Document:

tmst-ex1027_18.htm

Exhibit 10.27

SEVERANCE AGREEMENT

This Severance Agreement (the “Agreement”) is dated as of __________ ___, 20__ between TimkenSteel Corporation, an Ohio corporation (the “Company”), and __________ (the “Employee”).

Recitals

WHEREAS, the Employee is a key employee of the Company and has made and/or is expected to make major contributions to the profitability, growth and financial strength of the Company;

WHEREAS, the Company wishes to induce its key employees to remain in the employment of the Company and to assure itself of stability and continuity of operations by providing severance protection to those key employees who are expected to make major contributions to the success of the Company.  In addition, the Company recognizes that a termination of employment may occur following a change in control in circumstances where the Employee should receive additional compensation for services theretofore rendered and for other good reasons, the appropriate amount of which would be difficult to ascertain.  Hence, the Company has agreed to provide special severance in the event of a change in control of the Company; 

NOW, THEREFORE, in consideration of the premises provided for in this Agreement, including the Release provided for in Section 7 hereof, the Company and the Employee agree as follows:

1. Definitions:

1.1Base Salary:  The term “Base Salary” shall mean the Employee’s annual base salary as in effect on the date this Agreement becomes operative, as the same may be increased from time to time.

1.2Board:  The term “Board” shall mean the Board of Directors of the Company. 

1.3Change in Control:  “Change in Control” means the occurrence during the Term of any of the following events:

(a)The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either:  (i) the then-outstanding Common Shares; or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (“Voting Shares”); provided, however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control:  (A) any acquisition directly from the Company; (B) any acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the 

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Company or any of its Subsidiaries; or (D) any acquisition by any Person pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c); or

(b)Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason (other than death or disability) to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote or the approval of at least a majority of the directors then comprising the Incumbent Board (either by a specific vote or written action or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

(c)Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Common Shares and Voting Shares immediately prior to such Business Combination beneficially own, directly or indirectly, more than 66-2/3% of, respectively, the then-outstanding common shares and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as their ownership, immediately prior to such Business Combination, of the Common Shares and Voting Shares of the Company, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding common shares of the entity resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such entity except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or

(d)Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

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The Company shall give the Employee written notice, delivered to the Employee in the manner specified in Section 9 hereof, of the occurrence of any event constituting a Change in Control as promptly as practical, and in no case later than 10 calendar days, after the occurrence of such event.

1.4CIC Severance Amount:  The term “CIC Severance Amount” shall mean an amount equal to the sum of:

(a)[Two/ One and one-half] times the greater of (i) the Employee’s Base Salary in effect immediately prior to the Employee’s Termination of Employment or (ii) the Employee’s Base Salary in effect immediately prior to the Change in Control; and

(b)[Two/ One and one-half] times the greater of (i) the Employee’s target Incentive Pay opportunity for the year in which the Employee’s employment is terminated or (ii) the Employee’s target Incentive Pay opportunity for the year in which the Change in Control occurred.

1.5Code:  The term “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder, as such law and regulations may be amended from time to time.

1.6Common Shares:  The term “Common Shares” means the common shares, without par value, of the Company.

1.7Company Termination Event:  The term “Company Termination Event” shall mean the Termination of Employment of the Employee by the Company or otherwise in any of the following events and prior to any Employee Termination Event:

(a)The Employee’s death;

(b)If the Employee shall become eligible to receive and begins actually to receive long-term disability benefits under a disability plan or program of the Company or a Subsidiary or, in the absence of such a disability plan or program of the Company or a Subsidiary, under a government-sponsored disability program, and the Employee is “disabled” within the meaning of Section 409A(a)(2)(C) of the Code; or

(c)For Cause.  Termination of Employment shall be deemed to be for “Cause” only if based on the fact that the Employee has done any of the following:

(i)An intentional act of fraud, embezzlement or theft in connection with his duties with the Company;

(ii)Intentional wrongful disclosure of secret processes or confidential information of the Company or a Company subsidiary; or

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(iii)Intentional wrongful engagement in any Competitive Activity which would constitute a material breach of the Employee’s duty of loyalty to the Company. 

For purposes of this Agreement, no act, or failure to act, on the part of the Employee shall be deemed “intentional” unless done, or omitted to be done, by the Employee not in good faith and without reasonable belief that his action or omission was in or not opposed to the best interest of the Company.

1.8Competitive Activity:  The term “Competitive Activity” shall mean the Employee’s participation, without the written consent of a superior officer of the Company or the Board, in the management of any business enterprise if such enterprise engages in substantial and direct competition with the Company and such enterprise’s sales of any product or service competitive with any product or service of the Company amounted to 25% of such enterprise’s net sales for its most recently completed fiscal year and if the Company’s net sales of said product or service amounted to 25% of the Company’s net sales for its most recently completed fiscal year. “Competitive Activity” shall not include (a) the mere ownership of securities in any enterprise and exercise of rights appurtenant thereto or (b) participation in management of any enterprise or business operation thereof other than in connection with the competitive operation of such enterprise.

1.9Employee Termination Event:  The term “Employee Termination Event” shall mean the Termination of Employment of the Employee (including retirement) by the Employee in any of the following events:

(a)A determination by the Employee made in good faith that upon or after the occurrence of a Change in Control:  (i) a material reduction in the nature or scope of the responsibilities, authorities or duties of the Employee attached to the Employee’s position held immediately prior to the Change in Control has occurred; or (ii) a change of more than 60 miles has occurred in the location of the Employee’s principal office immediately prior to the Change in Control;

(b)A material reduction by the Company in the Employee’s Base Salary or annual Incentive Pay opportunity upon or after the occurrence of a Change in Control (for purposes of this Agreement, the amount of any reduction in annual base salary or incentive pay elected by the Employee pursuant to any qualified or non-qualified salary reduction arrangement maintained by the Company shall be included in the determination of Base Salary and annual Incentive Pay opportunity); or

(c)An action or inaction that constitutes a material breach by the Company of this Agreement (including, but not limited to, a breach of Section 8.1 hereof) upon or after the occurrence of a Change in Control.

Notwithstanding the foregoing, no Termination of Employment by the Employee will be an Employee Termination Event unless (x) the Employee gives the Company notice of the existence of a condition described in subsection (a), (b), or (c), above within 90 days of the initial 

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existence of such condition, and (y) the Company does not remedy such condition described in clause (a), (b), or (c) above, as applicable, within 30 days of receiving the notice described in the preceding clause (x), and (z) the Employee terminates employment within two years after the initial existence of a condition described in subsection (a), (b), or (c), above.

1.11Exchange Act:  The term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time.  

1.12Incentive Pay:  The term “Incentive Pay” shall mean any cash incentive compensation award(s) based on an annual (or other applicable short-term, as opposed to long-term) performance period.

1.13Limited Period:  The term “Limited Period” shall mean that period of time commencing on the date of a Change in Control and continuing for a period of two years.

1.14Notice of Termination:  The term “Notice of Termination” shall mean a written notice delivered to the Employee in the manner specified in Section 9 of this Agreement, which notice indicates the specific termination provision in this Agreement relied upon and sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment.

1.16Sale Termination:  The term “Sale Termination” shall mean a Termination of Employment with the Company or a Subsidiary of the Company in connection with:

(a)a sale by the Company or a Subsidiary of the Company of a plant or other facility or property or assets; or

(b)a sale of the ownership of the Company or a Subsidiary of the Company,

when the acquirer in such sale described in subsection (a) or (b) or its affiliate makes an offer of employment to the Employee in connection with such sale.  Notwithstanding the foregoing, a Termination of Employment shall not be a Sale Termination if such Termination of Employment occurs during the Limited Period or during the 90 days prior to a Change in Control under the circumstances described in Section 4.1(a).

1.17Severance Amount:  The term “Severance Amount” shall mean an amount equal to the sum of:

(a)[One and one-half/ One] times the Employee’s Base Salary in effect immediately prior to the Employee’s Termination of Employment; and

(b)[One and one-half/ One] times the Employee’s target Incentive Pay opportunity for the year in which Employee's employment is terminated.

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1.18Subsidiary:  The term “Subsidiary” means a corporation, partnership, joint venture, unincorporated association or other entity in which the Company directly or indirectly beneficially owns 50% or more ownership or other equity interest.

