Document:

EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is made and entered into effective as of September 6, 2012 (the “Effective Date”), by and between Oryon Technologies, Inc., a Nevada corporation (the
“Company”), and Thomas P. Schaeffer (the “Executive”). 
 W I T N E S S E T H:

 WHEREAS, the Executive has served as President and Chief Executive Officer of a subsidiary of the Company since
July 15, 2011, and the Company since May 4, 2012, and the Company and the Executive desire to enter into an employment arrangement and this Agreement (i) to assure the Company of the continuing and exclusive service of the Executive
and (ii) to set forth the terms and conditions of the Executive’s employment with the Company. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties agree as follows: 
 1.
Employment. 
 1.1 Title and Duties. The Company hereby employs the Executive as its President and Chief Executive
Officer. The Executive’s duties, responsibilities and authority shall be consistent with the Executive’s position and shall include such other duties, responsibilities and authority as may be assigned to the Executive by the Board of
Directors of the Company (the “Board”). The Executive shall report directly to the Board. 
 1.2
Services and Exclusivity of Services. The Company and the Executive recognize that the services to be rendered by the Executive are of such a nature as to be peculiarly rendered by the Executive, encompass the individual ability, managerial
skills and business experience of the Executive and cannot be measured exclusively in terms of hours or services rendered in any particular period. The Executive agrees to devote his full business time and to use his best efforts, energy and ability
exclusively toward advancing the business, affairs and interests of the Company, and matters related thereto. 
 2. Term.
The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue for a period of two (2) years thereafter; provided, however, that at the end of each year, commencing only at
the expiration of the original two-year Term, the Term shall be extended for an additional one-year period unless the Executive’s employment with the Company is terminated in accordance with Section 5 prior to the end of the
original Term or any subsequent renewal Term. 
 3. Compensation. 

3.1 Base Salary. The Company agrees, as described below, that for performing the duties described in Section 1.1 it shall pay
the Executive initially for the first year at the rate of $223,750 and for subsequent years at the rate of $150,000.00 per year (the “Base Salary”), payable in accordance with the Company’s customary payroll
policy but not less frequently than monthly. The Company will withhold from the Executive’s compensation all sums required by federal, state, and local laws, and all other sums as the Executive and the Company may agree to. Such Base Salary
shall be reviewed for increase (but not decrease) in the sole discretion of the Compensation Committee of the Board (the “Compensation Committee”) not less frequently than annually during the Term. In conducting any such
review, the Compensation Committee shall consider and take into account, among other things, any change in the Executive’s responsibilities, performance of the Executive, and compensation of other similarly situated executives of other
comparable companies and other pertinent factors. The Executive’s Base Salary shall not be decreased except upon mutual agreement between the parties. 

 3.2 Bonuses; Incentive, Savings and Retirement Plans; Welfare Benefit Plans.

 (a) The Executive shall be entitled to participate in all annual and long-term bonuses and incentive, savings and retirement
plans generally available to other similarly situated executive employees of the Company. The Executive, and the Executive’s family as the case may be, shall be eligible to participate in and receive all benefits under welfare benefit plans,
practices, programs and policies provided to other similarly situated executive employees of the Company, including, without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and
travel accident insurance plans and programs. Nothing contained herein will require the Company to establish any of the benefits referred to in this Section 3.2, and if established the Company reserves the right to modify, suspend or
discontinue any and all of its benefits referred to in this Section 3.2 at any time without recourse by the Executive so long as such action is taken generally with respect to other similarly situated executive employees and does not
single out the Executive. Notwithstanding the foregoing, the Company shall use its commercially reasonable efforts to maintain disability insurance and life insurance to provide for the payments in Section 5.2, provided that the
Company’s obligation with respect to such insurance shall be conditioned upon the Executive submitting to any medical examinations requested by any prospective insurers, and provided, further, that the Company shall have no
obligation to pay monthly premiums for such disability insurance policy in excess of $300 or monthly premiums for such life insurance in excess of $300. 
 (b) The Executive shall be eligible to receive an annual incentive cash bonus based upon meeting or exceeding the performance, operational and managerial criteria and measurements negotiated and mutually
agreed upon by the Executive and the Compensation Committee or the Board in writing in advance of each such fiscal year (the “Annual Bonus”), but only if and to the extent such criteria and measurements are negotiated and
mutually agreed; provided that the Executive shall be entitled to a bonus of at least $25,000 for the year ending December 31, 2012. The Annual Bonus shall also include any amounts determined to be paid to the Executive in the sole discretion
of the Compensation Committee or the Board. All such Annual Bonus payments shall be reduced by any required withholding and other authorized deductions. Any Annual Bonus that becomes payable to the Executive pursuant to this Agreement shall be paid
between January 1 and March 15 of the year following the year for which such bonus was earned. 

  
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 3.3 Fringe Benefits. The Executive shall be entitled to receive fringe benefits
consistent with the Executive’s duties and position, and in accordance with the benefits provided to other similarly situated executive employees of the Company. The Company reserves the right to modify, suspend or discontinue any and all of
its fringe benefits referred to in this Section 3.3 at any time without recourse by the Executive so long as such action is taken generally with respect to other similarly situated executive employees and does not single out the
Executive. 
 3.4 Expenses. The Executive shall be entitled to reimbursement for expenses incurred in the furtherance of
the business of the Company in accordance with the Company’s practices and procedures, as they may exist from time to time. The Company shall reimburse the Executive’s legal fees and expenses in connection with the negotiation of this
Agreement, up to a maximum of $3,500. The Executive shall keep complete and accurate records of all expenditures such that the Executive may fully account according to the Company’s practices and procedures. 

3.5 Vacation. The Executive shall be entitled to three weeks paid vacations and other absences from work that are reasonably
consistent with the performance of the Executive’s duties as provided in this Agreement. Such vacations and absences shall be consistent with those generally provided to other similarly situated executive employees. 

3.6 Option Awards. The Company shall grant the Executive options to purchase 500,000 shares of common stock on the Effective Date,
and options to purchase an additional 500,000 shares on each of the first two (2) anniversaries of the Effective Date, in each case to the extent that the Executive’s employment is continuing pursuant to this Agreement at that time. Each
such option shall be granted pursuant to the Company’s 2012 Equity Incentive Plan (the “Plan”), and shall have an exercise price equal to the Fair Market Value (as defined in the Plan) on its respective grant date, will
vest in full on the first anniversary of the respective grant (provided, that one half of the initial option to purchase 500,000 shares shall vest immediately and the remaining one half shall vest on the first anniversary of the date of grant) and
will have a term of ten (10) years. The Company shall file a registration statement with respect to the shares underlying the options on a Form S-8 within sixty (60) days after the date of grant. 

4. Confidential Information; Non-solicitation; Non-competition. 

4.1 General. The Executive acknowledges that during employment by and as a result of a relationship with the Company, the Executive
will obtain knowledge of and gain access to information regarding the Company’s business, operations, products, proposed products, production methods, processes, customer lists, advertising, marketing and promotional plans and materials, price
lists, pricing policies, financial information and other trade secrets, confidential information and material proprietary to the Company or designated as being confidential by the Company which is not generally known to non-Company personnel,
including information and material originated, discovered or developed in whole or in part by the Executive (collectively referred to herein as “Confidential Information”). The Executive agrees that during the Term of this
Agreement and, to the fullest extent permitted by law, thereafter, the Executive will hold all Confidential Information strictly in confidence and will not directly or indirectly reveal, report, disclose, publish or transfer any of such Confidential
Information to any person, firm or other entity, or utilize any of the Confidential Information for any purpose, except in furtherance of the Executive’s employment under this Agreement. 

  
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 4.2 Proprietary Interest. All inventions, designs, improvements, patents, copyrights,
discoveries, innovations, creations, methods, and formulae (collectively the “Inventions”) conceived by the Executive during the Term of this Agreement that are useful in or directly or indirectly related to the business of
the Company or to any experimental work carried on by the Company, shall be the sole and exclusive property of the Company. The Executive will promptly and fully disclose to the Company all such Inventions (whether developed individually or with
other persons) and shall take all steps necessary and reasonably required to assure the Company’s ownership thereof and to assist the Company in protecting or defending the Company’s proprietary rights therein. Without limiting the
foregoing, the Executive also acknowledges that all original works of authorship which are made by the Executive (solely or jointly with others) within the scope of his employment or which relate to the business of the Company and which are
protectable by copyright are “works made for hire” pursuant to the United States Copyright Act (17 U.S.C. Section 101). The Executive hereby assigns to the Company all of his right, title and interest in and to all of the foregoing.
The Executive further represents that, to the best of his knowledge and belief, none of the Inventions will violate or infringe upon any right, patent, copyright, trademark or right of privacy, or constitute libel or slander against or violate any
other rights of any person, firm or corporation, and that the Executive will use his best efforts to prevent any such violation. 
 4.3 Return of Materials. The Executive expressly acknowledges that all lists, books, records and other Confidential Information of the Company obtained in connection with the Company’s
business is the exclusive property of the Company and that upon the expiration or earlier termination of this Agreement, the Executive will immediately surrender and return to the Company all such items and all other property belonging to the
Company then in the possession of the Executive, and the Executive shall not make or retain any copies thereof. 
 4.4
Non-solicitation of Employees, Contractors, Customers and Suppliers. The Executive covenants that, during his employment with the Company and, provided that the Company has made any required severance payments to the Executive, except to the
extent being disputed, in good faith, by the Company, for a period of one (1) year from the date of termination of his employment with the Company, he will not directly or indirectly (a) induce or attempt to induce any employee of, or
independent contractor to, the Company to terminate his or her employment or (b) without prior written consent of the Company, offer employment or an independent contractor relationship either on behalf of himself or on behalf of any other
individual or entity to any employee of, or independent contractor to, the Company or to any terminated employee of, or independent contractor to, the Company (provided, that the foregoing provisions shall not apply to Nancy Skole or Dan Gulden).
The Executive further covenants that during his employment with the Company and, provided that the Company has made any required severance payments to the Executive, except to the extent being disputed, in good faith, by the Company, for a period of
one (1) year from the date of termination of his employment with the Company, he will not directly or indirectly attempt to induce any customer or supplier of the Company to cease being a customer or supplier of the Company. The Company shall
pay, when due, any amount of any required severance payment that is not being disputed, in good faith. 

