Document:

Exhibit 10.3

 

Executive
EMPLOYMENT AGREEMENT

 

This Executive
Employment Agreement (the “Agreement”)
is entered into as of April 16, 2014 (the “Effective Date”) between RegeneRx
Biopharmaceuticals, Inc., a Delaware corporation (the “Company”), and Dane
Saglio (the “Executive”).

 

Recitals

 

Whereas,
the parties previously entered into an amended Consulting Agreement effective January 1, 2014 and now desire to enter into an Executive
Employment Agreement;

 

Whereas,
Executive possesses substantial knowledge and experience with respect to the Company’s business; and

 

Whereas,
the Company desires to continue to employ Executive to have the benefits of his expertise and knowledge and Executive, in turn,
desires to remain in employment with the Company;

 

Now,
Therefore, in consideration of the mutual covenants and representations contained in this Agreement, the Company
and Executive agree as follows:

 

Agreement

 

1.   
       Employment Of Executive;
Position. The Company agrees to employ Executive and Executive agrees to be employed by the Company as the Chief
Financial Officer subject to the terms and conditions of this Agreement. In connection therewith, Executive shall devote his
best efforts, experience and judgment and sufficient business time and attention to
fully discharge his duties and responsibilities, to the business of the Company.

 

2.    
      Term Of Employment And
Renewal. The term of Executive’s employment hereunder is for an initial term of one (1) year from April 1,
2014 (the “Initial Term”). Subject to the provisions of Section 13 of this Agreement, the Initial
Term of this Agreement has been and shall be automatically extended for successive one (1) year periods (each a “Renewal
Period”) unless the Company or Executive gives written notice to the other at least thirty (30) days prior to
the expiration of a Renewal Period, of such party’s election not to extend this Agreement. References herein to the
“Term” shall mean the Initial Term as it may be so extended by one or more Renewal Periods. The
last day of the Term is the “Expiration Date.”

 

3.   
       Duties. During the
Term, Executive shall serve in an executive capacity and shall perform such duties and responsibilities as are
customarily associated with his position and such other duties not inconsistent with his title and position and as may be
assigned to him by the Company. Executive shall act in conformity with the written and oral policies of the Company and
within the limits, budgets, business plans and instructions as set by its Board of Directors (the “Board”).
Executive shall be subject to the authority of the Board and the Company’s duly appointed officers.

 

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4.     
     Place Of Employment. Executive
acknowledges that the Company’s offices and headquarters are currently located in the County of Montgomery, State of
Maryland and that shall be the initial site of Executive’s employment.

 

5.    
      Other Employment
Policies. The employment relationship between the parties shall also be governed by the general
employment policies and practices of the Company, including those relating to protection of confidential information and
assignment of inventions, except that when the terms of this Agreement differ from or are in conflict with the
Company’s general employment policies or practices, this Agreement shall control.

 

6.     
     Compensation.

 

6.1           Base
Salary. Executive shall receive an annual base salary of One Hundred Twenty Thousand U.S. Dollars (US$ 120,000) (the
“Base Salary”), subject to standard federal and state payroll withholding requirements. The Base Salary
shall be payable in equal periodic installments which are not less than on a monthly basis. The Base Salary shall not be adjusted
downward without the written consent of Executive, except in a circumstance which is part of a general reduction or other concessionary
arrangement affecting all employees or affecting senior executive officers. Base salary for executive to be effective as of April
16, 2014.

 

6.2           Bonus.
Executive shall be eligible to receive an annual bonus in such amount as shall be determined in the sole discretion of the Board.

 

7.     
     Stock.

 

7.1           Stock
Options. To date, Executive has been granted options (the “Options”) to purchase shares of the Company’s
common stock pursuant to the Company’s 2010 Stock Option and Incentive Plan (“Plan”). Additionally,
and from time to time at the sole discretion of the Company’s Board, the Company may make additional stock option awards
to Executive (the “Additional Options”). Subject to the provisions below regarding accelerated vesting
of option grants, the specific terms and conditions of the Option and any Additional Options will be as set forth in the Plan,
and any stock option agreement between Executive and the Company.

 

7.2           Acceleration
Clause For Stock Vesting. In the event of (a) Executive’s termination from employment without Cause as that term is defined
in Section 13.2 of this Agreement; or (b) a Change of Control event as is set forth under Section 12.1 of this Agreement, all of
Executive’s Options and any Additional Options shall be immediately vested and become exercisable in full. Additionally,
and without in any way limiting the foregoing, Executive's Options and any Additional Options will also become immediately vested
and become exercisable in full in the event of a "Change of Control" (or any similar term provided for
in the Applicable Plan) as defined under the terms of the equity plan (the "Applicable Plan") pursuant to which such
option was granted.

 

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8.      
    Benefits. Executive shall be entitled
to (i) participate in and receive all standard employee benefits under applicable Company welfare benefits plans and programs
(if and when such benefits are established by the Company) to the same extent as other senior executives of the Company; (ii)
participate in all applicable incentive plans, including stock option, stock, bonus, savings and retirement plans provided by
the Company (if and when such plans are established by the Company), which are offered to senior executive officers in
the Company (provided, however, that the Company is not obligated to award any particular type or amount of
equity to Executive); (iii) receive such perquisites as the Company may establish from time to time which are commiserate
with Executive’s position and comparable to those received by other senior executives of the Company; (iv) paid
vacation of at least four (4) weeks per annum; and (v) holidays, leaves of absence and leaves for illness and temporary
disability in accordance with the policies of the Company and federal, state and local law. At the time this contract is
executed the Company does not have a health insurance
plan, therefore the Company shall reimburse the Executive for health or life insurance premiums up to $400 per month. If in
the future the Company does offer health insurance to employees, Executive will have the option of joining the Company
sponsored plan or continue to receive reimbursement for health insurance premiums up to $400 per month. To the extent
required by the Internal Revenue Code of 1986, as amended, insurance payments made by the Company on behalf of Executive or
reimbursed by the Company shall be taxable and subject to applicable withholding.