1.19 Termination Date:  The term “Termination Date” shall mean the effective date of the Employee’s Termination of Employment with the Company.

1.20Termination of Employment:  The term “Termination of Employment” means termination of employment within the meaning of Treasury Regulation Section 1.409A-1(h)(1)(ii).

2. Operation of Agreement:  This Agreement shall be effective immediately upon its execution.

3. Conditions During the Limited Period:  During the Limited Period: 

(a)the Employee shall remain in the same office and position in the Company (or a successor thereto) or any Subsidiary that (or better office and position in the Company (or a successor thereto) or any Subsidiary than) the Employee held immediately prior to the Change in Control;

(b)if the Employee was a Director of the Company or a Subsidiary immediately prior to a Change in Control, the Employee shall remain a Director of the Company or a Director of such Subsidiary; 

(c)during the Employee’s employment with the Company and its Subsidiaries: (i) the Company shall continue in effect without material negative change any compensation or benefit plan in which the Employee participated immediately prior to the Change in Control and, as applicable, the Company shall continue Employee’s participation in any such compensation or benefit plan; (ii) neither the Company nor its Subsidiaries shall take any action that would directly or indirectly materially reduce any of the benefits of any compensation or benefit plan enjoyed by the Employee at the time of the Change in Control; (iii) the Employee shall continue to be entitled to no less than the same number of paid vacation days to which the Employee was entitled immediately prior to the Change in Control, based on years of service with the Company or its Subsidiaries in accordance with the normal vacation policy, in effect immediately prior to the Change in Control, of the Company or any of its Subsidiaries that employ Employee immediately prior to the Change in Control; and (iv) neither the Company nor any of its Subsidiaries shall take any other action which would materially adversely change the conditions or prerequisites of the Employee’s employment as in effect immediately prior to the Change in Control; and 

(d)the termination of Employee’s employment by the Company or its Subsidiaries shall only be effected pursuant to a Notice of Termination satisfying the requirements of Section 1.14 of this Agreement.

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The Employee acknowledges that if the Company fails to fulfill any of its obligations under this Section 3, the Employee’s only recourse is to cause such failure to be considered an Employee Termination Event if the breach is considered a material breach of this Agreement and the Employee’s damages will be limited to the payments provided for in Section 4, as applicable.

4. Severance Compensation:

4.1Severance Compensation:  

(a)If the Employee experiences a Termination of Employment during the Limited Period because the Company terminated the Employee’s employment during the Limited Period other than pursuant to a Company Termination Event, or because the Employee voluntarily terminated his employment during the Limited Period pursuant to an Employee Termination Event, then the Company shall pay as severance compensation to the Employee a lump sum cash payment in the amount of the CIC Severance Amount.  Anything in this Agreement to the contrary notwithstanding, if a Change in Control occurs and, not more than 90 days prior to the date on which the Change in Control occurs, the Employee experiences a Termination of Employment because the Company terminated the Employee’s employment, such Termination of Employment will be deemed to be a Termination of Employment during the Limited Period for purposes of this Agreement if the Employee has reasonably demonstrated that such Termination of Employment (i) was at the request of a third party who has taken steps reasonably calculated to effect a Change in Control, or (ii) otherwise arose in connection with or in anticipation of a Change in Control.  In the event the Employee is entitled to the benefits under this Agreement as a result of the preceding sentence, then the 60-calendar-day period specified in Section 4.1(c) shall be deemed to commence on the date on which the Employee receives the notice contemplated by the last sentence of Section 1.3 hereof.

(b)If the Employee experiences a Termination of Employment because the Company has terminated the Employee’s employment, the Company shall pay as severance compensation to the Employee a lump sum cash payment in the amount of the Severance Amount, unless the Termination of Employment occurs:

(i)during the Limited Period; or

(ii)pursuant to a Company Termination Event; or

(iii)for reasons of (A) criminal activity or (B) willful misconduct or gross negligence in the performance of the Employee’s duties; or

(iv)pursuant to a Sale Termination.

(c)The payment of the Severance Amount or the CIC Severance Amount required by this Section 4.1 shall, subject to Section 19.2 and to the execution and delivery by the Employee of the Release described in Section 7 

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hereof, and the expiration of all applicable rights of the Employee to revoke the Release or any provision thereof, be made to the Employee within 60 calendar days after the Termination Date.  In no event will the Employee have a right to designate the taxable year of any such payment. 

4.2Compensation through Termination:  If the Employee experiences a Termination of Employment, the Company shall pay the Employee any Base Salary that has accrued but is unpaid through the Termination Date.  If the Employee experiences a Termination of Employment not during the Limited Period because his employment is terminated by the Company other than for Cause and other than pursuant to a Sale Termination, the Company shall pay the Employee an amount equivalent to the Incentive Pay actually earned based on actual performance and subject to the generally applicable terms for the Incentive Pay opportunity for the calendar year in which the Termination Date occurs multiplied by a fraction, the numerator of which is the number of days in the calendar year in which the Termination Date occurs that have expired prior to the Termination Date and the denominator of which is 365.  If the Employee experiences a Termination of Employment during the Limited Period because his employment is terminated by the Company other than for Cause, the Company shall pay the Employee an amount equivalent to the target Incentive Pay opportunity for the calendar year in which the Termination Date occurs multiplied by a fraction, the numerator of which is the number of days in the calendar year in which the Termination Date occurs that have expired prior to the Termination Date and the denominator of which is 365.  Subject to Section 19 of this Agreement, such payment shall be made, in the case of a Termination of Employment during the Limited Period, in accordance with the provisions governing payment of the Severance Amount or CIC Severance Amount under Section 4.1(c), and in the case of a Termination of Employment other than during the Limited Period, in the year following the year in which the Termination Date occurs but no later than March 15th of such year.

4.3Offset:  To the full extent permitted by applicable law, the Company retains the right to offset against the Severance Amount otherwise due to the Employee hereunder any amounts then owing and payable by such Employee to the Company or any of its affiliates.  

4.4Interest on Overdue Payments:  Without limiting the rights of the Employee at law or in equity, if the Company fails to make any payment required to be made under this Agreement on a reasonably or substantially timely basis, the Company shall pay interest on the amount thereof at an annualized rate of interest equal to the “prime rate” as set forth from time to time during the relevant period in The Wall Street Journal, plus 1%.

4.5Adjustments of Payments and Benefits:  Notwithstanding any provision of this Agreement to the contrary, if any payment or benefit to be paid or provided hereunder or under any other plan or agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Code, or any successor provision thereto, but for the application of this sentence, then the payments and benefits to be paid or provided hereunder shall be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that the foregoing reduction shall be made only if and to the extent that such reduction would result in an increase in the aggregate payments and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any 

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successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income taxes).  The determination of whether any reduction in such payments or benefits to be provided hereunder is required pursuant to the preceding sentence shall be made at the expense of the Company, if requested by Employee or the Company, by the Company’s independent accountants or a nationally recognized law firm chosen by the Company.  The fact that Employee’s right to payments or benefits may be reduced by reason of the limitations contained in this Section shall not of itself limit or otherwise affect any other rights of Employee under this Agreement.  In the event that any payment or benefit intended to be provided hereunder is required to be reduced pursuant to this Section, then the reduction shall occur in the following order: (a) reduction of the portion of the CIC Severance Amount described under Section 1.4(a); (b) reduction of the portion of the CIC Severance Amount described under Section 1.4(b); and (c) reduction of the cash reimbursements described in Section 4.6(a). 

4.6Continuation of Certain Benefits.

