Document:

Amended and Restated Investors Rights Agreement

 Exhibit 4.2 

 
  

NANOSTRING TECHNOLOGIES, INC. 
 AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT 

November 29, 2012 

 NANOSTRING TECHNOLOGIES, INC. 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Amended and Restated Investors’ Rights Agreement (the “Agreement”) dated as of November 29, 2012 and
effective as of the Effective Time (as defined below) is made by and among Krassen Dimitrov, Dwayne Dunaway and Amber Ratcliffe (each individually a “Founder” and collectively the “Founders”), H. Perry Fell and John
Sowatsky (each individually a “Major Common Holder” and collectively with the Founders the “Common Holders”), NanoString Technologies, Inc., a Delaware corporation (the “Company”), the holders of
Series A Preferred Stock (“Series A Preferred Stock”) of the Company listed on Exhibit A to this Agreement (the “Series A Holders”), the holders of Series B Preferred Stock (the
“Series B Preferred Stock”) of the Company listed on Exhibit A to this Agreement (the “Series B Holders”), the holders of Series C Preferred Stock (the “Series C Preferred
Stock”) of the Company listed on Exhibit A to this Agreement and (the “Series C Holders”), the holders of Series D Preferred Stock (the “Series D Preferred Stock”) of the Company
listed on Exhibit A to this Agreement (the “Series D Holders”), the holders of Series E Preferred Stock (the “Series E Preferred Stock”) of the Company listed on Exhibit A to this
Agreement (the “Series E Holders” and, together with the Series A Holders, the Series B Holders, the Series C Holders and the Series D Holders, the “Investors” and each individually an
“Investor”), Comerica Bank (“Comerica”). 
 RECITALS 

A. The Company, the Founders, the Common Holders, the Series A Holders, the Series B Holders, the Series C Holders, the Series D
Holders and Comerica have previously entered into an Amended and Restated Investors’ Rights Agreement dated as of November 1, 2011, as amended on March 26, 2012 (“Prior Rights Agreement”). 

B. The Company and the Series E Holders have entered into a Series E Preferred Stock Purchase Agreement (the “Purchase
Agreement”) of even date herewith pursuant to which the Company has agreed to sell to such Investors and such Investors have agreed to purchase from the Company shares of the Company’s Series E Preferred Stock. 

C. To induce the Series E Holders to enter into the Purchase Agreement and agree to purchase shares of the Company’s Series E
Preferred Stock, the Company and the undersigned Investors agreed to enter into this Agreement to amend and restate the Prior Rights Agreement, subject to the sale and issuance of shares of Series E Preferred Stock to the Initial Closing Purchasers
(as defined in the Purchase Agreement) at the Initial Closing (as defined in the Purchase Agreement). 
 D. Any Investor who has
shares of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series E Preferred Stock converted by special mandatory conversion into shares of Common Stock pursuant to Section 9 of Article
IV(B) or any similar successor provisions of the Restated Certificate as a result of such Investor’s or its Affiliated Purchasers’ (as defined in the Restated Certificate) failure to purchase its full Pro Rata Shares (as defined in the
Restated Certificate) of the securities offered in a Subsequent Financing (as defined in the Restated Certificate) (the “Pay-to-Play Conversion”) shall continue to be deemed an Investor hereunder as a Series A Holder, Series B
Holder, Series C Holder, Series D Holder or Series E Holder, as applicable, notwithstanding that such Investor may hold shares of Common Stock. 

 AGREEMENT 

In consideration of the mutual promises and covenants set forth herein, and other consideration, the receipt of and adequacy of which is
hereby acknowledged, the parties hereto further agree as follows: 
 1. Prior Rights Agreement. 

1.1 Effective Time. This Agreement shall be effective upon the Initial Closing of the sale and issuance of Series E
Preferred Stock pursuant to the Purchase Agreement (the “Effective Time”), provided that such Initial Closing takes place on or prior to November 29, 2012. 

1.2 Amendment and Restatement of Prior Rights Agreement. At the Effective Time, the Prior Rights Agreement shall be amended
and restated in its entirety to read as set forth in this Agreement, and the Company, the Founders, the Common Holders, the Investors and Comerica shall be bound by the provisions hereof as the sole agreement with respect to the subject matter
hereof. 
 1.3 Nullification of Agreement. If the Initial Closing of the sale and issuance of Series E Preferred
Stock does not take place on or prior to November 29, 2012, then this Agreement shall be null and void and the Prior Rights Agreement shall survive subject to and in accordance with the terms thereof and shall remain the sole binding obligation
of the Company, the Founders, the Common Holders, the Investors and Comerica with respect to the subject matter thereof. 
 1.4
Waiver of Right of First Offer. The Major Investors (as defined in the Prior Rights Agreement), hereby waive the right of first offer provided in Section 3.3 of the Prior Rights Agreement, including the notice requirements, set
forth in the Prior Rights Agreement with respect to any and all securities to be purchased pursuant to the Purchase Agreement. 

2. Registration Rights. 
 2.1 Definitions. For purposes of this Agreement: 
 (a) The term
“Comerica Warrants” means the Warrant to Purchase Stock dated October 1, 2007 issued to Comerica and the Warrant to Purchase Stock dated November 8, 2010 issued to Comerica. 

(b) The term “Comerica Warrant Stock” means the shares of Common Stock issued or issuable upon conversion of the shares
of Preferred Stock issued or issuable upon exercise of the Comerica Warrants. 
 (c) The term “Common Holders’
Stock” means all shares of Common Stock held by the Common Holders. 
 (d) The term “Exchange Act”
means the Securities Exchange Act of 1934, as amended (and any successor thereto) and the rules and regulations promulgated thereunder. 
 (e) The term “Form S-1” means a registration statement on Form S-1 under the Securities Act as in effect on the date hereof or any successor form under the Securities Act. 

  
 2 

 (f) The term “Form S-3” means such form of registration statement under
the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings under the Exchange Act. 

(g) The term “Founders’ Stock” means all shares of Common Stock held by the Founders. 

(h) The term “Holder” means any person owning, or having the right to acquire pursuant to the conversion or exercise of
any option, warrant, right, or other security, Registrable Securities or any assignee thereof in accordance with Section 2.12 of this Agreement. 
 (i) The term “Major Investor” means any person who holds at least six million two hundred seventy-five thousand (6,275,000) shares of Preferred Stock (subject to adjustment for stock
splits, stock dividends, reclassifications or the like). 
 (j) The term “Qualified IPO” means either
(1) a firm commitment underwritten public offering by the Company of shares of its Common Stock on Form S-1 pursuant to which shares of Company’s Common Stock are listed on a nationally recognized exchange, the public offering price of
which is not less than $0.4499 (appropriately adjusted for any stock split, dividend, combination or other recapitalization) and which results in aggregate cash proceeds to the Company of $50,000,000 (net of underwriting discounts and commissions)
or (2) the closing of an initial public offering of Common Stock of the Company pursuant to an effective registration statement filed under the Securities Act in connection with which all shares of the Company’s Preferred Stock are
converted to shares of the Company’s Common Stock. 
 (k) The terms “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document. 
 (l) The term “Registrable Securities” means
(i) the shares of Common Stock issuable or issued upon conversion of the Preferred Stock held by the Investors, (ii) the shares of Common Holders’ Stock, provided, however, that for the purposes of Section 2.2, 2.4
and 2.13 the Common Holders’ Stock shall not be deemed Registrable Securities and the Common Holders shall not be deemed Holders, (iii) the shares of Common Stock issuable or issued upon conversion of the Comerica Warrant Stock,
provided, however, that for the purposes of Section 2.2, 2.4 and 2.13 the shares of Common Stock issuable or issued upon conversion of the Comerica Warrant Stock shall not be deemed Registrable Securities and Comerica shall not be
deemed a Holder, (iv) the shares of Common Stock issuable or issued upon conversion of the Common Warrant Stock held by the Investors, if any, (v) the shares of Common Stock issuable or issued upon conversion of the Series D Warrant Stock
held by the Investors, and (vi) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to,
or in exchange for or in replacement of, the shares listed in (i), (ii) and (iii); provided, however, that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which
his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only be treated as Registrable Securities if and so long as (A) they have not been sold to or through a broker or
dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the Securities Act under Section 4(1)
thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale, or (C) the rights with respect to such securities provided in this Section 2 have not
terminated pursuant to Section 2.15 below. 

  
 3 

 (m) The number of shares of “Registrable Securities then outstanding”
shall be determined, as of a particular date, by the number of shares of Common Stock outstanding as of such date which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are,
Registrable Securities. 
 (n) The term “SEC” means the U.S. Securities and Exchange Commission. 

(o) The term “Securities Act” means the Securities Act of 1933, as amended (and any successor thereto) and the rules
and regulations promulgated thereunder. 
 (p) The term “Series D Warrants” means, collectively, the warrants
to purchase Preferred Stock issued to the purchasers of Series D Preferred Stock pursuant to the Series D Stock and Warrant Purchase Agreement by and among the Company and certain purchasers thereto, dated as of November 1, 2011, as such may be
amended from time to time, and the warrants issued pursuant to the Amended and Restated Note and Warrant Purchase Agreement by and among the Company and certain investors thereto, dated as of June 23, 2011, as such may be amended from time to
time. 
 (q) The term “Series D Warrant Stock” means the shares of Common Stock issued or issuable upon
conversion of the shares of Preferred Stock issued or issuable upon exercise of the Series D Warrants. 
 2.2 Request for
Registration. 
 (a) If the Company shall receive at any time after the earlier of (i) November 29, 2015, or
(ii) six months after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement relating to the sale of securities to employees of the Company pursuant to a
stock option, stock purchase or similar plan or a registration statement relating directly or indirectly to a SEC Rule 145 transaction), a written request from the Holders of 60% of the Registrable Securities then outstanding that the Company
file a registration statement under the Securities Act covering the registration of at least such number of Registrable Securities then outstanding with an anticipated aggregate offering price (net of underwriting discounts and commissions) in
excess of $5,000,000, then the Company shall, within 10 days of the receipt thereof, give written notice of such request to all Holders and shall, subject to the limitations of subsections 2.2(b), (c) and (d), use its best efforts to file as
soon as practicable, and in any event within 90 days of the receipt of such request, a registration statement under the Securities Act covering all Registrable Securities which the Holders request to be registered within 20 days of the mailing of
such notice by the Company. 
 (b) If the Holders initiating the registration request hereunder (“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 2.2 and the Company shall include
such information in the written notice referred to in subsection 2.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any Holder
to include his Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually
agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in subsection
2.5(e)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 2.2, if the underwriter advises the Initiating Holders in
writing that marketing factors require a limitation of the number 