 

9.      
    Outside Activities.

 

9.1           Other
Employment/Enterprise. Except with the prior written consent of the Company’s Board, Executive will not while employed
by the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive
is a passive investor, provided however, that Executive may engage in limited consulting arrangements as long as such consulting
arrangements do not adversely impact Executive’s performance or responsibilities for the Company and are not in competition
or conflict with the Company’s research, services, or products, in the sole opinion of the Company. Executive will inform
the Company of the scope of any such consulting engagements prior to engaging in such work and provide written updates whenever
there is a change in the consulting services or annually, whichever occurs first as to the status
of all such engagements. Executive may engage in civic and not-for-profit activities or serve as a member of a not-for-profit or
for-profit board of directors so long as such activities do not materially interfere or conflict with the performance of his duties
hereunder.

 

9.2           Conflicting
Interests. Except as permitted by Section 9.3, while employed by the Company, Executive agrees not to acquire, assume or participate
in, directly or indirectly, any position, investment or interest known by him to be adverse or antagonistic to the Company, its
business or prospects, financial or otherwise.

 

9.3           Competing
Enterprises. While employed by the Company, except on behalf of the Company, Executive will not directly or indirectly, whether
as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever
engage in, become financially interested in, be employed by or have any business connection with any other person, corporation,
firm, partnership or other entity whatsoever which are known by him to compete directly with the Company, throughout the world,
in any line of business engaged in (or planned to be engaged in) by the Company; provided, however, that anything above to the
contrary notwithstanding, he may own, as a passive investor, securities of any public competitor corporation, so long as his direct
holdings in any one such corporation shall not in the aggregate constitute more than 1% of the voting stock of such corporation.

 

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10.         Proprietary
Information, Nonsolicitation, Noncompetition And Inventions Assignment Obligations. As a condition of employment, Executive
agrees to execute and abide by the Proprietary Information, Nonsolicitation, Noncompetition and Inventions Assignment Agreement
attached as Exhibit A to this Agreement.

 

11.         Former
Employment.

 

11.1         No
Conflict With Existing Obligations. Executive represents that his performance of all the terms of this Agreement and as an
employee of the Company does not and will not breach any agreement or obligation of any kind made prior to his employment by the
Company, including agreements or obligations he may have with prior employers or entities for which he has provided services or
any such agreements in the future as define in Section 9.1 of this Agreement. Executive has not entered into, and agrees he will
not enter into, any agreement or obligation either written or oral in conflict herewith.

 

11.2         No
Disclosure Of Confidential Information. If, in spite of the second sentence of Section 11.1, Executive should find that confidential
information belonging to any former employer might be usable in connection with the Company’s business, Executive will not
intentionally disclose to the Company or use on behalf of the Company any confidential information belonging to any of Executive’s
former employers (except in accordance with agreements between the Company and any such former employer); but during Executive’s
employment by the Company he will use in the performance of his duties all information which is generally known and used by persons
with training and experience comparable to his own and all information which is common knowledge in the industry or otherwise legally
in the public domain.

 

12.         Change
Of Control. 

 

12.1         Definition.
“Change of Control” shall be deemed to occur upon any of the following events:

 

(a)          the
sale of all or substantially all of the assets of the Company to an unrelated person or entity;

 

(b)          a
merger, reorganization or consolidation in which the holders of the Company’s outstanding voting power immediately prior
to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity, or its parent corporation,
immediately upon completion of such transaction;

 

(c)          the
sale of all of the capital stock of the Company to an unrelated person or entity;

 

(d)          if
any individual, firm, corporation, or other entity, or any group (as defined in Section 13(d) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”, other than (1) a trustee or other fiduciary holding securities
of the Company under an employee benefit plan of the Company or (2) Executive, becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of (A) the
outstanding shares of common stock of the Company, or (B) the combined voting power of the Company’s then-outstanding securities
entitled to vote generally in the election of directors, or

 

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(e)          any
other transaction in which the owners of the Company’s outstanding voting power prior to such transaction do not own at least
a majority of the outstanding voting power of the relevant entity after the transaction, in each case, regardless of the form thereof.

 

In all cases, the determination
of whether a Change of Control has occurred shall be made in accordance with Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), and the regulations, notices, and other guidance of general applicability issued thereunder.

 

12.2         Severance.

 

