undersigned has executed this certificate and does affirm the
foregoing as true under penalty of perjury this 19th day of April, 2007. 
  

	
	/s/ KATHY ODELL
	Kathy Odell
	Chief Executive Officer

 EXHIBIT D 

Capitalization Tables 

 Inogen, Inc. 

Fully Diluted Capitalization Table – Summary 

As of 7/18/2007 
  

									
	 	  	CSE Shares*	 	  	Total Fully
Diluted Shares	 
	 COMMON STOCK (Authorized: 100,000,000)
	  				  			
	 Issued and Outstanding
	  	 	7,134,254	  	  	 	7,134,254	  
	 PREFERRED STOCK (Authorized: 80,844,494)
	  				  			
	 SERIES A Preferred Stock (Authorized: 2,000,000)
	  	 	2,000,000	  	  			
	 SERIES B Preferred Stock (Authorized: 12,765,693)
	  	 	12,692,823	  	  			
	 SERIES C Preferred Stock (Authorized: 11,508,230)
	  	 	10,238,908	  	  			
	 SERIES D Preferred Stock (Authorized: 45,158,220)
	  	 	41,192,635	  	  			
	 SERIES D1 Preferred Stock (Authorized: 9,412,351)
	  	 	0	  	  	 	66,124,366	  
	 WARRANTS
	  				  			
	 COMMON Stock
	  	 	4,278,405	  	  			
	 SERIES B Stock
	  	 	72,870	  	  			
	 SERIES C Stock
	  	 	1,269,322	  	  			
	 SERIES D Stock
	  	 	3,965,585	  	  	 	9,586,182	  
	 2002 SIP (Reserved: 10,411,000)
	  				  			
	 Shares Issuable Under Plan:
	  				  			
	 Options and SPRs Issued and Outstanding
	  	 	2,573,279	  	  			
	 Options and SPRs Committed for Issuance
	  	 	0	  	  			
	 Shares Remaining for Issuance Under Plan
	  	 	2,138,467	  	  	 	4,711,746	  
	 Reserved in Plan
	  	 	10,411,000	  	  			
	 less: Options Exercised
	  	 	116,323	  	  			
	 less: SPRs Exercised
	  	 	6,032,931	  	  			
	 add: Repurchases
	  	 	450,000	  	  			
		  	 	4,711,746	  	  			
	 NON PLAN SPRS
	  				  			
	 Common Stock
	  	 	0	  	  	 	0	  
	 CONVERTIBLE PROMISSORY NOTES
	  				  			
	 Common Stock: $0 issuable at $.290000 per share
	  	 	0	  	  			
	 SERIES D1 Preferred Stock: $5,940,258 issuable at $.73 per share
	  	 	8,137,340	  	  	 	8,137,340	  
	 Total shares issued and outstanding, including shares committed for issuance and employee reserves, assuming Conversion of all
convertible securities and exercise of ail outstanding options
	  				  	 	95,693,888	  
	 CSE Shares* Common Stock Equivalent (CSE) shares reflects the Common Stock issuable for the security
	  				  			
	 Footnotes:
	  				  			

 Fully-Diluted Ownership 

 

									
	 	  	Number of
Shares	 	  	%	 
	 Common Stock
	  	 	7,134,254	  	  	 	7.46	% 
	 SERIES A Preferred Stock
	  	 	2,000,000	  	  	 	2.09	% 
	 SERIES B Preferred Stock
	  	 	12,692,823	  	  	 	13.26	% 
	 SERIES C Preferred Stock
	  	 	10,238,908	  	  	 	10.70	% 
	 SERIES D Preferred Stock
	  	 	41,192,635	  	  	 	43.05	% 
	 SERIES D1 Preferred Stock
	  				  	 	0.00	% 
	 COMMON Warrants
	  	 	4,278,405	  	  	 	4.47	% 
	 SERIES B Warrants
	  	 	72,870	  	  	 	0.08	% 
	 SERIES C Warrants
	  	 	1,269,322	  	  	 	1.33	% 
	 SERIES D Warrants
	  	 	3,965,585	  	  	 	4.14	% 
	 Options and SPRs issued and outstanding under plan—2002 SIP
	  	 	2,573,279	  	  	 	2.69	% 
	 Committed for Issuance—2002 SIP
	  				  	 	0.00	% 
	 Unissued Reserve—2002 SIP
	  	 	2,138,467	  	  	 	2.23	% 
	 Non Plan Common SPR
	  				  	 	0.00	% 
	 Common CPN
	  				  	 	0.00	% 
	 SERIES D1 Preferred CPN
	  	 	8,137,340	  	  	 	8.50	% 
	 Total
	  	 	95,693,888	  	  	 	100	% 

 Inogen, Inc. 

