Document:

Exhibit 10.22

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This Amended
and Restated Employment Agreement (the “Agreement”) is entered into by and between Bradley Glover
(“Executive”) and Celularity, Inc. (the “Company”), and effective as of, and contingent
upon, the closing of the transactions contemplated by that certain Merger Agreement and Plan of Reorganization dated as of January 7,
2021, by and among the Company, GX Acquisition Corp., a Delaware corporation, Alpha First Merger Sub, Inc., a Delaware corporation and
a direct, wholly-owned subsidiary of GX, Alpha Second Merger Sub, LLC, a Delaware limited liability company and a direct, wholly-owned
subsidiary of GX (the “Transactions,” and such date, the “Effective Date”).

 

Executive commenced employment
with the Company on March 29, 2021 (the “Start Date”) and is employed by the Company as its Executive Vice President,
Chief Technology Officer pursuant to an employment offer with the Company dated March 2, 2021 (the “Prior Agreement”),
which is superseded by this Agreement;

 

Executive is currently a participant
in the Change in Control Agreement, dated March 4, 2021, entered into between Executive and the Company (the “CIC Agreement”),
which is superseded by this Agreement;

 

The Company desires to continue
to employ Executive and, in connection therewith, to compensate Executive for Executive’s personal services to the Company from
and after the Effective Date; and

 

Executive wishes to continue
to be employed by the Company and provide personal services to the Company in return for certain compensation.

 

Accordingly, in consideration
of the mutual promises and covenants contained herein, the parties agree to the following:

 

1.
Employment by the Company.

 

1.1 At-Will
Employment. Executive shall continue to be employed by the Company on an “at-will” basis, meaning either the Company
or Executive may terminate Executive’s employment at any time, with or without Cause (as defined in Section 6.2(e) below), Good
Reason (as defined in Section 6.2(d) below), or advance notice. Any contrary representations that may have been made to Executive shall
be superseded by this Agreement. This Agreement shall constitute the full and complete agreement between Executive and the Company on
the “at-will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement
signed by Executive and a duly authorized officer of the Company. Executive’s rights to any compensation following a termination
shall be only as set forth in Section 6 or under any applicable benefit or equity plan.

 

1.2 Position.
Subject to the terms set forth herein, the Company agrees to continue to employ Executive and Executive hereby accepts such continued
employment. In addition, Executive shall continue to serve as Executive Vice President, Chief Technology Officer. During the term of Executive’s
employment with the Company, and excluding periods of vacation and sick leave to which Executive is entitled, Executive shall devote all
business time and attention to the affairs of the Company necessary to discharge the responsibilities assigned hereunder, and shall use
commercially reasonable efforts to perform faithfully and efficiently such responsibilities.

 

    

     

    

 

1.3 Duties.
Executive will report to the Chief Executive Officer and will render such business and professional services in the performance of Executive’s
duties, consistent with Executive’s position as Executive Vice President, Chief Technology Officer, as shall reasonably be assigned
to Executive, subject to the oversight and direction of the Chief Executive Officer. Executive shall be expected to continue to comply
with all applicable laws, regulations, rules, directives and other legal requirements of federal, state and other governmental and regulatory
bodies having jurisdiction over the Company and of the professional bodies of which the Company is a member. During Executive’s
employment with the Company, Executive continues to be required to maintain in good standing any licenses and certifications necessary
for the performance of Executive’s duties for the Company. 

 

1.4 Location.
Executive shall perform Executive’s duties under this Agreement principally out of the Company’s corporate headquarters, currently
in Florham Park, New Jersey, or such other location as assigned. In addition, Executive shall make such business trips to such places
as may be reasonably necessary or advisable for the efficient operations of the Company.

 

1.5 Company
Policies and Benefits. The employment relationship between the parties shall continue to be subject to the Company’s written
personnel policies and procedures as they may be adopted, revised, or deleted from time to time in the Company’s sole discretion.
Executive will continue to be eligible to participate on the same basis as similarly-situated employees in the Company’s benefit
plans in effect from time to time during Executive’s employment in accordance with the terms of such benefit plans. Subject to the
preceding sentence, the Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. All matters
of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. Notwithstanding
the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

1.6 Insurance.
While this Agreement is in effect, for actions within the scope of Executive’s employment, the Company will include Executive as
an insured at a level comparable to similarly-situated employees at the Company in its Directors and Officers Liability insurance policy
in effect from time to time.

 

2.
Compensation.

 

2.1 Salary.
Commencing on the Effective Date, Executive shall receive an annualized base salary payable at a rate of $400,000, subject to review and
adjustment from time to time by the Company in its sole discretion, payable subject to standard federal and state payroll withholding
requirements in accordance with the Company’s standard payroll practices (the “Base Salary”).

 

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2.2 Bonus.

 

(a) During
Employment. Executive shall be eligible to receive an annual performance bonus (the “Annual Bonus”)
with an annual target of up to 25% (the “Target Percentage”) of Executive’s then-current Base Salary (the
“Target Bonus”). The Annual Bonus will be based upon the assessment of the Board of Directors of the Company
(the “Board”) (or a committee thereof) of Executive’s performance and the Company’s attainment of
targeted goals (as established by the Board or a committee thereof in its sole discretion) over the applicable calendar year.  The
Annual Bonus, if any, will be subject to applicable payroll deductions and withholdings.  No amount of any Annual Bonus is guaranteed
at any time, and, except as otherwise stated in Sections 6.2(a)(iii) or 6.3(a)(iii), Executive must be an employee in good standing through
the date the Annual Bonus is paid to be eligible to receive an Annual Bonus and no partial or prorated bonuses will be provided.
 Notwithstanding the foregoing, Executive’s Annual Bonus for 2021, if any, will be prorated for the portion of such year Executive
actually provides services to the Company. Unless otherwise stated in Section 6, any Annual Bonus, if awarded, will be paid at the same
time annual bonuses are generally paid to other similarly-situated employees of the Company.  Executive’s eligibility for an
Annual Bonus is subject to change in the discretion of the Board (or any authorized committee thereof).

 

(b) Upon
Termination. Except as otherwise stated in Section 6, in the event Executive leaves the employ of the Company for any reason prior
to the date the Annual Bonus is paid, Executive is not eligible to earn such Annual Bonus, prorated or otherwise.

 

2.3 Retention
Payment. Under the Prior Agreement, Executive was granted a lump sum payment of $66,000 (the “Retention Payment”),
less applicable withholdings and deductions, which has been paid in full to Executive. The Retention Payment will be earned upon Executive
remaining employed through the date that is twenty-four (24) months following the Start Date (the “Earned Date”).
If at any time prior to the Earned Date Executive’s service to the Company terminates for any reason (other than a termination by
the Company without Cause (as defined below), a resignation by Executive for Good Reason (as defined below), or a termination by virtue
of Executive’s death or Disability (as defined below)), Executive will be required to, and hereby agrees to, repay the Retention
Payment (on a net of tax basis) (such amount, the “Retention Repayment Amount”). Executive agrees that the Company
may deduct, in accordance with applicable law, the Retention Repayment Amount from any payments the Company owes Executive, including
but not limited to any regular payroll amount, severance payments (if applicable), and/or any expense payments. Executive further agrees
to pay to the Company, within thirty (30) days of the termination date, any remaining unpaid balance of the Retention Repayment Amount
not covered by such deductions.