(a)          In
the event that Executive’s employment with the Company is involuntarily terminated within 12 months after a Change of Control
event, as defined in Section 12.1, or within 12 months after a Change of Control event Executive resigns his employment for “Good
Reason” as defined in Section 13.5, then the Company shall (i) pay to Executive on the Release Effective Date (as
defined below), in a lump sum cash payment, an amount equal to his annual Base Salary in effect on the date of his termination
from employment, less any applicable federal and state taxes and withholdings, and (ii) to
the extent that Executive is eligible for and participates in a Company sponsored health insurance plan the Company shall pay or
reimburse Executive for the amount of any insurance premiums for a twelve-month period beginning on the Release Effective Date,
but these payments shall be limited to the amount of the premiums being paid by the Company for Executive’s coverage or the
amount being reimbursed for insurance premiums immediately prior to the date of his termination from employment; provided, however,
that if the Company determines, in its sole discretion, that the payment of the insurance premiums would result in a violation
of the nondiscrimination rules of Code Section 105(h)(2) or any statute or regulation of similar effect (including but not limited
to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), or
if otherwise required by the Code, then the Company may, in its sole discretion, elect to pay Executive on the first day of each
month during such twelve-month period a fully taxable cash payment equal to the insurance premiums for that month, subject to applicable
tax withholdings, which Executive may, but is not obligated to, use toward the cost of health insurance coverage. To receive any
severance pay and benefits pursuant to this Section 12.2(a) (collectively, the “Change of Control Severance”) (other
than Accrued Compensation, as defined below), Executive shall first be required to execute and deliver to the Company a valid and
fully effective general waiver and release of any claims against the Company, its affiliates, officers, directors, agents and employees
in a form satisfactory to the Company, in accordance with the provisions of the Older Workers’ Benefit Protection Act, as
amended (the “General Release”). The date upon which the General
Release is executed and delivered to the Company, and can no longer be revoked, is referred to as the “Release Effective
Date.”

 

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(b)          In
the event the Executive’s employment is terminated without Cause, as defined in Section 13.1 of this Agreement, the Company
shall pay Executive on the Release Effective Date, severance pay (“Severance Pay”) as follows: (i) a lump sum payment
in an amount equal to one-half of the Executive’s then annual base salary if within the first anniversary date of this Agreement;
or (ii) a lump sum payment in an amount equal to three-fourths of the Executive’s then annual base salary if within the first
anniversary date and second anniversary date of this Agreement; or (iii) a lump sum payment in an amount equal to the Executive’s
then annual base salary if any time after the second anniversary date of this Agreement, less all federal and state withholdings.
To receive such payment, the Executive will be required to execute a general release of liability with the Company substantially
in the form attached hereto as Exhibit B (and as may be amended or modified prior to execution by the Company to comply with changing
laws or legal norms) on or before the effective date of termination (the “General Release”). To the extent that Executive
is eligible for and participates in a Company sponsored health insurance plan the Company shall pay or reimburse Executive for
the amount of any insurance premiums for a twelve-month period beginning on the Release Effective Date, but these payments shall
be limited to the amount of the premiums being paid by the Company for Executive’s coverage or the amount being reimbursed
for insurance premiums immediately prior to the date of his termination from employment; provided, however, that if the Company
determines, in its sole discretion, that the payment of the insurance premiums would result in a violation of the nondiscrimination
rules of Code Section 105(h)(2) or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), or if otherwise required by the
Code, then the Company may, in its sole discretion, elect to pay Executive on the first day of each month during such twelve-month
period a fully taxable cash payment equal to the insurance premiums for that month, subject to applicable tax withholdings, which
Executive may, but is not obligated to, use toward the cost of health insurance coverage (the “Severance Benefits,”
and together with the Severance Pay, “Severance”).

 

(c)          By
no later than two weeks after the date of Executive’s termination from employment under this Section (or earlier if required
by applicable law or the Company’s policies), the Company shall pay to Executive any Accrued Compensation. “Accrued
Compensation” shall mean any Base Salary owed to Executive for services performed before the date of his termination
from employment, any bonuses earned, if any, for bonus periods that have concluded prior to the date of his termination (and not
including bonuses for the period in which Executive’s termination occurs, unless otherwise provided by the Company in its
discretion), or any unused vacation or personal time in accordance with the applicable policies of the Company.

 

13.         Termination.
The parties acknowledge that Executive’s employment with the Company is at-will. The provisions of Sections 13.1 through
13.5 govern the amount of compensation, if any, to be provided to Executive upon termination of employment in circumstances other
than those governed by Section 12 above and do not alter this at-will status.

 

13.1         Termination
By The Company Without Cause.

 

(a)          The
Company shall have the right to terminate Executive’s employment with the Company at any time without Cause (as that term
is defined in Section 13.2) by giving notice as described in Section 13.7 of this Agreement. Termination of employment on account
of Executive’s death or inability to perform his duties shall be governed by Section 13.4 below.

 

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(b)          In
the event Executive’s employment is terminated without Cause, he shall receive any Accrued Compensation, and shall be entitled
to receive the Severance under the terms of Section 12.2(b) above.

 

13.2         Termination
by Company for Cause.

 

(a)          The
Company, by action of its Board, may terminate Executive’s employment under this Agreement for Cause at any time by giving
notice as described in Section 13.7 of this Agreement.

 

(b)          “Cause”
for termination means: (i) refusal, failure or neglect to perform the material duties of his employment under this Agreement (other
than by reason of Executive’s physical or mental illness or impairment); (ii) willful dishonesty, fraud, embezzlement or
misconduct with respect to the business or affairs of the Company; (iii) indictment or conviction of a felony or of any crime
involving dishonesty or moral turpitude; or (iv) Executive’s refusal to abide by or comply with the directives of the Board
so long as those directives are lawful and ethical.

 

(c)          In
the event Executive’s employment is terminated at any time with Cause, he will not receive any Severance or Change of Control
Severance under Section 12.2 or otherwise, or any additional compensation other than his Accrued Compensation, if any.

 

13.3         Voluntary
Termination By Executive.

 

(a)          Executive
may voluntarily terminate his employment with the Company at any time by giving notice as described in Section 13.7.

 

(b)          In
the event Executive voluntarily terminates his employment (other than for Good Reason after a Change of Control event or for Good
Reason as that term is defined in Section 13.5 below), he will not receive any Severance or Change of Control Severance under Section
12.2 or otherwise, or any additional compensation other than his Accrued Compensation, if any.

