Document:

Exhibit 10.15(b)

 

NEVRO CORP.

 

AMENDMENT TO
  AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

This Amendment to Amended and Restated Stockholders’ Agreement (this “Amendment”), by and among Nevro Corp., a Delaware corporation (the “Corporation”), and the undersigned stockholders of the Corporation is made and entered into as of March 5, 2013, with respect to that certain Amended and Restated Stockholders’ Agreement, dated as of February 8, 2013, by and among the Corporation and those certain holders of Common Stock of the Corporation and holders of options to acquire shares of Common Stock of the Corporation listed on Schedule 1 thereto (together with any other Person who thereafter becomes party thereto pursuant to Section 11 thereof, each, individually, a “Significant Common Stockholder” and, collectively, the “Significant Common Stockholders”), and each holder of the Corporation’s Preferred Stock (as such term is defined therein) listed on Schedule 1 thereto (together with any other Person who thereafter becomes party thereto pursuant to Section 11 thereof, each, individually, an “Investor” and, collectively, the “Investors” and together collectively with the Significant Common Stockholders, the “Stockholders”) (the “Original Agreement”).  Capitalized terms used in this Amendment and not otherwise defined shall have the meaning ascribed to them in the Original Agreement.

 

RECITALS

 

WHEREAS, the Corporation and the Stockholders are parties to that certain Series C Convertible Preferred Stock Purchase Agreement, dated as of February 8, 2013, as amended by that certain Amendment to Series C Convertible Preferred Stock Purchase Agreement, dated as of even date herewith (together as amended, the “Purchase Agreement”), pursuant to which two new investors are purchasing shares of the Corporation’s Series C Preferred Stock (the “Series C Preferred Stock”) and Novo is purchasing additional shares of Series C Preferred Stock in a Subsequent Closing (as defined in the Purchase Agreement).

 

WHEREAS, in connection with the Subsequent Closing, the Corporation and the undersigned Stockholders desire to amend the Original Agreement in certain respects as set forth herein.

 

WHEREAS, pursuant to Section 13(b) of the Original Agreement, the Original Agreement may be amended, and any provision therein waived, with the written consent of not less than 70% of the outstanding shares of Preferred Stock, voting together as a single class on an as-converted basis.

 

WHEREAS, any amendment, modification or waiver effected in accordance with Section 13(b) of the Original Agreement shall be binding upon each Stockholder and the Corporation.

 

WHEREAS, the undersigned Stockholders hold, in the aggregate, not less than 70% of the outstanding shares of Preferred Stock, voting together as a single class on an as-converted basis.

 

1

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the recitals and the mutual premises, covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.                                      Amendments.

 

(A).                            The definition of “Exempt Issuances” in Section 1(a) of the Original Agreement is hereby amended so that the number “97,913,908” is replaced with the number “103,413,908” in both instances.

 

(B).                            The first sentence of Section 2 of the Original Agreement is hereby amended and restated to read in its entirety as follows: “Holders of not less than 16,000,000 shares of Preferred Stock (as adjusted for stock splits and the like) and Covidien PLC (“Covidien”) shall have the following rights:”.

 

(C).                            Section 3(a) of the Original Agreement is hereby amended to read in its entirety as follows:

 

“(a)                           Each Stockholder hereby agrees to take all action necessary, including, but not limited to, the voting of any and all of such Stockholder’s Shares, the execution of written consents, the calling of special meetings, the removal of directors, the filling of vacancies on the Board, the waiving of notice and the attending of meetings, so as to cause the Board to be at all times comprised of seven (7) persons to be elected/appointed as follows:

 

(i)                                     one (1) Director who shall be appointed by Bay City Capital Fund IV, L.P. (“Bay City”), so long as Bay City holds shares of Series A Preferred Stock, who shall initially be Nathan Pliam (the “Bay City Director”);

 

(ii)                                  one (1) Director who shall be appointed by Three Arch Partners IV, L.P. (“Three Arch”), so long as Three Arch holds shares of Series A Preferred Stock, who shall initially be Wilf Jaeger (the “Three Arch Director”);