 

2.4 Company
Equity Awards. Executive remains eligible to be considered for future equity awards as may be determined by the Board or a committee
of the Board in its discretion in accordance with the terms of any applicable equity plan or arrangement that may be in effect from time
to time, and shall have a target award as determined by the Company during the grant cycle in 2022. In addition, Executive’s opportunities
to receive any future equity award, as well as the value and/or number of shares subject to such awards will be subject to the approval
of the Board (or the applicable committee thereof) and shall be based on, among other things, achievement of overall business and individual
performance objectives.

 

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2.5 Expense
Reimbursement.

 

(a) General.
The Company will reimburse Executive for reasonable business expenses in accordance with the Company’s standard expense reimbursement
policy, subject to any applicable payroll withholdings and deductions (if any).

 

(b) Travel
and Housing Expenses. While this Agreement is in effect and until the date that is four (4) months following the Start Date, or
such earlier or later date determined by the Company in its sole discretion, to be assessed by the Company every two (2) months, the Company
will reimburse Executive for (a) reasonable travel expenses from his home in California to the Company’s New Jersey office, and
(b) reasonable corporate housing in the area around the Company’s New Jersey office, in a combined maximum gross amount of $6,000.00
per month for (a) and (b) (less any required withholding and/or deductions required by applicable law) (“Travel and Housing
Expenses”). The Company shall reimburse such Travel and Housing Expenses within thirty (30) days following receipt of an
invoice or other documentation that complies with Company policies, provided that Executive submits such receipts and other documentation
in accordance with the Company’s policies, which shall be no later than sixty (60) days following the date such Travel and Housing
Expenses are incurred.

 

(c) Relocation
Expenses. The Company will provide Executive with up to $200,000 to be used during the 2021 calendar year in connection with Executive’s
relocation of Executive’s principal residence to the Florham Park, New Jersey area (the “Relocation Amount”).
Acceptable uses of the Relocation Amount include (i) expenses related to moving household goods and personal effects including hiring
professional movers or renting a moving vehicle and packing supplies; (ii) the cost paid for standard carrier insurance while in transit;
(iii) mileage reimbursement at the federal mileage rate to drive Executive’s personal vehicle(s) to the new location; (iv) travel
costs, including airfare or other public transportation and lodging for Executive and his immediate family members between his old and
new homes; and (v) offsetting Executive’s closing costs for buying and/or selling a home (collectively “Relocation Expenses”).
Appropriate supporting documentation (i.e., itemized receipts) of the Relocation Expenses must be submitted within sixty (60) days following
the date the Relocation Expenses are incurred and prior to reimbursement. Any Relocation Amount will be paid with respect to any Relocation
Expenses no later than thirty (30) days following the date of receipt of an invoice or other documentation that complies with Company
policies. The Company will withhold from any Relocation Amount any applicable income and employment tax withholdings, as determined in
its reasonable judgment, and Executive will be responsible for paying any taxes on these reimbursements to the extent that they are taxable
income under applicable tax law. If Executive’s service to the Company terminates for any reason (other than a termination by the
Company without Cause, a resignation by Executive for Good Reason, or a termination by virtue of Executive’s death or Disability)
prior to the date that is twenty-four (24) months following the Start Date, then Executive will forfeit all rights to be paid any portion
of the Relocation Amount not yet paid as of the date of termination and Executive must further repay to the Company the portion of the
Relocation Amount that has been paid to Executive as of the termination date (on a net of tax basis) (the “Relocation
Repayment Amount”). Executive agrees that the Company may deduct, in accordance with applicable law, the Relocation Repayment
Amount from any payments the Company owes Executive, including but not limited to any regular payroll amount, severance payments (if applicable),
and/or any expense payments. Executive further agrees to pay to the Company, within thirty (30) days of the termination date, any remaining
unpaid balance of the Relocation Repayment Amount not covered by such deductions. For the avoidance of doubt, Executive will perform his
duties primarily out of the Florham Park, New Jersey office, both prior to and subsequent to such relocation of Executive’s household.

 

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(d) Taxes;
Section; 409A. The Company shall deduct from all reimbursement payments hereunder any taxes required by law to be withheld with
respect to such payments. To the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of
the Internal Revenue Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later
than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will
not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will
not be subject to liquidation or exchange for another benefit.

 

3. Confidential
Information, Inventions, Non-Solicitation and Non-Competition Obligations. In connection with Executive’s continued
employment with the Company, Executive will continue to receive and continue to have access to the Company’s confidential information
and trade secrets. Accordingly, and in consideration of the benefits that Executive is eligible to receive under this Agreement, Executive
agrees to sign the Company’s Employee Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement (the
“Confidential Information Agreement”), attached as Exhibit A, which contains certain confidentiality,
non-disclosure, non-solicitation and non-competition obligations, among other obligations. The Confidential Information Agreement contains
provisions that are intended by the parties to survive and do survive termination or expiration of this Agreement and will supersede,
prospectively only, any agreement that Executive previously signed relating to the same subject matter.

 

4. Outside
Activities. Except with the prior written consent of the Board, Executive will not, while employed by the Company, undertake
or engage in any other employment, occupation, or business enterprise except for (i) reasonable time devoted to volunteer services for
or on behalf of such religious, educational, non-profit, and/or other charitable organization as Executive may wish to serve, (ii) reasonable
time devoted to activities in the non-profit and business communities consistent with Executive’s position with the Company, and
(iii) such other activities as may be specifically approved by the Chief Executive Officer, in the cases of (i)-(iii), so long as such
activities do not interfere or conflict with the performance of Executive’s duties and responsibilities under this Agreement. This
restriction shall not, however, preclude Executive from (x) owning less than one percent (1%) of the total outstanding shares of
a publicly-traded company, (y) managing Executive’s passive personal investments, or (z) employment or service in any capacity with
Affiliates of the Company. As used in this Agreement, “Affiliates” means, at the time of determination, any
“parent” or “subsidiary” of the Company as such terms are defined in Rule 405 of the Securities Act of 1933, as
amended. The Board will have the authority to determine the time or times at which “parent” or “subsidiary” status
is determined within the foregoing definition.

 

5. No
Conflict with Existing Obligations. Executive represents that Executive’s performance of all the terms of this Agreement
and continued service as an employee of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s
employment by the Company, including agreements or obligations Executive may have with prior employers or entities for which Executive
has provided services. Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation,
either written or oral, in conflict herewith or with Executive’s duties to the Company.

 

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6. Termination
Of Employment. The parties acknowledge that Executive’s employment relationship with the Company continues to be
at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause (as defined below)
or advance notice. The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination
of employment and do not alter this at-will status.