(a)If the Company terminates the Employee’s employment during the Limited Period other than pursuant to a Company Termination Event, or if the Employee voluntarily terminates his employment during the Limited Period pursuant to an Employee Termination Event, then the Employee, and the Employee’s eligible dependents, shall be entitled to continue to participate in the Company’s medical, dental, vision and life insurance plans for which the Employee was eligible immediately prior to the Employee’s Termination Date, until the earlier of (i) Employee’s eligibility for any such coverage under another employer’s or any other medical plan or (ii) [24/ 18] months following the termination of Employee’s employment (the “CIC Benefit Continuation Period”).  The Employee’s continued participation in the Company’s life insurance plans shall be on the terms (including access fees) not less favorable than those in effect for actively employed key employees of the Company.  The Employee’s continued participation in the Company’s medical, dental, and vision plans shall be on the terms not less favorable than those in effect for actively employed key employees of the Company but only if the Employee makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portion) required to maintain such coverage on the first day of each calendar month during the CIC Benefit Continuation Period commencing with the first calendar month following the Termination Date.  Subject to Section 19.2, the Company shall reimburse the Employee on an after-tax basis for the amount of such premiums paid by the Employee pursuant to the preceding sentence, if any, in excess of any employee contributions (access fees) necessary to maintain such coverage during the CIC Benefit Continuation Period (the “CIC Reimbursement Payments”), and such CIC Reimbursement Payments shall be paid to the Employee on the 15th day of each calendar month during the CIC Benefit Continuation Period commencing with the calendar month in which the Employee’s first premium payment is due pursuant to the preceding sentence or, if later, the calendar month following the calendar month in which the release provided for in Section 7 becomes irrevocable.  Each CIC Reimbursement Payment shall be considered a separate payment and not one of a series of payments for purposes of Section 409A.  Employee agrees that the period of coverage under such plan shall count against the medical plan’s 

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obligation to provide continuation coverage pursuant to Part 6 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”).

(b)If the Company terminates the Employee’s employment other than during the Limited Period and other than: (i) pursuant to a Company Termination Event; (ii) for reasons of (A) criminal activity or (B) willful misconduct or gross negligence in the performance of the Employee’s duties; or (iii) pursuant to a Sale Termination; then the Employee, and the Employee’s eligible dependents, shall be entitled to continue to participate in the Company’s medical, dental, vision and life insurance plans for which the Employee was eligible immediately prior to the Employee’s Termination Date, until the earlier of (x) Employee’s eligibility for any such coverage under another employer’s or any other medical plan or (y) [18/ 12] months following the termination of Employee’s employment (the “Severance Benefit Continuation Period”).  The Employee’s continued participation in the Company’s life insurance plans shall be on the terms (including access fees) not less favorable than those in effect for actively employed key employees of the Company.  The Employee’s continued participation in the Company’s medical, dental, and vision plans shall be on the terms not less favorable than those in effect for actively employed key employees of the Company but only if the Employee makes a payment to the Company in an amount equal to the monthly premium payments (both the employee and employer portion) required to maintain such coverage on the first day of each calendar month during the Severance Benefit Continuation Period commencing with the first calendar month following the Termination Date.  Subject to Section 19.2, the Company shall reimburse the Employee on an after-tax basis for the amount of such premiums paid by the Employee pursuant to the preceding sentence, if any, in excess of any employee contributions (access fees) necessary to maintain such coverage during the Benefit Continuation Period (the “Severance Reimbursement Payments”), and such Severance Reimbursement Payments shall be paid to the Employee on the 15th day of each calendar month during the Severance Benefit Continuation Period commencing with the calendar month in which the Employee’s first premium payment is due pursuant to the preceding sentence or, if later, the calendar month following the calendar month in which the release provided for in Section 7 becomes irrevocable.  Each Severance Reimbursement Payment shall be considered a separate payment and not one of a series of payments for purposes of Section 409A.  Employee agrees that the period of coverage under such plan shall count against the medical plan’s obligation to provide continuation coverage pursuant to COBRA.

5. No Obligation to Mitigate Damages:  The Employee shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, and, except as provided in Sections 4.6(a) and 4.6(b), the amount of any payment or benefit provided for under this Agreement shall not be reduced by any compensation earned by the Employee as the result of employment by another employer after the Termination Date, or otherwise.

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6. Confidential Information; Non-Disparagement; Covenant Not To Compete:

6.1The Employee acknowledges that all trade secrets, customer lists and other confidential business information are the exclusive property of the Company.  The Employee shall not (following the execution of this Agreement, during the Limited Period, or at any time thereafter) disclose such trade secrets, customer lists, or confidential business information without the prior written consent of the Company.

6.2The Employee also shall not (following the execution of this Agreement, during the Limited Period, and for a period of time beginning upon the Termination Date and ending upon the first anniversary of the Termination Date) directly or indirectly, or by acting in concert with others, employ or attempt to employ or solicit for any employment competitive with the Company any person(s) employed by the Company.  

	

	
6.3For a period of time beginning upon the Termination Date and ending upon the first anniversary of the Termination Date, the Employee shall not (a) engage or participate, directly or indirectly, in any Competitive Activity, as defined in Section 1.8 or (b) solicit or cause to be solicited on behalf of a competitor any person or entity which was a customer of the Company during the term of this Agreement, if the Employee had any direct or indirect responsibility for such customer while employed by the Company.

6.4The Employee agrees, following the execution of this Agreement, during the Limited Period, or at any time thereafter, to refrain from communicating, directly or indirectly, whether in writing, orally or electronically (a) any defamatory comment concerning the Company or (b) any other comment that could reasonably be expected to be detrimental to the business or financial prospects of the Company.

6.5The Employee recognizes that any violation of this Section 6 is likely to result in immediate and irreparable harm to the Company for which money damages are likely to be inadequate.  Accordingly, the Employee consents to the entry of injunctive and other appropriate equitable relief by a court of competent jurisdiction, after notice and hearing and the court’s finding of irreparable harm and the likelihood of prevailing on a claim alleging violation of this Section 6, in order to protect the Company’s rights under this Section.  Such relief shall be in addition to any other relief to which the Company may be entitled at law or in equity.  The Employee agrees that the state and federal courts located in the State of Ohio shall have jurisdiction in any action, suit or proceeding against Employee based on or arising out of this Agreement and Employee hereby: (a) submits to the personal jurisdiction of such courts; (b) consents to service of process in connection with any action, suit or proceeding against Employee; and (c) waives any other requirement (whether imposed by statute, rule of court or otherwise) with respect to personal jurisdiction, venue or service of process.

	

	
6.6  The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition, the 

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DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

	

	
6.7Nothing in this Agreement prevents the Employee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations (and for purpose of clarity the Employee is not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the Exchange Act).

7. Release:

Payment of the severance payments and benefits set forth in Section 4 hereof is conditioned upon the Employee executing and delivering, and not revoking, a full and complete release of all claims satisfactory to the Company within 50 days of the Employee’s Termination Date.

8. Successors, Binding Agreement and Complete Agreement:

8.1Successors:   The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company, by agreement in form and substance satisfactory to the Employee, to assume and agree to perform this Agreement.

8.2Binding Agreement:  This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representative, executor, administrators, successors, heirs, distributees and legatees.  This Agreement shall be binding upon and inure to the benefit of the Company and any successor of or to the Company, including, without limitation, any person acquiring directly or indirectly all or substantially all of the assets of the Company whether by merger, consolidation, sale or otherwise (and such successor shall thereafter be deemed “the Company” for the purposes of this Agreement), but shall not otherwise be assignable by the Company.

8.3Complete Agreement.  This Agreement embodies the complete agreement and understanding between the parties with respect to the subject matter hereof and effective as of its date supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related to the subject matter hereof in any way.

9. Notices:  For the purpose of this Agreement, all communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered, e-mailed or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as indicated below, or to such other address as any party may have furnished to the other in writing and in accordance herewith, except that notices of change of address shall be effective only upon receipt.

If to the Company:TimkenSteel Corporation

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1835 Dueber Avenue, S.W.

Canton, Ohio 44706

 

If to the Employee:At the then-current address shown on the payroll 

records of the Company.

 

10.Governing Law:  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Ohio, without giving effect to the principles of conflict of laws of such State.

11.Miscellaneous:  No provision of this Agreement may be amended, modified, waived or discharged unless such amendment, waiver, modification or discharge is agreed to in writing signed by the Employee and the Company.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.  No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.  If the Employee files a claim for benefits under this Agreement with the Company, the Company will follow the claims procedures set out in 29 C.F.R. Section 2560.503-1.  

12.Validity:  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement which shall remain in full force and effect.

13.Counterparts:  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same Agreement.

14.Employment Rights:  Nothing expressed or implied in this Agreement shall create any right or duty on the part of the Company or the Employee to have the Employee remain in the employment of the Company.

15.Withholding of Taxes:  The Company may withhold from any amount payable under this Agreement all federal, state, city or other taxes or other amounts as shall be required pursuant to any law or government regulation or ruling.