 

(iii)                               one (1) Director who shall be appointed by Johnson & Johnson Development Corporation (“JJDC”), so long as JJDC holds shares of Series B Preferred Stock, who shall initially be Brad Vale (the “JJDC Director”);

 

(iv)                              one (1) Director who shall be appointed by Novo A/S (“Novo”), so long as Novo holds shares of Series C Preferred Stock, who shall initially be Peter Bisgaard (the “Novo Director”);

 

(v)                                 one (1) Director who shall be appointed by New Enterprise Associates 14, L.P. (“NEA”), so long as NEA or its affiliates holds

 

2

 

shares of Series C Preferred Stock, who shall initially be John Nehra (the “NEA Director” and together with the Bay City Director, Three Arch Director, JJDC Director and Novo Director, the “Preferred Directors”);

 

(vi)                              one (1) Director who shall be the then current Chief Executive Officer of the Corporation as appointed from time to time by the Board (the “CEO Director”), who shall initially be Michael DeMane; and

 

(vii)                           one (1) Director who shall (a) be neither an employee nor a consultant of the Corporation, and otherwise be independent of the Corporation (as defined under NYSE rules), (b) shall be elected by the holders of at least a majority of the shares of Common Stock and Preferred Stock, voting together as a single class on an as-converted basis, and (c) shall be acceptable to each of the JJDC Director and the Novo Director, who shall initially be Frank Fischer (the “Independent Director”).”

 

(D).                            Section 3(c) of the Original Agreement is hereby amended to read in its entirety as follows:

 

“(c)                            The Corporation shall invite a representative of each Stockholder with Observer Rights to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give each such Stockholder with Observer Rights copies of all notices, minutes, consents and other materials that it provides to its directors; provided, however, that each representative of a Stockholder with Observer Rights shall agree to hold in confidence and trust all information so provided; and, provided further, that the Corporation reserves the right to withhold any information and to exclude any or all such representative from any meeting or portion thereof if the Corporation’s Board of Directors determines (i) in good faith, upon the advice of outside counsel, that access to such information or attendance at such meeting or portion thereof is reasonably necessary to preserve the attorney-client privilege, or (ii) in good faith, upon the advice of outside counsel, that such exclusion is reasonably necessary due to an actual or reasonable potential conflict of interest between such Stockholder with Observer Rights and the Corporation.  The representatives must be persons acceptable to the Corporation.  “Stockholder with Observer Rights” means each of AMV Partners II, L.P., JJDC, Novo, NEA and Covidien.”

 

(E).                             Section 3(d) of the Original Agreement is hereby amended to read in its entirety as follows:

 

“(d)                           In the event the Corporation creates any committee of the Board, including but not limited to an audit committee and/or compensation committee of the Board, the JJDC Director, the Novo Director and the NEA Director shall each have the right to be a member of such committee(s) of the Board.”

 

(F).                              The following text is hereby added as Section 9(a)(iii) of the Original Agreement:

 

3

 

“(a)(iii)  So long as Covidien Group S.a.r.1. (“Covidien”) owns at least 50% of the Shares issued to Covidien pursuant to the Series C Stock Purchase Agreement, once each fiscal year, upon request by Covidien, an appropriate officer of the Corporation shall meet with an appropriate representative from Covidien, or one or more of its Affiliates, at a to be mutually agreed upon time and place to update such person with respect to significant corporate events.  In addition, the Corporation will not make any written or other public disclosure regarding Covidien without the prior written consent of Covidien, except as may be required by law (including applicable federal and state securities laws).”

 

(G).                            The following text is hereby added as Section 9(f) of the Original Agreement:

 

“(f)                             FIRPTA Compliance.  The Corporation shall provide prompt notice to NEA following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Corporation becomes a United States real property holding corporation.  In addition, upon a written request by NEA, the Corporation shall provide NEA with a written statement informing NEA whether NEA’s interest in the Corporation constitutes a United States real property interest.  The Corporation’s determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Corporation shall provide timely notice to the Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made.  The Corporation’s written statement to NEA shall be delivered to NEA within 10 days of NEA’s written request therefor.  The Corporation’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Corporation’s stock may be regularly traded on an established securities market or the fact that there is no preferred stock then outstanding.”