 

6.1 Termination
by Virtue of Death or Disability of Executive.

 

(a) In
the event of Executive’s death while employed pursuant to this Agreement, all obligations of the parties hereunder and Executive’s
employment shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies and applicable
law, pay to Executive’s legal representatives the Accrued Obligations (as defined in Section 6.2(c) below) due to Executive.

 

(b) Subject
to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate this
Agreement based on Executive’s Disability (as defined below). Termination by the Company of Executive’s employment based on
“Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform
the essential functions of Executive’s position with or without reasonable accommodation for six (6) months in the aggregate during
any twelve (12) month period or based on the written certification by two licensed physicians of the likely continuation of such condition
for such period. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and
Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability,
Executive will be entitled to the Accrued Obligations due to Executive.

 

(c) In
the event Executive’s employment is terminated based on Executive’s death or Disability, Executive will not receive the Non-CIC
Severance Benefits (as defined below), the CIC Severance Benefits (as defined below), or any other severance compensation or benefit,
except that (i) the Company will provide the Accrued Obligations (as stated in Sections 6.1(a) and 6.1(b)); and (ii) and provided that
Executive (or Executive’s legal representatives, in the event of Executive’s death) comply with the Separation Agreement requirement
stated in 6.2(a)-(b) below, then the Company will pay Executive (or Executive’s legal representatives, in the event of Executive’s
death) an amount equal to the Target Bonus under Section 2.2 for the calendar year in which Executive’s termination occurs, prorated
for any partial year of employment on the basis of a 365-day year, less applicable withholdings and deductions, and payable in a lump
sum on the later of (x) the date that annual performance bonuses are normally paid to other executives at the Company for that calendar
year or (y) the Release Date (as defined below), but in no event later than March 15 of the year following the year to which the bonus
is attributable.

 

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6.2 Termination
by the Company or Resignation by Executive (not in connection with a Change in Control).

 

(a) The
Company shall have the right to terminate Executive’s employment pursuant to this Section 6.2 at any time (subject to any applicable
cure period stated in Section 6.2(e)) with or without Cause or advance notice, by giving notice as described in Section 7.1 of this Agreement.
Likewise, Executive can resign from employment with or without Good Reason, by giving notice as described in Section 7.1 of this Agreement.
Executive hereby agrees to comply with the additional notice requirements set forth in Section 6.2(d) below for any resignation for Good
Reason. If Executive is terminated by the Company (with or without Cause) or resigns from employment with the Company (with or without
Good Reason), then Executive shall be entitled to the Accrued Obligations (as defined below). In addition, if Executive is terminated
without Cause or resigns for Good Reason, in either case, outside of the Change in Control Measurement Period (as defined below), and
provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h),
without regard to any alternative definition thereunder, a “Separation from Service”), and further provided
that Executive timely executes and allows to become effective a separation agreement that includes, among other terms, a general release
of claims in favor of the Company and its Affiliates and representatives, in the form presented by the Company (the “Separation
Agreement”), and subject to Section 6.2(b) (the date that the general release of claims in the Separation Agreement becomes
effective and may no longer be revoked by Executive is referred to as the “Release Date”), then Executive shall
be eligible to receive the following severance benefits (collectively the “Non-CIC Severance Benefits”):

 

(i) The
Company will pay Executive severance pay in the form of continuation of Executive’s then-current Base Salary for nine (9) months
(the “Non-CIC Severance”). The Non-CIC Severance will be paid in substantially equal installments on the Company’s
regular payroll schedule following the termination date, subject to standard deductions and withholdings; provided, however that
no portion of the Non-CIC Severance will be paid prior to the Release Date, and any such payments that are otherwise scheduled to be made
prior to the Release Date shall instead accrue and be made on the first regular payroll date following the Release Date;

 

(ii) Provided
Executive or Executive’s covered dependents, as the case may be, timely elects continued coverage under COBRA, or state continuation
coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay the COBRA, or
state continuation coverage, premiums to continue Executive’s (and Executive’s covered dependents, as applicable) health insurance
coverage in effect on the termination date until the earliest of: (1) nine (9) months following the termination date; (2) the date when
Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment;
or (3) the date Executive ceases to be eligible for COBRA or state law continuation coverage for any reason, including plan termination
(such period from the termination date through the earlier of (1)-(3), (the “Non-CIC COBRA Payment Period”)).
Notwithstanding the foregoing, if at any time the Company determines that its payment of COBRA, or state continuation coverage, premiums
on Executive’s behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection
and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant
to this Section, the Company shall pay Executive on the last day of each remaining month of the Non-CIC COBRA Payment Period, a fully
taxable cash payment equal to the COBRA or state continuation coverage premium for such month, subject to applicable tax withholding,
for the remainder of the Non-CIC COBRA Payment Period. Nothing in this Agreement shall deprive Executive of Executive’s rights under
COBRA or ERISA for benefits under plans and policies arising under Executive’s employment by the Company;

 

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(iii) The
Company will pay Executive an amount equal to the Target Bonus under Section 2.2 for the calendar year in which Executive’s termination
occurs, prorated for any partial year of employment on the basis of a 365-day year, less applicable withholdings and deductions, payable
in a lump sum on the later of (x) the date that annual performance bonuses are normally paid to other executives at the Company for that
calendar year or (y) the Release Date, but in no event later than March 15 of the year following the year to which the bonus is attributable;
and

 

(iv) Notwithstanding
the terms of any equity plan or award agreement to the contrary, the unvested portion of all time-based equity awards outstanding on the
date of Executive’s termination that would have vested over the nine (9) month period following the date of Executive’s termination
had Executive remained continuously employed by the Company during such period will be automatically vested and exercisable as of the
date of Executive’s termination.

 

(b) Executive
shall not receive the Non-CIC Severance Benefits pursuant to Section 6.2(a) or the CIC Severance Benefits pursuant to Section 6.3(a),
as applicable, unless Executive executes the Separation Agreement within the consideration period specified therein, which shall in no
event be more than forty-five (45) days, and until the Separation Agreement becomes effective and can no longer be revoked by Executive
under its terms. Executive’s ability to receive the Non-CIC Severance Benefits pursuant to Section 6.2(a) or the CIC Severance Benefits
pursuant to Section 6.3(a), as applicable, is further conditioned upon Executive: (i) returning all Company property; (ii) complying with
Executive’s post-termination obligations under this Agreement and the Confidential Information Agreement; (iii) complying with
the Separation Agreement, including without limitation any non-disparagement and confidentiality provisions contained therein; and (iv)
resignation from any other positions Executive holds with the Company, effective no later than Executive’s date of termination (or
such other date as requested by the Board).