Detailed Capitalization Report for Company 

As of 7/18/2007 
  

																																																													
	 Holder

Name
	 	Common
Stock	 	 	SERIES A	 	 	SERIES B	 	 	SERFS C	 	 	SERIES D	 	 	Total
Common
Stock
Equivalent	 	 	% of
Total
Common
Stock
Equivalent	 	 	Options/
$P
Rs
Issued
and/or
Commit-
ted for
Issuance	 	 	Warrant
COMMON	 	 	Warrant
SERIES B	 	 	Warrant
SERIES C	 	 	Warrant
SERIES D	 	 	CPN
SERIES D1	 	 	Total
Fully
Diluted	 	 	% of
Total
Fully
Diluted*	 
	 Versant Venture Capital II, L.P.
	 				 				 	 	9,826,700	  	 	 	4,836,671	  	 	 	14,824,980	  	 	 	29,488,351	  	 	 	40.25	  	 				 	 	1,056,888	  	 				 	 	335,990	  	 	 	1,613,366	  	 	 	2,702,542	  	 	 	35,197,137	  	 	 	36.78	  
	 Novo A/S
	 				 				 				 				 	 	10,958,904	  	 	 	10,958,904	  	 	 	14.96	  	 				 	 	1,909,240	  	 				 				 				 	 	2,657,062	  	 	 	15,525,206	  	 	 	16.22	  
	 AMV Partners I,-L.P.
	 				 				 				 	 	4,266,212	  	 	 	3,577,266	  	 	 	7,843,478	  	 	 	10.71	  	 				 	 	341,253	  	 				 	 	76,019	  	 	 	461,840	  	 	 	975,006	  	 	 	9,692,599	  	 	 	10.13	  
	 Avalon Ventures VII, L.P.
	 				 				 				 				 	 	6,856,214	  	 	 	6,856,214	  	 	 	9.36	  	 				 	 	347,441	  	 				 				 	 	805,051	  	 	 	896,956	  	 	 	8,905,662	  	 	 	9.31	  
	 The Cooper Revocable Trust Dtd 7/26/96
	 				 	 	1,450,000	  	 	 	911,375	  	 	 	100,000	  	 	 	543,416	  	 	 	3,004,791	  	 	 	4.1	  	 				 				 				 	 	157,878	  	 	 	28,310	  	 				 	 	3,190,979	  	 	 	3.33	  
	 Arboretum Ventures I, LLC
	 				 				 				 				 	 	1,438,356	  	 	 	1,438,356	  	 	 	1.96	  	 				 	 	249,513	  	 				 				 	 	359,589	  	 	 	348,739	  	 	 	2,396,197	  	 	 	2.5	  
	 Odell, Kathy
	 	 	1,600,000	  	 				 				 				 				 	 	1,600,000	  	 	 	2.18	  	 				 				 				 				 				 				 	 	1,600,000	  	 	 	1.67	  
	 Arboretum Ventures 1-A, LLC
	 				 				 				 				 	 	958,904	  	 	 	958,904	  	 	 	1.31	  	 				 	 	166,342	  	 				 				 	 	239,726	  	 	 	232,493	  	 	 	1,597,465	  	 	 	1.67	  
	 Numenor Ventures, LLC
	 				 				 				 				 	 	1,027,397	  	 	 	1,027,397	  	 	 	1.4	  	 				 	 	178,224	  	 				 				 				 	 	249,099	  	 	 	1,454,720	  	 	 	1.52	  
	 LaunchPoint Technologies, LLC
	 	 	700,000	  	 	 	400,000	  	 				 				 	 	39,569	  	 	 	1,139,569	  	 	 	1.56	  	 				 				 				 				 				 				 	 	1,139,569	  	 	 	1.19	  
	 Venture Lending & Leasing IV, LLC
	 				 				 				 				 				 				 				 				 				 				 	 	409,552	  	 	 	342,466	  	 				 	 	752,018	  	 	 	0.79	  
	 Deane, Geoffrey Frank
	 	 	700,000	  	 				 				 				 				 	 	700,000	  	 	 	0.96	  	 				 				 				 				 				 				 	 	700,000	  	 	 	0.73	  
	 Myers, Byron
	 	 	700,000	  	 				 				 				 				 	 	700,000	  	 	 	0.96	  	 				 				 				 				 				 				 	 	700,000	  	 	 	0.73	  
	 Perry, Alison
	 	 	700,000	  	 				 				 				 				 	 	700,000	  	 	 	0.96	  	 				 				 				 				 				 				 	 	700,000	  	 	 	0.73	  
	 Taylor, Brenton
	 	 	700,000	  	 				 				 				 				 	 	700,000	  	 	 	0.96	  	 				 				 				 				 				 				 	 	700,000	  	 	 	0.73	  
	 Versant Affiliates Fund II-A, L.P.
	 				 				 	 	186,484	  	 	 	91,787	  	 	 	281,336	  	 	 	559,607	  	 	 	0.76	  	 				 	 	20,058	  	 				 	 	6,375	  	 	 	30,617	  	 	 	51,288	  	 	 	667,945	  	 	 	0.7	  
	 Louis and Bernice Weider Family Trust u/t/d 12/23/93
	 				 				 	 	161,656	  	 	 	76,285	  	 	 	289,958	  	 	 	527,899	  	 	 	0.72	  	 				 				 				 	 	4,240	  	 	 	55,202	  	 				 	 	587,341	  	 	 	0.61	  
	 Brewer, M. Lynn
	 				 				 	 	255,782	  	 	 	120,703	  	 	 	64,453	  	 	 	440,938	  	 	 	0.6	  	 				 				 				 	 	6,709	  	 				 				 	 	447,647	  	 	 	0.47	  
	 The DeHont Family Revocable Trust u/t/d 3/6/84
	 				 				 	 	290,641	  	 	 	137,153	  	 				 	 	427,794	  	 	 	0.58	  	 				 				 				 	 	7,623	  	 				 				 	 	435,417	  	 	 	0.46	  
	 The Stephen E. Cooper Family Partnership
	 				 				 				 	 	406,945	  	 	 	10,000	  	 	 	416,945	  	 	 	0.57	  	 				 				 				 				 				 				 	 	416,945	  	 	 	0.44	  
	 Fary, Robert
	 	 	400,000	  	 				 				 				 				 	 	400,000	  	 	 	0.55	  	 				 				 				 				 				 				 	 	400,000	  	 	 	0.42	  
	 Risinger, J. Daryl
	 	 	375,000	  	 				 				 				 				 	 	375,000	  	 	 	0.51	  	 				 				 				 				 				 				 	 	375,000	  	 	 	0.39	  
	 Eby, Jim
	 				 				 				 				 				 				 				 	 	350,000	  	 				 				 				 				 				 	 	350,000	  	 	 	0.37	  
	 Redard, Michael
	 	 	350,000	  	 				 				 				 				 	 	350,000	  	 	 	0.48	  	 				 				 				 				 				 				 	 	350,000	  	 	 	0.37	  
	 Venture Lending & Leasing III, LLC
	 				 				 				 				 				 				 				 				 				 	 	72,870	  	 	 	252,262	  	 				 				 	 	325,132	  	 	 	0.34	  
	 Versant Side Fund II, L.P.
	 				 				 	 	87,826	  	 	 	43,228	  	 	 	132,497	  	 	 	263,551	  	 	 	0.36	  	 				 	 	9,446	  	 				 	 	3,002	  	 	 	14,419	  	 	 	24,153	  	 	 	314,571	  	 	 	0.33	  