 

(H).                       Section 13(b) of the Original Agreement is hereby amended and restated to read in its entirety as follows:

 

“(b)                           Any provision of this Agreement may be amended or waived if such amendment or waiver is in writing and approved by the Requisite Holders and the Corporation; provided, however, that if any proposed amendment or waiver would reasonably be expected to have a disproportionate adverse effect on the holders of Common Stock as compared to holders of Preferred Stock, then such proposed amendment or waiver shall also require the consent of holders of a majority of the shares of Common Stock.  Any amendment or waiver effected in accordance with this paragraph shall be binding upon each Stockholder and the Corporation.  Notwithstanding the foregoing, (i) the provisions of Section 3(a)(i) may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of Bay City, (ii) the provisions of Section 3(a)(ii) may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either

 

4

 

retroactively or prospectively) only with the written consent of Three Arch, (iii) the provisions of Section 3(a)(iii) and Section 9(a) may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of JJDC, (iv) the provisions of Section 3(a)(iv), Section 9(a)(ii), Section 9(e), Section 9(f) and Section 10(b) may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of Novo, (v) the provisions of Section 3(a)(v), 3(d) and 9(f) may be amended and the observance of any term thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of NEA and (vi) a Stockholder may be removed from the list of Stockholder with Observer Rights in Section 3(c) (or have its observer rights amended such to its material detriment) only with the written consent of such Stockholder.”

 

(I).                                Section 13(b) of the Original Agreement is hereby amended to add the following sentence: “Notwithstanding anything herein to the contrary, if pursuant to the Series C Stock Purchase Agreement, additional parties may purchase shares of Series C Preferred Stock in a Subsequent Closing (as defined in the Series C Stock Purchase Agreement) thereunder, then each such Purchaser (as defined in the Series C Stock Purchase Agreement) shall become a party to this Agreement as an “Investor” and “Stockholder” hereunder, without the need for any consent, approval or signature of any Stockholder when such Purchaser has both: (a) purchased shares of Series C Preferred Stock under the Series C Stock Purchase Agreement and paid the Corporation all consideration payable for such shares and (b) executed one or more counterpart signature pages to this Agreement.”

 

(J).                                Schedule 1 to the Original Agreement is hereby amended in its entirety in the form attached as Schedule 1 hereto.

 

2.                                      Reference to and Effect on the Original Agreement.  On or after the date hereof, each reference in the Original Agreement to “this Agreement,” “hereunder,” “herein” or words of like import shall mean and be a reference to the Original Agreement as amended hereby.  No reference to this Amendment need be made in any instrument or document at any time referring to the Original Agreement, a reference to the Agreement, in any of such to be deemed a reference to the Original Agreement as amended hereby.

 

3.                                      No Other Amendments.  Except as set forth herein, the Original Agreement shall remain in full force and effect in accordance with its terms.

 

4.                                      Counterparts.  This Amendment may be executed in any number of counterparts, each of which may be executed by less than all of the parties necessary to give effect to this Amendment, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument.

 

5

 

5.                                      Headings.  All section headings herein are inserted for convenience only and shall not modify or affect the construction or interpretation of any provisions of this Amendment or the Original Agreement.

 

6.                                      Governing Law.  This Amendment and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law.

 

 (Signature Pages Follow)

 

6

 

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

 

 

	
 
    	
NEVRO   CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael DeMane
    
	
 
    	
 
    	
Name:   
    	
Michael   DeMane
    
	
 
    	
 
    	
Title:
    	
Chief   Executive Officer
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
THREE   ARCH PARTNERS IV, L.P.
    
	
 
    	
 
    
	
 
    	
By:   Three Arch Management IV, L.L.C.
    
	
 
    	
Its:   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Wilf Jaeger
    
	
 
    	
 
    	
Name:
    	
Wilf   Jaeger
    
	
 
    	
 
    	
Title:   
    	
Managing   Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
THREE   ARCH ASSOCIATES IV, L.P.
    