16.Nonassignability:  This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations, hereunder, except as provided in Sections 8.1 and 8.2 above.  Without limiting the foregoing, the Employee’s right to receive payments hereunder shall not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, other than by a transfer by his will or by the laws of descent and distribution and in the event of any attempted assignment or transfer contrary to this Section the Company shall have no liability to pay any amounts so attempted to be assigned or transferred.

NAI-1509265674v6 

 

 

17.Termination of Agreement:  The term of this Agreement (the “Term”) shall commence as of the date hereof and shall expire at the end of [December 31, 20__]; provided, however, that (a) commencing on [January 1, 20__] and each January 1 thereafter, the term of this Agreement will automatically be extended for an additional year unless, not later than September 30 of the immediately preceding year, the Company or the Employee shall have given notice that it or the Employee, as the case may be, does not wish to have the Term extended; (b) if a Change in Control occurs during the Term, the Term will not expire until the last day of the Limited Period; and (c) subject to Section 4.1, if the Employee ceases for any reason to be a key employee of the Company or any Subsidiary, thereupon without further action the Term shall be deemed to have expired and this Agreement will immediately terminate and be of no further effect.  For purposes of this Section 17, the Employee shall not be deemed to have ceased to be an employee of the Company or any Subsidiary by reason of the transfer of Employee’s employment between the Company and any Subsidiary, or among any Subsidiaries.

18.Indemnification of Legal Fees and Expenses; Security for Payment: 

18.1Indemnification of Legal Fees.  It is the intent of the Company that in the case of a Change in Control, the Employee not be required to incur the expenses associated with the enforcement of his rights under this Agreement by litigation or other legal action because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Employee hereunder.  Accordingly, after a Change in Control, if it should appear to the Employee that the Company has failed to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any litigation designed to deny, or to recover from, the Employee the benefits intended to be provided to the Employee hereunder, the Company irrevocably authorizes the Employee from time to time to retain counsel of his choice, at the expense of the Company as hereafter provided, to represent the Employee in connection with the initiation or defense of any litigation or other legal action, whether by or against the Company or any Director, officer, stockholder or other person affiliated with the Company, in any jurisdiction.  The Company shall pay or cause to be paid and shall be solely responsible for any and all attorneys’ and related fees and expenses incurred by the Employee after a Change in Control and as a result of the Company’s failure to perform this Agreement or any provision hereof or as a result of the Company or any person contesting the validity or enforceability of this Agreement or any provision hereof as aforesaid.  

If the Employee is entitled to reimbursement pursuant to this Section 18.1, this Section shall apply to any such eligible costs and expenses incurred during the Employee’s lifetime.  Subject to Section 19.2, any amounts the Company owes to the Employee pursuant to this Section 18.1 will be paid to the Employee by the Company within 30 days following the Company’s receipt of a statement or statements prepared by Employee or Employee’s legal counsel that sets forth the amount of such costs and expenses eligible for reimbursement but in no event will such amounts be paid later than December 31 of the year following the year in which Employee incurs such expenses.  In no event will the costs and expenses paid by the Company pursuant to this Section 18.1 in one year affect the amount of costs and expenses the Company is obligated to pay pursuant to this Section 18.1 in any other taxable year.

NAI-1509265674v6 

 

 

18.2Trust Agreements.  To ensure that the provisions of this Agreement can be enforced by the Employee, two agreements (the “Trust Agreement” and the “Trust Agreement No. 2”), as they may be amended, have been established with a Trustee selected by the members of the Compensation Committee of the Board or any officer (the “Trustee”) and the Company.  The Trust Agreement sets forth the terms and conditions relating to payment pursuant to the Trust Agreement of the CIC Severance Amount owed by the Company, and Trust Agreement No. 2 sets forth the terms and conditions relating to payment pursuant to Trust Agreement No. 2 of attorneys’ and related fees and expenses pursuant to Section 18.1 owed by the Company.  Employee shall make demand on the Company for any payments due Employee pursuant to Section 18.1 prior to making demand therefor on the Trustee under Trust Agreement No. 2.  Payments by such Trustee shall discharge the Company’s liability under Section 18.1 only to the extent that trust assets are used to satisfy such liability.  

18.3Obligation of the Company to Fund Trusts.  Upon the earlier to occur of (a) a Change in Control that involves a transaction that was not approved by the Board, and was not recommended to the Company’s shareholders by the Board, (b) a declaration by the Board that the trusts under the Trust Agreement and Trust Agreement No. 2 should be funded in connection with a Change in Control that involves a transaction that was approved by the Board, or was recommended to shareholders by the Board, or (c) a declaration by the Board that a Change in Control is imminent, the Company shall promptly to the extent it has not previously done so, and in any event within five business days:

(x)transfer to the Trustee to be added to the principal of the trust under the Trust Agreement a sum equal to the aggregate value on the date of the Change in Control of the CIC Severance Amount, which could become payable to the Employee under the provisions of Section 4.1 hereof.  The payment of any CIC Severance Amount or other payment by the Trustee pursuant to the Trust Agreement shall, to the extent thereof, discharge the Company’s obligation to pay the CIC Severance Amount or other payment hereunder, it being the intent of the Company that assets in such Trust Agreement be held as security for the Company’s obligation to pay the CIC Severance Amount and other payments under this Agreement; and

(y)transfer to the Trustee to be added to the principal of the trust under Trust Agreement No. 2 the sum authorized by the members of the Compensation Committee from time to time.  

Any payments of attorneys’ and related fees and expenses, which are the obligation of the Company under Section 18.1, by the Trustee pursuant to Trust Agreement No. 2 shall, to the extent thereof, discharge the Company’s obligation hereunder, it being the intent of the Company that such assets in such Trust Agreement No. 2 be held as security for the Company’s obligation under Section 18.1.

Notwithstanding any provision of this Agreement to the contrary, no amounts shall be transferred to the Trustee with respect to the Trust Agreement or the Trust Agreement No. 2 for payments of any amount under this Agreement if, pursuant to Section 409A(b)(3)(A) of the Code, 

NAI-1509265674v6 

 

 

such amount would, for purposes of Section 83 of the Code, be treated as property transferred in connection with the performance of services.

19.Code Section 409A of the Code.  

19.1General.  To the extent applicable, it is intended that this Agreement comply with the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Employee.  This Agreement shall be administered and interpreted in a manner consistent with this intent.  

19.2Delayed Payments.  Notwithstanding any provision of this Agreement to the contrary, if the Employee is a “specified employee,” determined pursuant to procedures adopted by the Company in compliance with Section  409A of the Code, on his Termination Date and if any portion of the payments or benefits to be received by the Employee upon Termination of Employment would constitute a “deferral of compensation” subject to Section 409A, then to the extent necessary to comply with Section 409A, amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following the Employee’s Termination Date will instead be paid or made available on the earlier of (a) the first business day of the seventh month after Employee’s Termination Date, or (b) the Employee’s death.

19.3Amendments.  Notwithstanding any provision of this Agreement to the contrary, in light of the uncertainty with respect to the proper application of Section 409A of the Code, the Company reserves the right to make amendments to this Agreement as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under Section 409A of the Code.  In any case, Employee shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on Employee in connection with this Agreement (including any taxes and penalties under Section 409A of the Code), and neither the Company nor any of its affiliates shall have any obligation to indemnify or otherwise hold Employee harmless from any or all of such taxes or penalties.  

20.Recoupment.  Notwithstanding anything in this Agreement to the contrary, the Employee acknowledges and agrees that this Agreement and any compensation described herein are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time, including specifically to implement Section 10D of the Exchange Act and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Common Shares may be traded) (the “Compensation Recovery Policy”), and that applicable sections of this Agreement and any related documents shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof.

[signatures on next page]

NAI-1509265674v6 

 

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the date first set forth above.

 

		
	
 
	
By:

Employee

 

	
 
	
TIMKENSTEEL CORPORATION 

By:

Its:

 

 

NAI-1509265674v6EX-10.1

 Exhibit 10.1 

 
 DIGITALOCEAN HOLDINGS, INC. 

FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

May 8, 2020 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	1.	 	Registration Rights	  	 	1	 
				
	        	 	1.1	  	Definitions	  	 	1	 
		 	1.2	  	Request for Registration	  	 	3	 
		 	1.3	  	Company Registration	  	 	4	 
		 	1.4	  	Form S-3 Registration	  	 	5	 
		 	1.5	  	Obligations of the Company	  	 	6	 
		 	1.6	  	Furnish Information	  	 	8	 
		 	1.7	  	Expenses of Registration	  	 	8	 
		 	1.8	  	Underwriting Requirements	  	 	9	 
		 	1.9	  	Delay of Registration	  	 	10	 
		 	1.10	  	Indemnification	  	 	10	 
		 	1.11	  	Reports Under the Exchange Act	  	 	12	 
		 	1.12	  	Assignment of Registration Rights	  	 	13	 
		 	1.13	  	Limitations on Subsequent Registration Rights	  	 	14	 
		 	1.14	  	Lock-Up Agreement	  	 	14	 
		 	1.15	  	Termination of Registration Rights	  	 	15	 
			
	2.	 	Covenants of the Company	  	 	15	 
				
		 	2.1	  	Delivery of Financial Statements	  	 	15	 
		 	2.2	  	Inspection	  	 	17	 
		 	2.3	  	Right of First Offer	  	 	17	 
		 	2.4	  	Confidentiality	  	 	18	 
		 	2.5	  	Employment and Compensation Matters	  	 	19	 
		 	2.6	  	D&O Insurance	  	 	19	 
		 	2.7	  	Indemnification	  	 	19	 
		 	2.8	  	Board of Directors Matters	  	 	20	 
		 	2.9	  	Termination of Certain Covenants	  	 	20	 
			
	3.	 	Termination of Agreement	  	 	20	 
			
	4.	 	Aggregation of Stock	  	 	20	 
			
	5.	 	Miscellaneous	  	 	20	 
				
		 	5.1	  	Governing Law	  	 	20	 
		 	5.2	  	Entire Agreement	  	 	21	 
		 	5.3	  	Amendments and Waivers	  	 	21	 
		 	5.4	  	Successors and Assigns	  	 	21	 
		 	5.5	  	Notices	  	 	21	 
		 	5.6	  	Severability	  	 	21	 
		 	5.7	  	Construction	  	 	22	 
		 	5.8	  	Counterparts	  	 	22	 

  
 -i- 

 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	  	 	  	Page	 
		 	5.9	  	Effect on Prior Agreement; Novation	  	 	22	 

  

  
 -ii- 

 DIGITALOCEAN HOLDINGS, INC. 

FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Fourth Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made and entered into as of
May 8, 2020, by and among DigitalOcean Holdings, Inc., a Delaware corporation (the “Company”), Ben Uretsky, Moisey Uretsky and Jeff Carr (the “Founders”), and the investors listed on
Schedule 1 hereto (each, an “Investor” and collectively the “Investors”). 

RECITALS 

WHEREAS, the certain of the Investors (the “Existing Investors”) hold shares of the Company’s Series Seed
Preferred Stock, par value $0.000025 per share (the “Series Seed Preferred Stock”), shares of the Company’s Series A-1 Preferred Stock, par value $0.000025 per share (the “Series A-1 Preferred Stock”), shares of the Company’s Series B Preferred Stock, par value $0.000025 per share (the “Series B Preferred Stock”), and/or shares the Company’s common stock
(the “Common Stock”) issued upon conversion thereof and possess registration rights, information rights, rights of first offer and other rights pursuant to that certain Third Amended and Restated Investors’ Rights Agreement
dated as of August 1, 2016 by and among Digital Ocean, Inc., the Company, the Founders and the Investors (as amended, the “Prior Agreement”); 

WHEREAS, the Existing Investors are holders of at least a majority of the Registrable Securities of the Company (as defined in the
Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, certain of the Investors are parties to that certain Series C Preferred Stock Purchase Agreement of even date herewith,
between the Company and certain of the Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereto hereby agree that the Prior
Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further agree as follows: 

AGREEMENT 
 The
parties agree as follows: 
 1.    Registration Rights.

1.1    Definitions. For purposes of this Agreement: 

(a)    The term “Exchange Act” means the Securities Exchange Act of 1934, as amended (and any successor
thereto) and the rules and regulations promulgated thereunder. 

 (b)    The term “Form
S-3” means such form under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s
subsequent public filings under the Exchange Act. 
 (c)    The term “Founders’ Shares” means the
shares of Common Stock issued to the Founders. 
 (d)    The term “Holder” means any person owning or
having the right to acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement. 

(e)    The term “Preferred Stock” means, collectively, shares of the Company’s Series Seed
Preferred Stock, Series A-1 Preferred Stock, Series B Preferred Stock and Series C Preferred Stock. 

(f)    The term “Qualified IPO” means the Company’s sale of its Common Stock in a direct listing or
firm commitment underwritten public offering pursuant to a registration statement under the Securities Act, the public offering price of which was not less than $50,000,000, before underwriting discounts and commissions. 

(g)    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 Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(h)    The term “Registrable Securities” means (i) the shares of Common Stock issuable or issued
upon conversion of the Preferred Stock, other than shares for which registration rights have terminated pursuant to Section 1.15 hereof, (ii) the Founders’ Shares; provided, however, that for the purposes of
Sections 1.2, 1.4 and 1.13 the Founders’ Shares shall not be deemed Registrable Securities and the Founders shall not be deemed Holders, and (iii) any other shares of Common Stock of the Company issued as (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i) and (ii); provided, however,
that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which such person’s rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other
securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been
sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon
the consummation of such sale, or (C) the Holder thereof is entitled to exercise any right provided in Section 1 in accordance with Section 1.12 below. 

  
 -2- 

 (i)    The number of shares of “Registrable Securities then
outstanding” shall be determined by calculating the sum of (i) the number of shares of Common Stock outstanding which are Registrable Securities and (ii) the number of shares of Common Stock issuable pursuant to then outstanding
exercisable or convertible securities which are Registrable Securities. 
 (j)    The term “Restated
Certificate” means the Company’s Third Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time. 

(k)    The term “SEC” means the U.S. Securities and Exchange Commission. 

(l)    The term “Securities Act” means the U.S. Securities Act of 1933, as amended (and any successor
thereto), and the rules and regulations promulgated thereunder. 
 (m)    The term “Series C Preferred
Stock” means shares of the Company’s Series C Preferred Stock, par value $0.000025 per share. 

1.2    Request for Registration.

(a)    If the Company shall receive at any time after six months after the effective date of the first registration
statement for a public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC
Rule 145 transaction), a written request from the Holders of a majority of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Securities Act covering
the registration of at least such number of the Registrable Securities having an anticipated aggregate offering price, net of underwriting discounts and commissions, of at least $15,000,000, then the Company shall, within 10 days of the receipt
thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to file as soon as practicable a registration statement under the Securities Act covering all Registrable
Securities which the Holders request to be registered in a written request received by the Company within 20 days of the mailing of such notice by the Company. 

(b)    If the Initiating Holders initiating the registration request hereunder 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 1.2 and the Company shall include such information in the written notice referred to in
subsection 1.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. 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 a majority 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 (together with the Company as provided in subsection 1.5(e)) enter into an

  
 -3- 

 
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 1.2, if the underwriter
advises the Company in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and
the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of
Registrable Securities of the Company owned by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are
first entirely excluded from the underwriting. 
 (c)    Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company (the “Board”), it
would be seriously detrimental to the Company and its holders of capital stock for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer
such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve-month period. 

(d)    In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration
pursuant to this Section 1.2: 
 (i)    after the Company has effected 2 registrations pursuant to this
Section 1.2 and such registrations have been declared or ordered effective; 
 (ii)    during the period starting
with the date 60 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 1.3 unless such offering is the Qualified IPO, in which
case, ending on a date 180 days after the effective date of such registration subject to Section 1.3; provided, however, that the Company is actively employing in good faith all reasonable efforts to cause such registration
statement to become effective; 
 (iii)    if the Initiating Holders propose to dispose of shares of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4; or 

(iv)    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 Securities Act. 