																																																							
	 Holder

Name
	 	Common
Stock	 	 	SERIES A	 	 	SERIES B	 	 	SERFS C	 	 	SERIES D	 	 	Total
Common
Stock
Equivalent	 	 	% of
Total
Common
Stock
Equivalent	 	 	Options/$P
Rs Issued
and/or
Committed
for
Issuance	 	 	Warrant
COMMON	 	Warrant
SERIES B	 	Warrant
SERIES C	 	 	Warrant
SERIES D	 	 	CPN
SERIES D1	 	Total
Fully
Diluted	 	 	% of
Total
Fully
Diluted*	 
	 Lewarski, Joseph
	 	 	285,000	  	 				 				 				 				 	 	285,000	  	 	 	0.39	  	 	 	12,500	  	 		 		 				 				 		 	 	297,500	  	 	 	0.31	  
	 Petote, John
	 				 				 	 	127,559	  	 	 	60,195	  	 	 	75,110	  	 	 	262,864	  	 	 	0.36	  	 				 		 		 	 	3,346	  	 	 	5,137	  	 		 	 	271,347	  	 	 	0.28	  
	 DCE, Inc
	 				 				 	 	128,417	  	 	 	60,599	  	 	 	71,806	  	 	 	260,822	  	 	 	0.36	  	 				 		 		 				 				 		 	 	260,822	  	 	 	0.27	  
	 Enoch, Duard
	 				 				 	 	131,877	  	 	 	34,130	  	 	 	42,469	  	 	 	208,476	  	 	 	0.28	  	 				 		 		 	 	2,958	  	 				 		 	 	211,434	  	 	 	0.22	  
	 Wells, John
	 	 	50,000	  	 				 				 				 				 	 	50,000	  	 	 	0.07	  	 	 	150,000	  	 		 		 				 				 		 	 	200,000	  	 	 	0.21	  
	 Wilkinson, Scott
	 				 				 				 				 				 				 				 	 	200,000	  	 		 		 				 				 		 	 	200,000	  	 	 	0.21	  
	 Bodine,
Robert C
	 				 				 	 	194,411	  	 				 				 	 	194,411	  	 	 	0.27	  	 				 		 		 				 				 		 	 	194,411	  	 	 	0.2	  
	 Belinski, Steven
	 				 				 				 				 				 				 				 	 	180,000	  	 		 		 				 				 		 	 	180,000	  	 	 	0.19	  
	 The UCSB Foundation f/b/o The College of Engineering
	 	 	25,000	  	 	 	150,000	  	 				 				 				 	 	175,000	  	 	 	0.24	  	 				 		 		 				 				 		 	 	175,000	  	 	 	0.18	  
	 McCleerey, Daniel
	 				 				 				 				 				 				 				 	 	150,000	  	 		 		 				 				 		 	 	150,000	  	 	 	0.16	  
	 Scribner, Matthew
	 				 				 				 				 				 				 				 	 	140,000	  	 		 		 				 				 		 	 	140,000	  	 	 	0.15	  
	 Greer, R. Scott
	 	 	137,931	  	 				 				 				 				 	 	137,931	  	 	 	0.19	  	 				 		 		 				 				 		 	 	137,931	  	 	 	0.14	  
	 Henricksen, Susan L
	 				 				 	 	130,604	  	 				 				 	 	130,604	  	 	 	0.18	  	 				 		 		 				 				 		 	 	130,604	  	 	 	0.14	  
	 Henricksen, Raymond L
	 				 				 	 	130,603	  	 				 				 	 	130,603	  	 	 	0.18	  	 				 		 		 				 				 		 	 	130,603	  	 	 	0.14	  
	 Scar Family Trust u/d/o 1/4/78
	 				 				 	 	128,888	  	 				 				 	 	128,888	  	 	 	0.18	  	 				 		 		 				 				 		 	 	128,888	  	 	 	0.13	  
	 Gechter, Jay
	 				 				 				 				 				 				 				 	 	100,000	  	 		 		 				 				 		 	 	100,000	  	 	 	0.1	  
	 Rowles, Craig
	 	 	100,000	  	 				 				 				 				 	 	100,000	  	 	 	0.14	  	 				 		 		 				 				 		 	 	100,000	  	 	 	0.1	  
	 Home, Debbie
	 				 				 				 				 				 				 				 	 	95,000	  	 		 		 				 				 		 	 	95,000	  	 	 	0.1	  
	 Moore, Lauren
	 				 				 				 				 				 				 				 	 	85,000	  	 		 		 				 				 		 	 	85,000	  	 	 	0.09	  
	 The UCSB Foundation f/b/o the Center for Entrepreneurship and Engineering Management
	 	 	75,000	  	 				 				 				 				 	 	75,000	  	 	 	0.1	  	 				 		 		 				 				 		 	 	75,000	  	 	 	0.08	  
	 Wright, John
	 				 				 				 				 				 				 				 	 	75,000	  	 		 		 				 				 		 	 	75,000	  	 	 	0.08	  
	 Feemster, Anita
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Garcia, Enrique
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Garth, Erinn
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Grigsby, Jarrett
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Guillen, Barbara
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Jimenez, Leticia
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Kenlein, Charles
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Knox, Valerie
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Kusheryan, Lilit
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Martinov, Ann
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Mauro, Jill
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Meza, Sandra
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Niyathapala, Harshana
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Olorenshaw, Mollie
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Orozco, Leticia
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Paredes, Jose
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Phung, Ha
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  
	 Ramirez, Teodoro
	 				 				 				 				 				 				 				 	 	6,300	  	 		 		 				 				 		 	 	6,300	  	 	 	0	  