  
 4 

 
of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of
Registrable Securities that may be included in the underwriting shall be allocated among all participating Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the
Company owned by each participating Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from
the underwriting. 
 (c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration
statement pursuant to this Section 2.2, a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders
for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a period of not more than 90 days after receipt of the request of
the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any 12 month period. 
 (d) In addition, the Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to this Section 2.2: 

(i) After the Company has effected two registrations pursuant to this Section 2.2 and such registrations have been declared or
ordered effective and have not been withdrawn other than at the request of the Initiating Holders; 
 (ii) During the period
starting with the date 90 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 90 days after the effective date of, a registration subject to Section 2.3 hereof unless such offering is the initial
public offering of the Company’s securities, in which case, ending on a date 180 days after the effective date of such registration subject to Section 2.3 hereof; provided that the Company is actively employing in good faith all
reasonable efforts to cause such registration statement to become effective; or 
 (iii) If the Initiating Holders propose to
dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below. 
 2.3 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 under the Securities Act in connection with the public offering of such securities
solely for cash (other than (i) a registration statement relating to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan, (ii) a registration statement relating directly or
indirectly to a SEC Rule 145 transaction, (iii) a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities which are also being registered, (iv) any registration on any form
which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities or (v) a registration statement filed pursuant to Section 2.2 or
Section 2.4), the Company shall give each Holder written notice of such registration at least 10 days prior to the public filing of such registration statement. Upon the written request of each Holder given within 15 days after mailing of such
notice by the Company, the Company shall, subject to the provisions of Section 2.8, cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 

  
 5 

 (b) The Company and its underwriters shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.4 Form S-3 Registration. If the Company shall receive from any Holder or Holders of not less than 25% of the Registrable
Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the
Company will (i) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and (ii) as soon as practicable, effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice from the Company. 

(a) Notwithstanding the foregoing, the Company shall not be obligated to effect any such registration, qualification or compliance,
pursuant to this Section 2.4 
 (i) if Form S-3 is not available for such offering by the Holders; 

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

(iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good faith
judgment of the Board 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 90 days after receipt of the request of the Holder or Holders under this Section 2.4; provided, however, that the Company shall not utilize this right more than
twice in any 18 month period; 
 (iv) if the Company has, within the 12 month period preceding the date of such request,
already effected two registrations on Form S-3 for the Holders pursuant to this Section 2.4; 
 (v) in any particular
jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or 

(vi) during the period ending 180 days after the effective date of a registration statement subject to Section 2.3. 

(b) 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 2.4 shall not be counted as demands for registration or registrations effected
pursuant to Sections 2.2 or 2.3, respectively. 

  
 6 

 2.5 Obligations of the Company. Whenever required under this Section 2 to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a)
Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its 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, keep such registration statement effective for up to 120 days, or until the distribution described in such registration statement is completed, if earlier. The Company shall not be required to file,
cause to become effective or maintain the effectiveness of any registration statement that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act. 

(b) Prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up to 120 days, or until the distribution described
in such registration statement is completed, if earlier; provided, however, that such 120 day period shall be extended for a period of time equal to the period the Holders refrain, at the request of an underwriter of Common Stock (or other
securities) of the Company, from selling any securities included in such registration. 
 (c) Furnish to the Holders such
numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them. 
 (d) Use its best efforts to register and qualify the securities covered by such registration
statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do
business or to file a general consent to service of process in any such states or jurisdictions. 
 (e) In the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into
and perform its obligations under such an agreement. 
 (f) Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue
for 120 days. The Company will amend or supplement such prospectus in order to cause such prospectus not to include any 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 in the light of the circumstances then existing. 
 (g) Cause all such Registrable Securities
registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration. 

  
 7 

 (i) Use its best efforts to furnish, at the request of any Holder requesting registration
of Registrable Securities pursuant to this Section 2, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2, if such securities are being sold
through underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to
the underwriters and (ii) a letter dated such date, from the independent registered public accounting firm of the Company, in form and substance as is customarily given by independent registered public accounting firms to underwriters in an
underwritten public offering, addressed to the underwriters. 
 2.6 Furnish Information. It shall be a condition
precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any
registration requested pursuant to Section 2.2 or Section 2.4(a) of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities
to be included in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 2.2(a)
or subsection 2.4, whichever is applicable. 
 2.7 Expenses of Registration. 

(a) Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications of Registrable Securities pursuant to Section 2.2 for each Holder (which right may be assigned as provided in Section 2.12), including (without limitation) all registration, filing and qualification
fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not
be unreasonably withheld, shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 2.2 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses), unless the Holders of a majority of the Registrable Securities
agree to forfeit their right to one demand registration pursuant to Section 2.2. 
 (b) Company
Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 2.3 for each Holder (which right may be
assigned as provided in Section 2.12), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and
disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 

(c) Registration on Form S-3. All expenses incurred in connection with a registration requested pursuant to
Section 2.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with the
approval of the Company, which approval shall not be unreasonably withheld, and counsel for the Company, and any underwriters’ discounts or commissions associated with Registrable Securities, shall be borne by the Company. 

  
 8 

 2.8 Underwriting Requirements. In connection with any offering involving an
underwriting of shares of the Company’s capital stock, the Company shall not be required under Section 2.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon
between the Company and the underwriters selected by it (or by other persons entitled to select the underwriters), and then, subject to the limitations set forth in this Section 2.8, 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, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling stockholders according to the total amount of
securities entitled to be included therein owned by each selling stockholder or in such other proportions as shall mutually be agreed to by such selling stockholders) but in no event shall (i) the amount of securities of the selling Holders
included in the offering be reduced below 25% of the total amount of securities included in such offering, unless such offering is a Qualified IPO, in which case, the selling stockholders may be excluded if the underwriters make the determination
described above and no other stockholder’s securities are included or (ii) any securities held by a Founder or Common Holder be included if any securities held by any other selling Holder are excluded. In no event will shares of any other
selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders without the written consent of each of the Holders of not less than a majority of the Registrable Securities proposed to be
sold in the offering. For purposes of the preceding parenthetical concerning apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners 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 stockholder,” and any
pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling stockholder,” as
defined in this sentence. 
 2.9 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 2: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein,
or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities
Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, partner, member, officer, director, underwriter or controlling person, 

  
 9 

 
as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this subsection 2.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company
(which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, partner, member, officer, director, underwriter or controlling person.

 (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors,
each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration statement or any of
such other Holder’s partners, directors or officers and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become
subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and
only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will pay, as incurred, any legal or
other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 2.10(b), in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that
the indemnity agreement contained in this subsection 2.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not
be unreasonably withheld; provided, that in no event shall any indemnity under this subsection 2.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.10 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.10, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees
and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and
any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action,
shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.10, 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 2.10. 
 (d) If the indemnification provided for in this
Section 2.10 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, 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

  
 10 

 
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well
as any other relevant equitable considerations; provided, that in no event shall any contribution by a Holder under this Subsection 2.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud
by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) The obligations of the Company and Holders under this Section 2.10 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 2, and otherwise. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or
enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

2.11 Reports Under the Exchange Act. With a view to making available to the Holders the benefits of Rule 144
promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees
to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all
times after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to the periodic reporting requirements under Sections 13 or
15(d) of the Exchange Act; 
 (b) take such action, including the voluntary registration of its Common Stock under
Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which the first
registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act; and 
 (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after it has become subject to such reporting requirements), the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report
of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any such
securities without registration or pursuant to such form. 

  
 11 

 2.12 Assignment of Registration Rights. The rights to cause the Company to
register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to (i) a transferee or assignee of at least two million five hundred thousand (2,500,000) shares of such
securities (subject to adjustment for stock splits, stock dividends, reclassifications or the like) (or if the transferring Holder owns less than two million five hundred thousand (2,500,000) shares of such securities, then all Registrable
Securities held by the transferring Holder), or (ii) to a transferee or assignee (A) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder, (B) that is an affiliated
fund or entity of the Holder, which means with respect to a limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity
controlling, controlled by, or under common control with such manager or managing member or general partner or management company (such a fund or entity, an “Affiliated Fund”), (C) who is a Holder’s child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother in law, father in law, son in law, daughter in law, brother in law, or sister in law (such a relation, a Holder’s “Immediate Family Member”, which term shall
include adoptive relationships), or (D) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member, provided the Company is, within a reasonable time after such transfer, furnished with written
notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; and provided, further, that such assignment shall be effective only if the transferee
agrees to be bound by this Agreement and immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the purposes of determining the number of shares of
Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (x) a partnership who are partners or retired partners of such partnership or (y) a limited liability company who are members or retired
members of such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership or limited
liability company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking
any action under Section 2. 
 2.13 Limitations on Subsequent Registration Rights. From and after the date of
this Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which
would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 2.2 hereof, unless under the terms of such agreement, (i) such holder or prospective holder may include such
securities in any such registration only to the extent that the inclusion of his securities will not reduce the amount of the Registrable Securities of the Holders which is included and (ii) such registration rights are on parity with or
subordinate to the registration rights accorded pursuant to this Section 2, or (b) to make a demand registration which could result in such registration statement being declared effective prior to the earlier of either of the dates set
forth in subsection 2.2(a) or within 120 days of the effective date of any registration effected pursuant to Section 2.2. 

2.14 Lock-Up Agreement. 
 (a) Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such initial
public offering of the Company’s securities, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than
those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time, not to exceed 180 days, from the effective date of such registration as may be requested by the
Company or such managing underwriters (provided that all directors, officers, and two percent (2%) or greater stockholders are subject to the same restrictions) and to execute an agreement reflecting the foregoing as may be requested by
the underwriters at the time of the Company’s initial public offering. 

  
 12 

 (b) Limitations. The obligations described in Section 2.14(a) shall
apply only if all officers and directors of the Company and all two percent securityholders enter into similar agreements, and shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a
transaction pursuant to Rule 145 under the Securities Act. 
 (c) Stop Transfer Instructions. In order to
enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 2.14(a)). 