	
 
    	
 
    
	
 
    	
By:   Three Arch Management IV, L.L.C.
    
	
 
    	
Its:   General Partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Wilf Jaeger
    
	
 
    	
 
    	
Name:
    	
Wilf   Jaeger
    
	
 
    	
 
    	
Title:   
    	
Managing   Member
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
NOVO   A/S
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kim L. Dueholm
    
	
 
    	
 
    	
Name:   
    	
Kim   L. Dueholm
    
	
 
    	
 
    	
Title:
    	
Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Address:
    	
Tuborg   Havnevej 19
    
	
 
    	
 
    	
DK   2900 Hellerup
    
	
 
    	
 
    	
Denmark
    
					

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

	
 
    	
MPM   BIOVENTURES IV-QP, L.P.
    
	
 
    	
 
    
	
 
    	
By:   
    	
MPM   BioVentures IV GP LLC
    
	
 
    	
Its:   
    	
General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
MPM   BioVentures IV LLC
    
	
 
    	
Its:   
    	
Managing   Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James P. Scopa
    
	
 
    	
Name:
    	
James   P. Scopa
    
	
 
    	
Title:
    	
Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MPM   BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
    
	
 
    	
 
    
	
 
    	
By:   
    	
MPM   BIOVENTURES IV GP LLC, in its capacity
    
	
 
    	
Its:   
    	
the   Managing Limited Partner
    
	
 
    	
 
    	
 
    
	
 
    	
By:   
    	
MPM   BIOVENTURES IV LLC
    
	
 
    	
Its:
    	
Managing   Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James P. Scopa
    
	
 
    	
Name:
    	
James   P. Scopa
    
	
 
    	
Title:
    	
Member
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MPM   ASSET MANAGEMENT INVESTORS BV4 LLC
    
	
 
    	
By:   
    	
MPM   BIOVENTURES IV LLC, its Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James P. Scopa
    
	
 
    	
Name:
    	
James   P. Scopa
    
	
 
    	
Title:
    	
Member
    
				

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
JOHNSON &   JOHNSON DEVELOPMENT
    
	
 
    	
CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael P. Chuisano for Brad Vale
    
	
 
    	
 
    	
Name:
    	
Brad   Vale
    
	
 
    	
 
    	
Title:
    	
Vice   President
    

 

	
Address:
    	
 
    	
6500   Paseo Padre Dr.
    
	
 
    	
 
    	
Fremont,   CA 94555
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
With a Copy to:
    	
 
    	
Attn:   Jayne Zall
    
	
 
    	
 
    	
Assistant   General Counsel
    
	
 
    	
 
    	
One   Johnson & Johnson Plaza
    
	
 
    	
 
    	
New   Brunswick, NJ 08933
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
/s/ Michael DeMane
    
	
 
    	
MICHAEL DEMANE
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
AMV   PARTNERS II, L.P.
    
	
 
    	
 
    
	
 
    	
By:   
    	
Accuitive   Medical Ventures II, LLC
    
	
 
    	
Its:   
    	
General   Partner
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Charles Larsen
    
	
 
    	
 
    	
Name:   Charles Larsen
    
	
 
    	
 
    	
Title:   Managing Director
    
				

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
ABERDARE   VENTURES III, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Aberdare   GP III, LLC
    
	
 
    	
Its:
    	
General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John H. Odden
    
	
 
    	
 
    	
 
    	
Name:   John H. Odden
    
	
 
    	
 
    	
 
    	
Title:   Manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
ABERDARE   PARTNERS III, LP
    
	
 
    	
 
    
	
 
    	
By:
    	
Aberdare   GP III, LLC
    
	
 
    	
Its:
    	
General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ John H. Odden
    
	
 
    	
 
    	
 
    	
Name:   John H. Odden
    
	
 
    	
 
    	
 
    	
Title:   Manager
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

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

 

 

	
 
    	
BAY   CITY CAPITAL FUND IV, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
Bay   City Capital Management IV LLC
    
	
 
    	
Its:
    	
General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Bay   City Capital LLC
    
	
 
    	
 
    	
Its:
    	
Manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Fred Craves
    
	
 
    	
 
    	
 
    	
Name:   Fred Craves
    
	
 
    	
 
    	
 
    	
Title:   Authorized Signatory
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
BAY   CITY CAPITAL FUND IV
    
	
 
    	
CO-INVESTMENT   FUND, L.P.
    