  
 -2- 

																																																													
	 Holder

Name
	 	Common
Stock	 	 	SERIES A	 	 	SERIES B	 	 	SERFS C	 	 	SERIES D	 	 	Total
Common
Stock
Equivalent	 	 	% of
Total
Common
Stock
Equivalent	 	 	Options/$P
Rs Issued
and/or
Committed
for
Issuance	 	 	Warrant
COMMON	 	 	Warrant
SERIES B	 	 	Warrant
SERIES C	 	 	Warrant
SERIES D	 	 	CPN
SERIES D1	 	 	Total
Fully
Diluted	 	 	% of
Total
Fully
Diluted*	 
	 Rangel, Delia
	 				 				 				 				 				 				 				 	 	6,300	  	 				 				 				 				 				 	 	6,300	  	 	 	0	  
	 Robledo, Julio
	 				 				 				 				 				 				 				 	 	6,300	  	 				 				 				 				 				 	 	6,300	  	 	 	0	  
	 Vongpanya, Phaengdy
	 				 				 				 				 				 				 				 	 	6,300	  	 				 				 				 				 				 	 	6,300	  	 	 	0	  
	 Waybright, Barrett
	 				 				 				 				 				 				 				 	 	6,300	  	 				 				 				 				 				 	 	6,300	  	 	 	0	  
	 Zidek, Jason
	 				 				 				 				 				 				 				 	 	6,300	  	 				 				 				 				 				 	 	6,300	  	 	 	0	  
	 Jenneve,
Jeffrey R
	 	 	6,250	  	 				 				 				 				 	 	6,250	  	 	 	0	  	 				 				 				 				 				 				 	 	6,250	  	 	 	0	  
	 Broocks, Elizabeth T
	 				 				 				 				 				 				 				 	 	6,000	  	 				 				 				 				 				 	 	6,000	  	 	 	0	  
	 Powers, Matthew
	 				 				 				 				 				 				 				 	 	6,000	  	 				 				 				 				 				 	 	6,000	  	 	 	0	  
	 Martinov(TERM), Ann
	 	 	4,843	  	 				 				 				 				 	 	4,843	  	 	 	0	  	 				 				 				 				 				 				 	 	4,843	  	 	 	0	  
	 Palmer, Michael
	 				 				 				 				 				 				 				 	 	4,500	  	 				 				 				 				 				 	 	4,500	  	 	 	0	  
	 Rodriguez, Luis
	 				 				 				 				 				 				 				 	 	4,250	  	 				 				 				 				 				 	 	4,250	  	 	 	0	  
	 Pajarillo, Olivia
	 	 	4,062	  	 				 				 				 				 	 	4,062	  	 	 	0	  	 				 				 				 				 				 				 	 	4,062	  	 	 	0	  
	 Casey Sr., Timothy
	 				 				 				 				 				 				 				 	 	3,500	  	 				 				 				 				 				 	 	3,500	  	 	 	0	  
	 Glass, Shelly
	 				 				 				 				 				 				 				 	 	3,500	  	 				 				 				 				 				 	 	3,500	  	 	 	0	  
	 Pangburn, Cathy
	 	 	3,450	  	 				 				 				 				 	 	3,450	  	 	 	0	  	 				 				 				 				 				 				 	 	3,450	  	 	 	0	  
	 Valois, Kasey
	 	 	3,281	  	 				 				 				 				 	 	3,281	  	 	 	0	  	 				 				 				 				 				 				 	 	3,281	  	 	 	0	  
	 Beltran, David
	 				 				 				 				 				 				 				 	 	2,500	  	 				 				 				 				 				 	 	2,500	  	 	 	0	  
	 Sisson, Sean
	 				 				 				 				 				 				 				 	 	1,968	  	 				 				 				 				 				 	 	1,968	  	 	 	0	  
	 Canosa, Eddie
	 				 				 				 				 				 				 				 	 	1,837	  	 				 				 				 				 				 	 	1,837	  	 	 	0	  
	 Oliver, Lynda
	 				 				 				 				 				 				 				 	 	1,837	  	 				 				 				 				 				 	 	1,837	  	 	 	0	  
	 Zablocki, Tomasz
	 				 				 				 				 				 				 				 	 	1,837	  	 				 				 				 				 				 	 	1,837	  	 	 	0	  
	 Jamison, Jerry
	 				 				 				 				 				 				 				 	 	1,575	  	 				 				 				 				 				 	 	1,575	  	 	 	0	  
	 Shares Remaining for Issuance under Plan(s):
	   
