Document:

EX-4.18

 Exhibit 4.18 

EXECUTION VERSION 
  

 
 RAINDANCE TECHNOLOGIES, INC.

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

April 12, 2013 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 Section 1 Definitions
	  	 	1	  
			
	 1.1
	 	 Certain Definitions
	  	 	1	  
		
	 Section 2 Registration Rights
	  	 	4	  
			
	 2.1
	 	 Requested Registration
	  	 	4	  
	 2.2
	 	 Company Registration
	  	 	7	  
	 2.3
	 	 Registration on Form S 3
	  	 	8	  
	 2.4
	 	 Expenses of Registration
	  	 	9	  
	 2.5
	 	 Registration Procedures
	  	 	9	  
	 2.6
	 	 Indemnification
	  	 	11	  
	 2.7
	 	 Information by Holder
	  	 	13	  
	 2.8
	 	 Restrictions on Transfer
	  	 	13	  
	 2.9
	 	 Rule 144 Reporting
	  	 	15	  
	 2.10
	 	 Market Stand-Off Agreement
	  	 	16	  
	 2.11
	 	 Delay of Registration
	  	 	16	  
	 2.12
	 	 Transfer or Assignment of Registration Rights
	  	 	16	  
	 2.13
	 	 Limitations on Subsequent Registration Rights
	  	 	17	  
	 2.14
	 	 Termination of Registration Rights
	  	 	17	  
		
	 Section 3 Covenants
	  	 	17	  
			
	 3.1
	 	 Basic Financial Information
	  	 	17	  
	 3.2
	 	 Inspection Rights
	  	 	18	  
	 3.3
	 	 Observer Rights
	  	 	18	  
	 3.4
	 	 Confidentiality
	  	 	18	  
	 3.5
	 	 Stock Option Vesting
	  	 	18	  
	 3.6
	 	 Board Matters
	  	 	19	  
	 3.7
	 	 Termination of Covenants
	  	 	19	  
		
	 Section 4 Right of First Refusal
	  	 	19	  
			
	 4.1
	 	 Right of First Refusal to Preferred Holders
	  	 	19	  
		
	 Section 5 Drag-Along Rights
	  	 	22	  
			
	 5.1
	 	 Drag-Along Rights
	  	 	22	  
		
	 Section 6 Miscellaneous
	  	 	23	  
			
	 6.1
	 	 Amendment
	  	 	23	  
	 6.2
	 	 Notices
	  	 	24	  
	 6.3
	 	 Governing Law
	  	 	24	  
	 6.4
	 	 Future Expenses
	  	 	24	  
	 6.5
	 	 Successors and Assigns
	  	 	25	  
	 6.6
	 	 Entire Agreement
	  	 	25	  
	 6.7
	 	 Delays or Omissions
	  	 	25	  
	 6.8
	 	 Severability
	  	 	25	  

  
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	 6.9
	 	 Titles and Subtitles
	  	 	26	  
	 6.10
	 	 Counterparts
	  	 	26	  
	 6.11
	 	 Telecopy Execution and Delivery
	  	 	26	  
	 6.12
	 	 Further Assurances
	  	 	26	  
	 6.13
	 	 Aggregation of Stock
	  	 	26	  

  
 ii 

 RAINDANCE TECHNOLOGIES, INC. 

FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Fourth Amended and Restated Investors’ Rights Agreement (this “Agreement”) is made as of April 12, 2013 by and
among RainDance Technologies, Inc., a Delaware corporation (the “Company”) and the persons and entities listed on Exhibit A hereto (each, a “Series E Holder” and collectively, the “Series E
Holders”), the persons and entities listed on Exhibit B hereto (each, a “Series D Holder” and collectively, the “Series D Holders”), the persons and entities listed on Exhibit C hereto (each,
a “Series C Holder” and collectively, the “Series C Holders”), the persons and entities listed on Exhibit D hereto (each, a “Series B Holder” and collectively, the “Series B
Holders”, together with the Series E Holders, the Series D Holders and the Series C Holders, the “Preferred Holders”) and the persons and entities listed on Exhibit E hereto (each, a “Common Holder”
and collectively, the “Common Holders”). Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in Section 1. 