 

13.4         Termination
for Inability to Regularly Perform Duties.

 

(a)          This
Agreement shall terminate automatically in the event of Executive’s death. The Company may terminate Executive’s employment
in the event of his illness, disability or other incapacity in such a manner that Executive is rendered unable to perform the essential
duties of his position, with or without a reasonable accommodation for more than either One hundred twenty (120) consecutive days
or more than a total of one hundred eighty (180) days in any consecutive twelve (12) month period, unless otherwise prohibited
by any applicable federal, state, or local law or ordinance.

 

(b)          The
determination regarding whether Executive is unable regularly to perform his duties under (a) above shall be made by a doctor mutually
acceptable to Executive and the Company. Executive’s inability to be physically present on the Company’s premises shall
not constitute a presumption that Executive is unable to perform such duties.

 

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(c)          In
the event Executive’s employment is terminated because of his death or inability to regularly perform his duties as described
in Section 13.4(a), the termination shall be deemed a termination of Executive’s employment without Cause and Executive shall
be entitled to receive the Severance under the terms of Section 12.2(b).

 

13.5         Resignation
By Executive For Good Reason. Executive may resign his employment for “Good Reason” by giving notice
as described in Section 13.7 of this Agreement.

 

(a)          “Good
Reason” is defined as (i) a material change in Executive’s function, duties, or responsibilities with the Company,
which change would cause Executive’s position to become one of lesser responsibility, importance, or scope from the position
and attributes thereof, unless consented to by Executive, (ii) a relocation of Executive’s principal place of employment
by more than 60 miles from its location at the effective date of this Agreement, unless consented to by Executive, (iii) a material
reduction in the benefits and perquisites to Executive from those being provided as of the effective date of this Agreement, unless
consented to by Executive, or (iv) any material failure by the Company to pay or provide the compensation and benefits under this
Agreement except any such circumstance which is part of a general reduction or other concessionary arrangement affecting all employees
or affecting senior executive officers. In each such event listed in (i) through (iv) above, Executive shall give the Company notice
thereof by no later than ninety (90) days after the initial occurrence of the event or condition allegedly constituting Good Reason
which shall specify in reasonable detail the circumstances constituting Good Reason. There shall be no Good Reason with respect
to any such event or condition cured by the Company within thirty (30) days after such notice. If the Company fails to cure such
event or condition within this thirty (30) day period, Executive must terminate employment under this provision within ninety
(90) days after the cure period has expired (and thereafter Executive may no longer terminate his employment for a Good Reason
based upon the event or condition that was not cured).

 

(b)          In
the event of Executive’s resignation for a Good Reason the resignation shall be deemed a termination of Executive’s
employment without Cause and Executive shall be entitled to receive Severance or the Change of Control Severance, as the case may
be, under the terms of Section 12.2. 

 

13.6         Non-renewal
of the Agreement. Non-renewal of this Agreement initiated by the Company in accordance with Section 2 above resulting in the
termination of Executive’s employment by the Company, or resulting in Executive’s demotion, shall be deemed a termination
of Executive’s employment without Cause and Executive shall be entitled to receive Severance under the terms of Section 12.2(b).
If Executive initiates a non-renewal of this Agreement in accordance with Section 2 above, he shall not be entitled to any Severance
or Change of Control Severance, as the case may be, from the Company.

 

13.7         Notice;
Effective Date of Termination. Termination of Executive’s employment pursuant to this Agreement shall be effective on
the earliest of:

 

(a)          thirty
(30) days after Executive, for any reason, gives written notice to the Company of his termination;

 

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(b)          thirty
(30) days after the Company, without Cause, gives written notice to Executive of his termination, including for his inability to
perform services for a reason other than death; Executive will receive compensation through the 30-day notice period. However,
the Company reserves the right to require that Executive not perform any services or report to work during the 30-day notice period.

 

(c)          immediately
upon the Company giving written notice to Executive of his termination for Cause.

 

(d)          immediately
upon Executive giving written notice to the Company of his termination for a Good Reason (and after the cure period has expired).

 

Any notices provided
hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by
hand, telecopier, or telex) or the third day after mailing by first class mail, to the Company at its primary office location and
to Executive at his address as listed on the Company payroll.

 

14.         Application
of Section 409A. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under this Agreement
that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended (“Code”) and the regulations and other guidance thereunder and any state law of similar effect
(collectively, “Section 409A”) shall not commence in connection with the Executive’s termination
of employment unless and until the Executive has also incurred a Separation From Service, unless the Company reasonably determines
that such amounts may be provided to the Executive without causing him to incur the additional 20% tax under Section 409A.

 

It is intended that
each installment of Severance or Change of Control Severance provided for in this Agreement is a separate “payment”
for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). For the avoidance of doubt, it is intended that the Severance and
Change of Control Severance set forth in this Agreement satisfy, to the greatest extent possible, the exceptions from the application
of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4) and 1.409A-1(b)(9).

 

If the Company (or,
if applicable, the successor entity thereto) determines that any payments or benefits constitute “deferred compensation”
under Section 409A and the Executive is, on the termination of service, a “specified employee” of the Company or any
successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary
to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the payments and benefits shall
be delayed until the earlier to occur of: (a) the date that is six months and one day after the Executive’s Separation From
Service, or (b) the date of the Executive’s death (such applicable date, the “Specified Employee Initial Payment
Date”). On the Specified Employee Initial Payment Date, the Company (or the successor entity thereto, as applicable)
shall (i) pay to the Executive a lump sum amount equal to the sum of the payments and benefits that the Executive would otherwise
have received through the Specified Employee Initial Payment Date if the commencement of the payment of such amounts had not been
so delayed pursuant to this Section and (ii) commence paying the balance of the payments and benefits in accordance with the applicable
payment schedules set forth in this Agreement.