	
 
    	
 
    
	
 
    	
By:
    	
Bay   City Capital Management IV LLC
    
	
 
    	
Its:
    	
General   Partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
Bay   City Capital LLC
    
	
 
    	
 
    	
Its:
    	
Manager
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Fred Craves
    
	
 
    	
 
    	
 
    	
Name:   Fred Craves
    
	
 
    	
 
    	
 
    	
Title:   Authorized Signatory
    

 

SIGNATURE PAGE TO NEVRO CORP.

AMENDMENT TO AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

 

SCHEDULE 1

 

STOCKHOLDER LEDGER

 

	
Name/Address:
    	
 
    	
No. of Shares
   of
   Common
   Stock
    	
 
    	
No. of Shares of
   Series A
   Preferred Stock
    	
 
    	
No. of Shares of
   Series B
   Preferred Stock
    	
 
    	
No. of Shares of
   Series C
   Preferred Stock
    	
 
    
	
Novo A/S 
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
47,516,198
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Johnson   & Johnson Development Corporation

Attn: Brad Vale

6500 Paseo Padre Dr.

Fremont, CA 94555

 

With a Copy to:

Attn: Jayne Zall

Assistant General Counsel

One Johnson & Johnson Plaza

New Brunswick, NJ 08933
    	
 
    	
—
    	
 
    	
—
    	
 
    	
66,964,285
    	
 
    	
5,923,871
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bay   City Capital Fund IV, L.P.

Attention: Carl Goldfischer

750 Battery Street

Suite 400

San Francisco, CA    94111
    	
 
    	
562,868
    	
 
    	
30,548,195
    	
 
    	
16,387,835
    	
 
    	
4,591,539
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Bay   City Capital Fund IV Co-Investment Fund, L.P.

Attention: Carl Goldfischer
   750 Battery Street
   Suite 400
   San Francisco, CA  94111
    	
 
    	
12,132
    	
 
    	
658,461
    	
 
    	
353,236
    	
 
    	
98,970
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Three   Arch Partners IV, L.P.

Attention:    Bill Harrington

3200 Alpine Road

Portola Valley, CA  94028
    	
 
    	
97,840
    	
 
    	
30,532,495
    	
 
    	
16,379,412
    	
 
    	
4,897,841
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Three   Arch Associates IV, L.P.

Attention:    Bill Harrington

3200 Alpine Road

Portola Valley, CA  94028
    	
 
    	
2,160
    	
 
    	
674,161
    	
 
    	
361,659
    	
 
    	
108,145
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Mayo   Foundation for Medical Education and Research

Attn: Jeffrey Torborg

200 1st Street SW

Rochester, MN 55905
    	
 
    	
1,000,000
    	
 
    	
2,747,252
    	
 
    	
—
    	
 
    	
—
    	
 
    

 

 

	
Name/Address:
    	
 
    	
No. of Shares
   of
   Common
   Stock
    	
 
    	
No. of Shares of
   Series A
   Preferred Stock
    	
 
    	
No. of Shares of
   Series B
   Preferred Stock
    	
 
    	
No. of Shares of
   Series C
   Preferred Stock
    	
 
    
	
Mayo   Clinic

Attn: Jeffrey Torborg

200 1st Street SW

Rochester, MN 55905
    	
 
    	
—
    	
 
    	
2,747,252
    	
 
    	
1,116,071
    	
 
    	
621,875
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MPM   BioVentures IV GmBH & Co. Beteiligungs KG

c/o MPM Capital

The John Hancock Tower

200 Clarendon Street, 54th Floor

Boston, MA 02116
    	
 
    	
—
    	
 
    	
346,711
    	
 
    	
185,995
    	
 
    	