 

(c) For
purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through
the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s
standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare
benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

 

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(d) For
purposes of this Agreement, “Good Reason” means any of the following actions taken by the Company without Executive’s
express prior written consent: (i) a material reduction by the Company of Executive’s Base Salary (other than in a broad based reduction
similarly affecting all other members of the Company’s executive management); (ii) the relocation of Executive’s
principal place of employment from the Company’s Florham Park, New Jersey office, without Executive’s consent, to a place
that increases Executive’s one-way commute by more than thirty-five (35) miles as compared to Executive’s then-current principal
place of employment immediately prior to such relocation; or (iii) a material reduction in Executive’s duties, authority,
or responsibilities for the Company relative to Executive’s duties, authority, or responsibilities in effect immediately prior to
such material reduction, provided, however, that neither the conversion of the Company to a subsidiary, division or unit of an
acquiring entity in connection with a change in control, nor a change in title or Executive’s reporting relationships will be deemed
a “material reduction” in and of itself; provided further, that, any such termination by Executive shall only be deemed for
Good Reason pursuant to this definition if: (1) Executive gives the Company written notice of Executive’s intent to terminate
for Good Reason within thirty (30) days following the first occurrence of the condition(s) that Executive believes constitute(s) Good
Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following
receipt of the written notice (the “Cure Period”); (3) the Company has not, prior to receiving such notice from
Executive, already informed Executive that Executive’s employment with the Company is being terminated; and (4) Executive voluntarily
terminates Executive’s employment within thirty (30) days following the end of the Cure Period.

 

(e) For
purposes of this Agreement, “Cause” for termination shall mean that Executive has engaged in any of the following:
(i) a material breach of any covenant or condition under this Agreement, the Confidential Information Agreement, or any other material
agreement between the parties; (ii) any act constituting dishonesty, fraud, immoral or disreputable conduct; (iii) any conduct which
constitutes a felony under applicable law; (iv) material violation of any Company policy (including those pertaining to discrimination
or harassment); (v) refusal to follow or implement a clear, lawful and reasonable directive of Company; (vi) gross negligence or incompetence
in the performance of Executive’s duties after the expiration of ten (10) days without cure after written notice of such failure;
or (vii) breach of fiduciary duty to the Company.

 

(f) The
Non-CIC Severance Benefits provided to Executive pursuant to this Section 6.2 are in lieu of, and not in addition to, any benefits to
which Executive may otherwise be entitled under any Company severance plan, policy, or program. For avoidance of doubt, Executive shall
not be eligible to receive both CIC Severance Benefits and Non-CIC Severance Benefits.

 

(g) Any
damages caused by the termination of Executive’s employment without Cause not in connection with a Change in Control would be difficult
to ascertain; therefore, the Non-CIC Severance Benefits for which Executive is eligible pursuant to Section 6.2(a) above in exchange for
the Separation Agreement is agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

(h) If
the Company terminates Executive’s employment for Cause, or Executive resigns from employment with the Company without Good Reason,
regardless of whether or not such termination is in connection with a Change in Control (as defined in the Company’s 2017 Equity
Incentive Plan (or successor plan of the Company if applicable), and which, for purposes of clarity, will not include the Transactions),
then Executive shall be entitled to the Accrued Obligations, but Executive will not be eligible for the Non-CIC Severance Benefits, the
CIC Severance Benefits, or any other severance compensation or benefit.

 

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6.3 Termination
by the Company without Cause or Resignation by Executive for Good Reason (in connection with a Change in Control).

 

(a) In
the event that the Company terminates Executive’s employment without Cause or Executive resigns for Good Reason, in either case,
within three (3) months prior to or within twelve (12) months following the effective date of a Change in Control (such period, the “Change
in Control Measurement Period”) then Executive shall be entitled to the Accrued Obligations and, subject to Executive’s
full compliance with Section 6.2(b) above, Executive shall be eligible to receive the following severance benefits (collectively the “CIC
Severance Benefits”):

 

(i) The
Company will pay Executive severance pay in the form of continuation of Executive’s then-current Base Salary for twelve (12) months
(the “CIC Severance”). The CIC Severance will be paid in substantially equal installments on the Company’s
regular payroll schedule following the termination date, subject to standard deductions and withholdings; provided, however that
no portion of the CIC Severance will be paid prior to the Release Date, and any such payments that are otherwise scheduled to be made
prior to the Release Date shall instead accrue and be made on the first regular payroll date following the Release Date;

 

(ii) Provided
Executive or Executive’s covered dependents, as the case may be, timely elects continued coverage under COBRA, or state continuation
coverage (as applicable), under the Company’s group health plans following such termination, the Company will pay the COBRA, or
state continuation coverage, premiums to continue Executive’s (and Executive’s covered dependents, as applicable) health insurance
coverage in effect on the termination date until the earliest of: (1) twelve (12) months following the termination date; (2) the date
when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment;
or (3) the date Executive ceases to be eligible for COBRA or state law continuation coverage for any reason, including plan termination
(such period from the termination date through the earlier of (1)-(3), (the “CIC COBRA Payment Period”)). Notwithstanding
the foregoing, if at any time the Company determines that its payment of COBRA, or state continuation coverage, premiums on Executive’s
behalf would result in a violation of applicable law (including, but not limited to, the 2010 Patient Protection and Affordable Care Act,
as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying such premiums pursuant to this Section, the
Company shall pay Executive on the last day of each remaining month of the CIC COBRA Payment Period, a fully taxable cash payment equal
to the COBRA or state continuation coverage premium for such month, subject to applicable tax withholding, for the remainder of the CIC
COBRA Payment Period. Nothing in this Agreement shall deprive Executive of Executive’s rights under COBRA or ERISA for benefits
under plans and policies arising under Executive’s employment by the Company;

 

(iii) The
Company will make a lump sum cash payment to Executive in an amount equal to one (1) times the Target Bonus for the year in which the
termination occurs, subject to standard payroll deductions and withholdings, which will be paid on the first payroll date after the 60th
day following Executive’s date of termination, provided that Executive has delivered an effective Separation Agreement prior to
such date; and

 

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(iv) Effective
as of Executive’s termination date or, if later, the date of such Change in Control, the vesting and exercisability of all outstanding
equity awards held by Executive immediately prior to the termination date (if any) shall be accelerated in full.

 

(b) The
CIC Severance Benefits provided to Executive pursuant to this Section 6.3 are in lieu of, and not in addition to, any benefits to which
Executive may otherwise be entitled under any Company severance plan, policy, or program.

 

(c) Any
damages caused by the termination of Executive’s employment without Cause during the Change in Control Measurement Period would
be difficult to ascertain; therefore, the CIC Severance Benefits for which Executive is eligible pursuant to Section 6.3(a) above in exchange
for the Release are agreed to by the parties as liquidated damages, to serve as full compensation, and not a penalty.

 

6.4 Cooperation
With the Company After Termination of Employment. Following termination of Executive’s employment for any reason, Executive
shall reasonably cooperate with the Company in all matters relating to the winding up of Executive’s pending work including, but
not limited to, any litigation in which the Company is involved, and the orderly transfer of any such pending work to such other executives
as may be designated by the Company.

 

6.5 Effect
of Termination. Executive agrees that should Executive’s employment be terminated for any reason, Executive shall be deemed
to have resigned from any and all positions with the Company, including, but not limited to, all positions with any and all subsidiaries
and Affiliates of the Company.