 

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The Company’s
obligations to make any reimbursements or provide in-kind benefits to Executive shall be subject to the following restrictions:
(a) Executive must provide documentation of any reimbursable expenses in accordance with the Company’s then existing policies
and procedures, (b) the expenses paid or reimbursed by the Company in one calendar year shall not affect the expenses paid or reimbursed
in another calendar year, and (c) the reimbursement for any expenses shall be made within a reasonable period of time following
the date on which the Company receives written documentation of the expense, provided that all expenses will be reimbursed on or
before the last day of the calendar year following the calendar year in which the expense was incurred.

 

15.         Validity;
Complete Agreement. This Agreement and its Exhibit constitute the entire agreement between Executive and the Company.
This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supercedes
any prior oral discussions or written communications and agreements. This Agreement is entered into without reliance on any promise
or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by
an authorized officer of the Company.

 

16.         Waiver.
If either party should waive any breach of any provisions of this Agreement, he or it shall not thereby be deemed to have waived
any preceding or succeeding breach of the same or any other provision of this Agreement.

 

17.         Severability.
Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable
provisions had never been contained herein.

 

18.         Amendment.
This Agreement shall not be modified or amended except by written agreement of the parties hereto.

 

19.         Choice
Of Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the law of the State of Maryland
regardless of the choice of law provisions of the State of Maryland or any other jurisdiction. The Parties consent to the exclusive
jurisdiction of the federal and state courts in Maryland.

 

20.         Arbitration
Of Disputes. Any controversy or claim arising out of this Agreement or any aspect of Executive’s relationship
with the Company including the cessation thereof shall be resolved by arbitration in accordance with the then existing Employment
Dispute Resolution Rules of the American Arbitration Association, in Montgomery County, Maryland, and judgment upon the award rendered
may be entered in any court having jurisdiction thereof. The parties shall split equally the costs of arbitration, except that
each party shall pay its own attorneys’ fees. The parties agree that the award of the arbitrator shall be final and binding.

 

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21.         Indemnification.
During the term of this Agreement, Executive shall be entitled to coverage under any liability insurance procured by Company to
the same extent as other senior executives at the Company.

 

22.         Counterpart.
This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement.

 

23.         Delay;
Partial Exercise. No failure or delay by any party in exercising any right, power or privilege under this Agreement
shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, power or privilege.

 

24.         Successors
And Assigns.  This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the
Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any
of his duties hereunder and he may not assign any of his rights hereunder without the written consent of the Company, which shall
not be withheld unreasonably.

 

25.         Advice
Of Counsel. Executive and the Company hereby acknowledge that each party has had adequate opportunity to review this
Agreement, to obtain the advice of counsel with respect to this Agreement, and to reflect upon and consider the terms and conditions
of this Agreement. The parties further acknowledge that each party fully understands the terms of this Agreement and has voluntarily
executed this Agreement.

 

26.         Headings.
The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to
affect the meaning thereof.

 

27.         Survival.
Provisions of this Agreement which must survive the termination of this Agreement in order to effectuate the intent of the parties,
including, but not limited to, Sections 10, 12.2 and 13, shall continue in effect after the termination of the Agreement for a
sufficient period of time under the circumstances to effectuate the parties’ intent.

  

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In
Witness Whereof, the parties hereto have caused this Agreement to be executed as of the day and year first written above.

 

	 	“Executive”
	 	 
	 	Dane Saglio
	 	 
	 	 /s/ Dane Saglio
	 	By: Dane Saglio
	 	 
	 	“The Company”
	 	 
	 	RegeneRx Biopharmaceuticals, Inc.
	 	 
	 	 /s/ J. J. Finkelstein
	 	By: J.J. Finkelstein
	 	Chief Executive OfficerEX-4.1

 Exhibit 4.1 

FOURTH AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

Amended and Restated as of June 23, 2014 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
	1.	  	Definitions	  	 	1	  
			
	2.	  	Registration Rights	  	 	4	  
				
		  	2.1	  	Demand Registration	  	 	4	  
		  	2.2	  	Company Registration	  	 	5	  
		  	2.3	  	Underwriting Requirements	  	 	6	  
		  	2.4	  	Obligations of the Company	  	 	7	  
		  	2.5	  	Furnish Information	  	 	9	  
		  	2.6	  	Expenses of Registration	  	 	9	  
		  	2.7	  	Delay of Registration	  	 	9	  
		  	2.8	  	Indemnification	  	 	9	  
		  	2.9	  	Reports Under Exchange Act	  	 	11	  
		  	2.10	  	Limitations on Subsequent Registration Rights	  	 	12	  
		  	2.11	  	“Market Stand-off” Agreement	  	 	12	  
		  	2.12	  	Restrictions on Transfer	  	 	13	  
		  	2.13	  	Termination of Registration Rights	  	 	14	  
		  	2.14	  	Confidentiality	  	 	14	  
			
	3.	  	Miscellaneous	  	 	15	  
				
		  	3.1	  	Successors and Assigns	  	 	15	  
		  	3.2	  	Governing Law	  	 	15	  
		  	3.3	  	Counterparts; Facsimile	  	 	15	  
		  	3.4	  	Titles and Subtitles	  	 	15	  
		  	3.5	  	Notices	  	 	16	  
		  	3.6	  	Amendments and Waivers	  	 	16	  
		  	3.7	  	Severability	  	 	16	  
		  	3.8	  	Aggregation of Stock	  	 	17	  
		  	3.9	  	Amendment and Restatement	  	 	17	  
		  	3.10	  	Entire Agreement	  	 	17	  
		  	3.11	  	Delays or Omissions	  	 	17	  
		  	3.12	  	Acknowledgement	  	 	17	  

  

					
	Schedule A	  	—	  	Schedule of Investors
	Schedule B	  	—	  	Schedule of Key Holders

  
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 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of the 23rd day of June, 2014
by and among ZS PHARMA, INC., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and each of the
stockholders listed on Schedule B hereto, each of whom is referred to herein as a “Key Holder”. 