62,389
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MPM   BioVentures IV-QP, L.P.

c/o MPM Capital

The John Hancock Tower

200 Clarendon Street, 54th Floor

Boston, MA 02116
    	
 
    	
—
    	
 
    	
8,999,431
    	
 
    	
4,827,821
    	
 
    	
1,619,423
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MPM   Asset Management Investors BV4 LLC

 c/o MPM   Capital

The John Hancock Tower

200 Clarendon Street, 54th Floor

Boston, MA 02116
    	
 
    	
—
    	
 
    	
255,904
    	
 
    	
137,282
    	
 
    	
46,049
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Konstantinos Alataris

411 Acacia Avenue

Palo Alto, CA  94306
    	
 
    	
12,151,745
    	
*
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Michael   Masterson

750 Battery Street

Suite 400

San Francisco, CA 94111
    	
 
    	
70,939
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Aberdare   Ventures III, L.P.

Attention: Paul Klingenstein

Aberdare Ventures

One Embarcadero Center

Suite 4000

San Francisco, CA 94111
    	
 
    	
—
    	
 
    	
26,972,070
    	
 
    	
10,904,468
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Aberdare   Partners III, L.P.

Attention: Paul Klingenstein

Aberdare Ventures

One Embarcadero Center

Suite 4000

San Francisco, CA 94111
    	
 
    	
—
    	
 
    	
633,817
    	
 
    	
256,246
    	
 
    	
—
    	
 
    

 

 

	
Name/Address:
    	
 
    	
No. of Shares
   of
   Common
   Stock
    	
 
    	
No. of Shares of
   Series A
   Preferred Stock
    	
 
    	
No. of Shares of
   Series B
   Preferred Stock
    	
 
    	
No. of Shares of
   Series C
   Preferred Stock
    	
 
    
	
AMV   Partners II, L.P.

Attention: Gordon Wyatt

AMV Partners II LP

2905 Premiere Parkway, 

Suite 150

Duluth, GA 30097
    	
 
    	
—
    	
 
    	
24,005,120
    	
 
    	
12,877,747
    	
 
    	
3,565,327
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Mark   B. Knudson

c/o EnteroMedics

2800 Patton Road

St. Paul, MN  55113
    	
 
    	
—
    	
 
    	
206,043
    	
 
    	
—
    	
 
    	
17,029
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Mark   B. Knudson Revocable Trust

Mark B. Knudson, Trustee

Dorsey & Whitney Trust   Company, LLC, Trustee

c/o EnteroMedics

2800 Patton Road

St. Paul, MN  55113
    	
 
    	
400,000
    	
 
    	
139,389
    	
 
    	
—
    	
 
    	
11,520
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Susan   J. Knudson Revocable Trust

Susan J. Knudson, -Trustee

Dorsey & Whitney Trust   Company, LLC, Trustee

c/o EnteroMedics

2800 Patton Road

St. Paul, MN  55113
    	
 
    	
—
    	
 
    	
138,325
    	
 
    	
—
    	
 
    	
11,433
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Sarah   Brenzel Conrad

12557 Riverview Road

Eden Prairie, MN    55347
    	
 
    	
290,000
    	
 
    	
144,972
    	
 
    	
61,988
    	
 
    	
17,105
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Adrianus   P. Donders

15089 Crane Street

Andover, MN  55304
    	
 
    	
250,000
    	
 
    	
139,389
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Robert S. Nickoloff
    	
 
    	
100,000
    	
 
    	
69,644
    	
 
    	
—
    	
 
    	
5,756
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
James   R. Thacker and Kate Ward Thacker

4529 Thunder Ridge

Eureka, MO    63025
    	
 
    	
141,872
    	
 
    	
549,450
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Michael DeMane

c/o Nevro Corp.

4040 Campbell Avenue #210

Menlo Park, California  94025
    	
 
    	
13,403,954
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    

 

 

	
Name/Address:
    	
 
    	
No. of Shares
   of
   Common
   Stock
    	
 
    	
No. of Shares of
   Series A
   Preferred Stock
    	
 
    	
No. of Shares of
   Series B
   Preferred Stock
    	
 
    	
No. of Shares of
   Series C
   Preferred Stock
    	
 
    
	
Andrew Galligan

c/o Nevro Corp.