 

6.6 Application
of Section 409A.

 

(a) It
is intended that all of the compensation payable under this Agreement, to the greatest extent possible, either complies with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and other
guidance thereunder and any state law of similar effect (collectively, “Section 409A”) or satisfies one or more
of the exemptions from the application of Section 409A, and this Agreement will be construed in a manner consistent with such intention,
incorporating by reference all required definitions and payment terms.

 

(b) No
severance payments will be made under this Agreement unless Executive’s termination of employment constitutes a Separation from
Service. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)),
Executive’s right to receive any installment payments under this Agreement (whether severance payments or otherwise) shall be treated
as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered
a separate and distinct payment.

 

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(c) To
the extent that any severance payments are deferred compensation under Section 409A, and are not otherwise exempt from the application
of Section 409A, then, to the extent required to comply with Section 409A, if the period during which Executive may consider and sign
the Separation Agreement spans two calendar years, the severance payments will not begin until the second calendar year. If the Company
determines that the severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A
and if Executive is a “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code
at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse
personal tax consequences under Section 409A, the timing of the severance will be delayed as follows: on the earlier to occur of (a) the
date that is six months and one day after Executive’s Separation from Service, and (b) the date of Executive’s death, the
Company will: (i) pay to Executive a lump sum amount equal to the sum of the severance benefits that Executive would otherwise have
received if the commencement of the payment of the severance benefits had not been delayed pursuant to this Section 6.6(c); and (ii) commence
paying the balance of the severance benefits in accordance with the applicable payment schedule set forth in Sections 6.2 and 6.3. No
interest shall be due on any amounts deferred pursuant to this Section 6.6(c).

 

(d) To
the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts reimbursable to Executive under this
Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the
amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not effect amounts
reimbursable or provided in any subsequent year. The Company makes no representation that compensation paid pursuant to the terms of this
Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any
such payment.

 

6.7 Excise
Tax Adjustment.

 

(a) If
any payment or benefit Executive will or may receive from the Company or otherwise (a “280G Payment”) would
(i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this Section,
be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G Payment
provided pursuant to this Agreement (a “Payment”) shall be equal to the Reduced Amount. The “Reduced
Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after
reduction) being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever
amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state, and local
employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s
receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject
to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant
to clause (x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that
results in the greatest economic benefit for Executive. If more than one method of reduction will result in the same economic benefit,
the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).

 

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(b) Notwithstanding
any provision of this Section 6.7 to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in any portion
of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A,
then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of
taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible,
the greatest economic benefit for Executive as determined on an after-tax basis; (B) as a second priority, Payments that are contingent
on future events (e.g., being terminated without Cause), shall be reduced (or eliminated) before Payments that are not contingent
on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section
409A shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A.

 

(c) Unless
Executive and the Company agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general
tax compliance purposes as of the day prior to the effective date of the Change in Control transaction shall perform the foregoing calculations.
If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity, or group effecting the
Change in Control transaction, the Company shall appoint a nationally-recognized accounting or law firm to make the determinations required
by this Section 6.7. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to
be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting or law firm engaged to make the determinations
hereunder to provide its calculations, together with detailed supporting documentation, to Executive and the Company within fifteen (15)
calendar days after the date on which Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that
time by Executive or the Company) or such other time as requested by Executive or the Company.

 

(d) If
Executive receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of Section 6.7(a) and the Internal Revenue
Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive agrees to promptly return to the
Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of Section 6.7(a)) so that no portion of the remaining
Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section
6.7(a), Executive shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.

 

7. General
Provisions.

 

7.1 Notices.
Any notices required hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be
notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then
on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally-recognized overnight courier, specifying next-day delivery, with written verification
of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address
as listed on the Company payroll or (if notice is given prior to Executive’s termination of employment) to Executive’s Company-issued
email address, or at such other address as the Company or Executive may designate by ten (10) days’ advance written notice to the
other.

 

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7.2 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.

 

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

 

7.4 Complete
Agreement. This Agreement (including Exhibit A) constitutes the entire agreement between Executive and the Company with regard
to the subject matter hereof and supersedes any prior oral discussions or written communications and agreements, including the Prior Agreement
and the CIC Agreement. 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 Executive and an authorized officer of the Company.

 

7.5 Counterparts.
This Agreement may be executed by electronic transmission and in separate counterparts, any one of which need not contain signatures of
more than one party, but all of which taken together will constitute one and the same Agreement.

 

7.6 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.

 

7.7 Successors
and Assigns. The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to any
company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or
substantially all of its assets, if in any such case said company or other entity shall by operation of law or expressly in writing assume
all obligations of the Company hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this
Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder,
other than to Executive’s estate upon Executive’s death.

 

7.8 Choice
of Law. All questions concerning the construction, validity, and interpretation of this Agreement will be governed by the laws
of the State of New Jersey.

 

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7.9 Resolution
of Disputes. The parties recognize that litigation in federal or state courts or before federal or state administrative agencies
of disputes arising out of Executive’s employment with the Company or out of this Agreement, or Executive’s termination of
employment or termination of this Agreement, may not be in the best interests of either Executive or the Company, and may result in unnecessary
costs, delays, complexities, and uncertainty. The parties agree that any dispute between the parties arising out of or relating to the
negotiation, execution, performance or termination of this Agreement or Executive’s employment, including, but not limited to, any
claim arising out of this Agreement, claims under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991,
the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, Section 1981 of the Civil Rights Act of
1966, as amended, the Family Medical Leave Act, the Executive Retirement Income Security Act, and any similar federal, state or local
law, statute, regulation, or any common law doctrine, whether that dispute arises during or after employment, shall be settled by binding
arbitration in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association; provided
however, that this dispute resolution provision shall not apply to any separate agreements between the parties that do not themselves
specify arbitration as an exclusive remedy and further shall not apply to discrimination, harassment, or retaliation claims to the extent
prohibited by applicable law. The location for the arbitration shall be the Northern New Jersey area. Any award made by such panel shall
be final, binding and conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered
in any court having jurisdiction thereof. To the extent applicable law prohibits mandatory arbitration of discrimination, harassment,
and/or retaliation claims, in the event Executive intends to bring multiple claims, including a discrimination, harassment, and/or retaliation
claim, the discrimination, harassment, and/or retaliation claim may be publicly filed with a court, while any other claims will remain
subject to mandatory arbitration. The arbitrators’ fees and expenses and all administrative fees and expenses associated with the
filing of the arbitration shall be borne by the Company; provided however, that at Executive’s option, Executive may voluntarily
pay up to one-half the costs and fees. The parties acknowledge and agree that their obligations to arbitrate under this Section survive
the termination of this Agreement and continue after the termination of the employment relationship between Executive and the Company.
The parties each further agree that the arbitration provisions of this Agreement shall provide each party with its exclusive remedy,
and each party expressly waives any right it might have to seek redress in any other forum, except as otherwise expressly provided in
this Agreement. By election arbitration as the means for final settlement of all claims, the parties hereby waive their respective
rights to, and agree not to, sue each other in any action in a federal, state or local court with respect to such claims, but may seek
to enforce in court an arbitration award rendered pursuant to this Agreement. The parties specifically agree to waive their respective
rights to a trial by jury, and further agree that no demand, request or motion will be made for trial by jury.