(d) Transferees Bound. Each Holder agrees that it will not transfer securities of the Company unless each transferee
agrees in writing to be bound by all of the provisions of this Section 2.14. 
 2.15 Termination of Registration
Rights. No Holder shall be entitled to exercise any right provided for in this Section 2 after the earlier of (i) five years following the consummation of a Qualified IPO, (ii) such time as Rule 144 or another similar
exemption under the Securities Act is available for the sale of all of such Holder’s shares during a three-month period without registration, or (iii) upon termination of the Agreement, as provided in Section 4.1. 

3. Covenants of the Company. 
 3.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor: 
 (a) as soon as practicable, but in any event within 90 days after the end of each fiscal year of the Company (or such later date as may be approved by the Board of Directors of the Company, including 60%
of the directors designated by the holders of Preferred Stock then in office), 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 fiscal year, and a statement of
cash flows for such fiscal year, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by an independent registered
public accounting firm of nationally recognized standing selected by the Company; 
 (b) as soon as practicable, but in any
event within 30 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, an unaudited income statement and a statement of cash flows for such fiscal quarter, an unaudited balance sheet as of the end of such
fiscal quarter, and a comparison of the results of such fiscal quarter with the results projected by the Company’s annual budget; 
 (c) within 30 days of the end of each month, an unaudited income statement and a statement of cash flows for such month, an unaudited balance sheet as of the end of such month, and a comparison of the
results of such month with the results projected by the Company’s annual budget; 
 (d) within 30 days of the end of each
fiscal quarter, an updated detailed capitalization table include all new options or other equity awards granted by the Company during such fiscal quarter; 

  
 13 

 (e) as soon as practicable, but in any event 30 days prior to the end of each fiscal year,
a budget and business plan (the “Budget & Business Plan’) for the next fiscal year, prepared on a monthly basis, and as soon as prepared, any other budgets or revised budgets prepared by the Company in compliance with
Section 3.13; and 
 (f) with respect to the financial statements called for in subsections (b) and (c) of this
Section 3.1, an instrument executed by the Chief Financial Officer or President of the Company and certifying that such financials were prepared in accordance with GAAP consistently applied with prior practice for earlier periods (with the
exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment, provided that the foregoing shall not
restrict the right of the Company to change its accounting principles consistent with GAAP, if the Board of Directors determines that it is in the best interest of the Company to do so. 

3.2 Inspection. The Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect
the Company’s properties, to examine its books of account 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 Major Investor. 

3.3 Right of First Offer. Subject to the terms and conditions specified in this Section 3.3, the Company hereby grants
to each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 3.3, a Major Investor shall be deemed to hold the securities of the Company held by
any of its general partners, managing members and affiliates, including Affiliated Funds that do not otherwise hold a sufficient number of the Company’s shares to qualify as a Major Investor. A Major Investor who chooses to exercise the right
of first offer may designate as purchasers under such right itself or its partners or affiliates, including Affiliated Funds, in such proportions as it deems appropriate. Except as provided in Section 3.3(d), each time the Company proposes to
offer any shares of, or securities convertible into or exercisable for any shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the
following provisions: 
 (a) The Company shall deliver a notice (the “RFO Notice”) to the Major Investors
stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 

(b) Within 30 calendar days after delivery of the RFO Notice, each Major Investor may elect to purchase or obtain, at the price and on
the terms specified in the RFO Notice, up to that portion of such Shares which equals the proportion that the number of shares of Preferred Stock then held by such Major Investor bears to the total number of shares of Preferred Stock then held by
all Major Investors, in each case with each share of Preferred Stock considered on an as-if converted to Common Stock basis. Such purchase shall be completed at the same closing as that of any third party purchasers or at an additional closing
thereunder. The Company shall promptly, in writing, inform each Major Investor that purchases all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the
10 day period commencing after receipt of such information, each Fully Exercising Investor shall be entitled to obtain that portion of the Shares for which Major Investors were entitled to subscribe but which were not subscribed for by the Major
Investors that is equal to the proportion that the number of shares of Preferred Stock held by such Fully Exercising Investor bears to the total number of shares of Preferred Stock considered on an as-if converted to Common Stock basis. 

  
 14 

 (c) The Company may, during the 45 day period following the expiration of the period
provided in subsection 3.3(b) hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the RFO Notice. If the Company
does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be
offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first offer in this
Section 3.3 shall not be applicable to (i) the issuance of Shares pursuant to stock dividends, stock splits or similar transactions; (ii) the issuance or sale of Shares (or options therefor) to employees, officers, directors and
consultants of the Company, directly or pursuant to a stock option plan, restricted stock purchase plans or other stock plan approved by the Board of Directors (including 60% of the directors designated by the holders of Preferred Stock then in
office); (iii) the issuance or sale of Shares to financial institutions or lessors in connection with commercial credit arrangements, equipment financings, commercial property lease transactions or similar transactions, the terms of which are
approved by the Board of Directors (including 60% of the directors designated by the holders of Preferred Stock then in office); (iv) the issuance or sale of Common Stock or Preferred Stock issuable upon the conversion or exercise of
convertible or exercisable securities, including without limitation, warrants, notes or options outstanding as of the date of this Agreement or issued in compliance with this Section 3.1(d); (v) the issuance or sale of Shares in connection
with bona fide acquisitions, mergers, joint ventures, strategic partnerships or similar transactions, the terms of which are approved by the Board of Directors (including at least 60% of the directors designated by the holders of Preferred Stock
then in office); (vi) the issuance or sale of the Series E Preferred Stock pursuant to the Purchase Agreement, as such may be amended from time to time; (vii) the issuance of the Common Stock or Preferred Stock upon conversion of the
Preferred Stock; (viii) the issuance or sale of Common Stock in a Qualified IPO; (ix) the issuance or sale of Shares with the affirmative vote of Investors holding at least 65% of the then outstanding shares of the Preferred Stock (voting
together as a single class with each holder of Preferred Stock entitled to one vote per share of Preferred Stock then held by such holder); or (x) the issuance of any Shares that are not offered to existing stockholders pursuant to the approval
of the Board of Directors (including at least 60% of the directors designated by the holders of Preferred Stock then in office(xi) the issuance of warrants to purchase Preferred Stock to Oxford Finance LLC, a Delaware limited liability company
(“Oxford”) and Silicon Valley Bank, a California corporation (“SVB”) pursuant to the Loan and Security Agreement dated on or about March 26, 2012 (the “Loan Agreement”); and (xiii) the issuance of Shares to
SVB or Oxford or their permitted assigns in compliance with the letter agreements entered into in connection with the Loan Agreement that grants each Lender certain rights to participate future equity financings of the Company (the “Equity
Participation Side Letters”). ). In addition to the foregoing, the right of first offer in this Section 3.3 shall not be applicable with respect to any Major Investor and any subsequent securities issuance, if (i) at the time of
such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act, and (ii) such subsequent securities issuance is otherwise being
offered only to accredited investors. 
 (e) The rights of first refusal of each Major Investor under this Section 3.3 may
be assigned to the same parties, subject to the same restrictions, as any transfer of registration rights pursuant to Section 2.12, provided, however, that no Investors shall have the rights of first refusal under this Section 3.3 unless
such Investor is a Major Investor after the effectiveness of such transfer. 

  
 15 

 3.4 Reserved. 

3.5 Directors’ and Officers’ Insurance; Indemnification. The Company shall use its best efforts to maintain in
good standing, from financially sound and reputable insurers, a Directors’ and Officers’ liability insurance policy on terms and conditions reasonably acceptable to the Company and Clarus (provided that Clarus has a representative on the
Company’s Board of Directors) that covers all directors and officers of the Company for so long as any Holder has a representative on the Company’s Board of Directors. So long as one or more of the Holder’s has the right, pursuant to
Article IV, Section B(6) or any similar successor provision of the Restated Certificate to elect one or more members of the Company’s Board of Directors, the Company will not amend the indemnification provisions of Article VII of the Restated
Certificate or any successor provision thereto to the detriment of any director of the Company, except as required by applicable law (unless approved by the Board of Directors, including 60% of the directors designated by the holders of Preferred
Stock then in office, which 60% shall include the representative of Clarus on the Company’s Board of Directors, if any). 

3.6 Reserved. 
 3.7 Board Expenses. The Company will reimburse members of the Board of Directors of the Company and any official observers for reasonable costs and expenses incurred in connection with
attendance at Board meetings and otherwise in connection with attention to their duties on the Board of Directors of the Company. 
 3.8 Reserved. 
 3.9 Reserved. 

3.10 Proprietary Information and Inventions Agreement. The Company shall require all employees and consultants to execute
and deliver a Proprietary Information and Inventions Agreement substantially in a form reasonably acceptable to Clarus. 
 3.11
Assignment of Right of First Refusal. In the event the Company elects not to exercise any right of first refusal or right of first offer the Company may have on a proposed transfer of any of the Company’s outstanding capital stock
other than shares of capital stock that are subject to the Amended and Restated 2007 Right of First Refusal and Co-Sale Agreement dated on or about the date of this Agreement, whether such right of first refusal or right of first offer is pursuant
to the Company’s charter documents, by contract or otherwise, the Company shall, to the extent it may do so, assign such right of first refusal or right of first offer to each Major Investor. In the event of such assignment, each Major Investor
shall have a right to purchase its pro rata portion of the capital stock proposed to be transferred. Each Major Investor’s pro rata portion shall be equal to the product obtained by multiplying (i) the aggregate number of shares proposed
to be transferred by (ii) a fraction, the numerator of which is the number of shares of Registrable Securities held by such Major Investor at the time of the proposed transfer and the denominator of which is the total number of Registrable
Securities owned by all Major Investors at the time of such proposed transfer. A Major Investor shall be entitled to apportion the right of first refusal granted to it among itself and its partners and affiliates in such proportion as it deems
appropriate 
 3.12 Use of Proceeds. Unless otherwise approved by the Company’s Board of Directors, including
at least 60% of the directors designated by the holders of Preferred Stock then in office, the proceeds from the sale and issuance of the shares of Series E Preferred Stock pursuant to the Purchase Agreement shall be used in accordance with the
Budget & Business Plan. 
 3.13 Board Approval. 