1.3    Company Registration. If (but without any obligation to do so) the
Company proposes to register (including for this purpose a registration effected by the Company for 

  
 -4- 

 
holders of capital stock other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than (i) a
registration relating to a demand pursuant to Section 1.2 of this Agreement, (ii) a registration relating solely to the sale of securities of participants in a Company stock plan or a transaction covered by Rule 145 under the
Securities Act, (iii) a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered, or (iv) any registration on any form which 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), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon
the written request of each Holder given within 20 days after mailing of such notice by the Company in accordance with Section 5.5, the Company shall, subject to the cut back provisions of Section 1.8, use its commercially reasonable
efforts to cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. The Company shall have the right to terminate or withdraw any registration initiated by it under this
Section 1.3 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 1.7 hereof. 
 1.4    Form S-3
Registration. In case the Company shall receive from any Holder or Holders of a majority of the Registrable Securities then outstanding 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 will: 

(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, use its commercially reasonable efforts to 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 Holder’s or Holders’ Registrable Securities as are specified in such
request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 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 1.4: (i) if Form S-3 is not available
for such offering by the Holders; (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 $3,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good
faith judgment of the Board, it would be seriously detrimental to the Company and its holders of capital stock for such Form S-3 registration to be effected at such time, in which event the Company shall have
the right to defer the filing of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 1.4; provided,
however, that the Company 

  
 -5- 

 
shall not utilize this right more than once in any 12-month period; (iv) if the Company has, within the
12-month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; (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; (vi) during the period (A) ending
180 days after the effective date of a registration statement subject to Section 1.3 or (B) starting with the date of the filing of and ending on a date 90 days following the effective date of a registration statement subject to
Section 1.3, provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement to become effective; or (vii) if the Company, within 30 days of receipt of the request of
the Holder or Holders under this Section 1.4, gives notice of its bona fide intention to effect the filing of a registration statement with the SEC within 120 days of receipt of such request (other than a registration effected solely to qualify
an employee benefit plan or to effect a business combination pursuant to Rule 145 under the Securities Act), provided that the Company is actively employing in good faith its commercially reasonable efforts to cause such registration statement
to become effective. 
 (c)    Subject to the foregoing, the Company shall 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 Holders. Registrations effected pursuant to this Section 1.4 shall not be counted as demands for
registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 

1.5    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 its
commercially reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to
120 days, or until the distribution described in such registration statement is completed, if earlier. 

(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 may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up to 120 days, or until the
distribution described in such registration statement is completed, if earlier. 
 (c)    Furnish to the Holders such
number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities
owned by them. 

  
 -6- 

 (d)    Use its best 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 Securities 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, such obligation to continue for 120 days. 

(g)    Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange 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. 

(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,
(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 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. 
 Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or
suspend, for a reasonable period of time, 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 in the good faith judgment of the Board: 

  
 -7- 

 (i)    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 has authorized negotiations; 

(ii)    materially and adversely impair the consummation of any pending or proposed material offering or sale of any
class of securities by the Company; or 
 (iii)    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 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of
days the effectiveness of such registration statement was suspended. 

1.6    Furnish Information. 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 required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration
requested pursuant to Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included
in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection
1.4(b), whichever is applicable. 
 1.7    Expenses of Registration.

(a)    Demand Registration. All expenses other than underwriting discounts and commissions incurred
in connection with registrations, filings or qualifications pursuant to Section 1.2, 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, not to exceed $30,000 for each registration, of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be
borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is subsequently withdrawn at the
request of the Holders of a majority 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 the Holders of a majority of the Registrable Securities agree to forfeit 

  
 -8- 

 
their right to one demand registration pursuant to Section 1.2; provided further, however, that if at the time of such withdrawal, the Holders (i) have learned of a
material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request and (ii) 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 not forfeit their rights pursuant to Section 1.2. 

(b)    Company Registration. All expenses other than underwriting discounts and commissions incurred
in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3 for each Holder (which right may be assigned as provided in Section 1.12), 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, not to exceed $30,000 for each registration, of one counsel for the selling Holder or
Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 

(c)    Registration on Form S-3. All expenses incurred in
connection with a registration requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable fees and disbursements, not to exceed $30,000 for
each registration, of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, and counsel for the Company shall be borne by the Company, and any
underwriters’ discounts or commissions associated with Registrable Securities, shall be borne pro rata by the Holder or Holders participating in the Form S-3 registration; provided, however,
that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.4 if the registration request is subsequently withdrawn at the request of the Holders of a majority 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 such withdrawal was based on the
existence of a material adverse change in the condition, business, or prospects of the Company that was not known to the Holders at the time of their request. 

1.8    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 Section 1.3 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 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 holders of capital stock 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, which the underwriters determine
in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling security holders according to the total amount of securities entitled to be included

  
 -9- 

 
therein owned by each selling security holder or in such other proportions as shall mutually be agreed to by such selling security holders) but in no event shall (a) the amount of securities
of the selling Holders included in the offering be reduced below 25% of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling
Holders may be excluded if the underwriters make the determination described above and no other holder’s securities are included or (b) any securities held by the Founders be included in such offering if any securities held by any selling
Holder other than the Founders are excluded. For purposes of the preceding parenthetical concerning apportionment, for any selling security holder which is a holder of Registrable Securities and which is a venture capital fund, partnership or
corporation, the Affiliated Funds (as hereinafter defined), partners, retired partners and holders of capital stock of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of
the foregoing persons shall be deemed to be a single “selling security holder,” and any pro-rata reduction with respect to such “selling security holder” shall be based upon the
aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling security holder,” as defined in this sentence. 

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 or in connection with a direct listing: 
   (a)    To
the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers, directors and security holders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the
Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may
become subject under the Securities Act, the Exchange Act 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 Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to
each such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the 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 

  
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unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of
or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling 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 Securities Act, any underwriter, any other Holder selling securities in such registration statement
and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act 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 pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be
indemnified pursuant to this subsection 1.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; 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; 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, except in the case of willful fraud by such Holder. 

(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 which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with
the reasonable 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 prejudicial to its ability to
defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.10, but the omission to so 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. 

  
 -11- 

 (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 loss, liability, claim, damage, or expense in such proportion 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 statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided that in no event shall
any contribution by a Holder under this Subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud 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. 
 (g)    For
the avoidance of doubt, the terms of this Section 1.10 shall also apply in the event any Registrable Securities are included in a direct listing pursuant to a registration statement under the Securities Act. 

1.11    Reports Under the Exchange Act. With a view to making available to
the Holders the benefits of Rule 144 promulgated under the Securities Act 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 SEC Rule 144, at all times after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general
public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 

(b)    take such action, including the voluntary registration of its Common Stock under Section 12 of the Exchange
Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first
registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

  
 -12- 

 (c)    file with the SEC in a timely manner all reports and other
documents required of the Company under the Securities Act and the Exchange Act; and 
 (d)    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 SEC Rule 144 (at any time after 90 days after the effective date
of the first registration statement filed by the Company), the Securities Act and the Exchange 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 which 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 (a) that, after such assignment or transfer, holds at least 2% of the Registrable
Securities then outstanding, (b) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or holder of capital stock of a Holder, (c) that is an affiliated fund or entity of the Holder, which means
with respect to a limited liability company, limited partner or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or
under common control with such manager or managing member or general partner or management company (such a fund or entity, an “Affiliated Fund”), (d) who is a Holder’s child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law (such a relation, a Holder’s “Immediate
Family Member”, which term shall include adoptive relationships), or (e) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member, provided 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; and provided, further, that such assignment shall be effective
only if the transferee agrees to be bound by and subject to the terms and conditions of this Agreement, and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the
Securities Act. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (i) a partnership who are partners or retired partners of such
partnership or (ii) a limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or intestate
succession) shall be aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1. 

  
 -13- 

 1.13    Limitations on Subsequent
Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or
prospective holder of any securities of the Company which would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.2 hereof, unless under the terms of such agreement, such
holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make
a demand registration which could result in such registration statement being declared effective prior to the earlier of either of the dates set forth in subsection 1.2(a) or within 120 days of the effective date of any registration effected
pursuant to Section 1.2. 