  
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 4.5 Non-competition. The Executive acknowledges and agrees that the Confidential
Information the Company shall provide him will enable him to injure the Company if he should compete with the Company (including for purposes hereof, any subsidiary of the Company). In addition to the foregoing, the Company shall share with the
Executive the Company’s business goodwill, including the Company’s valuable customer relationships, the Company’s positive reputation in the business community, the Company’s ability to transact business for its clients, the
Company’s broad market knowledge and intelligence, and the skill of the Company’s other employees who will work together with the Executive in executing efficient transactions on behalf of clients. Furthermore, the Company will reimburse
the Executive as provided in this Agreement for client entertainment expenses, so that the Executive may deepen his social and business relationships with clients by interacting with them in pleasant social environments. The Executive acknowledges
that such sharing of business goodwill, encouraging client entertainment at the Company’s expense, and enabling the Executive to efficiently transact business on behalf of clients will permit the Executive to establish new client relationships
and deepen existing client relationships, which relationships benefit the Company’s business goodwill. Executive further acknowledges that this business goodwill is a core asset of the Company and is essential for the Company’s continued
existence. Therefore, the Executive hereby agrees that during the Executive’s employment, and for a period of one (1) year thereafter (the “Restricted Period”), the Executive shall not, without the Company’s
prior written consent, which may be withheld in the Company’s sole discretion, directly or indirectly: (a) invest in (other than investments in publicly-owned companies which constitute not more than 1% of the voting securities of any such
company) a Competing Business (as defined below) or (b) participate in a Competing Business as a manager, employee, director, officer, consultant, independent contractor, or other capacity or otherwise provide, directly or indirectly, services
or assistance to a Competing Business in a position that involves input into or direction of the Competing Business’s decisions. “Competing Business” means any business that (a) offers products and/or services that
reasonably could be considered to be competitive with those products and/or services offered by the Company and its subsidiaries at the time of termination or (b) that are planned to be offered, and the Company reasonably expects could have
been offered by the Company but for the termination of the Executive, within one (1) year of such time. The restrictions set forth in this Section shall apply throughout the United States. 

4.6 Reasonableness of Restrictions. The Executive further recognizes and acknowledges that (a) the types of activities which
are prohibited by this Section 4 are narrow and reasonable in relation to the skills which represent the Executive’s principal salable asset both to the Company and to his other prospective employers and (b) the time period and
geographical scope of the provisions of this Section 4 are reasonable, legitimate and fair to the Executive in light of the Company’s need to market its services and sell its products in a large geographic area in order to have a
sufficient customer base to make the Company’s business profitable and in light of the limited restrictions on the type of employment prohibited herein compared to the types of employment for which the Executive is qualified to earn his
livelihood. 
 5. Termination. 
 5.1 Termination Prior to Expiration of Term. The Executive’s employment, and his rights under this Agreement, may be terminated prior to the expiration of the Term of this Agreement only as
provided in this Section 5. 

  
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 5.2 Death or Disability. 

(a) The Company may terminate the Executive’s employment hereunder due to death or Disability (as defined below). If the
Executive’s employment hereunder is terminated as a result of death or Disability, the Executive (or the Executive’s estate or personal representative in the event of death) shall be entitled to receive (i) all Base Salary due to the
Executive through the date of termination; (ii) any previously vested benefits, such as retirement benefits, but excluding stock options, restricted stock or other incentive compensation (other than the incentive compensation set forth in this
Agreement, which shall be governed by this Agreement), which shall be governed by the terms of the Company’s respective plans and any agreements to which the Executive is a party in that regard (items (i) and (ii) above collectively
referred to as “Accrued Employment Entitlements”); and (iii) all of the proceeds of the life insurance policy (if the Executive’s employment is terminated due to death), or all of the proceeds of the disability
insurance policy (if the Executive’s employment is terminated due to Disability), maintained by the Company on behalf of the Executive, as contemplated hereby, provided, however, that clause (iii) is subject to the
availability and limitations of such insurance, as contemplated by Section 3.2(a). At the Company’s expense, the Executive and/or the Executive’s dependents shall be entitled to continue to participate in the Company’s
welfare benefit plans and programs on the same terms as similarly situated active employees for a period of twelve (12) months from the date the Executive was first unable to substantially perform the Executive’s duties hereunder. The
Executive and/or the Executive’s dependents shall thereafter be entitled, at the Company’s expense, to any continuation of such benefits provided under such benefit plans for any period permitted by such plans, but not to exceed twelve
(12) months. Following the death or Disability of the Executive, the Executive’s participation under any stock option, restricted stock or other incentive compensation plan shall be governed by the terms of such plans. 

(b) “Disability” shall mean a total and permanent physical or mental impairment that (i) renders the
Executive unable to perform the essential functions of the Executive’s position, even with reasonable accommodation that does not impose an undue hardship on the Company and (ii) in the opinion of a physician mutually agreed upon by the
Company and the Executive (which agreement shall not be unreasonably withheld) will last for a duration of at least six months. The Executive’s Disability shall be determined by the Company, in good faith, based upon information supplied by the
Executive and the physician mutually agreed upon by the Company and the Executive. If the Executive is unable to so agree due to a physical or mental condition, then the Company may choose such physician, in its reasonable discretion. 

5.3 Termination by the Company for Cause or by the Executive because of a Voluntary Termination. 

(a) The Executive’s employment hereunder may be terminated by the Company for Cause (as hereinafter defined) or by the Executive
under a Voluntary Termination (as hereinafter defined). If the Executive’s employment hereunder is terminated under this Section 5.3, the Executive shall be entitled to receive the Accrued Employment Entitlements. The
Executive’s participation in any stock option, restricted stock or similar incentive compensation plan or program shall be governed by the terms of such plan or program (other than the options contemplated by this Agreement, which will be
governed by separate stock option agreements, or other incentive compensation set forth in this Agreement, which shall be governed by this Agreement). Except as specifically set forth in this Section 5.3, the Company shall have no
further obligations to the Executive following a termination for Cause, or a Voluntary Termination. 

  
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 (b) In the event of a Voluntary Termination, provided that the Executive continues
to comply with the provisions hereof, including but not limited to Section 4, any stock options that are exercisable as of the effective date of such termination of employment shall remain exercisable for a period of one (1) year
following the effective date of such termination of employment, but in no event after the expiration of their term. 
 (c)
“Cause” shall mean (i) the Executive’s indictment for, conviction of, or plea of guilty to, a felony; (ii) the commission of fraud, embezzlement or theft by the Executive in connection with the Executive’s
duties; (iii) the intentional wrongful damage to property of the Company or its affiliates; (iv) a material breach of this Agreement by the Executive and/or the Executive’s gross neglect of his duties hereunder; or (v) failure by
the Executive to satisfactorily perform his material duties hereunder, as determined by the Board, and failure by the Executive to cure such breach or non-performance, to the extent cure is possible, within thirty (30) days of the
Executive’s receipt of written notice by the Board describing the Executive’s failure to perform. 
 (d)
“Voluntary Termination” shall mean a termination of employment by the Executive on his own initiative other than (i) a termination due to Disability or (ii) a termination for Good Reason. 

5.4 Termination by the Company Without Cause; Termination by the Executive for Good Reason; Termination Following a Change in
Control. The Company may terminate the Executive’s employment hereunder without Cause, and the Executive shall be permitted to terminate his employment hereunder for Good Reason (as hereinafter defined). If (i) the Company terminates
the Executive’s employment hereunder without Cause, other than due to death or Disability; (ii) if the Executive effects a termination for Good Reason; or (iii) the Company shall terminate this Agreement for any reason within twelve
(12) months after a Change in Control (as defined below) then the Executive shall be entitled to receive the payments and benefits set forth in this Section 5.4, provided that the Executive execute and deliver a release of claims,
in form reasonably satisfactory to the Company, and upon expiration of all applicable revocation periods therein, and the Company shall have no further obligations to the Executive following such termination. 

(a) The Executive shall be entitled to receive the following in the event of such a termination of employment: 

(i) (x) the Executive’s accrued but unpaid Base Salary through the date of termination plus (y) a lump sum
amount equal to two hundred percent (200%) of the Executive’s annual Base Salary in effect as of the date of such termination; and 

  
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 (ii) the Annual Bonus for the fiscal year in which the termination
occurred, payable only if earned and payable as provided herein, but prorated based on the number of complete months in the fiscal year prior to such termination; plus 

(iii) the Company shall pay the Executive a lump sum amount equal to the cost to cover Executive and the Executive’s
dependents for continued participation in the Company’s medical plans under the COBRA provisions of such plans, as of the date of termination, for a period of twelve (12) months from the date of termination. The Executive and/or the
Executive’s dependents shall be entitled, at their own expense, to elect to participate in such medical plans to the extent eligibility is provided pursuant to the terms of the respective plan or as required by law, plus 

(iv) an amount equal to the difference between (a) $73,750 and (b) the product of the number of months elapsed
during the first year times $6,145.83. 
 (b) Any outstanding stock-based, equity-based or performance compensation awards
granted to the Executive shall become fully vested and/or exercisable as of the effective date of such termination of employment and, in the case of stock options, shall remain exercisable for a period of one (1) year following the effective
date of such termination of employment, but in no event after the expiration of their term. 
 (c) “Good
Reason” means and shall be deemed to exist if, without the prior written consent of the Executive, (i) the Executive suffers a significant reduction in title, duties, responsibilities, reporting requirements or effective authority
associated with his titles and positions as set forth and described in this Agreement, or is assigned any duties or responsibilities inconsistent in any material respect therewith; or (ii) a material breach of this Agreement by the Company;
provided that, in any case under subsections (i) or (ii) above the Company has failed to cure the events alleged to constitute Good Reason within thirty (30) days of written notice by the Executive. No termination by the Executive
shall be for “Good Reason” unless notice of such termination setting forth in particular the event(s) constituting Good Reason is delivered to the Company within ninety (90) days following the date on which the event constituting Good
Reason occurs. 
 (d) For purposes of this Agreement, a “Change in Control” shall be deemed to have
occurred if (A) the Company becomes a subsidiary of another corporation or entity other than an affiliate of the Company or is merged or consolidated into another corporation or entity, with the effect that immediately after such transaction
the shareholders of the Company immediately prior to such transaction (or their Affiliates, as defined below) hold less than fifty percent (50%) of the combined voting power of the securities entitled to elect the board of such surviving
entity, or substantially all of the assets of the Company are sold to another corporation or entity or (B) any person, corporation, partnership or other entity, either alone or in conjunction with its “Affiliates,” as that term is
defined in Rule 405 promulgated under the Securities Act of 1933, as amended, or other group of persons, corporation, partnerships or other entities who are not Affiliates but who are acting in concert, becomes the owner of record or beneficially of
securities of the Company that represent more than fifty percent (50%) of the combined voting power of the Company’s then outstanding securities entitled to elect the Board; (C) a change in the majority of the Board over a period of
twelve (12) months, but only to the extent that any such new member is not approved by the Board at the time of election or appointment; or (D) the Board makes a determination, in its reasonable judgment, that a “Change in
Control” of the Company has taken place. 