(a) The approval of the Board of Directors shall be required for: 

  
 16 

 (i) any executive compensation arrangements or agreements; 

(ii) the offer of employment to or termination of any officer; and 

(iii) the incurrence of any material indebtedness or material expense that is not set forth in the approved Budget & Business
Plan. 
 (b) The approval of the Board of Directors, including at least 60% of the directors designated by the holders of
Preferred Stock then in office, shall be required for any material change to the Budget & Business Plan. 
 3.14
Preferred Stock Protective Provisions. So long as one million (1,000,000) shares of Preferred Stock are outstanding in the aggregate (as adjusted for stock splits, stock dividends, reclassifications and the like), the Company
shall not (whether by amendment, merger, recapitalization, consolidation or otherwise) without first obtaining the approval (by vote or written consent, as provided by law) of the holders of at least 65% of the then outstanding shares of the
Preferred Stock (voting together as a single class with each holder of Preferred Stock entitled to one vote per share of Preferred Stock then held by such holder) amend the Budget and Business Plan for a given fiscal year after its initial adoption,
unless approved by the Board of Directors pursuant to Section 3.14(b). 
 3.15 Confidentiality. Anything in
this Agreement to the contrary notwithstanding, the Company shall not be required to comply with any rights provided to an Investor pursuant to Section 3.1 or 3.2 with respect to any information if (i) access to such information could
reasonably be expected to adversely affect the attorney-client privilege between the Company and its counsel; (ii) access to such information could reasonably be expected to result in disclosure of trade secrets to such Investor or any of its
representatives; or (iii) access to such information could result in a commercial or business conflict of interest between such Investor or any of its representatives and the Company; (iv) access to such information could result in
disclosure of sensitive or otherwise competitive information with respect to any commercial arrangements that the Company and such Investor or any of its representatives may be parties to during the term of this letter agreement and (v) a
majority of the members of the Board, acting in good faith in the best interest of the Company, vote to limit the information disclosed to such Investor or any of its representatives; provided, however, that the Company shall be
required to comply with Section 3.1 and 3.2 with respect to any information that does not come within the scope of (i) – (iv) above. Each Investor acknowledges that the information received by them pursuant to this Agreement may
be confidential and for its use only, and it will not use such confidential information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to
know the contents of such information, and its attorneys), except in connection with the exercise of rights under this Agreement, unless the Company has made such information available to the public generally or such Investor is required to disclose
such information by a governmental authority. 
 3.16 Termination of Covenants. 

(a) The covenants set forth in Section 3.1 through Section 3.3, Section 3.10 through Section 3.13 shall terminate as
to each Holder and be of no further force or effect on the earlier to occur of (i) the effective date of a Qualified IPO and (ii) the effective date of the termination of the Agreement pursuant to Section 4.1 hereof. 

(b) The covenants set forth in Sections 3.1 and 3.2 shall terminate as to each Holder and be of no further force or effect when the
Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 3.16(a) above. 

  
 17 

 (c) The covenants set forth in Section 3.5 and Section 3.7 shall terminate with
respect to each Holder when it no longer has a representative on the Board of Directors of the Company. 
 4.
Miscellaneous. 
 4.1 Termination. This Agreement shall terminate, and have no further force and
effect, on the date the Company consummates a transaction, or series of related transactions, deemed to be a Liquidation Transaction pursuant to Article IV(B), Section 2(f)(i), or any similar successor provision of the Restated Certificate,
subject to the termination provisions of Section 3.16 hereof. Notwithstanding the foregoing, the confidentiality provision hereof will survive any such termination. 
 4.2 Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements
relating to the subject matter hereof existing between the parties hereto are expressly canceled. 
 4.3 Successors and
Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties (including transferees of
any of the Preferred Stock or Common Stock issued upon conversion thereof). 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. 

4.4 Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of
(i) the Company and (ii) (1) prior to a Qualified IPO, Investors holding at least 65% of the then outstanding shares of the Preferred Stock (voting together as a single class with each holder of Preferred Stock entitled to one vote
per share of Preferred Stock then held by such holder ) and (2) at any time after a Qualified IPO, Holders of at least 65% of the Registrable Securities then outstanding; provided, however, that (A) if such amendment or
waiver has the effect of affecting the Common Holders’ Stock (i) in a manner different than securities issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Common Holders’ Stock, then such
amendment shall require the consent of the holder or holders of a majority of the Common Holders’ Stock, (B) if such amendment or waiver has the effect of affecting the Founders’ Stock (i) in a manner different than securities
issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Founders’ Stock, then such amendment shall require the consent of the holder or holders of a majority of the Founders’ Stock, (C) if such
amendment or waiver has the effect of affecting the Comerica Warrant Stock (i) in a manner different than securities issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Comerica Warrant Stock, then
such amendment shall require the consent of the holder or holders of a majority of the Comerica Warrant Stock, and (D) if such amendment or waiver has the effect of affecting the Series D Warrant Stock (i) in a manner different than
securities issued to the Investors and (ii) in a manner adverse to the interests of the holders of the Series D Warrant Stock, then such amendment shall require the consent of the holder or holders of 65% of the Series D Warrant Stock.
Notwithstanding the foregoing, this Agreement may be amended without the written consent of any other party for the sole purpose of including additional purchasers of Series E Preferred Stock as “Investors” and “Series E
Holders.” Any amendment or waiver effected in accordance with this paragraph shall be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable
Securities, and the Company. 

  
 18 

 4.5 Notices. Unless otherwise provided, any notice required or permitted by
this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by facsimile, or 48 hours after being deposited in the U.S. mail, as certified or registered mail, with
postage prepaid, and addressed to the party to be notified at such party’s address or facsimile number as set forth on Exhibit A hereto or as subsequently modified by written notice. 

4.6 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement,
(b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

4.7 Governing Law. This Agreement and all acts and transactions pursuant hereto shall be governed, construed and
interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws. 

4.8 Counterparts. This Agreement may be executed in two or more counterparts and signatures may be delivered by facsimile,
each of which shall be deemed an original and each of which shall be enforceable against the parties actually executing and delivering such counterparts, and all of which together shall constitute one and the same instrument. 

4.9 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. 
 4.10 Aggregation of Stock. All shares of the Preferred
Stock 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. 
 4.11 Delays or Omissions. It is agreed that no delay or omission to exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party
under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter
occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s part of any breach, default or noncompliance under the Agreement or any waiver on such party’s part of any provisions or
conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not
alternative. 
 [Signature Page Follows] 

  
 19 

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

			
	COMPANY:
	
	NANOSTRING TECHNOLOGIES, INC.
		
	By:	 	/s/ R. Bradley Gray

 
			
	Name:	 	R. Bradley Gray
	Title:	 	Chief Executive Officer

 
			
		
	Address:	 	530 Fairview Ave N.
		 	Suite 2000
		 	Seattle, WA 98109

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	MORGAN STANLEY EXPANSION CAPITAL LP
		
	By:	 	MS Expansion Capital GP LP
	Its:	 	General Partner
		
	By:	 	MS Expansion Capital GP Inc.
	Its:	 	General Partner
		
	By:	 	/s/ Melissa Daniels
		 	     Melissa Daniels
		 	     Managing Principal
	
	MS EXPANSION CAPITAL CO-INVESTMENT VEHICLE LP
		
	By:	 	MS Expansion Capital GP LP
	Its:	 	General Partner
		
	By:	 	MS Expansion Capital GP Inc.
	Its:	 	General Partner
		
	By:	 	/s/ Melissa Daniels
		 	     Melissa Daniels
		 	     Managing Principal

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	 AMERICAN GENERAL LIFE AND
 ACCIDENT INSURANCE COMPANY

		
	By:	 	AllianceBernstein L.P.
	Its:	 	Authorized agent
		
	By:	 	/s/ Troy Fukumoto
		 	Troy Fukumoto, Vice President

 
			
		
	Address:	 	Attention: Troy Fukumoto
		 	1999 Ave of the Stars, 21st Floor
		 	Los Angeles, CA 90067
		 	(310) 407-0084

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTOR:
	
	TROY FUKUMOTO
	
	/s/ Troy Fukumoto
		
	Address:	 	1999 Ave of the Stars, 21st Floor
		 	Los Angeles, CA 90067
		 	(310) 407-0084

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	GE CAPITAL EQUITY INVESTMENTS, INC.
		
	By:	 	/s/ Jason D. Sibley

 
			
	Name:	 	 Jason D. Sibley

			
	Title:	 	 Vice President

			
		
	Address:	 	 201 Merritt 7

	 	 	Norwalk, CT 06851
		 	

 
			
	 
	GENERAL ELECTRIC COMPANY
		
	By:	 	/s/ Marcus Ewert

 
			
	Name:	 	 M. Ewert

			
	Title:	 	 EVP Bus. Development GEHC

			
		
	Address:	 	 Pollards Wood

	 	 	UK
	 	 	 

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	BMV DIRECT LP
		
	By:	 	/s/ Jonathan P. Klassen

 
			
	 Name:
	 	 Jonathan P. Klassen

			
	 Title:
	 	 Senior Vice President

			
		
	 Address:
	 	 17190 Bernardo Center Drive

	 San Diego, CA 92128

 

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	HENRI TERMEER
	
	/s/ Henri Termeer

 
			
		
	Address:	 	 396 Ocean Avenue

	 	 	Marblehead, MA 01945
	 	 	 

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	INVESTORS:
	
	CLARUS LIFESCIENCES II, L.P.
	
	By its General Partner, Clarus Ventures II GP, LP
	By its General Partner, Clarus Ventures II, LLC
		
	By:	 	/s/ Nicholas Galakatos

 
			
	Name:	 	Nicholas Galakatos
	Title:	 	Managing Director

 
			
		
	Address:	 	101 Main Street Suite 1210
		 	Cambridge, MA 02142

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:
  

OVP VENTURE PARTNERS VI, L.P.

	
	By: OVMC VI, L.L.C., as General Partner
		
	By:	 	/s/ Chad Waite

 
			
	Name:	 	Chad Waite
	Title:	 	Managing Member

 
			
		
	Address:	 	 1010 Market Street

Kirkland, WA 98033

 
			
	
	OVP VI ENTREPRENEURS FUND, L.P.
	