1.14    Lock-Up Agreement.

(a)    Lock-Up Period; Agreement. If so requested by the Company or
the underwriters in connection with the initial public offering of the Company’s securities registered under the Securities Act, Holder shall not, without the prior written consent of the Company or such underwriters, as the case may be, for
such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the Company or such underwriters (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 (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), 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 other securities, in cash or otherwise. In addition, if the Company is not an emerging growth
company (as defined in the Jumpstart Our Business Startups Act of 2012) and it is required by the Financial Industry Regulatory Authority rules and (x) during the last seventeen (17) days of the
180-day restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs or (y) prior to the expiration of the one hundred eighty (l80) day
restricted period, the Company announces that it will release earnings results during the sixteen (16) day period beginning on the last day of the one hundred eighty (l80) day period, the restrictions imposed by this Section 1.14(a) shall
continue to apply until the expiration of the eighteen (18) day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. The underwriters in connection with the initial public offering
are intended third party beneficiaries of this Section 1.14(a) 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 initial public offering that are consistent with this Section 1.14(a) or that are necessary to give further effect thereto. 

  
 -14- 

 (b)    Limitations. The obligations described in
Section 1.14(a) shall apply only if all officers and directors are subject to similar restrictions and the Company uses commercially reasonable efforts to obtain a similar agreement from all 1% security holders of the Company, and shall not
apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule 145 under the Securities Act. 

(c)    Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may
impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 

(d)    Legend. Each Holder agrees that a legend reading substantially as follows shall be placed on
all certificates representing all Registrable Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.14): 

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

(e)    Transferees Bound. Each Holder agrees that prior to the Company’s initial public
offering it will not transfer securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.14. 

1.15    Termination of Registration Rights. No Holder shall be entitled to
exercise any right provided for in this Section 1: (a) after five (5) years following the consummation of a Qualified IPO, (b) as to any Holder, such earlier time after the Company’s initial public offering at which such
Holder (i) can sell all shares held by it in compliance with Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any
Affiliate of the Holder with whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144 or (c) upon termination of this Agreement, as
provided in Section 3. 
 2.    Covenants of the Company.

2.1    Delivery of Financial Statements. For so long as any shares of
Preferred Stock are outstanding, the Company shall deliver to each Major Investor (as hereinafter defined) and, if so requested, Fountain Leasing 2013, other than a Major Investor reasonably deemed by the Company to be a competitor of the Company:

 (a)    as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Company, a
consolidated income statement for such fiscal year, a consolidated balance sheet of the Company and consolidated statement of stockholders’ equity as of 

  
 -15- 

 
the end of such year, and a consolidated 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 audited and certified by an independent public accounting firm of nationally recognized standing selected by the Company; 

(b)    as soon as practicable, but in any event 30 days prior to the end of each fiscal year, a budget and business plan
for the next fiscal year, prepared on a monthly basis (the “Operating Plan”), and, as soon as prepared, any other budgets or revised budgets prepared by the Company; and 

(c)    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 consolidated income statement and consolidated statement of cash flows for such fiscal quarter and an unaudited consolidated balance sheet as of the end of such fiscal quarter, all
prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in
accordance with GAAP); 
 (d)    as soon as practicable, but in any event within 30 days of the end of each month, an
unaudited consolidated income statement and consolidated statement of cash flows and consolidated balance sheet for and as of the end of such month, in reasonable detail and compared against the Operating Plan; 

(e)    as soon as practicable following the end of each fiscal quarter, a capitalization table showing the numbers of
shares and percentage of ownership of the Company’s Common Stock (on an as-converted basis) of all of the outstanding capital stock of the Company held by each of its stockholders; 

(f)    with respect to any unaudited financial statements called for in this Section 2.1, an instrument executed by
the Chief Financial Officer or President of the Company and 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 consolidated Company and its results of operation for the period specified, subject to year-end audit adjustment, provided that the foregoing shall not
restrict the right of the Company to change its accounting principles consistent with GAAP, if the Board determines that it is in the best interest of the Company to do so. 

Notwithstanding anything else in this Section 2.1 to the contrary, the Company may cease providing the information set forth in this
Section 2.1 during the period starting with the date 60 days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to
such registration statement and related offering; provided that the Company’s covenants under this Section 2.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause
such registration statement to become effective. 

  
 -16- 

 2.2    Inspection. The
Company shall permit each Major Investor (except for a Major Investor reasonably deemed by the Company to be a competitor of the Company), at such Major Investor’s expense, to visit and inspect the Company’s (and its subsidiaries’)
properties, during normal business hours and with reasonable advance notice, to examine its books of account and records and to discuss the Company’s (and its subsidiaries’) affairs, finances and accounts with its officers;
provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be privileged or a trade secret or similar confidential information.

 2.3    Right of First Offer. Subject to the terms and conditions
specified in this Section 2.3, 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). For the purposes of this Agreement, a “Major
Investor” shall mean (i) any Investor who holds at least 250,000 shares (subject to adjustment for stock splits, stock dividends, reclassifications or the like) of Preferred Stock (assuming exercise in full of any warrants exercisable
for shares of Preferred Stock held by such Investor) or Common Stock issuable or issued upon conversion of Preferred Stock or (ii) Drawbridge Special Opportunities LP, or any Affiliate thereof, so long as such entity or Affiliate, as
applicable, holds a warrant exercisable for shares of Preferred Stock, which warrant was acquired pursuant to the terms of the Credit and Guaranty Agreement, dated as of October 8, 2014, by and among the Company, DigitalOcean EU B.V., Fortress
Credit Co LLC, as Administrative and Collateral Agent, and the other parties thereto, or has acquired shares of Preferred Stock upon exercise of such warrant or Common Stock upon conversion of such Preferred Stock. For purposes of this
Section 2.3, the term “Major Investor” includes any general partners, managing members and Affiliates of a person that is otherwise a Major Investor, including Affiliated Funds (as hereinafter defined). A Major Investor who
chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners or Affiliates, including Affiliated Funds, in such proportions as it deems appropriate. Each time the Company proposes to offer any
shares of, or securities convertible into 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 (the “RFO 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, if any, upon which it proposes to offer such Shares. 

(b)    Within 20 calendar days after delivery of the RFO Notice, the Major Investor may elect to purchase or obtain, at
the price and on the terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible and/or
exercisable securities then held, by such Major Investor bears to the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all convertible and/or exercisable securities then outstanding). Such purchase
shall be completed at the same closing as that of any third party purchasers or at an additional closing thereunder. The Company shall promptly, in writing, inform each Major Investor that purchases all the shares available to it (each, a
“Fully-

  
 -17- 

 
Exercising Investor”) of any other Major Investor’s failure to do likewise. During the 10-day period commencing after receipt of such
information, each Fully-Exercising Investor shall be entitled to obtain 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 Common Stock issued and held, or issuable upon conversion and exercise of all convertible and/or exercisable securities then held, by such Fully-Exercising Investor bears to the total number of shares of Common Stock issued and
held, or issuable upon conversion and exercise of all convertible and/or exercisable securities then held, by all the Fully-Exercising Investors who wish to purchase some of the unsubscribed shares available to the Major Investors pursuant to this
subsection 2.3(b). 
   (c)    The Company may, during the 45-day
period following the expiration of the period provided in subsection 2.3(b) hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those
specified in the RFO Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, 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 2.3 shall not be applicable to the issuance of Exempted
Securities as that term is defined in the Restated Certificate. 
   (e)    In addition to the foregoing, the
right of first offer in this Section 2.3 shall not be applicable with respect to any Major Investor and any subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an
“accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 

2.4    Confidentiality. Each Investor shall keep confidential and shall not
disclose, divulge or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a
registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.4 by such Investor), (b) is or has been independently developed or
conceived by the Investor without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without, to the knowledge of such Investor, a breach of any obligation of
confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to
obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this
Section 2.4; (iii) to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such person that such information is confidential and
directs such person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent
of any such required disclosure. 

  
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 2.5    Employment and Compensation
Matters.
   (a)    Each of the executive officers of the Company and its Subsidiaries (as defined in the
Purchase Agreement) shall devote 100% of his or her professional time to the Company and such Subsidiaries, as applicable. All other professional activities shall require the approval of each member of the Board. 

  (b)    All current and future employees shall be employed by the Company (or the applicable subsidiary)
“at will,” and any employment agreements or offer letters shall not include severance payment provisions unless approved by at least one of the Preferred Directors (as such term is defined in the Restated Certificate). 