  
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 (e) Possible Reduction of Severance Payment. If Executive is terminated without
Cause or the Executive terminates his employment for Good Reason within the period beginning six (6) months before and ending twelve (12) months after a Change in Control, and the presumption, if any, under the Treasury Regulations
promulgated under Section 280G of the Code that such employment termination was contingent on that Change in Control is not successfully rebutted, then the severance payment specified in Section 5.4 shall be adjusted as set forth
below: 
 (i) The severance payment shall be reduced to an amount equal to 2.99 times the average of the annual
compensation which was payable to the Executive by the Company and includible in the Executive’s gross income for federal income tax purposes for the five (5) calendar years ending before the calendar year in which a Change in Control
occurred, or for the portion of such period during which Executive was actually employed by the Company if the Executive has been employed by the Company for less than five (5) calendar years (the “Base Period”).
Executive’s average annual compensation shall be determined in accordance with the Treasury regulations promulgated under Section 280G(d) of the Code. As used in this Agreement, the term “compensation” shall mean and include
every type and form of compensation includible in Executive’s gross income in respect of his employment by the Company, including compensation income recognized as a result of the exercise of stock options or sale of the stock so acquired,
except to the extent otherwise provided in the Treasury regulations promulgated under Section 280G(d) of the Code. 
 (ii) The severance payment shall be further reduced by the amount of any other payment or the value of any benefit received or to be received by Executive in connection with the termination of his
employment or contingent upon a Change in Control (whether payable pursuant to the terms of this Agreement, any other plan, agreement or arrangement with the Company) unless (A) the Executive shall have effectively waived in writing his receipt
or enjoyment of such payment or benefit prior to the date of payment or receipt of the Severance Payment, (B) in the opinion of tax counsel selected by the Company, such other payment or benefit does not constitute a “parachute
payment” within the meaning of Section 280G(b)(2) of the Code, or (C) in the opinion of such tax counsel, the Severance Payment (in its full amount or as partially reduced, as the case may be) plus all other payments or benefits which
constitute “parachute payments” within the meaning of Section 280G(b)(2) of the Code are deductible by the Company. The value of any non-cash benefit or any deferred payment shall be determined by the independent auditors of the
Company in accordance with the principles of Section 280G(d) (3) and (4) of the Code. 

  
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 6. Other Termination Provisions. 

6.1 Separation from Service. Notwithstanding anything to the contrary in this Agreement, with respect to any amounts payable to the
Executive under this Agreement that are treated as “non-qualified deferred compensation” subject to Section 409A of the Code in connection with a termination of the Executive’s employment, in no event shall a termination of
employment occur under this Agreement unless such termination constitutes Executive’s “separation from service” with the Company as such term is defined in Treasury Regulation Section 1.409A-1(h) and any successor provision
thereto (a “Separation from Service”). 
 6.2 Section 409A Compliance. Notwithstanding
anything contained in this Agreement to the contrary, to the maximum extent permitted by applicable law, amounts payable to the Executive pursuant to this Agreement shall be made in reliance upon Treasury Regulation Section 1.409A-1(b)(9)
(Separation Pay Plans) or Treasury Regulation Section 1.409A-1(b)(4) (Short-Term Deferrals). However, to the extent any such payments are treated as non-qualified deferred compensation subject to Section 409A of the Code, then if the
Executive is deemed at the time of his Separation from Service to be a “specified Executive” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which the
Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of the Executive’s termination benefits shall not be provided to the Executive
prior to the earlier of (i) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or (ii) the date of the Executive’s death. Upon the earlier of such dates, all payments deferred
pursuant to this Section 6.2 shall be paid in a lump sum to the Executive. The determination of whether the Executive is a “specified Executive” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his
Separation from Service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treasury Regulation Section 1.409A-1(i) and any successor provision
thereto). 
 7. In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement, in-kind
benefits and reimbursements provided under this Agreement during any tax year of the Executive shall not affect in-kind benefits or reimbursements to be provided in any other tax year of the Executive and are not subject to liquidation or exchange
for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by the Executive and, if timely submitted, reimbursement payments shall be made to the Executive as soon as
administratively practicable following such submission, but in no event later than the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. In no event shall the Executive be entitled to any
reimbursement payments after the last day of the Executive’s taxable year following the taxable year in which the expense was incurred. This paragraph shall only apply to in-kind benefits and reimbursements that would result in taxable
compensation income to the Executive. 
 8. Section 409A; Separate Payments. This Agreement is intended to be
written, administered, interpreted and construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Code Section 409A(a)(1)(A) or (b) the
interest and additional tax set forth within Code Section 409A(a)(1)(B) (together, referred to herein as the “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings
that would not cause the imposition of Section 409A Penalties. In no event shall the Company be required to provide a tax gross-up payment to Executive or otherwise reimburse the Executive with respect to Section 409A Penalties. For purposes of
Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), each payment that the Executive may be eligible to receive under this Agreement shall be treated as a separate and
distinct payment. 

  
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 9. Arbitration. 

9.1 General. Any dispute, controversy or claim arising out of or relating to this Agreement, the breach hereof or the coverage or
enforceability of this arbitration provision may be settled by arbitration in Dallas/Fort Worth, Texas (or such other location as the Company and the Executive may mutually agree), conducted in accordance with the Commercial Arbitration Rules of the
American Arbitration Association, as such rules are in effect in Dallas/Fort Worth, Texas on the date of delivery of demand for arbitration. The arbitration of any such issue, including the determination of the amount of any damages suffered by
either party hereto by reason of the acts or omissions of the other, shall be to the exclusion of any court of law. Notwithstanding the foregoing, either party hereto may seek any provisional remedy in a court, including but not limited to an action
for injunctive relief or attachment in connection with alleged violations of Section 4 hereof, without waiving the right to arbitration. 
 9.2 Procedure. 
 (a) Either party may demand such arbitration by giving
notice of that demand to the other party. The notice shall state (x) the matter in controversy and (y) the name of the arbitrator selected by the party giving the notice. 

(b) Not more than fifteen (15) days after such notice is given, the other party shall give notice to the party who demanded
arbitration of the name of the arbitrator selected by the other party. If the other party shall fail to timely give such notice, the arbitrator that the other party was entitled to select shall be named by the Arbitration Committee of the American
Arbitration Association. Not more than fifteen (15) days after the second arbitrator is so named, the two arbitrators shall select a third arbitrator. If the two arbitrators shall fail to timely select a third arbitrator, the third arbitrator
shall be named by the Arbitration Committee of the American Arbitration Association. 
 (c) Any award made by a majority of the
arbitrators shall be conclusive and binding on the parties, and may be made the subject of a judgment of any court having jurisdiction. 
 9.3 Costs and Expenses. Unless the arbitrators shall determine that it is equitable to allocate expenses of the arbitration in a different manner, all expenses of the arbitration shall be borne
equally by the Company and the Executive, and each party shall be solely responsible for its own legal fees and expenses. 
 10.
Non-Assignment. This Agreement shall not be assignable nor the duties hereunder delegable by the Executive. None of the payments hereunder may be encumbered or in any way anticipated. The Company shall not assign this Agreement nor shall it
transfer all or any substantial part of its assets without first obtaining in conjunction with such transfer the express assumption of the obligations hereof by the assignee or transferee. 

  
 11 

 11. Remedies. The Executive acknowledges that the services the Executive is to render
under this Agreement are of a unique and special nature, the loss of which cannot reasonably or adequately be compensated for in monetary damages, and that irreparable injury and damage will result to the Company in the event of any default or
breach of this Agreement by the Executive. Accordingly, the Executive agrees that the Company will, in addition to any other remedies available to it at law, in equity or, without limitation, otherwise, be entitled to injunctive relief and/or
specific performance to enforce the terms, or prevent or remedy the violation, of any provisions of this Agreement, including without limitation, the provisions of Section 4 hereof. This provision shall not constitute a waiver by the
Company of any rights to damages or other remedies which it may have pursuant to this Agreement or otherwise. 
 12.
Survival. The provisions of Sections 4, 5, 6 through 11 shall survive the expiration or earlier termination of this Agreement. 
 13. Taxes. All payments to the Executive under this Agreement shall be reduced by all applicable withholding required by Federal, state or local law. 

14. Life Insurance. The Company, in its discretion, may apply for and procure in its own name and for its own benefit, life
insurance on the life of the Executive in any amounts considered advisable by the Company, in addition to the insurance described in Section 3.2(a), and the Executive shall submit to any medical or other examinations and execute and
deliver any application or other instrument in writing, that is reasonably necessary to effectuate such insurance and shall otherwise reasonably cooperate with the Company in connection therewith. 

15. No Obligation to Mitigate; No Rights of Offset. 
 (a) The Executive shall not be required to mitigate the amount of any payment or other benefit required to be paid to the Executive pursuant to this Agreement, whether by seeking other employment or
otherwise, nor shall the amount of any such payment or other benefit be reduced on account of any compensation earned by the Executive as a result of employment by another person. 