	 				 				 				 				 				 				 				 				 				 				 			
	 2002 SIP
	 				 				 				 				 				 				 				 				 				 				 				 				 				 	 	2,138,467	  	 	 	2.23	  
	 Grand Total
	 	 	7,134,254	  	 	 	2,000,000	  	 	 	12,692,823	  	 	 	10,238,908	  	 	 	41,192,635	  	 	 	73,258,620	  	 	 	100	  	 	 	2,573,279	  	 	 	4,278,405	  	 	 	72,870	  	 	 	1,259,322	  	 	 	3,965,585	  	 	 	8,137,340	  	 	 	95,693,888	  	 	 	100	  

 Footnotes: 

	*	Percentage shown as “0” reflects a true percentage value of less than 0.01. 

 Preferred Series of
Stock shares reflect the Common Stock issuable after (a) the appropriate conversion ratio is applied to each individual outstanding security using standard rounding, and (b) such converted securities are aggregated by 

  
 -3-f8k121713ex4i_cambridge.htm

Exhibit 4.1

 

WARRANT AGREEMENT

Agreement made as of December 17, 2013  between Cambridge Capital Acquisition Corporation, a Delaware corporation, with offices at 525 South Flagler Drive, Suite 201 West Palm Beach, Florida 33401 (“Company”), and Continental Stock Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (“Warrant Agent”).

WHEREAS, the Company has received binding commitments from its sponsors (as defined in the Registration Statement) and/or its designees and EarlyBirdCapital, Inc. (“EBC”)  to purchase up to an aggregate of 472,125 units, each unit (“Unit”) comprised of one share of common stock of the Company, par value $.0001 per share (“Common Stock”), and one warrant to purchase one share of Common Stock for $11.50, subject to adjustment as described herein, and in connection therewith, will issue and deliver up to an aggregate of 472,125 warrants (“Private Warrants”) upon consummation of such private placement (“Private Offering”); and

WHEREAS, the Company is engaged in a public offering (“Public Offering”) of Units and, in connection therewith, will issue and deliver up to 8,050,000 warrants (“Public Warrants”) to the public investors and (ii) 420,000 warrants (underlying unit purchase options) to EBC or its designees (“EBC Warrants” and, together with the Private Warrants and Public Warrants, the “Warrants”); and

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-1, No. 333-191868 (“Registration Statement”), for the registration, under the Securities Act of 1933, as amended (“Act”) of, among other securities, the Public Warrants and the shares of Common Stock issuable upon exercise of the Public Warrants; and

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and

 

  

  

  

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement.

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

1.             Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement.

2.             Warrants.

2.1.           Form of Warrant.  Each Warrant shall be issued in registered form only, shall be in substantially the form of Exhibit A hereto, the provisions of which are incorporated herein and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or Chief Executive Officer and Treasurer, Secretary or Assistant Secretary of the Company and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

2.2.           Effect of Countersignature.  Unless and until countersigned by the Warrant Agent pursuant to this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof.

 

  

2

  

2.3.           Registration.

 2.3.1.           Warrant Register.  The Warrant Agent shall maintain books (“Warrant Register”) for the registration of original issuance and the registration of transfer of the Warrants.  Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company.

 2.3.2.           Registered Holder.  Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register (“registered holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.

2.4.           Detachability of Warrants.  The securities comprising the Units will not be separately transferable until the ninetieth (90th) day after the date hereof unless EBC informs the Company of its decision to allow earlier separate trading, but in no event will separate trading of the securities comprising the Units begin until (i) the Company files a Current Report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Public Offering including the proceeds received by the Company from the exercise of the over-allotment option, if the over-allotment option is exercised on the date hereof, and (ii) the Company issues a press release and files a Current Report on Form 8-K announcing when such separate trading shall begin.