RECITALS 

WHEREAS, the Company and certain of the Investors and Key Holders are parties to that certain Third Amended and Restated
Investors’ Rights Agreement, dated February 28, 2014 (the “Prior Agreement”); 
 WHEREAS, pursuant to
Section 6.6 of the Prior Agreement, amendment of the Prior Agreement requires either (i) the written consent of the Company and the holders of a majority of the Registrable Securities (as defined in the Prior Agreement) then outstanding,
including the Requisite Series C/D Vote (as defined in the Prior Agreement) or (ii) the request of a purchaser of any newly issued series of preferred stock issued by the Company, the issuance of which (and restated amendment) is approved by a
majority of the members of the Board of Directors of the Company (the “Board”); and 
 WHEREAS, the Company desires
to amend and restate the Prior Agreement and to make the changes set forth herein in accordance with Section 6.6 of the Prior Agreement in connection with the consummation of its IPO (as defined below). 

NOW, THEREFORE, in consideration of the promises contained herein and other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties agree as follows: 
 1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is
controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more
general partners or managing members of, or shares the same management company with, such Person. 
 1.2 “Common Stock”
means shares of the Company’s common stock, par value $0.001 per share. 
 1.3 “Damages” means any loss, damage, or
liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is
based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary 

 
prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an 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 indemnifying party (or any of its agents or Affiliates) 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. 
 1.4 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 1.5
“Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to
an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or
(iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered. 

1.6 “Form S-1” means such form under the Securities Act as in effect on the date
hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 
 1.7 “Form S-2” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

1.9 “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.10 “Immediate Family Member” means a 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, including adoptive relationships, of a natural person referred to herein. 

1.11 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement. 

1.12 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

1.13 “Key Holder Registrable Securities” means (i) the shares of Common Stock held by the Key Holders, and (ii) any
Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of such shares. 

  
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 1.14 “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 1.15 “Preferred Stock” means, collectively, shares of the Company’s
Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D Preferred Stock held by the Holders. 
 1.16
“Purchase Agreement” means that certain Series D Preferred Stock Purchase Agreement, dated as of February 28, 2014, between the Company and the investors listed on Exhibit A thereto. 

1.17 “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred Stock held
by the Investors; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company acquired by the Investors after the date hereof; (iii) the Key
Holder Registrable Securities, provided, however, that such Key Holder Registrable Securities shall not be deemed Registrable Securities and the Key Holders shall not be deemed Holders for the purposes of Sections 2.1, 2.10 and
3.6; and (iv) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of,
the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section
3.1, and excluding for purposes of Section 2 (x) any shares for which registration rights have terminated pursuant to Section 2.13 of this Agreement and (y) any shares of Common Stock issued as a result of mandatory
conversion of the shares of Series D Preferred Stock issued to any Breaching Investor (as defined in the Purchase Agreement). 
 1.18
“Registrable Securities then outstanding” means the number of shares determined by adding the number of shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly
or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 
 1.19 “Restricted
Securities” means the securities of the Company required to bear the legend set forth in Section 2.12(b) hereof. 
 1.20
“SEC” means the Securities and Exchange Commission. 
 1.21 “SEC Rule 144” means Rule 144 promulgated by
the SEC under the Securities Act. 
 1.22 “SEC Rule 144(k)” means Rule 144(k) promulgated by the SEC under the Securities
Act. 
 1.23 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

  
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 1.24 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder. 
 1.25 “Selling Expenses” means all underwriting discounts, selling
commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as
provided in Section 2.6. 
 1.26 “Series A Preferred Stock” means shares of the Company’s Series A Preferred
Stock, par value $0.001 per share. 
 1.27 “Series B Preferred Stock” means shares of the Company’s Series B Preferred
Stock, par value $0.001 per share. 
 1.28 “Series C Preferred Stock” means shares of the Company’s Series C
Preferred Stock, par value $0.001 per share. 
 1.29 “Series D Preferred Stock” means shares of the Company’s Series D
Preferred Stock, par value $0.001 per share. 
 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) Form S-1 Demand. If at any time after the earlier of (i) four (4) years after the date of this Agreement or (ii) one
hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of fifty percent (50%) of the Registrable Securities then outstanding that the Company file a Form
S-1 registration statement with respect to at least forty percent (40%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $15 million), then
the Company shall (i) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any
event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be
registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is
given, and in each case, subject to the limitations of Section 2.1(d) and Section 2.3. 
 (b) Form S-3 Demand. If
at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3
registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall (i) within ten (10) days
after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the
Initiating Holders, 

  
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file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice
given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Section 2.1(d) and Section 2.3. 