(b) The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder
shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Executive or others. 
 16. Notices. Any notice or other communications relating to this Agreement shall be in writing and delivered personally or mailed by certified mail, return receipt requested, or sent by overnight
courier, to the party concerned at the address set forth below: 
  

			
	 If to the Company:
	  	Oryon Technologies, Inc.
		  	4251 Kellway Circle
		  	Addison, Texas 75001
		  	Attn: Chairman of Compensation Committee
		
	 If to the Executive:
	  	At the Executive’s residence address as maintained by the Company in the regular course of its business for payroll purposes.

  
 12 

 Either party may change the address for the giving of notices at any time by notice given to
the other party under the provisions of this Section 16. 
 17. Entire Agreement. This Agreement, constitutes
the entire agreement between the parties and supersedes all prior written and oral agreements and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement supersedes all
obligations of the Company and its subsidiaries with respect to any unpaid compensation of any kind payable to the Executive with respect to any period prior to the Effective Date. This Agreement may not be changed orally, but only by an agreement
in writing signed by both parties. 
 18. Counterparts. This Agreement may be executed in counterparts, each of which
shall be an original, but all of which together shall constitute one agreement. 
 19. Construction. This Agreement shall
be governed under and construed in accordance with the laws of the State of Texas, without regard to the principles of conflicts of laws. The paragraph headings and captions contained herein are for reference purposes and convenience only and shall
not in any way affect the meaning or interpretation of this Agreement. It is intended by the parties that this Agreement be interpreted in accordance with its fair and simple meaning, not for or against either party, and neither party shall be
deemed to be the drafter of this Agreement. 
 20. Severability. If any portion or provision of this Agreement is
determined by arbitration or by a court of competent jurisdiction to be invalid, illegal or unenforceable, the remaining portions or provisions hereof shall not be affected. The covenants in this Agreement are severable and separate, and the
unenforceability of any specific covenant shall not affect the enforceability of any other covenant. Moreover, in the event any arbitrator or court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth
are unreasonable, then it is the intention of the parties that such restrictions be enforced to the fullest extent which the arbitrator or court deems reasonable, and this Agreement shall thereby be reformed. 

21. Binding Effect. The rights and obligations of the parties under this Agreement shall be binding upon and inure to the benefit
of the permitted successors, assigns, heirs, administrators, executors and personal representatives of the parties. 

[Remainder of page intentionally left blank] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and in the
year first written above. 
  

			
	COMPANY:
	
	ORYON TECHNOLOGIES, INC.
		
	 By:
	 	 /s/ Jon Stuart Ross

	 Name:
	 	Jon Stuart Ross
	 Title:
	 	Chair, Compensation Committee
	
	EXECUTIVE:
	
	 /s/ Thomas P. Schaeffer

	 Thomas P. Schaeffer

  
 14Amended and Restated Investors' Rights Agreement

 Exhibit 4.7 
 KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 
 MAY 2, 2012 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 1. Registration Rights
	  	 	2	  
	 1.1 Definitions
	  	 	2	  
	 1.2 Request for Registration
	  	 	3	  
	 1.3 Company Registration
	  	 	5	  
	 1.4 Form S-3 Registration
	  	 	7	  
	 1.5 Obligations of the Company
	  	 	8	  
	 1.6 Information from Holder
	  	 	10	  
	 1.7 Expenses of Registration
	  	 	10	  
	 1.8 Delay of Registration
	  	 	10	  
	 1.9 Indemnification
	  	 	10	  
	 1.10 Reports Under Securities Exchange Act of 1934
	  	 	13	  
	 1.11 Assignment of Registration Rights
	  	 	13	  
	 1.12 “Market Stand-Off” Agreement
	  	 	14	  
	 1.13 Termination of Registration Rights
	  	 	14	  
	 1.14 Limitations on Subsequent Registration Rights
	  	 	14	  
		
	 2. Covenants of the Company
	  	 	15	  
	 2.1 Delivery of Financial Statements
	  	 	15	  
	 2.2 Inspection
	  	 	16	  
	 2.3 Right of First Offer
	  	 	16	  
	 2.4 Employee Agreements
	  	 	18	  
	 2.5 Key-Man Insurance
	  	 	18	  
	 2.6 Directors and Officers Insurance
	  	 	18	  
	 2.7 Other Covenants
	  	 	18	  
	 2.8 Termination of Certain Covenants
	  	 	19	  
	 2.9 Fidelity Covenants
	  	 	19	  
		
	 3. Miscellaneous
	  	 	20	  
	 3.1 Successors and Assigns
	  	 	20	  
	 3.2 Governing Law
	  	 	20	  
	 3.3 Counterparts
	  	 	21	  
	 3.4 Titles and Subtitles
	  	 	21	  
	 3.5 Notices
	  	 	21	  
	 3.6 Expenses
	  	 	21	  
	 3.7 Entire Agreement: Amendments and Waivers
	  	 	21	  
	 3.8 Severability
	  	 	21	  
	 3.9 Aggregation of Stock
	  	 	22	  
	 3.10 Directors’ Expenses
	  	 	22	  
	 3.11 Additional Parties
	  	 	22	  
	 3.12 Termination of Prior Agreement
	  	 	22	  
	 3.13 Massachusetts Business Trust
	  	 	22	  

  
 i 

 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is made as of May 2, 2012, by and among KaloBios Pharmaceuticals, Inc., a
Delaware corporation (the “Company”), and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor.” 

RECITALS 

WHEREAS, certain of the Investors (the “Existing Investors”) hold (i) shares of the Company’s Common Stock
and/or securities exercisable therefor, (ii) shares of Series A Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series A Preferred Stock”), (iii) shares of Series B-1
Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series B-1 Preferred Stock”), (iv) shares of Series B-2 Preferred Stock and/or shares of Common Stock issued upon conversion thereof
(the “Series B-2 Preferred Stock”), (v) shares of Series C Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series C Preferred Stock”) and (vi) shares of
Series D Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series D Preferred Stock”) and possess registration rights, information rights, rights of first offer and other rights pursuant to an
Amended and Restated Investors’ Rights Agreement dated as of September 22, 2008, by and among the Company and such Existing Investors (the “Prior Agreement”); 

WHEREAS, the Prior Agreement may be amended, and any provision therein waived, with the consent of the Company and the holders of
sixty-percent (60%) of the Registrable Securities (as such term is defined in the Prior Agreement); 
 WHEREAS, the
Existing Investors as holders of sixty-percent (60%) of the Registrable Securities (as such term is defined in the Prior Agreement) of the Company desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu
of the rights granted to them under the Prior Agreement; and 
 WHEREAS, certain Investors are parties to the Series E Preferred
Stock Purchase Agreement of even date herewith by and among the Company and certain of the Investors (the “Series E Agreement”), which provides that as a condition to the closing of the sale of the Series E Preferred Stock (the
“Series E Preferred Stock” and collectively with the Series A Preferred Stock, the Series B-1 Preferred Stock, Series B-2 Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock, the “Preferred
Stock”), this Agreement must be executed and delivered by such Investors, Existing Investors holding sixty percent (60%) of the Registrable Securities (as such term is defined in the Prior Agreement) of the Company, and the Company.

 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Existing Investors 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: 

 1. Registration Rights. The Company covenants and agrees as follows: 

1.1 Definitions. For purposes of this Section 1: 
 (a) The term “Act” means the Securities Act of 1933, as amended. 

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

(c) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.11 hereof. 
 (d) The term “Initial Public Offering” means the
Company’s first firm commitment underwritten public offering of its Common Stock under the Act (other than pursuant to a Re-Sale Form S-1 effected pursuant to Section 1.3(c) hereto). 

(e) The term “New Re-Sale Registration Statement” shall have the meaning set forth in Section 1.3(c) hereto.

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

(g) The term “Original Re-Sale Form S-1” shall have the meaning set forth in Section 1.3(c) hereto. 

(h) The term “OTC Quotation System” means the inter-dealer quotation system known as the OTC Bulletin Board. 

(i) The term “OTC Trading Date” means the first date when the Common Stock begins being quoted and/or traded on an OTC
Quotation System. 
 (j) The term “PIPE Offering” means a private placement offering by the Company of shares
of its Common Stock or Preferred Stock, in each case, at a price per share not less than $3.40, primarily for working capital purposes that is consummated in connection with which the Company agrees to use its reasonable best efforts to file, in a
defined period following such offering, a resale registration statement registering such shares. 
 (k) The term
“register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or
ordering of effectiveness of such registration statement or document. 

  
 2 

 (l) The term “Registrable Securities” means (i) an aggregate of
564,915 shares of Common Stock held by 5AM Ventures LLC and 5AM Co-Investors LLC, (ii) Common Stock issuable or issued upon conversion of the Preferred Stock, (iii) shares of Common Stock issuable or issued upon exercise of warrants
outstanding as of the date hereof and (iv) Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in
exchange for, or in replacement of, the shares referenced in (i), (ii) or (iii) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not
assigned. 
 (m) The number of shares of “Registrable Securities” outstanding shall be determined by the number of
shares of Common Stock outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities. 

(n) The term “Re-Sale Form S-1” shall have the meaning set forth in Section 1.3(c) hereto. 

(o) The term “Re-Sale Shares” shall have the meaning set forth in Section 1.3(c) hereto. 

(p) The term “SEC” shall mean the Securities and Exchange Commission. 

(q) The term “SEC Rule 145” means Rule 145 promulgated by the SEC under the Act. 

1.2 Request for Registration. 
 (a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earliest of (i) one (1) year after the date of this Agreement, (ii) one hundred
eighty (180) days after the effective date of the Initial Public Offering or (iii) one (1) year following the effectiveness of the Company’s first Form 10 registration statement filed with the SEC pursuant to the Exchange Act, a
written request from the Holders of twenty-five percent (25%) or more of the Registrable Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Act covering the
registration of (i) at least 50% of the then outstanding Registrable Securities or (ii) Registrable Securities with an anticipated aggregate offering price of at least $10,000,000 (net of underwriting discounts and commissions), then the
Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use best efforts to effect, as soon as practicable, the registration
under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(a).