 

[signatures
to follow on next page]

 

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In
Witness Whereof, the parties have executed this Amended and Restated Employment Agreement on the day and year first written
above.

 

	 	Celularity, Inc.
	 	 	 
	 	By:	/s/ John Haines
	 	 	Name: John Haines
	 	 	Title:   Chief Operating Officer
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Bradley Glover
	 	Bradley Glover

 

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Exhibit A

 

Employee
Confidential Information, Inventions, Non-Solicitation and Non-Competition Agreement

 

 

A-1Document

Exhibit 4.2

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT is made as of November 7, 2017 by and among ZipRecruiter, Inc., a Delaware corporation (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor.”
RECITALS
A.Certain of the Investors (the “Prior Investors”) hold shares of the Company’s Series A Preferred Stock and/or shares of Common Stock and possess registration rights, information rights, rights of first offer and other rights pursuant to an Investors’ Rights Agreement, dated August 12, 2014 between the Company and the Prior Investors (the “Prior Agreement”).
B.The Prior Investors are holders of at least a majority of the Registrable Securities (as defined in the Prior Agreement), and desire to amend and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement.
C.Certain of the Investors are parties to that certain Series B Preferred Stock Purchase Agreement of even date herewith between the Company and certain of the Investors (the “Purchase Agreement”), under which certain of the Company’s and such Investors’ obligations are conditioned upon the execution and delivery of this Agreement by such Investors, Prior Investors holding at least a majority of the Registrable Securities and the Company.
NOW THEREFORE, the Company, and the Investors (including the Prior Investors) each hereby agree to amend and restate the Prior Agreement in its entirety as set forth herein, and the parties hereto further hereby 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 $0.00001 per share.
1.3“Damages” means any loss, damage, claim 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, claim or liability (or any action in respect thereof) arises out of or is based upon (a) 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; (b) 

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 (c) 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“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.
1.5“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
1.6“Excluded Registration” means (a) 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; (b) a registration relating to an SEC Rule 145 transaction; (c) 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 (d) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.
1.7“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.
1.8“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“GAAP” means generally accepted accounting principles in the United States.
1.10“Holder” means any Investor owning Registrable Securities.
1.11“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.
1.12“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.
1.13“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.
1.14 “Key Employee” has the meaning set forth in the Purchase Agreement, as amended.
2.

1.15“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least 2,000,603 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date hereof).
1.16“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.
1.17“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.
1.18“Preferred Director” means any director of the Company that the holders of record of the Preferred Stock are entitled to elect pursuant to the Company’s Certificate of Incorporation.
1.19“Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.00001 per share and shares of the Company’s Series B Preferred Stock, par value $0.00001 per share.
1.20“Registrable Securities” means (a) the Common Stock issuable or issued upon conversion of the Preferred Stock; (b) 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; (c) 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 (a) and (b) 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 6.1, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to Section 2.14 of this Agreement.
1.21“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.
1.22“Restricted Securities” means the securities of the Company required to bear the legend set forth in Section 2.12 hereof.
1.23“SEC” means the Securities and Exchange Commission.
1.24“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act.
1.25“SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act.
3.

1.26“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
1.27“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.
2.Registration Rights.  The Company covenants and agrees as follows:
2.1Demand Registration.
(a)Form S-1 Demand.  If at any time after the earlier of (i) 7 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 at least a majority of the shares of Common Stock issued or issuable upon conversion of the Preferred Stock that the Company file a Form S-1 registration statement with respect to at least thirty percent (30%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $10 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 1.1(c) and Section 2.2.
(b)Form S-3 Demand.  If at any time when it is eligible to use a Form S-3 registration statement, the Company receives from any Holder or Holders of at least fifteen percent (15%) of the Registrable Securities a request that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holder or Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $2 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, 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 1.1(c) and Section 2.2.
(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 (the “Board”) it would be materially detrimental to the Company and its 
4.

stockholders for such registration statement to either become effective or remain effective , 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 ninety (90) days after the request of the Initiating Holders is given for any registration pursuant to Section 1.1(a) or 1.1(b); provided, however, that the Company may not invoke this right more than twice in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such ninety-day period, other than an Excluded Registration.
(d)The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 1.1(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 1.1(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 1.1(b).  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 1.1(b): A. 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 B. if the Company has effected two (2) registrations pursuant to Section 1.1(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 1.1(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 1.1(d).
2.2Company 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 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 2.2, 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
5.