(c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Section
2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration
statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate
reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company
unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be
tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right for more than one hundred twenty
(120) days in any twelve (12) month period. 
 (d) The Company shall not be obligated to effect, or to take any action to effect,
any registration pursuant to Section 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after
the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has
effected two (2) registrations pursuant to Section 2.1(a); 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 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith
estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided, that the Company is actively employing in good faith commercially reasonable efforts to
cause such registration statement to become effective; or (ii) if the Company has effected two (2) registrations pursuant to Section 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A
registration shall not be counted as “effected” for purposes of this Section 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their
request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration statement shall be counted as
“effected” for purposes of this Section 2.1(d). 
 2.2 Company Registration. If the Company proposes to register
(including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its securities under the Securities Act in connection with the public offering of such securities solely for cash (other than in an
Excluded Registration), the Company shall, at such 

  
 5 

 
time, promptly give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall,
subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any
registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of
such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 
 2.3 Underwriting Requirements.

 (a) If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request
by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the Company and
shall be reasonably acceptable to a majority in interest of the Initiating Holders. In such event, the right of any Holder to include such Holder’s 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 to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 2.3, if the managing
underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would
be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as
practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be
included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may
round the number of shares allocated to any Holder to the nearest 100 shares. 
 (b) In connection with any offering involving an
underwriting of shares of the Company’s capital stock pursuant to Section 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the
underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of
securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine 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 and the Company in their sole discretion

  
 6 

 
determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such
offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other
proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the
nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely
excluded from the offering, (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which
case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering or (iii) notwithstanding (ii) above, any Registrable
Securities which are not Key Holder Registrable Securities be excluded from such underwriting unless all Key Holder Registrable Securities are first excluded from such offering. For purposes of the provision in this Section 2.3(b) concerning
apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family
Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such
“selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

2.4 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 commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such
registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty
(120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration,
and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day period
shall be extended for up to 120 days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

  
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 (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 Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such
states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for
all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available for
inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

  
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 2.5 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 is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or
qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to
exceed $30,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid 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 2.1 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 selling Holders shall bear such
expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to
Section 2.1(a) or Section 2.1(b), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of
Registrable Securities registered on their behalf. 
 2.7 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If 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 selling Holder, and the partners, members, officers,
directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each 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 Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in
connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid
in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of
or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection
with such registration. 

  
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 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will
indemnify and hold harmless the Company, and 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, legal counsel and
accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each
case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such
registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without
the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 2.8(b) and 2.8(d)
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including
any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying
party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been
given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have
the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall
relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give 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 2.8. 

(d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party
otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration
of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for indemnification in such case, or (ii) contribution under
the Securities Act may be 

  
 10 

 
required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case, such parties will contribute to the aggregate losses,
claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in connection with
the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. 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 allegedly untrue statement of a material fact, or the omission or alleged omission of 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; provided, however, that, in any such case, (x) no Holder will be required to
contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this
Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the
case of willful misconduct or fraud by such Holder. 
 (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) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the obligations
of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement. 

2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after
the effective date of the registration statement filed by the Company for the IPO; 
 (b) use commercially reasonable efforts to 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 (at any time after the Company has become subject to such reporting requirements); and 

  
 11 

 (c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon
request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by
the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company 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 the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other
information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting
requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

2.10 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 Registrable Securities then outstanding, voting together as a single class on an as-converted basis, enter into any agreement with any holder or prospective holder of any securities of the Company
that (i) would provide to such holder the right to include securities in any registration on other than either a pro rata basis with respect to the Registrable Securities or on a subordinate basis after all Holders have had the opportunity to
include in the registration and offering all shares of Registrable Securities that they wish to so include; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or
prospective holder. 
 2.11 “Market Stand-off” Agreement. Each Holder hereby agrees
that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the registration by the Company of shares of its Common Stock or any other equity
securities under the Securities Act on a registration statement on Form S-1, Form S-2, or Form S-3, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, which
period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or other public release
within fifteen (15) days of the expiration of the 180-day lockup period), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or
warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the
effective date of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such
transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to
the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the Company uses commercially reasonable efforts to
obtain a similar agreement from all stockholders individually owning more 

  
 12 

 
than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock). The underwriters in connection
with such registration are intended third-party beneficiaries of this Section 2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto.
Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.11 or that are necessary to give further effect thereto. Any
discretionary waiver or termination of the restrictions of any or all of such agreements of this Section 2.11 by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of
shares subject to such agreements. 
 2.12 Restrictions on Transfer. 

(a) The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue
stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities
Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this
Agreement. 
 (b) Each certificate or instrument representing the Registrable Securities, and any other securities issued in
respect of the Registrable Securities, upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 2.12(c)) be stamped or otherwise
imprinted with a legend substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH
THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to
the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

(c) The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all respects with the
provisions of this Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof
shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably
requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the
effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, 

  
 13 

 
pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any
other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such
Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action”
letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in
writing to be subject to the terms of this Section 2.12. Each certificate or instrument evidencing the Restricted Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the
appropriate restrictive legend set forth in Section 2.12(b), except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to
establish compliance with any provisions of the Securities Act. 
 2.13 Termination of Registration Rights. The right of any Holder to
request registration or inclusion of Registrable Securities in any registration pursuant to Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of: 

(a) the closing of a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation; 

(b) at such time after the Company’s IPO when all of such Holder’s Registrable Securities could be sold within any ninety
(90) day period without restriction under SEC Rule 144(k); and 
 (c) the three (3) year anniversary of the IPO. 

2.14 Confidentiality. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any
purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless
such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.14 by such Investor), (b) is or has been independently developed or conceived by the Investor
without use of the Company’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company;
provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its
investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser is not a competitor to the Company (as determined in good faith by the Company’s Board of
Directors) agrees to be bound by the provisions of this Section 2.14; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business,
provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such 

  
 14 

 
information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent
of any such required disclosure. The covenants set forth in this Section 2.14 shall terminate and be of no further force or effect upon a Deemed Liquidation Event, as such term is defined in the Company’s Certificate of Incorporation.