4040 Campbell Avenue #210

Menlo Park, California  94025
    	
 
    	
3,639,843
    	
**
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Andre   Walker

c/o Nevro Corp.

4040 Campbell Avenue #210

Menlo Park, California  94025
    	
 
    	
4,136,186
    	
**
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
NEA   Ventures 2013, Limited Partnership

1954 Greenspring Drive

Suite 600

Timonium, MD 21093
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
53,996
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
New   Enterprise Associates 14, L.P.

1954 Greenspring Drive

Suite 600

Timonium, MD 21093
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
30,183,584
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Covidien   Group S.a.r.l.

3b,   bd Prince Henri

Luxembourg, L-1724

Luxembourg
    	
 
    	
—
    	
 
    	
—
    	
 
    	
—
    	
 
    	
4,319,654
    	
 
    

 

   *  Includes options to purchase 10,926,742 shares of Common Stock

 

**   Options to purchase Common StockEX-4.10

 Exhibit 4.10 

SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture (the “Supplemental Indenture”), dated as of
[—], 2014, to the Indenture referred to below, is by and among Great Western Bancorporation, Inc., an Iowa corporation (the “Company”), Great Western Bancorp, Inc., a Delaware
corporation (the “Successor Company”), and The Bank of New York Mellon Trust Company, National Association, a national banking association organized under the laws of the United States of America, as trustee (herein, together with
its successors in interest, the “Trustee”). 
 RECITALS 

A. The Company (as successor to Sunstate Bancshares, Inc.) and the Trustee (as successor in interest to JPMorgan Chase Bank, National
Association) are parties to that certain Indenture, dated as of June 1, 2005 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), providing for the issuance by the Company of Junior Subordinated
Debt Securities due June 15, 2035 (the “Debt Securities”). 
 B. The Company and the Successor Company have entered
into an Agreement and Plan of Merger, dated [—], 2014, pursuant to which the Company will merge with and into the Successor Company (the “Merger”), whereupon the separate corporate
existence of the Company will cease and the Successor Company will continue its corporate existence under the laws of the State of Delaware as the surviving corporation. 

C. Articles IX and XI of the Indenture authorize the Company and the Trustee, without the consent of any Securityholder, to enter into a
supplemental indenture to evidence the succession of another corporation to the Company and the assumption by any such successor of the covenants of the Company contained in the Indenture and the Debt Securities. 

D. The Company and the Successor Company desire to supplement the Indenture so that the Successor Company expressly assumes all the
obligations of the Company under the Indenture, the Debt Securities, the Capital Securities Guarantee and the Declaration upon the Merger. 

E. The Board of Directors of the Company has authorized the Company to enter into this Supplemental Indenture with the Trustee, as evidenced
by the Board Resolutions delivered to the Trustee on or prior to the date hereof. 
 F. The Board of Directors of the Successor Company has
authorized the Successor Company to enter into this Supplemental Indenture with the Trustee. 
 NOW,
THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the Company, the
Successor Company and the Trustee hereby agree as follows: 

 Article I 

DEFINITIONS 

Section 1.1 Definitions. Capitalized terms used in this Supplemental Indenture and not otherwise defined herein shall have the
meanings assigned to such terms in the Indenture. 
 Article II 

ASSUMPTION OF OBLIGATIONS; SUBSTITUTION 

Section 2.1 Successor under the Indenture. 

(a) Pursuant to, and in compliance and accordance with, Articles IX and XI of the Indenture, the Successor Company hereby
expressly assumes, concurrent with the Merger, all of the obligations of the Company under the Debt Securities, the Indenture, the Capital Securities Guarantee and the Declaration. 

(b) Pursuant to Section 11.02 of the Indenture, the Successor Company shall succeed to and be substituted for, and may
exercise every right and power of, the Company under the Indenture, with the same effect as if the Successor Company had been named as the Company in the Indenture and the Debt Securities. 