2.3Underwriting 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 2.2, if the 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 one hundred (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 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 
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Holder to the nearest one hundred (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, or (ii) the number of Registrable Securities included in the offering be reduced below twenty-five percent (25%) 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.  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.
(c)For purposes of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.
2.4Obligations 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;
(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 
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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 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.
In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.
2.5Furnish 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.
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2.6Expenses 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 $35,000 per registration, 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 1.1(a) or Section 1.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the financial condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Section 1.1(a) or Section 1.1(b).  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.
2.7Delay 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.
2.8Indemnification.  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. 
(d)Notwithstanding anything else herein to the contrary, the foregoing indemnity agreements of the Company and the selling Holders are subject to the condition that, insofar as they relate to any Damages arising from any untrue statement or alleged untrue statement of a material fact contained in, or omission or alleged omission of a material fact from, a preliminary prospectus (or necessary to make the statements therein not misleading) that has been corrected in the form of prospectus included in the registration statement at the time it becomes effective, or any amendment or supplement thereto filed with the SEC pursuant to Rule 
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424(b) under the Securities Act (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any Person if a copy of the Final Prospectus was furnished to the indemnified party and such indemnified party failed to deliver, at or before the confirmation of the sale of the shares registered in such offering, a copy of the Final Prospectus to the Person asserting the loss, liability, claim, or damage in any case in which such delivery was required by the Securities Act.
(e)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 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, (1) 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 (2) 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(e), 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.
(f)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.
(g)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.
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2.9Reports 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
(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).
2.10Limitations 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, enter into any agreement with any holder or prospective holder of any securities of the Company that (a) would allow such holder or prospective holder to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included or (c) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Section 6.9.
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 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 in the case of the IPO, which period may be extended upon the request of the managing 
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underwriter, to the extent required by any FINRA or stock exchange 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): (a) 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 (b) 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 (a) or (b) 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 than one percent (1%) of the Company’s outstanding Common Stock (after giving effect to the 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.
2.12Restrictions on Transfer.
(a)The Preferred Stock and 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 Preferred Stock and 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, instrument or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), 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 notated with a legend substantially in the following form:
THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH 
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REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.
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 such Restricted Securities, by acceptance of ownership 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, 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 (1) in any transaction in compliance with SEC Rule 144 or (2) 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, instrument, or book entry representing 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, instrument, or book entry 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.
2.13Assignment of Registration Rights.  The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities that (i) immediately after such assignment or transfer, holds at least ten percent (10%) of the shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, stock combinations and other recapitalizations) held by such Holder immediately prior to such assignment or 
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transfer, (ii) is being assigned or transferred at least 350,000 shares of Registrable Securities held by such Holder (subject to appropriate adjustment for stock splits, stock dividends, stock combinations and other recapitalizations), (iii) is a subsidiary, Affiliate, parent, partner, member, limited partner, retired partner, retired member or stockholder of such Holder, or (iv) is a Holder’s Immediate Family Member or trust for the benefit of such Holder, provided: (a) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement; and (c) such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act.  For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferee or assignee (i) that is a subsidiary, parent, partner, limited partner, retired partner, member, retired member or stockholder of a Holder; (ii) that is an Affiliate of the Holder, which means with respect to a limited liability company or a limited liability partnership, a fund or entity managed by the same manager or managing member or general partner or management company or by an entity controlling, controlled by, or under common control with such manager or managing member or general partner or management company, (iii) who is a Holder’s Immediate Family Member, or (iv) 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 assigning Holder; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under this Section 2.
2.14Termination 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 Amended and Restated Certificate of Incorporation; (b) such time as Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and (c) the fifth (5th) anniversary of the IPO.
3.Information and Observer Rights. 
3.1Delivery of Financial Statements.  The Company shall deliver to each Major Investor:
(a)as soon as practicable, but in any event within one hundred and twenty (120) days after the end of each fiscal year of the Company, (i) an audited balance sheet as of the end of such year, (ii) audited statements of income and of cash flows for such year, and a comparison between (1) the actual amounts as of and for such fiscal year and (2) the comparable amounts for the prior year and as included in the Annual Budget (as defined in Section 3.1(d)) for such year, with an explanation of any material differences between such amounts and a schedule as to the sources and applications of funds for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all such financial statements shall be 
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audited and certified by independent public accountants of nationally recognized standing selected by the Company; 
(b)as soon as practicable, but in any event within forty five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(c)as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct;
(d)as soon as practicable, but in any event within thirty (30) days of the end of each month, an unaudited condensed income statement and statement of cash flows for such month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(e)as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Annual Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and
(f)such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
3.2Inspection.  The Company shall permit each Major Investor, or any of its authorized representatives, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its corporate and financial records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be 
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reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
3.3Observer Rights.  As long as Basepoint Ventures Opportunity I, LLC (“Basepoint”) and its Affiliates own not less than 25% of the shares of Preferred Stock (or Common Stock issued upon conversion thereof) and Common Stock (or Preferred Stock issued upon exchange thereof pursuant to the Common Purchase Agreement) purchased by Basepoint and/or its Affiliates pursuant to the Purchase Agreement or the Common Purchase Agreement, the Company shall invite a representative of Basepoint, who shall initially be David Travers, to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents, and other materials that it provides to its directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and provided further, that the Company reserves the right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel or result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a competitor of the Company.
3.4Termination of Information, Observer and Inspection Rights.  The covenants set forth in Section 3.1, Section 3.2 and Section 3.3 shall terminate and be of no further force or effect (a) immediately before the consummation of the IPO; (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (c) upon a Deemed Liquidation Event, as such term is defined in the Company’s Amended and Restated Certificate of Incorporation, whichever event occurs first.
3.5Confidentiality.  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 3.5 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, if such person is bound by an ethical duty to keep such information confidential or such person agrees to be bound by the provisions of this Section 3.5; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.5; (iii) to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person 
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that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
4.Rights to Future Stock Issuances.
4.1Right of First Offer.  Subject to the terms and conditions of this Section 4 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each of the Major Investors.  The Major Investors shall be entitled to apportion the right of first offer hereby granted to them in such proportions as the Major Investors deem appropriate, among (a) the Major Investors, themselves, (b) the Affiliates of the Major Investors, or the Affiliates of any Major Investor, and (c) the beneficial interest holders, such as limited partners, members or any other Person having “beneficial ownership,” as such term is defined in Rule 13d-3 promulgated under the Exchange Act, of any Major Investor (“Investor Beneficial Owners”); provided that, each such Affiliate or Investor Beneficial Owner agrees to enter into this Agreement and each of the Amended and Restated Voting Agreement the “Voting Agreement”) and Right of First Refusal and Co-Sale Agreement of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under each such agreement.
4.2Offer Notice. Prior to offering or selling any New Securities, the Company shall give notice (the “Offer Notice”) to each Major Investor, stating (a) its bona fide intention to offer such New Securities, (b) the number of such New Securities to be offered, and (c) the price and terms, if any, upon which it proposes to offer such New Securities.
4.3Election to Purchase.  By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock outstanding, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by such Major Investor bears to the total Common Stock of the Company issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then outstanding.  At the expiration of such twenty (20) day period, the Company shall promptly notify each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise.  During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major Investors were entitled to subscribe but that were not subscribed for by the Major Investors which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by all Fully 
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Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Section 4 shall occur within the later of ninety (90) days after the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to this Section 4.