 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). In such event the right of any
Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s 

  
 3 

 
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 enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters
shall be reasonably acceptable to a majority in interest of the Initiating Holders). Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of
securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the
underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities
be excluded from such underwriting unless all other securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 1.2: 

(i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting
such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; or 
 (ii) after the Company has effected two (2) registrations pursuant to this Section 1.2 covering all shares requested to be registered by the Initiating Holders or Holders joining such request
(assuming no shares have been excluded from the offering by the decision of the Company or the underwriter or underwriters), and such registrations have been declared or ordered effective; or 

(iii) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the
filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated registration subject to Section 1.3 below, provided that the Company is actively employing in good faith all reasonable
efforts to cause such registration statement to become effective; or 
 (iv) if the Initiating Holders propose to dispose of
Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 
 (v) if the Company
shall furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of
Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not
more than ninety (90) days after receipt of the request of the Initiating Holders, provided that such right to delay a request shall be exercised by the Company not more than once in any twelve (12)-month period and provided further that
the Company shall not register any securities for the account of itself or any other stockholder during such ninety (90) day period (other than a registration relating solely to the sale of securities of participants in a Company stock plan, or
a registration relating to a corporate reorganization or transaction under Rule 145 of the Act). 

  
 4 

 1.3 Company Registration. 

(a) If (but without any obligation to do so) the Company proposes to register (including for this purpose a registration effected by the
Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to the sale of securities to participants in a
Company stock plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as would be required to be included in
a registration statement covering the sale of the Registrable Securities, a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered, or a registration on
a Re-Sale Form S-1), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance
with Section 3.5, the Company shall, subject to the provisions of Section 1.3(c), use best efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder has requested to be registered. If a Holder
decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration
statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 
 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 1.3 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. 

(c) Initial Re-Sale Registration. Upon the effectiveness of the Company’s first Form 10 registration statement filed with the
SEC pursuant to the Exchange Act, and in addition to the registration rights set forth above, the Company will use reasonable best efforts, subject to applicable rules and regulations, to file a registration statement on Form S-1 covering the resale
(the “Original Re-Sale Form S-1”) of the shares of Common Stock issued or issuable upon conversion of the shares of Preferred Stock together with any shares of Common Stock or Preferred Stock issued and sold in the PIPE Offering
(collectively, the “Re-Sale Shares”). In the event the SEC informs the Company that all of the Re-Sale Shares cannot, as a result of the application of SEC Rule 415, be registered for sale in a secondary offering in a single
registration statement and/or that certain of the selling stockholders would be deemed to be statutory underwriters, the Company agrees to promptly (i) inform each of the holders of Re-Sale Shares thereof, (ii) use its reasonable best
efforts to file amendments to the Original Re-Sale Form S-1 as required by the SEC and/or (iii) withdraw the Original Re-Sale Form S-1 and file a new registration statement on Form S-1 or such other form available for registration of the
Re-Sale Shares as a secondary offering (the “New Re-Sale Registration Statement”), in either case covering the maximum number of Re-Sale Shares permitted to be registered by the SEC and

  
 5 

 
avoid the selling stockholders being deemed to be statutory underwriters; provided, however, that prior to such amendment or New Re-Sale Registration Statement, the Company shall be
obligated to use its reasonable best efforts to advocate with the SEC for the registration of all of the Re-Sale Shares and against the selling stockholders being deemed statutory underwriters in accordance with SEC Guidance, including without
limitation, the Compliance and Disclosure Interpretations, “Securities Act Rules” No. 612.09, and the Securities Act. In the event the Company amends the Original Re-Sale Form S-1 or files a New Re-Sale Registration Statement, as the
case may be, the Company will use its reasonable best efforts to file with the SEC, as promptly as allowed by the SEC, SEC Guidance or the Securities Act, on one or more registration statements, those Re-Sale Shares not included in the Original
Re-Sale Form S-1 as amended or the New Re-Sale Registration Statement. The number of Re-Sale Shares that may be included in each such registration statement shall be allocated among the holders thereof in proportion (as nearly as practicable) to the
number of Re-Sale Shares owned by each holder or in such other proportion as is necessary to avoid the selling stockholders being deemed to be statutory underwriters, which reductions shall be applied to the holders on a pro rata basis based on the
total number of Re-Sale Shares held by such holders. In addition, the Company shall use its reasonable best efforts to file, within thirty (30) days of its becoming eligible to do so, a post-effective amendment to Form S-1 on Form S-3
registration statement covering the Re-Sale Shares. The Company shall use its reasonable best efforts to maintain the continuous effectiveness of such registration statement(s) (including, without limitation, as necessary by filing post-effective
amendment(s) if required by the filing of a periodic report on Form 10-K, 10-Q or 8-K), provided that Rule 415, or any successor rule under the Act, permits an offering on a continuous or delayed basis, and provided further that, in the case of a
Form S-3 registration statement, applicable rules under the Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (I) includes any prospectus required by Section 10(a)(3)
of the Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference of information required to be included in (I) and (II) above to
be contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934 Act in the registration statement, until such time as all Re-Sale Shares have been sold (except as otherwise provided in Section 1.13). For purposes
of this Agreement, “Re-Sale Form S-1” shall mean any registration statement filed in accordance with this Section 1.3(c), including the Original Re-Sale Form S-1 and the New Re-Sale Registration Statement. 

The Company shall use its reasonable best efforts to cause its Common Stock, including all such Re-Sale Shares, (i) to be quoted on
an OTC Quotation System as soon as practicable after the Re-Sale Form S-1 is declared effective by the SEC and (ii) if otherwise eligible pursuant to applicable listing requirements, to be listed on a national securities exchange (including,
for example, the New York Stock Exchange, the NASDAQ Capital Markets and the NASDAQ Global Market) as soon as practicable following the Company’s acceptance for quotation on an OTC Quotation System. 

(d) Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital
stock, the Company shall not be required under this Section 1.3 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 

  
 6 

 
underwriters) and enter into an underwriting agreement in customary form with an underwriter or underwriters selected by the Company, and then only in such quantity as the underwriters determine
in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities
sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including
Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all other stockholders’
securities have been first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such
offering shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the
foregoing, in no event shall the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) 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 stockholder’s securities are included in such offering. For purposes of the
preceding parenthetical concerning apportionment, for any selling stockholder that is a Holder of Registrable Securities and that is a partnership or corporation, the partners, retired partners, affiliates, and stockholders 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 Holder,” and any pro rata reduction with respect to such
“selling Holder” shall be based upon the aggregate amount of Registrable Securities owned by all such related entities and individuals. 
 1.4 Form S-3 Registration. After its Initial Public Offering, the Company shall use its best efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. In case
the Company shall receive from the Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, the Company shall: 
 (a) promptly give written notice of the proposed registration,
and any related qualification or compliance, to all other Holders; and 
 (b) use best efforts to effect, as soon as
practicable, such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in
such request, together with all or such portion of the Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the
Company, provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this section 1.4: 

  
 7 

 (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 $1,000,000; 

(iii) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer or Chairman of the Board of the
Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such 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 ninety (90) days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however,
that the Company shall not utilize this right more than once in any twelve month period; or 
 (iv) in any particular
jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 

(c) 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 requests for registration effected pursuant to
Sections 1.2. 
 1.5 Obligations of the Company. Whenever required under this Section 1 to effect the
registration of any Registrable Securities, the Company will keep each Holder advised in writing as to the initiation of such registration and as to the completion thereof, and the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all best 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, except as with respect to a Re-Sale Form S-1 (which shall be subject to Section 1.3(c)),
keep such registration statement effective for a period of up to one hundred twenty (120) days; provided, however, that (i) such 120-day period shall be extended for a period of time equal to the period the Holder refrains from selling any
securities included in such registration at the request of an underwriter of Common Stock (or other securities) of the Company; and (ii) in the case of any registration of Registrable Securities on Form S-3 which are intended to be offered on a
continuous or delayed basis, such 120-day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor rule under the Act, permits an
offering on a continuous or delayed basis, and provided further that applicable rules under the Act governing the obligation to file a post-effective amendment permit, in lieu of filing a post-effective amendment which (I) includes any
prospectus required by Section 10(a)(3) of the Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration statement, the incorporation by reference of information required
to be included in (I) and (II) above to be contained in periodic reports filed pursuant to Section 13 or 15(d) of the 1934 Act in the registration statement. 

  
 8 

 (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 Act with respect to the disposition of all securities covered by such registration statement; 

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

(d) use all 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 unless the Company is already subject to service in such jurisdiction and except as may be required by the Act; 
 (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;

 (f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Act or 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 and at the request of any such Holder, prepare and furnish to such Holder a reasonable
number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing; 
 (g) cause all such Registrable Securities registered pursuant hereunder to be listed on a national exchange or trading system and on each securities exchange and trading system on which similar securities
issued by the Company are then listed; 
 (h) provide a transfer agent and registrar for all Registrable Securities registered
pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 
 (i) in the event of any underwritten public offering, cooperate with the selling Holders, the underwriters participating in the offering and their counsel in any due diligence investigation reasonably
requested by the selling Holders or the underwriters in connection therewith, and participate, to the extent reasonably requested by the managing underwriter for the offering or the selling Holders, in efforts to sell the Registrable Securities
under the offering (including, without limitation, participating in “roadshow” meetings with prospective investors) that would be customary for underwritten primary offerings of a comparable amount of equity securities by the Company.

  
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 1.6 Information from Holder. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it,
and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 
 1.7 Expenses of Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 1.2, 1.3
and 1.4, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling
Holders shall be borne by the Company, such counsel to be selected by the Selling Holders that hold a majority of the Registrable Securities to be registered. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses
of any registration proceeding begun pursuant to Section 1.2 or 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 other than by
reason of cut-back (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be requested in the withdrawn registration); provided further, however, that if at the time of
such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company which did not exist at the time of the request, then the Holders shall not be required to pay any such expenses.