	By: OVMC VI, L.L.C., as General Partner
		
	By:	 	/s/ Chad Waite

 
			
	Name:	 	Chad Waite
	Title:	 	Managing Member

 
			
		
	Address:	 	 1010 Market Street
 Kirkland,
WA 98033

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:
  

OVP VENTURE PARTNERS VII, L.P.

	
	By: OVMC VII, L.L.C., as General Partner
		
	By:	 	/s/ Chad Waite
	Name:	 	Chad Waite
	Title:	 	Managing Member

 
			
		
	Address:	 	 1010 Market Street

Kirkland, WA 98033

  

			
	 OVP VII ENTREPRENEURS FUND, L.P.
  

By: OVMC VII, L.L.C., as General Partner

		
	By:	 	/s/ Chad Waite

 
			
	Name:	 	Chad Waite
	Title:	 	Managing Member

 
			
		
	Address:	 	 1010 Market Street

Kirkland, WA 98033

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:
  

DRAPER FISHER JURVETSON FUND VII, L.P.

		
	By:	 	/s/ John Fisher

 
			
	Name:	 	John Fisher
	Title:	 	Managing Director

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite
150
 Menlo Park, CA 94025

 
			
	
	DRAPER FISHER JURVETSON PARTNERS VII, LLC
		
	By:	 	/s/ John Fisher

 
			
	Name:	 	John Fisher
	Title:	 	Managing Member

  

			
	Address:	 	 2882 Sand Hill Road
 Suite
150
 Menlo Park, CA 94025

  

			
	DRAPER ASSOCIATES RISKMASTERS FUND, LLC
		
	By:	 	/s/ Timothy C. Draper

 
			
	Name:	 	Timothy C. Draper
	Title:	 	General Partner

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite
150
 Menlo Park, CA 94025

  

			
	DRAPER ASSOCIATES RISKMASTERS FUND II, LLC
		
	By:	 	/s/ Timothy C. Draper

 
			
	Name:	 	Timothy C. Draper
	Title:	 	General Partner

 
			
		
	Address:	 	 2882 Sand Hill Road
 Suite
150
 Menlo Park, CA 94025

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTORS:
  

DRAPER ASSOCIATES, L.P.

		
	By:	 	/s/ Timothy C. Draper

 
			
	Name:	 	Timothy C. Draper
	Title:	 	General Partner

 
			
	Address:	 	 2882 Sand Hill Road
 Suite
150
 Menlo Park, CA 94025

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 INVESTOR:
  

CICONIA & COMPANY

		
	By:	 	/s/ Carl Stork
		 	 Carl Stork

Member

 
			
		
	Address:	 	4451 91st Ave NE
	 	 	Yarrow Point WA 98004
	 	 	 

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ H. Perry Fell
	H. Perry Fell

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	INVESTOR:
	
	/s/ Amber Ratcliffe
	Amber Ratcliffe

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

			
	 COMERICA:
  

COMERICA BANK

		
	By:	 	/s/ Michael Fishback
	 Name: Michael Fishback
 Title: Vice President

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	FOUNDERS:
	
	/s/ Dwayne Dunaway
	Dwayne Dunaway

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	FOUNDERS:
	
	/s/ Amber Ratcliffe
	Amber Ratcliffe

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

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

	
	MAJOR COMMON HOLDER:
	
	/s/ H. Perry Fell
	H. Perry Fell

  
 NANOSTRING
TECHNOLOGIES, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 
 INVESTORS 
 Name 
 MORGAN STANLEY EXPANSION CAPITAL LP 
 MS EXPANSION CAPITAL CO-INVESTMENT VEHICLE LP

 AMERICAN GENERAL LIFE AND ACCIDENT INSURANCE COMPANY 
 TROY FUKUMOTO 
 GE CAPITAL EQUITY INVESTMENTS, INC. 

GENERAL ELECTRIC COMPANY 
 BMV DIRECT
LP 
 HENRI TERMEER 

CLARUS LIFESCIENCES II, L.P. 
 OVP
Venture Partners VI, L.P. 
 OVP VI Entrepreneurs Fund, L.P. 
 Draper Fisher Jurvetson Fund VII, L.P. 
 Draper Fisher Jurvetson Partners VII, LLC

 Draper Associates, L.P. 

WS Investment Company 
 HEWM/VLG
Investments LLC 
 Sonya Erickson 
 H. Perry Fell 
 Ciconia & Company 

Gary & Becky Ratcliffe 
 VLG
Investments 2007 LLC 
 Stephanie Petersen 
 Tammy Grogan 
 Sean Ferree 
 Gary K. Geiss 
 Naeem Dowida 

 Jeffrey James 
 Mary Tedd Allen 
 Sherri L. RogalskiWarrant to purchase common stock

 Exhibit 4.3 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE
SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST
BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

WARRANT TO PURCHASE SHARES OF COMMON STOCK 
 of 
 NANOSTRING TECHNOLOGIES, INC. 

Dated as of February 12, 2010 
 Void after the date specified in Section 7 
 THIS CERTIFIES THAT, for
value received, Leerink Swann LLC, or its registered assigns (the “Holder”), is entitled, subject to the provisions and upon the terms and conditions set forth herein, to purchase from NanoString Technologies, Inc., a
Delaware corporation (the “Company”), shares of the Company’s Common Stock, $0.0001 par value per share (the “Shares”), in the amounts, at such times and at the price per share set forth in
Section 1. The term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. This Warrant is issued in consideration for the services
provided by Holder pursuant to the letter agreement between the Company and the Holder dated as of June 26, 2009. 
 The
following is a statement of the rights of the Holder and the conditions to which this Warrant is subject, and to which Holder, by acceptance of this Warrant, agrees: 
 1. Number and Price of Shares; Exercise Period. 
 (a) Number of
Shares. Subject to any previous exercise of the Warrant, the Holder shall have the right to purchase up to 50,000 Shares, as may be adjusted pursuant hereto prior to (or in connection with) the expiration of this Warrant as provided in
Section 7. 
 (b) Exercise Price. The exercise price per Share shall be equal to $0.07, subject to adjustment
pursuant hereto (the “Exercise Price”). 
 (c) Exercise Period. This Warrant shall be
exercisable, in whole or in part, at the election by the Holder and prior to the expiration of this Warrant as set forth in Section 7. 
 2. Exercise of the Warrant. 
 (a) Exercise. The purchase
rights represented by this Warrant may be exercised at the election of the Holder, in whole or in part, but not for less than Twenty-Five Thousand (25,000) Shares at a time (or such lesser number of shares which may then constitute the maximum
number purchasable pursuant 

 
to Section 1) (such number being subject to adjustment as provided in Section 6), in accordance with Section 1, by: 

(i) the tender to the Company at its principal office (or such other office or agency as the Company may designate) of (i) a notice
of exercise in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder, together with the surrender of this Warrant and (ii) a counterpart signature page
to the Amended and Restated Voting Agreement by an among the Company and certain of the Company’s Stockholders dated June 8, 2009, a copy of which is attached hereto as Exhibit B (such agreement as may be amended from time to
time, the “Voting Agreement”), duly completed and executed by or on behalf of Holder pursuant to which Holder agrees to become a party to the Voting Agreement as a “Common Holder” thereunder; and 

(ii) the payment to the Company of an amount equal to (x) the Exercise Price multiplied by (y) the number of Shares being
purchased, by wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company 
 (b) Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section 2(a)(ii), if the fair market value of one Share is greater than the Exercise Price (at the date of
calculation as set forth below), the Holder may elect to receive a number of Shares equal to the value of this Warrant (or of any portion of this Warrant being canceled) by surrender of this Warrant at the principal office of the Company (or such
other office or agency as the Company may designate) together with a properly completed and executed Notice of Exercise reflecting such election, in which event the Company shall issue to the Holder that number of Shares computed using the following
formula: 
  

									
	  	 	X	  	=	  	 Y (A – B)
	  	 
	 	  	  	A	  	

 Where: 

 

			
		
	 X
	  	 =       The number of Shares to be issued to the Holder

		
	 Y
	  	 =       The number of Shares purchasable under this Warrant or, if only a portion of the
Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)

		
	 A
	  	 =       The fair market value of one Share (at the date of such
calculation)

		
	 B
	  	 =       The Exercise Price (as adjusted to the date of such
calculation)

 For purposes of the calculation above, the fair market value of one Share shall be determined by
the Board of Directors of the Company, acting in good faith; provided, however, that: 
 (i) where a public market exists
for the Company’s common stock at the time of such exercise, the fair market value per Share shall be the average of the closing bid and asked prices of the common stock or the closing price quoted on the national securities exchange on which
the common stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading day period ending five (5) trading days prior to the date of determination of fair market value; and 

  
 2 

 (ii) if the Warrant is exercised in connection with the Company’s initial public
offering of common stock, the fair market value per Share shall be the per share offering price to the public of the Company’s initial public offering. 
 (c) Stock Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise shall be deemed to have been issued immediately prior
to the close of business on the date this Warrant is exercised in accordance with its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder of record of such Shares as of the
close of business on such date. As promptly as reasonably practicable on or after such date, the Company shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for that number of shares issuable
upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired, the Company shall execute and deliver a new Warrant reflecting the number of Shares that remain subject to this Warrant. 

(d) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the
exercise of the rights under this Warrant. In lieu of such fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction. 

(e) Reservation of Stock. The Company agrees during the term the rights under this Warrant are exercisable to take all
reasonable action to reserve and keep available from its authorized and unissued shares of common stock for the purpose of effecting the exercise of this Warrant such number of shares as shall from time to time be sufficient to effect the exercise
of the rights under this Warrant; and if at any time the number of authorized but unissued shares of common stock shall not be sufficient for purposes of the exercise of this Warrant in accordance with its terms, without limitation of such other
remedies as may be available to the Holder, the Company will use all reasonable efforts to take such corporate action as may, in the opinion of counsel, be necessary to increase its authorized and unissued shares of its common stock to a number of
shares as shall be sufficient for such purposes. 
 3. Replacement of the Warrant. Subject to the receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company
or, in the case of mutilation, on surrender and cancellation of this Warrant, the Company at the expense of the Holder shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 

4. Transfer of the Warrant. 
 (a) Warrant Register. The Company shall maintain a register (the “Warrant Register”) containing the name and address of the Holder or Holders. Until this Warrant is
transferred on the Warrant Register in accordance herewith, the Company may treat the Holder as shown on the Warrant Register as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary. Any Holder of this
Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice to the Company requesting a change. 
 (b) Warrant Agent. The Company may appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a), issuing the Shares or other securities then issuable
upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this Warrant or conducting related activities. 