 3. Miscellaneous. 

3.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a
transferee of Registrable Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or
(iii) after such transfer, holds at least 300,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company
is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in
a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 2.11. For the purposes of determining the number of shares of Registrable Securities
held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such
Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for
the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the
parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of
this Agreement, except as expressly provided herein. 
 3.2 Governing Law. This Agreement and any controversy arising out of or
relating to this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
 3.3 Counterparts;
Facsimile. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may also be executed and delivered by
facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 

  
 15 

 3.5 Notices. All notices and other communications given or made pursuant to this Agreement
shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal
business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or
(iv) two (2) business days after the business day of deposit with an internationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their addresses as set forth on Schedule A or Schedule B (as applicable) hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or
to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Section 3.5. If notice is given to the Company, a copy shall also be sent to Michael Bengtson, Esq. C/O Baker Botts
L.L.P., 98 San Jacinto Blvd., Suite 1500, Austin, TX 78701 and if notice is given to Holders, a copy shall also be given to such persons as a Holder shall identify through notice as provided in this Section 3.5. 

3.6 Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) either (i) with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding, or (ii) upon the
request of a purchaser of any newly issued series of preferred stock issued by the Company, the issuance of which (and restated amendment) is approved by a majority of the members of the Board; provided that the Company may in its sole discretion
waive compliance with Section 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); and provided
further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any
term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion. Further, this Agreement may not be amended, and no
provision hereof may be waived, in each case, in any way which would adversely affect the rights or increase the obligations of the Key Holders hereunder in a manner disproportionate to any adverse effect such amendment or waiver would have on the
rights or obligations of the Investors under this Agreement, without also the written consent of the holders of at least a majority of the Registrable Securities held by the Key Holders. The Company shall give prompt notice of any amendment or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 3.6 shall be binding on all
parties hereto, regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or
continuing waiver of any such term, condition, or provision. 
 3.7 Severability. In case any one or more of the provisions contained
in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable
provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

  
 16 

 3.8 Aggregation of Stock. All shares of Registrable Securities held or acquired by
Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate. 

3.9 Amendment and Restatement. As of the date hereof, this Agreement amends and restates the Prior Agreement such that the Prior
Agreement shall not have any further force or effect after the date hereof. 
 3.10 Entire Agreement. This Agreement (including any
Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between
the parties is expressly canceled. 
 3.11 Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing
to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or
acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All
remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 
 3.12
Acknowledgement. The Company acknowledges that the Investors are in the business of venture capital investing and therefore review the business plans and related proprietary information of many enterprises, including enterprises which may
have products or services which compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investors from investing or participating in any particular enterprise whether or not such
enterprise has products or services which compete with those of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 17 

 SCHEDULE A 

Investors 
 Alvaro F. Guillem 

Chigwell Consulting 
 Scott Deffenbach 

Josh Anthony Ray 
 Robert B. Truitt 

Cort Cheney 
 Mark D. Nuttall 

Elisabeth T. Oakley 
 C Winston Hubbard & Vicki C.
Hubbard 
 Brad R. Davis 
 Donald Jeffrey Keyser 

O. David Taunton, Jr. 
 Elizabeth Sue Walker 

Jaret Walker 
 Timothy Kilkullen 

Private Trust Company FBO Donald Jeffrey Keyser 
 Richard Dixon

 The Weldon Foundation, Inc. 
 Wayne Harper 

Podsquad Limited 
 Alan Garrett 

Brad R. Davis 

  
 A-1 

 Nordica Life 

Stavros Family Trust 
 Pamela Joy Barton 

Dale Jones 
 Mary Elisabeth Oakley 

Christine Hartley 
 Ralph Brown 

David Brown 
 Miles Davis 

Cappellon, Inc. 
 Jonathan B. Heistein 

Erick Barnett 
 Hubbard-Ritche 

John Thomas 
 Shailesh Mori 

John D. Ray 
 John T. Daugirdas 

State of Texas 
 Devon Park Bioventures, L.P. 

Mario Family Partners, LP 
 John Q. Adams, Jr. 

Janice Y. Horner 
 HemoCleanse, Inc. 

R. Ira and Susan S. Porterfield 
 John Q. Adams, Sr. 

  
 A-2 

 Gloria Coolidge 

The Bone Trust 
 The Richard A. Boehning Revocable Living Trust
dated July 1, 2011 
 Gene Tanner 
 Dean Apple 

Patricia P. Truitt 
 The Dyett Family Trust 

Stephen R. Ash, M.D. 
 David Chappell 

Alta Partners VIII, L.P. 
 3x5 Special Opportunity Fund, L.P. 

RiverVest Venture Fund II, L.P. 
 RiverVest Venture Fund II
(Ohio), L.P. 
 Salem ZS Investors, LLC 
 Novo A/S 

Sofinnova Venture Partners VIII, L.P. 
 RA Capital Healthcare
Fund, LP 
 Adage Capital Management LP 
 PFM Healthcare Master
Fund, L.P. 
 PFM Healthcare Principals Fund, L.P. 

  
 A-3 

 SCHEDULE B 

Key Holders 
 HemoCleanse, Inc. 

Tim Opler 
 Joy Barton 

Peter Garrambone 
 William Kushner 

Alvaro F. Guillem 
 Donald Jeffrey Keyser 

Robert B. Truitt 
 Stephen R. Ash 

  
 B-1

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