 1.8 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. 
 1.9 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners or officers, directors and
stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the 1934 Act,
against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act or any other federal or state securities laws, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act or any other federal or state securities laws or any rule or

  
 10 

 
regulation promulgated under the Act, the 1934 Act or any other federal or state securities laws; and the Company will reimburse each such Holder, underwriter or controlling person for any legal
or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection l.9(a) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case
for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished to the Company by an instrument duly executed by
a Holder, underwriter or controlling person expressly for use in connection with such registration, by any such Holder, underwriter or controlling person; provided further, however, that the foregoing agreement by the Company to indemnify each
Holder with respect to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any person controlling such Holder or underwriter, if (i) the person asserting any such losses, claims, damages or liabilities
purchased shares in the offering from such Holder, (ii) a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or
underwriter to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to such person and (iii) the prospectus (as so amended or supplemented) would have cured the defect
giving rise to such loss, claim, damage or liability. 
 (b) To the extent permitted by law, each selling Holder will, severally
and not jointly, indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal counsel and
accountants for the Company, any underwriter, any other Holder selling securities in such registration statement 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 Act, the 1934 Act or any other federal or state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are
based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and
each such Holder will reimburse any person intended to be indemnified pursuant to this subsection l.9(b), for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the indemnity agreement contained in this subsection l.9(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 l.9(b) exceed the net proceeds from the offering received by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 1.9 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 1.9, 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 

  
 11 

 
the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties;
provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by
such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section 1.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 1.9. Notwithstanding the foregoing, any indemnifying party shall not enter into any settlement of any such loss, claim, damage, liability or action without the full and complete release of all the indemnified
parties. 
 (d) If the indemnification provided for in this Section 1.9 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, however, that, no contribution by any Holder, when combined with any
amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative
intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) The
obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 

(f) If, in connection with a Re-Sale Form S-1 filed in accordance with Section 1.3(c) hereof, the SEC explicitly states that a
Holder is required under applicable securities law to be described in any registration statement filed by the Company as an underwriter and such Holder consents in writing to being so named as an underwriter, at the request of such Holder, the
Company shall furnish to such Holder, on the date of the effectiveness of such registration statement and thereafter from time to time on such dates as such Holder may reasonably request, but in no event more than once per quarter (for all such
Holders), (i) a “comfort letter” addressed to such Holder(s), dated as of such date, from the Company’s independent registered public accountants in form and substance as is customarily given by independent registered public
accountants to underwriters in an underwritten public 

  
 12 

 
offering, and (ii) an opinion addressed to such Holder(s), dated as of such date, from counsel representing the Company in form, scope and substance as is customarily given in an
underwritten public offering (including a negative assurance statement), for purposes of such registration statement. 
 1.10
Reports Under Securities Exchange Act of 1934. With a view to making available to the Holders the benefits of Rule 144 promulgated under the 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
ninety (90) days after the earlier of the effective date of the registration statement filed by the Company for the Initial Public Offering or the OTC Trading Date; 
 (b) take such action 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; 
 (c) file with the SEC in a timely manner all reports and other documents required of the Company under the Act and the 1934 Act; and 

(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 ninety (90) days after the effective date of the first registration statement filed by the Company for the Initial Public Offering or the
OTC Trading Date), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 1.11
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such
securities that (i) is an affiliate, subsidiary, parent, partner, limited partner, retired partner or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an individual Holder, or (iii) after such
assignment or transfer, holds at least 250,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations and other recapitalizations after the date hereof), provided: (a) the Company is,
within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or
assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of Section 1.12 below; and (c) such assignment shall be effective only if immediately
following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 

  
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 1.12 “Market Stand-Off” Agreement. Each Holder hereby agrees that it will
not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s Initial Public Offering and ending on the date specified by the Company and the
managing underwriter (such period not to exceed one hundred eighty (l80) days) (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 such other securities, in cash or otherwise. Notwithstanding the foregoing, such one hundred eighty (180) day period may be extended as required to comply with
FINRA Rule 2711 (or any successor rules or amendments thereto). The foregoing provisions of this Section 1.12 shall apply only to the Company’s Initial Public Offering of equity securities, shall not apply to shares of Common Stock
acquired in the Initial Public Offering or in open market transactions after the Initial Public Offering, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders
if all officers and directors and greater than one percent (1%) stockholders of the Company enter into similar agreements, and shall not be applicable to any shares of Series E Preferred Stock or shares of Common Stock issued or issuable upon
conversion of shares of Series E Preferred Stock following effectiveness of the Re-Sale Form S-1. The underwriters in connection with the Company’s Initial Public Offering are intended third party beneficiaries of this Section 1.12 and
shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall
apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 
 In order
to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of
such period. 
 1.13 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for
in this Section 1 after five (5) years following the consummation of the Initial Public Offering. 
 1.14
Limitations on Subsequent Registration Rights. After the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least sixty percent (60%) of the Registrable Securities then outstanding,
enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration rights senior, in the good faith judgment of the Board of Directors of the Company, to those granted to the
Holders hereunder, unless the Company grants to the Investors similar registration rights. 

  
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 2. Covenants of the Company. 

2.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor (as defined below in Section 2.3):

 (a) as soon as practicable, but in any event within one hundred and twenty (120) days after the end of each fiscal year
of the Company, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in
reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company (the
“Annual Audited Financials”); 
 (b) as soon as practicable, but in any event within forty-five (45) days
of the end of each quarter of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and unaudited balance sheet as of the end of such fiscal quarter (collectively, the “Unaudited
Quarterly Financials”); 
 (c) within thirty (30) days of the end of each month, an unaudited income statement and
statement of cash flows and balance sheet for and as of the end of such month, in reasonable detail; 
 (d) promptly upon such
Investor’s request and as soon as practicable, but in any event within thirty (30) days of the end of each quarter of each fiscal year of the Company, an updated capitalization table in reasonable detail for the Company, certified as to
accuracy by the Company’s Chief Financial Officer or President; 
 (e) as soon as practicable, but in any event at least
thirty (30) days prior to the end of each fiscal year, a budget and business plan for the next fiscal year, prepared on a quarterly basis, including balance sheets, income statements and statements of cash flows on a quarterly basis for such
year as such budget and business plan has been approved by the Board of Directors of the Company and, as soon as prepared, any other budgets or revised budgets prepared by the Company; 

(f) with respect to the financial statements called for in subsections (b) and (c) of this Section 2.1, an instrument
executed by the Chief Financial Officer or President of the Company certifying that such financials were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the exception of footnotes that may be
required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment; and 
 (g) such other information relating to the financial condition, business, prospects or corporate affairs of the Company as the Investor or any assignee of the Investor may from time to time request,
provided, however, that the Company shall not be obligated under this subsection (e) or any other subsection of Section 2.1 to provide information that it deems in good faith to be a trade secret or similar confidential information.

  
 15 

 
Notwithstanding whether Fidelity Advisor Series I: Fidelity Advisor Dividend Growth Fund, Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund, Fidelity Magellan Fund: Fidelity
Magellan Fund, Fidelity Rutland Square Trust II: Strategic Advisers Core Fund, Fidelity Rutland Square Trust II: Strategic Advisers Core Multi-Manager Fund, Fidelity Securities Fund: Fidelity Dividend Growth Fund, Fidelity Select Portfolios:
Biotechnology Portfolio and Variable Insurance Products Fund III: Balanced Portfolio (collectively, the “Fidelity Investors”) are then a “Major Investor”, for so long as any of the Fidelity Investors hold any Common Stock
or Preferred Stock until this Section 2.1 is terminated pursuant to Section 2.8, the Company shall deliver or make available to the Fidelity Investors the Annual Audited Financials and the Unaudited Quarterly Financials within such time
periods and including such detail and certifications as set forth in paragraphs (a) and (b) of this Section 2.1. Notwithstanding anything to the contrary in this Agreement, the information rights afforded to the Fidelity Investors in
this Section 2.1 shall not be amended, modified, terminated or waived without the express prior written consent of the Fidelity Investors. 
 2.2 Inspection. The Company shall permit each Major Investor (as defined below in section 2.3), at such Investor’s expense, to visit and inspect the Company’s properties, to examine its
books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be requested by the Investor; provided, however, that the Company shall not be obligated pursuant to
this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or similar confidential information. 
 2.3 Right of First Offer. Subject to the terms and conditions specified in this paragraph 2.3, the Company hereby grants to each Major Investor (as hereinafter defined) a right of first offer
with respect to future sales by the Company of its Shares (as hereinafter defined). “Major Investor” shall mean any Investor (or any Investor together with such Investor’s affiliates) or transferee that holds at least 1,000,000
shares of Preferred Stock (or the Common Stock issued upon conversion thereof), as adjusted for stock splits, stock dividends, combinations and other recapitalizations after the date hereof. The term Major Investor includes any general partners and
affiliates of an Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and affiliates in such proportions as it deems appropriate. 

Each time the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of
any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions. 

(a) The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to the Major Investors stating
(i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company, within twenty (20) calendar days after receipt of the Notice, the Major
Investor may elect to purchase or obtain, at the price and on the terms specified in the Notice, up to that portion of such Shares that equals the proportion that the number of shares of Common Stock issued and held, or issuable

  
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upon conversion of the Preferred Stock then held, by such Major Investor bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion of all
convertible securities) issued and held, or issuable upon conversion of the Preferred Stock then held, by all the Major Investors (the “Pro Rata Share”). The Company shall promptly, in writing, inform each Major Investor that elects
to purchase all the Shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise (the “Unsubscribed Shares”). During the ten (10) day period commencing after
such information is given, each Fully-Exercising Investor may elect to purchase that portion of the Unsubscribed Shares that is equal to the proportion that the number of shares of Registrable Securities issued and held by such Fully-Exercising
Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors who wish to purchase some of the unsubscribed shares. 

(c) In the event any Unsubscribed Shares remain available for purchase, any other Fully-Exercising Investor may elect to purchase that
portion of the Unsubscribed Shares that is equal to the proportion of the number of shares of Common Stock issued and held, or issuable upon conversion of Preferred Stock then held, by such Fully-Exercising Investor bears to the total number of
shares of Common Stock issued and held, or issuable upon conversion of the Preferred Stock then held, by all Fully-Exercising Investors who wish to purchase some of the Unsubscribed Shares. 

(d) If all Shares that Major Investors are entitled to obtain pursuant to subsection 2.3(b) are not elected to be obtained as
provided in subsection 2.3(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.3(b) hereof, offer the remaining unsubscribed portion of such 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 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 ninety (90) 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. 