Section 2.2 Amendment to the Indenture and the Debt Securities. Upon the effectiveness of this Supplemental Indenture: 

(a) References in the Indenture and in the Debt Securities to the “Company” shall be deemed to be references to Great
Western Bancorp, Inc. and its successors and permitted assigns; 
 (b) References in the Indenture to “this
Indenture,” “hereunder,” “herein,” “hereof” or other words of similar import will be deemed to reference the Indenture, as affected, amended and supplemented hereby; and 

(c) References in the Debt Securities to the “Indenture,” including (without limitation) each term defined by
reference to the Indenture, shall be deemed to reference the Indenture or such term, as the case may be, as affected, amended and supplemented hereby. 

Article III 

MISCELLANEOUS 

Section 3.1 Notice. The first sentence of Section 14.04 of the Indenture is amended and restated in its entirety as set forth
below: 
 “Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee
or by the Securityholders on or to the Company may be given or served in writing, duly signed by the party giving such notice, and shall be delivered, telecopied (which telecopy shall be followed by notice delivered or mailed by first class mail) or
mailed by first class mail to the Company at: 
 Great Western Bancorp, Inc. 

100 North Phillips Avenue 
 Sioux
Falls, South Dakota 57104 
 Attention: Corporate Secretary.” 

  
 -2- 

 Section 3.1 Effectiveness of Supplemental Indenture. This Supplemental Indenture
shall be effective upon its execution and delivery hereof and shall be binding upon the parties hereto and their respective successors and assigns. This Supplemental Indenture supplements the Indenture and shall be a part and subject to all the
terms thereof. Except as supplemented hereby, all of the terms, provisions and conditions of the Indenture and the Debt Securities issued thereunder shall continue in full force and effect. 

Section 3.2 Concerning the Trustee. The Trustee shall not be responsible either for any recital herein, as such recitals shall be
taken as statements of the Successor Company or the Company, or for the validity of the execution by the Successor Company or the Company of this Supplemental Indenture. The Trustee makes no representations as to the validity or sufficiency of this
Supplemental Indenture. 
 Section 3.3 Interpretation. 

(a) In this Supplemental Indenture, unless a clear contrary intention appears, (i) the words “herein,”
“hereof” or other words of similar import will be deemed to reference this Supplemental Indenture as a whole and not any particular section or subdivision of this Supplemental Indenture, and (ii) references to any Person include such
Person’s successors and assigns, but only to the extent such successors and assigns are permitted by this Supplemental Indenture and the Indenture. 

(b) In the event of an ambiguity or a question of intent or interpretation, this Supplemental Indenture shall be construed as
if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any such party by virtue of the authorship of any provision of this Supplemental Indenture. 

(c) The headings contained in this Supplemental Indenture are for reference purposes only and do not limit or otherwise affect
any of the provisions of this Supplemental Indenture. 
 Section 3.4 Counterparts. This Supplemental Indenture may be executed
in any number of counterparts, each of which shall be deemed an original, but all of which shall together constitute one and the same instrument. 

Section 3.5 Governing Law. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State
of New York, without regard to the conflicts of law principles thereof. 
 Section 3.6 FATCA. For purposes of determining whether
withholding taxes imposed under Section 1471 of the Internal Revenue Code of 1986, as amended, apply to any payment made by the Company under this Agreement from and after the effective date of this Supplemental Indenture, the Company hereby
certifies to the Trustee that the Indenture, as modified by this Supplemental Indenture, continues to be treated as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.147-2(b)(2)(i) and Temporary Treasury
Regulation Section 1.1471-2T(b)(2)(i). 
 [Signature page follows.] 

  
 -3- 

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

			
	GREAT WESTERN BANCORPORATION, INC.
		
	By:	 	  

	Name:	 	Peter Chapman
	Title:	 	Vice President & Chief Financial Officer
	
	GREAT WESTERN BANCORP, INC.
		
	By:	 	  

	Name:	 	Ken Karels
	Title:	 	President & CEO
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL
ASSOCIATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page – Second Supplemental Indenture]

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