2.5           Warrant Attributes.

2.5.1           Private Warrants.  The Private Warrants will be issued in the same form as the Public Warrants but they (i) will be exercisable either for cash or on a cashless basis at the holder’s option pursuant to Section 3.3.1(c) and (ii) will not be redeemable by the Company, in either case as long as such warrants are held by the initial purchasers or their affiliates and permitted transferees (as prescribed in Section 5.6 hereof).  The provisions of this Section 2.5.1 may not be modified, amended or deleted without the prior written consent of EBC.

 

  

3

  

2.5.2           EBC Warrants.  The EBC Warrants shall have the same terms and be in the same form as the Public Warrants.

3.             Terms and Exercise of Warrants

3.1.           Warrant Price.  Each Warrant shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein, at the price of $11.50 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1.  The term “Warrant Price” as used in this Warrant Agreement refers to the price per share at which shares of Common Stock may be purchased at the time a Warrant is exercised.  The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than 10 business days; provided, however, that the Company shall provide at least 10 business days prior written notice of such reduction to registered holders of the Warrants; provided, further, however, that any such reduction shall be applied consistently to all of the Warrants.

3.2.           Duration of Warrants.  A Warrant may be exercised only during the period (“Exercise Period”) commencing on the consummation by the Company of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (“Business Combination”) (as described more fully in the Registration Statement), and terminating at 5:00 p.m., New York City time on the earlier to occur of (i) five years from the date hereof, (ii) the liquidation of the Company, and (iii) the Redemption Date as provided in Section 6.2 of this Agreement (“Expiration Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in Section 7.4 below.  Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.  The Company in its sole discretion may extend the duration of the Warrants by delaying the Expiration Date; provided, however, that the Company will provide written notice to registered holders of the Warrants of such extension of not less than 20 days.

 

  

4

  

3.3.           Exercise of Warrants.

3.3.1.           Payment.  Subject to the provisions of the Warrant and this Warrant Agreement,  a Warrant, when countersigned by the Warrant Agent, may be exercised by the registered holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the subscription form, as set forth in the Warrant, duly executed, and by paying in full the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, as follows:

(a)           in cash, good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the Company); or

(b)           in the event of redemption pursuant to Section 6 hereof in which the Company’s management has elected to require all holders of Warrants to exercise such Warrants on a “cashless basis,” by surrendering the Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the Warrant Price and the “Fair Market Value” (defined below) by (y) the Fair Market Value. Solely for purposes of this Section 3.3.1(b), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to holders of Warrant pursuant to Section 6 hereof; or

 

  

5

  

(c)           with respect to any Private Warrants, so long as such Private Warrants are held by the initial purchasers or their affiliates and permitted transferees (as prescribed in Section 5.6 hereof), by surrendering such Private Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is higher than the exercise price. Solely for purposes of this Section 3.3.1(c), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the day prior to the Company’s receipt of the applicable exercise notice; or

(d)           in the event the post-effective amendment or registration statement required by Section 7.4 hereof is not effective and current, then during the period beginning on the 91st day after the closing of the Business Combination and ending upon the effectiveness of such post-effective amendment or registration statement, and during any other period after such date of effectiveness when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, by surrendering such Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the difference between the exercise price of the Warrants and the “Fair Market Value” by (y) the Fair Market Value; provided, however, that no cashless exercise shall be permitted unless the Fair Market Value is higher than the exercise price. Solely for purposes of this Section 3.3.1(d), the “Fair Market Value” shall mean the average reported last sale price of the Common Stock for the 10 trading days ending on the day prior to the date of exercise.

 

  

6

  

3.3.2.           Issuance of Certificates.  As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Warrant Price (if any), the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he is entitled, registered in such name or names as may be directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.  Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise.  Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

3.3.3.           Valid Issuance.  All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.

3.3.4.           Date of Issuance.  Each person in whose name any such certificate for Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books are open.

4.             Adjustments.

4.1.           Stock Dividends - Split Ups.  If after the date hereof, the number of outstanding shares of Common Stock is increased by a stock dividend payable in Common Stock, or by a split up of the Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock.  A rights offering to all holders of the Common Stock entitling holders to purchase Common Stock at a price less than the “Fair Market Value” (as defined below) shall be deemed a stock dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid in such rights offering divided by (y) the Fair Market Value.  For purposes of this subsection 4.1, (i) if the rights offering is for securities convertible into or exercisable for the Common Stock, in determining the price payable for the Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Fair Market Value” means the volume weighted average price of the Common Stock as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Common Stock trades on the applicable exchange or in the applicable market, regular way, with the right to receive such rights.

 

  

7

  

4.2.           Aggregation of Shares.  If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse share split or reclassification of the Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.

4.3           Extraordinary Dividends.  If the Company, at any time while the Warrants (or rights to purchase the Warrants) are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of the Common Stock on account of such shares of Common Stock (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (a) as described in subsection 4.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the conversion rights of the holders of the Common Stock in connection with a proposed initial Business Combination, (d) as a result of the repurchase of shares of Common Stock by the Company in connection with an initial Business Combination or as otherwise permitted by the Investment Management Trust Agreement between the Company and the Warrant Agent dated of even date herewith or (e) in connection with the Company’s liquidation and the distribution of its assets upon its failure to consummate a Business Combination (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and the fair market value (as determined by the Company’s board of directors, in good faith) of any securities or other assets paid on each share of the Common Stock in respect of such Extraordinary Dividend. For purposes of this subsection 4.3, “Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis with the per share amounts of all other cash dividends and cash distributions paid on the Common Stock during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of shares of Common Stock issuable on exercise of each Warrant) does not exceed $0.50 (being 5% of the offering price of the Units in the Offering).