(e) The right of first offer in this paragraph 2.3 shall not be applicable to (i) the issuance of Common Stock (or options
therefor) to employees, directors and consultants for the primary purpose of soliciting or retaining their services pursuant to a stock option plan, performance bonus plan or restricted stock plan approved by the Company’s Board of Directors;
(ii) the issuance of securities pursuant to a bona fide, firmly underwritten public offering of shares of Common Stock, registered under the Act, (iii) the issuance of securities pursuant to the conversion or exercise of Preferred Stock
and warrants to purchase Series B Preferred Stock outstanding on the date hereof, (iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale
or exchange of stock or otherwise, which has been approved and deemed not to be “Additional Stock” (as defined in the Company’s Amended and Restated Certificate of Incorporation as filed on or about the date hereof (the
“Company Charter”)) by the Board of Directors of the Company, (v) the issuance of stock, warrants or other securities or rights in connection with certain commercial credit arrangements, equipment lease financings or similar
transactions approved by the Board of Directors, which has been approved and deemed not to be 

  
 17 

 
“Additional Stock” (as defined in the Company Charter) by the Board of Directors of the Company, (vi) the issuance of securities for licenses to technology or pharmaceutical drugs
or compounds, which has been approved and deemed not to be “Additional Stock” (as defined in the Company Charter) by the Board of Directors of the Company, (vii) the issuance of shares of Series E Preferred Stock issued pursuant to
the Series E Agreement (including, without limitation, any such shares issued pursuant to a PIPE Offering), or (viii) without duplication, the issuance of shares of Common Stock or Preferred Stock issued pursuant to a PIPE Offering. 

2.4 Employee Agreements. Unless approved by the Board of Directors of the Company, all future employees of the Company who shall
purchase, or receive options to purchase, shares of the Company’s Common Stock following the date hereof shall be required to execute stock purchase or option agreements providing for vesting of shares over a four-year period with the first 25%
of such shares vesting following twelve (12) months of continued employment or services, and the remaining shares vesting in equal monthly installments over the following 36 months thereafter. 

2.5 Key-Man Insurance. The Company shall purchase and maintain term life insurance on the life of its Chief Executive Officer
(currently David Pritchard) in an amount approved by the Board of Directors. Such policy shall name the Company as loss payee and shall not be cancelable by the Company without prior approval of the Board of Directors. 

2.6 Directors and Officers Insurance. The Company shall make commercially reasonable efforts to maintain (so long as it continues
to be available on commercially reasonable terms as determined by the Board of Directors) from financially sound and reputable insurers, directors and officers insurance with coverage customary for companies similarly situated to the Company. In the
event the Company is subject to a Liquidation Event (as defined in the Company Charter), the Company shall use its reasonable efforts to cause the successor entity in the Liquidation Event to assume the Company’s obligations with respect to the
indemnification of members of the Company’s Board of Directors. 
 2.7 Other Covenants. So long as at least fifty
percent (50%) of the originally issued shares of Preferred Stock remain outstanding, the Company will not, without approval of the Board of Directors, which approval shall include the approval of at least two (2) members of the Board of
Directors who are elected by holders of Preferred Stock: 
 (a) make any loan or advance to, or own any stock or other
securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company; 

(b) make any loan or advance to any person, including, any employee or director, except advances and similar expenditures in the ordinary
course of business or under the terms of an employee stock or option plan approved by the Board of Directors; 
 (c) guarantee
any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 

  
 18 

 (d) make any investment other than investments in prime commercial paper, money market
funds, certificates of deposit in any United States bank having a net worth in excess of $100,000,000 or obligations issued or guaranteed by the United States of America, in each case having a maturity not in excess of two years; 

(e) incur any aggregate indebtedness in excess of $500,000 that is not already included in a budget approved by the Company’s Board
of Directors, other than trade credit incurred in the ordinary course of business; 
 (f) enter into or be a party to any
transaction with any director or officer of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the 1934 Act) of any such person; 
 (g) hire, fire, or change the compensation of the executive officers, including approving any Company option plans for such persons; 

(h) change the principal business of the Company, enter new lines of business, or exit the Company’s current line of business;

 (i) sell, transfer, license, pledge or encumber technology or intellectual property, other than licenses granted in the
ordinary course of business; or 
 (j) make any material investments, joint ventures, or acquisitions. 

2.8 Termination of Certain Covenants. The covenants set forth in Sections 2.1 through 2.7, inclusive, shall terminate and be
of no further force or effect upon (a) the consummation of the sale of securities pursuant to a bona fide, firmly underwritten public offering on the NASDAQ Global Market, the NASDAQ Global Select Market or the New York Stock Exchange of shares
of common stock, registered under the Act, with a pre-Initial Public Offering valuation of at least $225,000,000 and resulting in gross proceeds to the Company of not less than $30,000,000, (b) the date on which a Re-Sale Form S-1 becomes
effective or (c) the consummation of a Liquidation Event (as defined in the Company Charter). 
 2.9 Fidelity
Covenants. So long as any Fidelity Investor holds any shares of Preferred Stock or shares of Common Stock issued upon conversion of such shares of Preferred Stock (collectively, the “Fidelity Stock”), neither the Company nor the
Company’s Board of Directors nor any Investor or group of Investors shall, without the express prior written consent of the Fidelity Investors, approve or authorize any amendment, alteration or repeal to the Company Charter, the By-Laws of the
Company, this Agreement, the Series E Agreement, the Amended and Restated Voting Agreement with the Company or the Amended and Restated Right of First Refusal and Co-Sale Agreement with the Company, in each case, as in effect on the date of this
Agreement, or enter into any other agreement, in each case, to the extent that any such amendment, alteration or repeal or new agreement would further restrict or limit the transferability of any shares of the Fidelity Stock beyond the restrictions
and limitations provided in the documents specified above as in effect on the date hereof. Notwithstanding anything to the contrary in this Agreement, the consent right afforded to the Fidelity Investors in this Section 2.9 shall not be
amended, modified, terminated or waived without the express prior written consent of the Fidelity Investors. 

  
 19 

 2.10 Initial Public Offering Directed Shares. In connection with an Initial Public
Offering of the Company’s Common Stock consummated at least one (1) year after the date hereof (or such earlier date as permitted under applicable regulations), the Company will use its commercially reasonable efforts to cause the managing
underwriter(s) of the Initial Public Offering to designate a number of shares equal to five percent (5%) of the Common Stock to be offered in the Initial Public Offering for sale under a “directed shares program” and shall instruct
such underwriter(s) to allocate all shares subject to such directed shares program to be sold to persons and entities designated by the Major Investors. The shares designated by the underwriter(s) for sale under a directed shares program are
referred to herein as “directed shares.” The number of directed shares that a Major Investor may designate to be sold shall be determined on a pro rata basis, in proportion to the number of shares of Registrable Securities held by
each Major Investor relative to all Major Investors, calculated on an as-converted to Common Stock basis. Each of the Major Investors shall have the right to apportion the number of directed shares that a Major Investor may designate to be sold
among any of its partners, members, affiliates, predecessor or successor venture capital funds, or persons or entities under common investment management with such Major Investor. The Major Investors acknowledge that, despite the Company’s use
of its commercially reasonable efforts, the underwriter(s) may determine in their sole discretion that it is not advisable to designate all such shares as directed shares in the Initial Public Offering, in which case the number of directed shares
may be reduced or no directed shares may be designated, as applicable. The Major Investors also acknowledge that notwithstanding the terms of this Agreement, the sale of any directed shares to any Major Investor pursuant to this Agreement will only
be made in compliance with FINRA Rules 2110 and 2790, or any successor rules, and federal, state, and local laws, rules, and regulations, and only if the Initial Public Offering is consummated after one (1) year from the date hereof. Upon the
effectiveness of this Agreement, this supersedes and terminates that certain Letter Agreement among the Company and certain purchasers the Company’s Series B-2 Preferred Stock (each of whom are a party hereto), dated on or around
January 27, 2005, regarding the right to participate in an Initial Public Offering of the Company’s securities. 
 3.
Miscellaneous. 
 3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of
this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to
agreements among California residents entered into and to be performed entirely within California. 

  
 20 

 3.3 Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 3.5 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed effectively given upon the earlier to occur of actual receipt or:
(a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five (5) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
receipt. All notices and other communications shall be sent to the Company at 260 East Grand Avenue, South San Francisco, CA 94080, Attention: Chief Executive Officer and to the other parties at the addresses set forth on Schedule A (or at
such other addresses as shall be specified by notice given in accordance with this Section 3.5). 
 3.6 Expenses. If
any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which
such party may be entitled. 
 3.7 Entire Agreement: Amendments and Waivers. This Agreement (including the Exhibits
hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof and supersedes any prior agreements made regarding such subjects. Except as otherwise specified in Sections
2.1 and 2.9 of this Agreement, any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written
consent of the Company and the holders of sixty-percent (60%) of the Registrable Securities; provided, however, that any amendment that adversely and disproportionately affects the shares of Series E Preferred Stock (or shares of Common Stock
issuable upon conversion thereof) in a manner different than the other series of Preferred Stock or the Common Stock shall require the prior written consent of the holders of at least sixty percent (60%) of the then outstanding shares of Series
E Preferred Stock. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities each future holder of all such Registrable Securities, and the Company. The parties hereby agree
and acknowledge that the addition of an additional party pursuant to Section 3.11 below shall not constitute an amendment or waiver of this Agreement. 
 3.8 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the
Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

  
 21 

 3.9 Aggregation of Stock. All shares of Registrable Securities 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. For purposes of this Agreement, the mutual funds, other pooled vehicles and client accounts on whose
behalf the Fidelity Investors and their respective investment advisory affiliates exercise investment discretion shall be considered affiliates or affiliated entities or persons of such Fidelity Investors and such investment advisory affiliates.