  
 3 

 (c) Transferability of the Warrant. Subject to the provisions of this Warrant
with respect to compliance with the Securities Act of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers, including without limitation compliance with the restrictions on transfer set forth
in Section 5, title to this Warrant may be transferred by endorsement (by the transferor and the transferee executing the assignment form attached as Exhibit C (the “Assignment Form”)) and delivery in the
same manner as a negotiable instrument transferable by endorsement and delivery. 
 (d) Exchange of the Warrant upon a
Transfer. On surrender of this Warrant (and a properly endorsed Assignment Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and transfers, the
Company shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon
exercise hereof, and the Company shall register any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or transfer
agent, as applicable, as a condition precedent to the sale, pledge, hypothecation or other transfer of any interest in any of the securities represented hereby. 
 (e) Minimum Transfer. This Warrant may not be transferred in part unless such transfer is to a transferee who, pursuant to such transfer, receives the right to purchase at least Twenty-Five
Thousand (25,000) Shares hereunder (as adjusted from time to time in accordance with Section 6). 
 (f)
Taxes. In no event shall the Company be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of any certificate in a name other than that of the Holder, and the Company shall not be
required to issue or deliver any such certificate unless and until the person or persons requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax
has been paid or is not payable. 
 5. Restrictions on Transfer of the Warrant and Shares; Compliance with Securities
Laws. By acceptance of this Warrant, the Holder agrees to comply with the following: 
 (a) Restrictions on
Transfers. Subject to Section 5(b), this Warrant may not be transferred or assigned in whole or in part without the Company’s prior written consent, and any attempt by Holder to transfer or assign any rights, duties or obligations
that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares (the “Securities”) must be in compliance with all applicable federal and state securities laws. The Holder agrees
not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Securities, or any beneficial interest therein, unless and until the transferee thereof has agreed in writing for the benefit of the Company to take
and hold such Securities subject to, and to be bound by, the terms and conditions set forth in this Warrant to the same extent as if the transferee were the original Holder hereunder, and 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement, or 
 (ii) (A) such Holder shall have given prior written notice to the
Company of such Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, (B) the transferee shall have confirmed to the
satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Securities are being acquired (i) solely for the transferee’s own account and not as a nominee for any other

  
 4 

 
party, (ii) for investment and (iii) not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be reasonably requested by the
Company, and (C) if requested by the Company, such Holder shall have furnished the Company, at the Holder’s expense, with (i) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not
require registration of such Securities under the Securities Act or (ii) a “no action” letter from the Securities and Exchange Commission to the effect that the transfer of such Securities without registration will not result in a
recommendation by the staff of the Securities and Exchange Commission that action be taken with respect thereto, whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the Holder
to the Company. 
 (b) Permitted Transfers. Permitted transfers include (i) a transfer not involving a change
in beneficial ownership, or (ii) transactions involving the distribution without consideration of Securities by any Holder to (x) a parent, subsidiary or other affiliate of a Holder that is a corporation, (y) any of the Holder’s
partners, members or other equity owners, or retired partners or members, or to the estate of any of its partners, members or other equity owners or retired partners or members, or (z) a venture capital fund that is controlled by or under
common control with one or more general partners or managing members of, or shares the same management company with, the Holder; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention
to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition. 
 (c) Investment Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective registration statement under the Securities Act that includes the Shares
with respect to which the Warrant was exercised, it shall be a condition to any exercise of the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit
A-1, that the Shares so purchased are being acquired solely for the Holder’s own account and not as a nominee for any other party, for investment and not with a view toward distribution or resale and that the Holder shall have confirmed
such other matters related thereto as may be reasonably requested by the Company. 
 (d) Securities Law Legend. The
Securities shall (unless otherwise permitted by the provisions of this Warrant) be stamped or imprinted with a legend substantially similar to the following (in addition to any legend required by state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER
THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION
REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY.

 (e) Market Stand-off Legend. The Shares issued upon exercise hereof shall also be stamped or imprinted with a
legend in substantially the following form: 

  
 5 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY
AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

(f) Instructions Regarding Transfer Restrictions. The Holder consents to the Company making a notation on its records and
giving instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5. 

(g) Removal of Legend. The legend referring to federal and state securities laws identified in Section 5(d) stamped on
a certificate evidencing the Shares and the stock transfer instructions and record notations with respect to such securities shall be removed and the Company shall issue a certificate without such legend to the holder of such securities if
(i) such securities are registered under the Securities Act, or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of such securities may be made
without registration or qualification. 
 6. Adjustments. Subject to the expiration of this Warrant pursuant to
Section 7, the number and kind of shares purchasable hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows: 
 (a) Merger or Reorganization. If at any time there shall be any reorganization, recapitalization, merger or consolidation (a “Reorganization”) involving the Company
(other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 7 in which shares of the Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part of
such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such
Reorganization, equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been entitled in such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to
such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and
interests of the Holder after such Reorganization to the end that the provisions of this Warrant shall be applicable after the event, as near as reasonably may be, in relation to any shares or other securities deliverable after that event upon the
exercise of this Warrant. 
 (b) Reclassification of Shares. If the securities issuable upon exercise of this
Warrant are changed into the same or a different number of securities of any other class or classes by reclassification, capital reorganization, conversion of all outstanding shares of the relevant class or series (other than as would cause the
expiration of this Warrant pursuant to Section 7) or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in lieu of the number of Shares which the Holder would
otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number of securities deliverable upon exercise of this
Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect to such other shares. 

  
 6 

 (c) Subdivisions and Combinations. In the event that the outstanding shares of
common stock are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such
subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of common stock are combined (by
reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such
combination, be proportionately decreased, and the Exercise Price shall be proportionately increased. 
 (d) Notice of
Adjustments. Upon any adjustment in accordance with this Section 6, the Company shall give notice thereof to the Holder, which notice shall state the event giving rise to the adjustment, the Exercise Price as adjusted and the number of
securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the method of calculation of each. The Company shall, upon the written request of any Holder, furnish or cause to be
furnished to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the number of securities and the amount, if any, of other property that at the time would be received
upon exercise of this Warrant. 
 7. Expiration of the Warrant. This Warrant shall expire and shall no longer be
exercisable as of the earliest of: 
 (a) 5:00 p.m., Pacific time, on June 26, 2016; 

(b) Immediately prior to the closing of (i) the acquisition of the Company by another entity by means of any transaction or series of
related transactions to which the Company is a party (including, without limitation, any stock acquisition, reorganization, merger or consolidation, but excluding any sale of stock for capital raising purposes and any transaction effected primarily
for purposes of changing the Company’s jurisdiction of incorporation) other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or
series of related transactions retain, immediately after such transaction or series of transactions, as a result of shares in the Company held by such holders prior to such transaction or series of transactions, at least a majority of the total
voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity (or if the Company or such other surviving or resulting entity is a wholly-owned subsidiary immediately following such
acquisition, its parent), or (ii) a sale, lease or other disposition of all or substantially all of the, assets of the Company and its subsidiaries taken as a whole by means of any transaction or series of related transactions, except where
such sale, lease, or other disposition is to a wholly owned subsidiary of the Company; and 
 (c) Immediately prior to the
closing of an underwritten public offering pursuant to an effective registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Act”), covering the offering and sale of the
Company’s common stock. 
 8. No Rights as a Stockholder. Nothing contained herein shall entitle the Holder to any
rights as a stockholder of the Company or to be deemed the holder of any securities that may at any time be issuable on the exercise of the rights hereunder for any purpose nor shall anything contained herein be construed to confer upon the Holder,
as such, any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock,
reclassification of stock, change of par value or change of stock to no 

  
 7 

 
par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or any other rights of a stockholder of the Company
until the rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights hereunder shall have become deliverable as provided herein. 
 9. Market Stand-off. The Holder of this Warrant hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any
hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities) of the Company held by the Holder (other than those included in the registration) during the one hundred eighty (180) day period
following the effective date of a registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or
other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto).
The obligations described in this section shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction
on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each certificate with a legend as substantially set forth in Section 5(e) with respect to the shares of common
stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Holder agrees to execute a market stand-off agreement with the underwriters in the offering in customary
form consistent with the provisions of this section. 
 10. Representations and Warranties of the Holder. By acceptance
of this Warrant, the Holder represents and warrants to the Company as follows: 
 (a) No Registration. The Holder
understands that the Securities have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein or otherwise made pursuant hereto. 
 (b) Investment Intent. The Holder is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any
distribution thereof. The Holder has no present intention of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking, agreement or arrangement for the same. 

(c) Investment Experience. The Holder has substantial experience in evaluating and investing in private placement
transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting its own
interests. 
 (d) Speculative Nature of Investment. The Holder understands and acknowledges that the Company has a
limited financial and operating history and that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its investment and is able, without impairing its financial condition, to
hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 

  
 8 

 (e) Access to Data. The Holder has had an opportunity to ask questions of
officers of the Company, which questions were answered to its satisfaction. The Holder believes that it has received all the information that it considers necessary or appropriate for deciding whether to acquire the Securities. The Holder
understands that any such discussions, as well as any information issued by the Company, were intended to describe certain aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The
Holder acknowledges that any business plans prepared by the Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and it can be expected
that some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 
 (f) Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission and agrees to
submit to the Company such further assurances of such status as may be reasonably requested by the Company. 
 (g)
Residency. The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly set forth on the signature page hereto. 

(h) Restrictions on Resales. The Holder acknowledges that the Securities must be held indefinitely unless subsequently
registered under the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private placement subject
to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information about the Company; the resale occurring not less than a specified period after a party has purchased and paid
for the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction directly with a “market
maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a Form 144
notice, if applicable. The Holder acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder wishes to sell the Securities and that, in such event, the Holder may
be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable requirements of Rule 144 are not met, registration under the
Securities Act or an exemption from registration will be required for any disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons
proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such
offers or sales and that such persons and the brokers who participate in the transactions do so at their own risk. 
 (i)
No Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for the
Company’s securities. 
 (j) Brokers and Finders. The Holder has not engaged any brokers, finders or agents in
connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar
charges in connection with the Securities. 