  (c)    Unless otherwise approved by the Board, all grants of Common Stock of the Company and options to
purchase Common Stock of the Company pursuant any stock option, stock issuance or incentive plan shall vest over four years, with 1/4th of the shares vesting after one year and 1/48th of the shares vesting each month thereafter, and, unless
otherwise approved by the Board, the stock option agreements for such options shall contain a “double-trigger” acceleration provision, which provides for acceleration of a number of unvested shares equal to the number of vested shares
under the option at the time the acceleration is triggered upon Involuntary Termination (as defined therein to exclude a diminution of duties Good Reason trigger) within twelve months of a Change in Control (as defined therein) of the Company. 

  (d)    Each current and future employee and consultant with access to Company confidential information or
trade secrets shall enter into a Confidential Information and Invention Assignment Agreement in a form approved by the Board. 
 
2.6    D&O Insurance. The Company shall maintain from financially sound and reputable insurers directors’ and officers’ liability insurance in an amount equal to at least $3,000,000 and on terms and
conditions satisfactory to the Board until such time as the Board determines that such insurance should be discontinued. Such policy shall not be cancelable by the Company without prior approval by the Board. 

2.7    Indemnification. The Company and each member of the Board shall
execute the Company’s standard form of indemnification agreement; provided, however, that such indemnification shall also cover any venture capital funds affiliated with such directors. If the Company or any of its successors or
assignees consolidates with or merges into any other person and is not the continuing or surviving corporation or entity of such consolidation or merger, or transfers all of its assets to another entity, then to the extent necessary, proper
provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are
contained in the Company’s Bylaws, its Restated Certificate, or elsewhere, as the case may be. 

  
 -19- 

 2.8    Board of Directors
Matters.
   (a)    Each Board committee shall include at least the Series B Director, as such term is
defined in the Restated Certificate, and at least the Series A Director, as such term is defined in the Restated Certificate. 

  (b)    The Board shall meet at least bi-monthly unless otherwise
approved by the Board. 
 2.9    Termination of Certain Covenants.

  (a)    Each of the covenants set forth in this Section 2 (other than the covenants set forth in
Section 2.4) shall terminate as to each Holder and be of no further force or effect (i) immediately prior to the consummation of the Qualified IPO, or (ii) upon termination of this Agreement, as provided in Section 3. 

  (b)    The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no
further force or effect when the Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.9(a). 

3.    Termination of Agreement. This Agreement shall terminate and
have no further force or effect upon a Liquidation Transaction, as that term is defined in the Restated Certificate. 
 
4.    Aggregation of Stock. All shares of capital stock of the Company held or acquired by Affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any
rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. As used herein, “Affiliate” means, with respect to any specified Investor, any other Investor
who, directly or indirectly, controls, is controlled by or is under common control with such Investor, including, without limitation, any general partner, managing member, officer or director of such Investor, or any venture capital or other
investment fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, such Investor. 

5.    Miscellaneous.

5.1    Governing Law. The validity, interpretation, construction and
performance of this Agreement, and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the state of New York. 

  
 -20- 

 5.2    Entire
Agreement. This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes all prior or contemporaneous discussions, understandings and agreements, whether oral or
written, between them relating to the subject matter hereof. 
 5.3    Amendments
and Waivers. Any term of this Agreement may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of (a) the Company and (b) the holders of at
least a majority of the Company’s Preferred Stock (voting as a single class and on an as-converted basis); provided, however, that (i) any amendment or waiver of (x) this clause
(i) or (y) that adversely affects the obligations or rights of the Founders in a different manner than the other Holders, such amendment or waiver shall also require the written consent of the Founders holding a majority of the shares of Common
Stock then held by all Founders; (ii) any amendment or waiver of (x) this clause (ii) or (y) that adversely affects the obligations or rights of the holders of Series C Preferred Stock in a manner disproportionate to the holders of
other series of Preferred Stock shall also require the written consent of the holders of a majority of the outstanding Series C Preferred Stock; (iii) any amendment or waiver to Section 2.8(a) or this clause (iii) shall also require
the written consent of holders of a majority of the outstanding Series B Preferred Stock; and (iv) any amendment or waiver to Section 2.9 or this clause (iv) shall also require the written consent of Access Industries. The provisions
of Section 2.1, Section 2.2 and Section 2.3 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the Major Investors holding
a majority of the Registrable Securities then held by all of the Major Investors. Notwithstanding the foregoing, no consent shall be necessary to add additional Investors as signatories to this Agreement and to update Schedule 1 accordingly.
Any amendment or waiver effected in accordance with this Section 5.3 shall be binding upon the Company, the Founders, the Investors, and each of their respective successors and assigns. 

5.4    Successors and Assigns. Except as otherwise provided in this
Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives. The Company may
assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent of
the Company. 
 5.5    Notices. Any notice, demand or request required or
permitted to be given under this Agreement shall be in writing and shall be deemed sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified or registered mail with
postage prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified on the signature page, at the most recent address set
forth in the Company’s books and records. 
 5.6    Severability. If
one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In 

  
 -21- 

 
the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the
balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms. 

5.7    Construction. This Agreement is the result of negotiations between and
has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of
the parties hereto. 
 5.8    Counterparts. This Agreement may be executed
in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. 

5.9    Effect on Prior Agreement. Upon the effectiveness of this Agreement,
the Prior Agreement shall be superseded and replaced in its entirety by this Agreement and shall be of no further force or effect. 

[Signature Page Follows] 

  
 -22- 

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement
as of the date first written above. 
  

			
	THE COMPANY:
	  
 DIGITALOCEAN HOLDINGS,
INC.

 
			
	  
 By:
	 	  
 /s/ Alan
Shapiro

 
			
	Name:	 	Alan Shapiro

 
			
	Title:	 	General Counsel

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement
as of the date first written above. 
  

	
	 FOUNDERS:
  

	 BEN URETSKY
  

	 /s/ Ben Uretsky

	  
 MOISEY URETSKY

 

	 /s/ Moisey Uretsky

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement
as of the date first written above. 
  

			
	INVESTOR:	 	
	  
 AI DROPLET HOLDINGS LLC

	By: Access Industries Management, LLC, manager

  

			
	By:	 	 /s/ Alejandro Moreno

			
	Name:	 	Alejandro Moreno

 
			
	Title:	 	Executive Vice President

  

			
	By:	 	 /s/ Peter L. Thoren

			
	Name:	 	Peter L. Thoren

 
			
	Title:	 	Executive Vice President

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement
as of the date first written above. 
  

			
	 INVESTOR:
  

	 ANDREESSEN HOROWITZ FUND III, L.P. 

for itself and as nominee for

	 Andreessen Horowitz Fund III-A,
L.P.,

	 Andreessen Horowitz Fund III-B, L.P.
and

	 Andreessen Horowitz Fund III-Q,
L.P.

	  
 By: AH Equity
Partners III, L.L.C.

	 Its general partner

 

 
			
	By:	 	 /s/ Scott Kupor

			
	 Name:
	 	 Scott Kupor

			
	 Title:
	 	 Chief Operating Officer

			
	  
 AH PARALLEL
FUND III, L.P.
 for itself and as nominee for

	 AH Parallel Fund III-A, L.P.,

	 AH Parallel Fund III-B L.P. and

	 AH Parallel Fund III-Q,
L.P.

 
			
	 By: AH Equity Partners III (Parallel), L.L.C.

	 Its general partner

 
  

 
			
	By:	 	 /s/ Scott Kupor

			
	 Name:
	 	 Scott Kupor

			
	 Title:
	 	 Chief Operating Officer

 The parties have executed this Fourth Amended and Restated Investors’ Rights Agreement
as of the date first written above. 
  

			
	INVESTOR:

  

			
	IA VENTURE STRATEGIES FUND II, LP
	 By: IA VENTURE PARTNERS II, LLC, its General Partner

 

	By:	 	 /s/ Brad Gillespie

			
	Name:	 	 Brad Gillespie

 

			
	Title:	 	 General Partner

			
	  
 IA VENTURE STRATEGIES II SIDE FUND, LP

 

	 By: IA VENTURE PARTNERS II, LLC, its General Partner
  

 

 
			
	By:	 	 /s/ Brad Gillespie

			
	Name:	 	 Brad Gillespie

 

			
	Title:	 	 General Partner

 SCHEDULE 1

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