 

  

8

  

4.4           Adjustments in Exercise Price.  Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.

4.5.           Replacement of Securities upon Reorganization, etc.  In case of any reclassification or reorganization of the outstanding shares of Common Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made pursuant to Sections 4.1, 4.2, 4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers.

 

  

9

  

4.6.           Notices of Changes in Warrant.  Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.  Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3, 4.4 or 4.5, then, in any such event, the Company shall give written notice to each Warrant holder, at the last address set forth for such holder in the warrant register, of the record date or the effective date of the event.  Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

4.7.           No Fractional Shares.  Notwithstanding any provision contained in this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants.  If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up or down to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder.

4.8.           Form of Warrant.  The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may be in the form as so changed.

 

  

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4.9           Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if such firm determines that an adjustment is necessary, the terms of such adjustment. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion.

5.           Transfer and Exchange of Warrants.

5.1.           Registration of Transfer.  The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer.  Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent.  The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request.

5.2.           Procedure for Surrender of Warrants.  Warrants may be surrendered to the Warrant Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend.

 

  

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5.3.           Fractional Warrants.  The Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the issuance of a warrant certificate for a fraction of a warrant.

5.4.           Service Charges.  No service charge shall be made for any exchange or registration of transfer of Warrants.

5.5.           Warrant Execution and Countersignature.  The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose.

5.6.           Private Warrants. The Warrant Agent shall not register any transfer of Private Warrants until after the consummation by the Company of a Business Combination, except for transfers (i) amongst the initial purchasers of the Private Warrants or to officers, directors and employees of the Company and EBC, (ii) if the registered holder is an entity, as a distribution to partners, members or shareholders of the registered holder upon the liquidation and dissolution of the registered holder, (iii) by bona fide gift to a member of the registered holder’s immediate family or to a trust, the beneficiary of which is the registered holder or a member of the registered holder’s immediate family for estate planning purposes, (iv) by virtue of the laws of descent and distribution upon death of the registered holder, (v) pursuant to a qualified domestic relations order, (vi) by private sales at prices no greater than the price at which the warrants were originally purchased, in each case on the condition that prior to such registration for transfer, the Warrant Agent shall be presented with written documentation pursuant to which each transferee or the trustee or legal guardian for such transferee agrees to be bound by the terms of the Subscription Agreement and of the Escrow Agreement among the Company, the holders of Private Warrants and the Warrant Agent.

 

  

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6.             Redemption.

6.1.           Redemption.  Subject to Section 6.4 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time while they are exercisable and prior to their expiration, at the office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock has been at least $17.50 per share (subject to adjustment in accordance with Section 4 hereof), on each of twenty (20) trading days within any thirty (30) trading day period (“30-Day Trading Period”) ending on the third business day prior to the date on which notice of redemption is given and provided further that there is a current registration statement in effect with respect to the shares of Common Stock underlying the Warrants commencing five business days prior to the 30-Day Trading Period and continuing each day thereafter until the Redemption Date (defined below).

6.2.           Date Fixed for, and Notice of, Redemption.  In the event the Company shall elect to redeem all of the Warrants, the Company shall fix a date for the redemption (the “Redemption Date”).  Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than 30 days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books.  Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice.

6.3.           Exercise After Notice of Redemption.  The Warrants may be exercised, for cash (or on a “cashless basis” in accordance with Section 3 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the Redemption Date.  In the event the Company determines to require all holders of Warrants to exercise their Warrants on a “cashless basis” pursuant to Section 3.3.1(b), the notice of redemption will contain the information necessary to calculate the number of shares of Common Stock to be received upon exercise of the Warrants, including the “Fair Market Value” in such case. On and after the Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price.

 

  

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6.4           Exclusion of Certain Warrants. The Company understands that the redemption rights provided for by this Section 6 apply only to outstanding Warrants. To the extent a person holds rights to purchase Warrants, such purchase rights shall not be extinguished by redemption. However, once such purchase rights are exercised, the Company may redeem the Warrants issued upon such exercise provided that the criteria for redemption is met. Additionally, any of the Private Warrants shall not be redeemable by the Company as long as such Private Warrants continue to be held by initial purchasers and affiliates or their permitted transferees (as prescribed in Section 5.6 hereof). However, once such Private Warrants are no longer held by the initial purchasers or their affiliates or permitted transferees, such Private Warrants shall then be redeemable by the Company pursuant to Section 6 hereof.  The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of EBC.

7.             Other Provisions Relating to Rights of Holders of Warrants.

7.1.           No Rights as Shareholder.  A Warrant does not entitle the registered holder thereof to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of directors of the Company or any other matter.

7.2.           Lost, Stolen, Mutilated, or Destroyed Warrants.  If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed.  Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.

 

  

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7.3.           Reservation of Common Stock.  The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.