  
 9 

 (k) Legal Counsel. The Holder has had the opportunity to review this Warrant,
the exhibits and schedules attached hereto and the transactions contemplated by this Warrant with its own legal counsel. The Holder is not relying on any statements or representations of the Company or its agents for legal advice with respect to
this investment or the transactions contemplated by this Warrant. 
 (l) Tax Advisors. The Holder has reviewed with
its own tax advisors the U.S. federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such advisors and not on any
statements or representations of the Company or any of its agents, written or oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the
transactions contemplated by this Warrant. 
 11. Miscellaneous. 

(a) Amendments. Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument referencing this Warrant and signed by the Company and the Holder 

(b) Waivers. No waiver of any single breach or default shall be deemed a waiver of any other breach or default theretofore
or thereafter occurring. 
 (c) Notices. All notices and other communications required or permitted hereunder shall
be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Holder) or otherwise delivered by hand, messenger or courier service addressed: 

(i) if to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the
Company’s records, as may be updated in accordance with the provisions hereof, or until any such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address, facsimile number or
electronic mail address of the last holder of this Warrant for which the Company has contact information in its records; or 

(ii) if to the Company, to the attention of the President or Chief Financial Officer of the Company at the Company’s address as
shown on the signature page hereto, or at such other address as the Company shall have furnished to the Holder, with a copy to Patrick J. Schultheis, Wilson Sonsini Goodrich & Rosati, P.C., 701 Fifth Avenue, Suite 5100, Seattle, Washington
98104-7036. 
 Each such notice or other communication shall for all purposes of this Warrant be treated as effective or having
been given (i) if delivered by hand, messenger or courier service, when delivered, or (ii) if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of
the United States mail, addressed and mailed as aforesaid, or (iii) if sent by facsimile, upon confirmation of facsimile transfer or, if sent by electronic mail, upon confirmation of delivery when directed to the relevant electronic mail
address. In the event of any conflict between the Company’s books and records and this Warrant or any notice delivered hereunder, the Company’s books and records will control absent fraud or error. 

(d) Governing Law. This Warrant and all actions arising out of or in connection with this Warrant shall be governed by and
construed in accordance with the laws of the State of Washington, without regard to the conflicts of law provisions of the State of Washington, or of any other state. 

  
 10 

 (e) Jurisdiction and Venue. Each of the Holder and the Company irrevocably
consents to the exclusive jurisdiction and venue of any court within King County, State of Washington, in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein, and agrees that process may be served
upon them in any manner authorized by the laws of the State of Washington for such persons. 
 (f) Titles and
Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless
otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 
 (g) Severability. If
any provision of this Warrant becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this
Warrant, and such illegal, unenforceable or void provision shall be replaced with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, unenforceable or void
provision. The balance of this Warrant shall be enforceable in accordance with its terms. 
 (h) Waiver of Jury Trial.
EACH OF THE HOLDER AND THE COMPANY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS
WARRANT. 
 (i) California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE
SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS
UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED,
UNLESS THE SALE IS SO EXEMPT. 
 (j) Saturdays, Sundays and Holidays. If the last or appointed day for the taking
of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday, Sunday or
U.S. federal holiday. 
 (k) Rights and Obligations Survive Exercise of the Warrant. Except as otherwise provided
herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant. 

(l) Entire Agreement. Except as expressly set forth herein, this Warrant (including the exhibits attached hereto)
constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject matter hereof. 

(signature page follows) 

  
 11 

 The Company and the Holder sign this Warrant as of the date stated on the first page.

  

					
	NANOSTRING TECHNOLOGIES, INC.
		
	By:	 	/s/ Wayne Burns
		 	Name:	 	Wayne Burns
		 	Title:	 	Chief Financial Officer
			
		 	Address:	 	NanoString Technologies, Inc.
		 		 	530 Fairview Avenue N, Suite 2000
		 		 	Seattle, WA 98109

 AGREED AND ACKNOWLEDGED, 
 LEERINK SWANN LLC 
  

			
	By:	  	/s/ Joseph R. Gentile

			
	Name:	  	Joseph R. Gentile

			
	Title:	  	CAO, CFO

			
		
	Address:	  	1251 Avenue of the Americas
	 	  	22nd Floor
	 	  	New York, NY 10020

  

			
		
	Fax number:	  	  

  

			
		
	Email address:	  	  

(Signature Page to Warrant to Purchase Share of Common Stock of NanoString Technologies, Inc.)

 EXHIBIT A 
 NOTICE OF EXERCISE 
  

	TO:	NanoString Technologies, Inc. (the “Company”) 

 

	Attention:	President 

  

	(1)	Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached warrant: 

 

			
	 Number of shares:
	 	 

  

			
	 Type of security:
	 	 

  

	(2)	Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to: 

 

	 	 ̈	A cash payment, and tenders herewith payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any.

  

	 	 ̈	The net issue exercise provisions of Section 2(b) of the attached warrant. 

 

	(3)	Stock Certificate. Please issue a certificate or certificates representing the shares in the name of: 

 

					
			
	  ̈    
	 	The undersigned	  	

 
					
			
	  ̈    
	 	Other—Name:	  	 
			
		 	Address:	  	 
			
		 	 	  	 
			
		 	 	  	 

  

	(4)	Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the attached warrant in the name of: 

 

					
			
	  ̈    
	 	The undersigned  	  	
			
	  ̈    
	 	Other—Name:	  	 
			
		 	Address:	  	 
			
		 		  	 
			
	  ̈    
	 	Not applicable	  	

  

	(5)	 Investment Intent. The undersigned represents and warrants that the aforesaid shares are being acquired for investment for its own account, not
as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor does it
have any 

  
 A-1

	 	
contract, undertaking, agreement or arrangement for the same, and all representations and warranties of the undersigned set forth in Section 10 of the attached warrant are true and correct
as of the date hereof. 

  

	(6)	Investment Representation Statement and Market Stand-Off Agreement. The undersigned has executed, and delivers herewith, an Investment Representation Statement
and Market Stand-Off Agreement in a form substantially similar to the form attached to the warrant as Exhibit A-1. 

  

	(7)	Consent to Receipt of Electronic Notice. Subject to the limitations set forth in Delaware General Corporation Law §232(e), the undersigned consents to the
delivery of any notice to stockholders given by the Company under the Delaware General Corporation Law or the Company’s certificate of incorporation or bylaws by (i) facsimile telecommunication to the facsimile number provided below (or to
any other facsimile number for the undersigned in the Company’s records), (ii) electronic mail to the electronic mail address provided below (or to any other electronic mail address for the undersigned in the Company’s records),
(iii) posting on an electronic network together with separate notice to the undersigned of such specific posting or (iv) any other form of electronic transmission (as defined in the Delaware General Corporation Law) directed to the
undersigned. This consent may be revoked by the undersigned by written notice to the Company and may be deemed revoked in the circumstances specified in Delaware General Corporation Law §232. 

 

	(8)	Limitations on Transfer. In addition to any other limitation on transfer created by applicable securities laws, Purchaser shall not assign, encumber or dispose
of any interest in the Shares except in compliance with the provisions below and applicable securities laws. 

  

	 	(a)	Right of First Refusal. Before any shares issued to Holder upon exercise of the warrant may be sold or otherwise transferred (including transfer by gift
or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the shares on the terms and conditions set forth in this Section 8(a) (the “Right of First Refusal”).

  

	 	(i)	Notice of Proposed Transfer. The Holder of the shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the
Holder’s bona fide intention to sell or otherwise transfer such shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of shares to be transferred to each
Proposed Transferee; and (iv) the terms and conditions of each proposed sale or transfer. The Holder shall offer the shares at the same price (the “Offered Price”) and upon the same terms (or terms as similar as
reasonably possible) to the Company or its assignee(s). 

  

	 	(ii)	Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving
written notice to the Holder, elect to purchase all, but not less than all, of the shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (iii) below.

  

	 	(iii)	Purchase Price. The purchase price (“Purchase Price”) for the shares purchased by the Company or its assignee(s) under this
Section 8(a) shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non cash consideration shall be determined by the Board of Directors of the Company in good faith.

  

	 	(iv)	Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of
any outstanding indebtedness, or by any combination thereof within 30 days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

  
 A-2

	 	(v)	Holder’s Right to Transfer. If all of the shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company
and/or its assignee(s) as provided in this Section 8(a), then the Holder may sell or otherwise transfer such shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated
within 60 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance with any applicable securities laws and the Proposed Transferee agrees in writing that the provisions of this
Section 8 shall continue to apply to the shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price or
other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any shares held by the Holder may be sold
or otherwise transferred. 

  

	 	(vi)	Exception for Permitted Transfers. Anything to the contrary contained in this section 8(a) notwithstanding, Permitted Transfers shall be exempt from the
provisions of this Section 8(a). “Permitted Transfers” include (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the distribution without consideration of securities
by any Holder to (x) a parent, subsidiary or other affiliate of a Holder that is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired partners or members, or to the estate of any of its partners,
members or other equity owners or retired partners or members, or (z) a venture capital fund that is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, the
Holder; provided, in each case, that (i) the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and
circumstances of the proposed disposition and (ii) the transferee or other recipient of the shares shall receive and hold the shares so transferred subject to the provisions of the warrant, including this Notice of Exercise (including this
Section 8), the Amended and Restated Voting Agreement and the Investment Representation Statement, and there shall be no further transfer of such shares except in accordance with the terms of the foregoing. 

 

	 	(b)	Involuntary Transfer. 

  

	 	(i)	Company’s Right to Purchase upon Involuntary Transfer. In the event of any transfer of shares by operation of law or other involuntary transfer of all or a
portion of the shares by the record Holder thereof, the Company shall have an option to purchase all of the shares transferred at the greater of the purchase price paid by Holder pursuant to hereto or the Fair Market Value of the shares on the date
of transfer. Upon such a transfer, the person acquiring the shares shall promptly notify the Secretary of the Company of such transfer. The right to purchase such shares shall be provided to the Company for a period of thirty (30) days
following receipt by the Company of written notice by the person acquiring the shares. 