 3.10 Directors’ Expenses. The Company shall (i) hold meetings of the Board of Directors at least bimonthly,
unless otherwise approved by a vote of a majority of the Directors elected by the holders of Preferred Stock and (ii) pay the reasonable out-of-pocket expenses of all Directors (other than Directors who are founders or employees of the Company)
in attending all meetings of the Board of Directors and committees thereof and performing their duties as Directors. 
 3.11
Additional Parties. In the event of a subsequent closing with an investor as provided for in Section 1.3 of the Series E Agreement, such investor shall become a party to this Agreement as an “Investor” upon receipt from such
investor of a fully executed signature page hereto. 
 3.12 Termination of Prior Agreement. Upon the effectiveness of
this Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its entirety by this Agreement. 
 3.13 Massachusetts Business Trust. A copy of the Agreement and Declaration of Trust of each Fidelity Investor (or any affiliate thereof) is on file with the Secretary of the Commonwealth of
Massachusetts and notice is hereby given that this Agreement is executed on behalf of the trustees of each such Fidelity Investor or any such affiliate thereof as trustees and not individually and that the obligations of this Agreement are not
binding on any of the trustees, officers or stockholders of any such Fidelity Investor or any such affiliate thereof individually but are binding only upon each such Fidelity Investor or any such affiliate thereof and its assets and property.

 [Remainder of page intentionally left blank.] 

  
 22 

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

			
		 	KALOBIOS PHARMACEUTICALS, INC.
		
		 	/s/ David Pritchard
		 	David Pritchard
		 	Chief Executive Officer
		
	Address:	 	260 East Grand Avenue
		 	South San Francisco, CA 94080

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	FIDELITY MAGELLAN FUND:
	FIDELITY MAGELLAN FUND
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  

			
	FIDELITY SELECT PORTFOLIOS:
	BIOTECHNOLOGY PORTFOLIO
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  

			
	FIDELITY ADVISOR SERIES VII:
	FIDELITY ADVISOR BIOTECHNOLOGY
	FUND
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  
  
  

 

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	VARIABLE INSURANCE PRODUCTS
	FUND III: BALANCED PORTFOLIO
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  

			
	FIDELITY ADVISOR SERIES I:
	FIDELITY ADVISOR DIVIDEND
	GROWTH FUND
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  

			
	 FIDELITY SECURITIES FUND:
 FIDELITY DIVIDEND GROWTH FUND

		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	FIDELITY RUTLAND SQUARE TRUST II:
	STRATEGIC ADVISERS CORE MULTI-
	MANAGER FUND
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

  

			
	FIDELITY RUTLAND SQUARE TRUST II:
	STRATEGIC ADVISERS CORE FUND
		
	By:	 	/s/ Adrien Deberghes
	Name:	 	Adrien Deberghes
	Title:	 	Deputy Treasurer

 
			
		
	Address for Notices:	 	 Andrew Boyd
 Fidelity
Investments
 82 Devonshire Street, V13H

Boston, MA 02109
 Tel: 617-563-5144

Fax: 617-385-2818

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	INVESTORS:
		
		 	Mitsubishi UFJ Capital II, Limited partnership
			
		 	by:	 	Mitsubishi UFJ Capital its General Partner
			
		 	By:	 	/s/ Yoshihiro Hashimoto
		 	Name:	 	Yoshihiro Hashimoto
		 	Title:	 	President
		
	Address:	 	1-7-17 Nihonbashi, Chuo-ku
		 	Tokyo, 103-0027, Japan

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	INVESTORS:
		
		 	GENZYME CORPORATION
			
		 	By:	 	/s/ David Meeker
		 	Name:	 	David Meeker
		 	Title:	 	President and Chief Executive Officer
		
	Address:	 	 Genzyme Corporation

500 Kendall Street
 Cambridge, MA
02142

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	LB I GROUP INC.
		
	By:	 	/s/ Ashvin Rao
	Name:	 	Ashvin Rao
	Title:	 	Vice President

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	MPM BIOVENTURES III, L.P.
		
	By:	 	MPM BioVentures III GP, L.P., its General Partner
	By:	 	MPM BioVentures III LLC, its General Partner
		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Series A Member

  

			
	MPM BIOVENTURES III-QP, L.P.
		
	By:	 	MPM BioVentures III GP, L.P., its General Partner
	By:	 	MPM BioVentures III LLC, its General Partner
		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Series A Member

  

			
	 MPM BIOVENTURES III GMBH & CO.
 BETEILIGUNGS KG

		
	By:	 	MPM BioVentures III GP, L.P., in its capacity as the Managing Limited Partner
	By:	 	MPM BioVentures III LLC, its General Partner
		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Series A Member

 . 

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	  
 MPM BIOVENTURES III PARALLEL

FUND, L.P.

		
	 By:
	 	 MPM BioVentures III GP, L.P.,

its General Partner

	 By:
	 	 MPM BioVentures III LLC,

its General Partner

		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Series A Member

  

			
	 MPM ASSET MANAGEMENT
 INVESTORS 2005 BVIII LLC

		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Manager

  

			
	 MPM BIOVENTURES STRATEGIC FUND,
 L.P.

		
	 By:
	 	 MPM BioVentures III GP, L.P.,

its General Partner

	 By:
	 	 MPM BioVentures III LLC,

its General Partner

		
	By:	 	/s/ Dennis Henner
	Name:	 	Dennis Henner
	Title:	 	Series A Member

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	  
 SOFINNOVA VENTURE
PARTNERS V, LP

	 By:
	 	 Sofinnova Management V 2005, LLC
 Its General Partner

		
	By:	 	/s/ James I. Healy
		 	James I. Healy, Managing Director

  

			
	SOFINNOVA VENTURE AFFILIATES V, LP
	 By:
	 	 Sofinnova Management V, LLC

Its General Partner

		
	By:	 	/s/ James I. Healy
		 	James I. Healy, Managing Director

  

			
	SOFINNOVA VENTURE PRINCIPALS V, LP
	 By:
	 	 Sofinnova Management V, LLC

Its General Partner

		
	By:	 	/s/ James I. Healy
		 	James I. Healy, Managing Director

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	INVESTORS:
		 	  
 ALLOY PARTNERS 2000, L.P.

ALLOY VENTURES 2000, L.P.
 ALLOY
CORPORATE 2000, L.P.
 ALLOY INVESTORS 2000, L.P.
 ALLOY ANNEX I, L.P.

		
		 	 /s/ [Illegible]

		 	By:	 	 Alloy Ventures 2000, LLC,
 its
General Partner

		
	Address:	 	 480 Cowper Street, 2nd Floor
 Palo
Alto, CA 94301

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
							
	          INVESTORS:	 		 	
		
		 	 Signed for and on behalf of GBS Venture

Partners Limited (ABN 54 072 515 247) in

its capacity as trustee of GBS BioVentures II

				
		 	 /s/ Brigitte Smith
	 		 	 /s/ Geoff Brooke

		 	Director	 		 	Director
				
		 	 Brigitte Smith
	 		 	 Geoff Brooke

		 	Name	 		 	Name
		
		 	 Signed for and on behalf of GBS Venture
 Partners Limited (ABN 54 072 515 247)
 in its capacity as trustee of the Genesis
Fund

				
		 	 /s/ Brigitte Smith
	 		 	 /s/ Geoff Brooke

		 	Director	 		 	Director
				
		 	 Brigitte Smith
	 		 	 Geoff Brooke

		 	Name	 		 	Name
		
	 Address:
	 	 Level 5, 71 Collins St.
 Melbourne Vic, Australia

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	 INVESTORS:
  

5AM VENTURES LLC

			
		 	By:	 	/s/ [Illegible]
		 	Name:	 	 
		 	Title:	 	 
		
	 Address:
	 	 2200 Sand Hill Road, Suite 110

Menlo Park, CA 94025

  

					
		 	5AM CO-INVESTORS LLC
			
		 	By:	 	/s/ [Illegible]
		 	Name:	 	 
		 	Title:	 	 
		
	Address:	 	 2200 Sand Hill Road, Suite 110
 Menlo Park, CA 94025

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	 INVESTORS:
  

G&H PARTNERS

			
		 	By:	 	/s/ Jonathan Gleason
		 	Name:	 	Jonathan Gleason
		 	Title:	 	 
		
	Address:	 	 c/o Gunderson Dettmer
 1200 Seaport Blvd.
 Redwood City, CA 94063

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
					
		 	 INVESTORS:
  

BAXTER INTERNATIONAL INC.

			
		 	By:	 	/s/ Michael Baughman
		 	Name:	 	Michael Baughman
		 	Title:	 	CVP Controller
		
	Address:	 	 One Baxter Parkway

Deerfield, IL 60015-4625

  
 SIGNATURE
PAGE TO KALOBIOS PHARMACEUTICALS, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 Schedule A 
 5AM Ventures, LLC 
 5AM Co-Investors, LLC 
 Singapore Bio-Innovations Pte Ltd. 
 Sofinnova Venture Partners V, LP 

Sofinnova Ventures Affiliates V, LP 
 Sofinnova
Venture Principals V, LP 
 Alloy Partners 2000, L.P. 
 Alloy Ventures 2000, L.P. 
 Alloy Corporate 2000, L.P. 

Alloy Investors 2000, L.P. 
 Alloy Annex I, L.P.

 Robert Balint 
 James Larrick

 Lotus BioScience Investment Holdings Ltd. 
 GBS Venture Partners Limited, as trustee of the Bioscience Ventures II Fund and the Genesis Fund 

MPM BioVentures III, L.P. 
 MPM BioVentures
III-QP, L.P. 
 MPM BioVentures III GmbH & Co. Beteiligungs KG 
 MPM BioVentures III Parallel Fund, L.P. 
 MPM Asset Management Investors 2005 BVIII LLC 

MPM BioVentures Strategic Fund, L.P. 
 Howard
Baer 
 Stuart Builder 
 George Sachs

 LB I Group Inc. 
 Mitsubishi UFJ
Capital II, Limited partnership 
 Genzyme Corporation 
 G&H Partners 
 Montgomery & Co., LLC 

Baxter International Inc. 
 Development Bank of
Japan 
 Fidelity Advisor Series I: Fidelity Advisor Dividend Growth Fund 
 Fidelity Advisor Series VII: Fidelity Advisor Biotechnology Fund 
 Fidelity Magellan Fund: Fidelity
Magellan Fund 
 Fidelity Rutland Square Trust II: Strategic Advisers Core Fund 
 Fidelity Rutland Square Trust II: Strategic Advisers Core Multi-Manager Fund 
 Fidelity Securities
Fund: Fidelity Dividend Growth Fund 
 Fidelity Select Portfolios: Biotechnology Portfolio 

Variable Insurance Products Fund III: Balanced Portfolio

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