7.4.           Registration of Common Stock.  The Company agrees that as soon as practicable, but in no event later than the closing of a Business Combination, it shall use its best efforts to file with the SEC a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of the shares of Common Stock issuable upon exercise of the Warrants, and it shall use its best efforts to take such action as is necessary to qualify for sale, in those states in which the Warrants were initially offered by the Company, the shares of Common Stock issuable upon exercise of the Warrants.  In either case, the Company will use its best efforts to cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration of the Warrants in accordance with the provisions of this Agreement.  In addition, the Company agrees to use its best efforts to register such securities under the blue sky laws of the states of residence of the exercising warrant holders to the extent an exemption is not available.  If any such post-effective amendment or registration statement has not been declared effective by the 90-day anniversary following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the 91st day after the closing of the Business Combination and ending upon such post-effective amendment or registration statement being declared effective by the SEC, and during any other period after such date of effectiveness when the Company shall fail to have maintained an effective registration statement covering the shares of Common Stock issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as determined in accordance with Section 3.3.1(d).  The Company shall provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with securities law experience) stating that (i) the issuance of shares of Common Stock upon exercise of the Warrants on a cashless basis in accordance with this Section 7.4 is not required to be registered under the Act and (ii) the shares of Common Stock issued upon such exercise will be freely tradable under U.S. federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Act) of the Company and, accordingly, will not be required to bear a restrictive legend.  For the avoidance of any doubt, unless and until all of the Warrants have been exercised on a cashless basis, the Company shall continue to be obligated to comply with its registration obligations under the first three sentences of this Section 7.4.  The provisions of this Section 7.4 may not be modified, amended or deleted without the prior written consent of EBC.

 

  

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8.             Concerning the Warrant Agent and Other Matters.

8.1.          Payment of Taxes.  The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares.

8.2.          Resignation, Consolidation, or Merger of Warrant Agent.

8.2.1.           Appointment of Successor Warrant Agent.  The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company.  If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent.  If the Company shall fail to make such appointment within a period of 30 days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost.  Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.  After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.

 

  

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8.2.2.           Notice of Successor Warrant Agent.  In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such appointment.

8.2.3.           Merger or Consolidation of Warrant Agent.  Any corporation into which the Warrant Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

8.3.          Fees and Expenses of Warrant Agent.

8.3.1.           Remuneration.  The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder.

8.3.2.           Further Assurances.  The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.

 

  

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8.4.          Liability of Warrant Agent.

8.4.1.           Reliance on Company Statement.  Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of the Company and delivered to the Warrant Agent.  The Warrant Agent may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement.

8.4.2.           Indemnity.  The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith.  The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith.

8.4.3.           Exclusions.  The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any Common Stock will when issued be valid and fully paid and nonassessable.

8.5.           Acceptance of Agency.  The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of Common Stock through the exercise of Warrants.

 

  

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8.6           Waiver. The Warrant Agent hereby waives any right of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Warrant Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever.

9.             Miscellaneous Provisions.

9.1.           Successors.  All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.

9.2.           Notices.  Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:

Cambridge Capital Acquisition Corporation

525 South Flagler Drive, Suite 201

West Palm Beach, FL 33401

Attn:  Chief Executive Officer

 

  

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Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn:  Compliance Department

with a copy in each case to:

Graubard Miller

The Chrysler Building

405 Lexington Avenue

New York, New York 10174

Attn:  David Alan Miller, Esq.

and

Ellenoff Grossman & Schole LLP

1345 Avenue of the Americas, 11th Floor

New York, NY  10105

Attn:  Douglas S. Ellenoff, Esq.

and

EarlyBirdCapital, Inc.

275 Madison Avenue, 27th Floor

New York, New York 10016

Attn:  David M. Nussbaum, Chairman

9.3.           Applicable Law.  The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.  The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive.  The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenience forum.  Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 hereof.  Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

  

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9.4.           Persons Having Rights under this Agreement.  Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants and, for the purposes of Sections 2.5, 6.4, 7.4 and 9.8 hereof, EBC, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.  EBC shall be deemed to be a third-party beneficiary of this Agreement with respect to Sections 2.5, 6.4, 7.4 and 9.8 hereof.  All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement shall be for the sole and exclusive benefit of the parties hereto (and EBC with respect to the Sections 2.5, 6.4, 7.4 and 9.8 hereof) and their successors and assigns and of the registered holders of the Warrants.

9.5.           Examination of the Warrant Agreement.  A copy of this Agreement shall be available at all reasonable times at the office of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant.  The Warrant Agent may require any such holder to submit his Warrant for inspection by it.

9.6.           Counterparts.  This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

9.7.           Effect of Headings.  The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof.

9.8           Amendments.  This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders.  All other modifications or amendments, including any amendment to increase the Warrant Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of a majority of the then outstanding Warrants.  Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, without the consent of the registered holders.  The provisions of this Section 9.8 may not be modified, amended or deleted without the prior written consent of EBC.

9.9           Severability. This Warrant Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.

 

  

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IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day and year first above written.

 

	 	
CAMBRIDGE CAPITAL ACQUISITION CORPORATION

	 	 	 	 
	
 

	
By: 

	/s/ Benjamin Gordon	 
	 	Name:  	Benjamin Gordon	 
	 	Title:	Chief Executive Officer	 

 

	 	
CONTINENTAL STOCK TRANSFER & TRUST COMPANY

	 	 	 	 
	
 

	
By: 

	/s/ Monty Harry	 
	 	Name:	Monty Harry	 
	 	Title:	Vice President	 

 

 

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