  

	 	(ii)	 Price for Involuntary Transfer. With respect to any stock to be transferred pursuant to Section 8(b)(i), the price per share shall be a
price set by the Board of Directors of the Company that will reflect the current value of the stock in terms of present earnings and future prospects of the Company. The Company shall notify Holder of the price

  
 A-3

	 	
so determined within thirty (30) days after receipt by it of written notice of the transfer or proposed transfer of shares. However, if the Holder does not agree with the valuation as
determined by the Board of Directors of the Company, the Holder shall be entitled to have the valuation determined by an independent appraiser to be mutually agreed upon by the Company and the Holder and whose fees shall be borne equally by the
Company and the Holder. 

  

	 	(c)	Limitations on Transfer Legend. The shares issued upon exercise hereof shall also be stamped or imprinted with a legend in substantially the following
form: 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LIMITATIONS ON TRANSFER (INCLUDING A RIGHT OF
FIRST REFUSAL IN FAVOR OF THE COMPANY OR ITS ASSIGNS) AS SET FORTH IN THE NOTICE OF EXERCISE OF WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

 

	 	(d)	Assignment. The right of the Company to purchase any part of the shares may be assigned in whole or in part to any stockholder or stockholders of the
Company or other persons or organizations. 

  

	 	(e)	Restrictions Binding on Transferees. All transferees of shares or any interest therein will receive and hold such shares or interest subject to the
provisions of this the warrant, including this Notice of Exercise (including this Section 8), the Amended and Restated Voting Agreement and the Investment Representation Statement. Any sale or transfer of the Company’s shares shall be void
unless the provisions the warrant, including this Notice of Exercise (including this Section 8), the Amended and Restated Voting Agreement and the Investment Representation Statement are satisfied. 

 

	 	(f)	Termination of Rights. The right of first refusal granted the Company by Section 8(a) above and the option to repurchase the shares in the event of
an involuntary transfer granted the Company by Section 8(b) above shall terminate upon the first sale of Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities
and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon termination of the right of first refusal described in Section 8(a) above, a new certificate or certificates representing
the shares not repurchased shall be issued, on request, without the legend referred to in Section 8(c) herein and delivered to Purchaser. 

 

	
	
	  
 (Print name of the warrant holder)

	
	  
 (Signature)

	
	  
 (Name and title of signatory, if applicable)

	
	  
 (Date)

	
	  
 (Fax number)

	
	  
 (Email address)

  
 A-4

 EXHIBIT B 
 Amended and Restated Voting Agreement 

  
 B-1

 EXHIBIT A-l 
 INVESTMENT REPRESENTATION STATEMENT 
 AND 

MARKET STAND-OFF AGREEMENT 
  

					
	 INVESTOR:
	 	 	  	 
		
	 COMPANY:
	 	NANOSTRING TECHNOLOGIES, INC.
		
	 SECURITIES:
	 	THE WARRANT ISSUED ON FEBRUARY 12, 2010 (THE “WARRANT”) AND THE SECURITIES ISSUED OR ISSUABLE UPON EXERCISE THEREOF
			
	DATE:	 	 	  	

 In connection with the purchase or acquisition of the above-listed Securities, the undersigned Investor
represents and warrants to, and agrees with, the Company as follows: 
 1. No Registration. The Investor understands that
the Securities have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act, the
availability of which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Investor’s representations as expressed herein or otherwise made pursuant hereto. 

2. Investment Intent. The Investor is acquiring the Securities for investment for its own account, not as a nominee or agent, and
not with a view to, or for resale in connection with, any distribution thereof. The Investor has no present intention of selling, granting any participation in, or otherwise distributing the Securities, nor does it have any contract, undertaking,
agreement or arrangement for the same. 
 3. Investment Experience. The Investor has substantial experience in evaluating
and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience in financial or business matters so that it is capable of evaluating the merits and risks of its investment in
the Company and protecting its own interests. 
 4. Speculative Nature of Investment. The Investor understands and
acknowledges that the Company has a limited financial and operating history and that its investment in the Company is highly speculative and involves substantial risks. The Investor can bear the economic risk of its investment and is able, without
impairing its financial condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 
 5. Access to Data. The Investor has had an opportunity to ask questions of officers of the Company, which questions were answered to its satisfaction. The Investor believes that it has received all
the information that it considers necessary or appropriate for deciding whether to acquire the Securities. The Investor understands that any such discussions, as well as any information issued by the Company, were intended to describe certain
aspects of the Company’s business and prospects, but were not necessarily a thorough or exhaustive description. The Investor acknowledges that any business plans prepared by the 

  
 A-1-1

 
Company have been, and continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and it can be expected that
some or all of the assumptions underlying the projections will not materialize or will vary significantly from actual results. 

6. Accredited Investor. The Investor is an “accredited investor” within the meaning of Regulation D, Rule 501(a),
promulgated by the Securities and Exchange Commission and agrees to submit to the Company such further assurances of such status as may be reasonably requested by the Company. 
 7. Residency. The residency of the Investor (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly set forth on the signature page hereto.

 8. Restrictions on Resales. The Investor acknowledges that the Securities must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such registration is available. The Investor is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information about the Company; the resale occurring not less than a specified period after a party has
purchased and paid for the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a transaction directly with a
“market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder); and the filing of a
Form 144 notice, if applicable. The Investor acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Investor wishes to sell the Securities and that, in such event,
the Investor may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Investor understands and acknowledges that, in the event the applicable requirements of Rule 144
are not met, registration under the Securities Act or an exemption from registration will be required for any disposition of the Securities. The Investor understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission
has expressed its opinion that persons proposing to sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from
registration is available for those offers or sales and that those persons and the brokers who participate in the transactions do so at their own risk. 
 9. No Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a
public market will ever exist for the Company’s securities. 
 10. Brokers and Finders. The Investor has not engaged
any brokers, finders or agents in connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or
agents’ commissions or any similar charges in connection with the Securities. 
 11. Legal Counsel. The Investor has
had the opportunity to review the Warrant, the exhibits and schedules attached thereto and the transactions contemplated by the Warrant with its own legal counsel. The Investor is not relying on any statements or representations of the Company or
its agents for legal advice with respect to this investment or the transactions contemplated by the Warrant. 

  
 A-1-2

 12. Tax Advisors. The Investor has reviewed with its own tax advisors the U.S.
federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by the Warrant. With respect to such matters, the Investor relies solely on such advisors and not on any statements or representations of the
Company or any of its agents, written or oral. The Investor understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment or the transactions contemplated by the Warrant.

 13. Market Stand-off. The Investor agrees that the Investor shall not sell or otherwise transfer, make any short sale
of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any common stock (or other securities) of the Company held by the Investor (other than those included in the
registration) during the one hundred eighty (180) day period following the effective date of a registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or an underwriter to
accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE
Rule 472(f)(4), or any successor provisions or amendments thereto). The obligations described in this section shall not apply to a registration relating solely to employee benefit plans on Form S-l or Form S-8 or similar forms that may be
promulgated in the future, or a registration relating solely to a transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions and may stamp each certificate with a legend with
respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Investor agrees to execute a market stand-off agreement with the relevant
underwriters in customary form consistent with the provisions of this section. 
 (signature page follows)

  
 A-1-3

 The Investor is signing this Investment Representation Statement and Market Stand-Off
Agreement on the date first written above. 
  

	
	INVESTOR
	
	  
 (Print name of the investor)

	
	  
 (Signature)

	
	  
 (Name and title of signatory, if applicable)

	
	  
 (Street address)

	
	  
 (City, state and ZIP)

  
 A-1-4

 EXHIBIT C 
 ASSIGNMENT FORM 
  

					
	ASSIGNOR:	 	 	  	 
		
	COMPANY:	 	NANOSTRING TECHNOLOGIES, INC.
		
	 WARRANT:
	 	THE WARRANT TO PURCHASE SHARES OF COMMON STOCK ISSUED ON FEBRUARY 12, 2010 (THE “WARRANT”)
			
	DATE:	 	 	  	

  

	(1)	Assignment. The undersigned registered holder of the Warrant (“Assignor”) assigns and transfers to the assignee named below
(“Assignee”) all of the rights of Assignor under the Warrant, with respect to the number of shares set forth below: 

 

			
		
	Name of Assignee:	 	 
		
	Address of Assignee:	 	 
		
		 	 
		
	Number of Shares Assigned:	 	 

 and does irrevocably constitute and appoint ______________________ as attorney to make such transfer on the books of NanoString Technologies, Inc., maintained for the purpose, with full power of
substitution in the premises. 
  

	(2)	Obligations of Assignee. Assignee agrees to take and hold the Warrant and any shares of stock to be issued upon exercise of the rights thereunder (the
“Securities”) subject to, and to be bound by, the terms and conditions set forth in the Warrant to the same extent as if Assignee were the original holder thereof. 

 

	(3)	Investment Intent. Assignee represents and warrants that the Securities are being acquired for investment for its own account, not as a nominee or agent, and not
with a view to, or for resale in connection with, the distribution thereof, and that Assignee has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor does it have any contract, undertaking,
agreement or arrangement for the same, and all representations and warranties set forth in Section 10 of the Warrant are true and correct as to Assignee as of the date hereof. 

 

	(4)	Investment Representation Statement and Market Stand-Off Agreement. Assignee has executed, and delivers herewith, an Investment Representation Statement and
Market Stand-Off Agreement in a form substantially similar to the form attached to the Warrant as Exhibit A-1. 

  
 C-1

 Assignor and Assignee are signing this Assignment Form on the date first set forth above.

  

			
	ASSIGNOR	 	ASSIGNEE
		
	  
 (Print name
of Assignor)
	 	  
 (Print
name of Assignee)

		
	  
 (Signature of
Assignor)
	 	  
 (Signature
of Assignee)

		
	  
 (Print name
of signatory, if applicable)
	 	  
 (Print
name of signatory, if applicable)

		
	  
 (Print title
of signatory, if applicable)
	 	  
 (Print
title of signatory, if applicable)

		
	 Address:
	 	 Address:

		
	  
	 	  

		
	  
	 	  

  
 C-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00217-of-00352.parquet"}]]