4.4Failure to Purchase.  If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in this Section 4, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 4.3, offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice.  If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with this Section 4.
4.5Exceptions to Right of First Offer.  The right of first offer in this Section 4 shall not be applicable to: (a) Exempted Securities (as defined in the Company’s Amended and Restated Certificate of Incorporation); (b) shares of Common Stock issued in the IPO; and (c) transactions whereby at least a majority of the Major Investors waive the rights granted by this Section 4 with respect to such transaction; provided, however, that to the extent that less than a majority of the Major Investors waive the rights granted by this Section 4, any Major Investor who waived his, her or its rights shall be bound by such waiver and the right of first offer shall terminate as to such Major Investors.
4.6Termination.  The covenants set forth in this Section 4 shall terminate and be of no further force or effect (a) immediately before the consummation of the IPO; (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (c) upon a Deemed Liquidation Event, as such term is defined in the Company’s Amended and Restated Certificate of Incorporation, whichever event occurs first.
5.Additional Covenants.
5.1Insurance.  The Company has, as of the date hereof, and shall use its commercially reasonable efforts to maintain, from financially sound and reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors (including the IVP Director, as defined in the Voting Agreement), and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued.  
5.2Proprietary Information and Inventions Agreements. Unless otherwise approved by the Board (including the IVP Director), the Company will cause each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement in a form approved by the Board.  In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, 
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in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the consent of the Board.
5.3Stock Vesting.  Unless otherwise approved by the Board of Directors (including the IVP Director), all stock options and other stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest at the end of the first year following the earlier of the date of issuance or such person’s vesting commencement date (as determined by the Board), and (b) seventy-five percent (75%) of such stock shall vest in equal monthly installments over the following thirty-six (36) months.  In addition, unless otherwise approved by the Board, (1) each agreement evidencing such stock option or other stock equivalent shall provide for a market stand-off provision substantially similar to that in Section 2.11 and (2) the Company shall have the right to repurchase unvested shares at cost upon termination of employment of any holder of restricted stock.
5.4Matters Requiring Investor Director Approval.  So long as the holders of Preferred Stock are entitled to elect one or more Preferred Directors, the Company hereby covenants and agrees with each of the Investors that it shall not, without approval of the IVP Director:
(a)make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other corporation, partnership, or other entity unless it is wholly owned by the Company;
(b)make, or permit any subsidiary to make, any loan or advance to any Person, including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan approved by the Board of Directors;
(c)guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 
(d)hire any new employee (i) with a title of Senior Vice President who will earn an annual base salary in excess of $250,000 in base salary and will receive an equity grant in excess of 0.45% of the Company’s capital stock, calculated on a fully-diluted, as-converted basis; (ii) with a C-level officer title or Executive Vice President who will earn an annual base salary in excess of $350,000 and will receive an equity grant in excess of 0.75% of the Company’s capital stock, calculated on a fully-diluted, as-converted basis; (iii) with a title below Senior Vice President who will earn an annual base salary in excess of $200,000 in annual base salary and will receive an equity grant in excess of 0.25% of the Company’s capital stock, calculated on a fully-diluted, as-converted basis. 
(e)change the principal business of the Company, enter new material lines of business, or exit the current line of business; 
(f)sell, assign, license, pledge, or encumber material technology or intellectual property, other than licenses granted in the ordinary course of business;
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(g)enter into any corporate strategic relationship involving the payment, contribution, or assignment by the Company or to the Company of money or assets greater than $10,000,000; or
(h)enter into or be a party to any transaction with any Common Director (as defined in the Company’s Amended and Restated Certificate of Incorporation) or officer of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any such Person, including without limitation any “management bonus” or similar plan providing payments to any such persons in connection with a Deemed Liquidation Event, provided that each of (A) the Company’s Annual Incentive Plan for a calendar year, as adopted by the Board in respect of such year, (B) any bonus program component rewarding any such individual at a level of 30% or below such individual’s earned salary within the previous year, (C) any compensation arrangements entered into in the ordinary course of business and (D) any option acceleration provisions in the forms previously approved by the Board, shall not be included in this clause.
5.5Board Matters.  Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed-upon schedule.  The Company shall reimburse the nonemployee directors for all reasonable out-of-pocket expenses incurred in connection with attending meetings of the Board, including without limitation travel expenses incurred.
5.6Expenses of Counsel.  In the event of a transaction which is a Sale of the Company (as defined in the Voting Agreement), the reasonable fees and disbursements, not to exceed $25,000, of one counsel for the Major Investors (“Investor Counsel”), in their capacities as stockholders, shall be borne and paid by the Company.  At the outset of considering a transaction which, if consummated would constitute a Sale of the Company, the Company shall obtain the ability to share with the Investor Counsel (and such counsel's clients) and shall share the confidential information (including, without limitation, the initial and all subsequent drafts of memoranda of understanding, letters of intent and other transaction documents and related noncompete, employment, consulting and other compensation agreements and plans) pertaining to and memorializing any of the transactions which, individually or when aggregated with others would constitute the Sale of the Company.  The Company shall be obligated to share (and cause the Company's counsel and investment bankers to share) such materials when distributed to the Company's executives and/or any one or more of the other parties to such transaction(s).  In the event that Investor Counsel deems it appropriate, in its reasonable discretion, to enter into a joint defense agreement or other arrangement to enhance the ability of the parties to protect their communications and other reviewed materials under the attorney client privilege, the Company shall, and shall direct its counsel to, execute and deliver to Investor Counsel and its clients such an agreement in form and substance reasonably acceptable to Investor Counsel. In the event that one or more of the other party or parties to such transactions require the clients of Investor Counsel to enter into a confidentiality agreement and/or joint defense agreement in order to receive such information, then the Company shall share whatever information can be shared without entry into such agreement and shall, at the same time, in good faith work expeditiously to enable Investor Counsel and its clients to negotiate and enter into the appropriate agreement(s) without undue burden to the clients of Investor Counsel.
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5.7Right to Conduct Activities.  The Company hereby agrees and acknowledges that each of Institutional Venture Partners XV, L.P. (together with its affiliates and affiliated funds, “IVP”) and Hadley Harbor Master Investors (Cayman) II L.P. (together with its affiliates and affiliated funds, “Wellington”) is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted).  The Company hereby agrees that, to the extent permitted under applicable law, IVP and Wellington shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by IVP or Wellington in any entity competitive with the Company, or (ii) actions taken by any partner, officer or other representative of IVP or Wellington to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.
5.8D&O Insurance Tail Policy.  If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not the continuing or surviving corporation or entity of such consolidation or merger, then Company shall obtain, from financially sound and reputable insurers, a customary Directors and Officers liability insurance “tail policy” in an amount, for a duration, and on other terms and conditions reasonably satisfactory to the Board of Directors (including the IVP Director).
5.9Termination of Covenants.  The covenants set forth in this Section 5 (except for Section 5.8) shall terminate and be of no further force or effect (a) immediately before the consummation of the IPO, (b) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (c) upon a Deemed Liquidation Event, as such term is defined in the Company’s Amended and Restated Certificate of Incorporation, whichever event occurs first.
6.Miscellaneous.
6.1Successors 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 (a) is an Affiliate of a Holder; (b) 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 (c) after such transfer, holds at least 350,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, stock combinations, and other recapitalizations); provided, however, that (i) 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 (ii) 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 
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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.
6.2Governing Law.  This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of Delaware.
Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
6.3Titles 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.
6.4Notices.  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: (a) personal delivery to the party to be notified; (b) 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; (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one (1) business day after the business day of deposit with a nationally 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 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 6.4.  If notice is given to the Company, it shall be sent to ZipRecruiter, Inc., 401 Wilshire Blvd., 11th Floor, Santa Monica, CA 90401, Attention: Ian Siegel; and a copy (which shall not constitute notice) shall also be sent to Fenwick & West LLP, 801 California St., Mountain View, CA 94041, Attn: Kris Withrow, and if notice is given to the Investors, a copy shall also be given to Goodwin Procter LLP, 135 Commonwealth Drive, Menlo Park, CA 94025, Attn: Lawrence Chu and Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, MA 02109, Attn: Jason Kropp.
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6.5Amendments 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) only with the written consent of (i) the Company and (ii) the holders of a majority of the Registrable Securities then outstanding; provided however 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 (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Major Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Major Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). 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 6.5 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.
6.6HSR Expenses. The Company will reimburse IVP and Wellington for all expenses, including filing fees and attorney fees, incurred in connection with any necessary Hart Scott Rodino filings with respect to this financing and any future transactions involving the Company.
6.7Severability.  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.
6.8Aggregation 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.
6.9Additional Investors.  Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Preferred Stock after the date hereof, whether pursuant to the Purchase Agreement or otherwise, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder.  No action or consent by the Investors shall be required for 
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such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.
6.10Entire 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.
6.11Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.  
6.12Waiver of Jury Trial: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS.  EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
6.13Delays 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.
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6.14Acknowledgment.  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.
[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
									
		COMPANY:

			
		ZIPRECRUITER, INC.
			
		By:	/s/ Ian Siegel

		Name:	Ian Siegel

		Title:	Chief Executive Officer

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