RECITALS 
 WHEREAS, the
Company, the Common Holders, the Series B Holders, the Series C Holders, and the Series D Holders entered into that certain Third Amended and Restated Investors’ Rights Agreement dated January 24, 2011 (the “Original
Agreement”); 
 WHEREAS, certain Preferred Holders are parties to the Series E Convertible Preferred Stock Purchase Agreement dated
as of the date hereof (as may be amended or restated from time to time, the “Purchase Agreement”); and 
 WHEREAS, in
connection with the consummation of the Closing (as defined in the Purchase Agreement), the Company and the holders of (i) a majority of the outstanding Registrable Securities (as defined below) and (ii) a majority of the outstanding
Common Stock held by Common Holders currently providing service to the Company desire to amend and restate the Original Agreement in its entirety and to accept the rights and obligations created pursuant hereto in lieu of the rights and obligations
granted to them under the Original Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and other
consideration, the receipt of and adequacy of which is hereby acknowledged, the parties hereto further agree as follows: 
 Section 1

 Definitions 

1.1 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 

 (b) “Common Stock” shall mean the Common Stock, par value $0.01 per share of the
Company. 
 (c) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal
statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (d) “Holder” shall mean
(i) any Common Holder or Preferred Holder that holds Registrable Securities, (ii) any holder of Registrable Securities to whom the registration rights conferred by this Agreement have been duly and validly transferred in accordance with
Section 2.12 of this Agreement. 
 (e) “Indemnified Party” shall have the meaning set forth in Section 2.6(c) hereof.

 (f) “Indemnifying Party” shall have the meaning set forth in Section 2.6(c) hereof. 

(g) “Initial Closing” shall mean the date of the initial sale of shares of the Company’s Series E Preferred Stock pursuant to
the Purchase Agreement. 
 (h) “Initial Public Offering” shall mean the closing of the Company’s first firm commitment
underwritten public offering of the Company’s Common Stock registered under the Securities Act. 
 (i) “Initiating Holders”
shall mean any Holder or Holders who in the aggregate hold not less than thirty percent (30%) of the outstanding Registrable Securities calculated on an as-converted basis, provided that for the purpose of Section 2.3 the term
“Initiating Holders” shall mean any Holder or Holders who in the aggregate hold not less than twenty percent (20%) of the outstanding Registrable Securities. 

(j) “New Securities” shall have the meaning set forth in Section 4.1(a) hereof. 

(k) “Preferred Holders” shall have the meaning set forth in the Preamble hereto. 

(l) “Preferred Directors” shall mean the Series B-l Director, Series C Director and Series D Directors, each as defined in the
Fourth Amended and Restated Stockholders’ Voting Agreement of even date herewith (the “Voting Agreement”). 
 (m)
“Preferred Stock” shall mean the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock. 

(n) “Purchase Agreement” shall have the meaning set forth in the Recitals hereto. 

(o) “Registrable Securities” shall mean (i) shares of Common Stock issuable or issued pursuant to the conversion of the Shares,
(ii) shares of Common Stock held by the 

  
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Common Holders and Preferred Holders and (iii) any Common Stock or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in
replacement of the shares referenced in (i) and (ii) above (by reason of any stock split, stock dividend, recapitalization, reorganization, merger, consolidation, sale of assets or otherwise); provided, however, that Registrable Securities
shall not include any shares of Common Stock described in clause (i), (ii) or (iii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have
been sold in a private transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement, or are eligible for sale without restriction pursuant to Rule 144 under the Securities Act.

 (p) The terms “register,” “registered” and “registration” shall refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of the effectiveness of such registration statement. 

(q) “Registration Expenses” shall mean all expenses incurred by the Company in effecting any registration pursuant to this
Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, accounting fees, escrow fees, fees and disbursements of counsel for the Company, fees and disbursements of one special counsel for the
Holders (selected by a two-thirds-in-interest of the Holders calculated on an as-converted basis), blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such registration, and the compensation of
regular employees of the Company but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders, which shall be paid in any event by the Company. 

(r) “Restated Certificate” shall mean the Company’s Amended and Restated Certificate of Incorporation filed as of the date
hereof as may be amended from time to time. 
 (s) “Restricted Securities” shall mean any Registrable Securities required to bear
the first legend set forth in Section 2.8(b) hereof. 
 (t) “Rule 144” shall mean Rule 144 as promulgated by the Commission
under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(u) “Rule 145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time
to time, or any similar successor rule that may be promulgated by the Commission. 
 (v) “Rule 415” shall mean Rule 415 as
promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 

(w) “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and
regulations thereunder, all as the same shall be in effect from time to time. 

  
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 (x) “Selling Expenses” shall mean 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 (other than the fees and disbursements of one special counsel to the Holders included in Registration Expenses). 

(y) “Series B Preferred Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series B Preferred Stock.

 (z) “Series C Preferred Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series C Preferred
Stock. 
 (aa) “Series D Preferred Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series D
Preferred Stock. 
 (bb) “Series E Preferred Conversion Stock” shall mean shares of Common Stock issued upon conversion of the
Series E Preferred Stock. 
 (cc) “Series B Preferred Stock” shall mean the shares of Series B-l Convertible Preferred Stock, par
value $0.01 per share. 
 (dd) “Series C Preferred Stock” shall mean the shares of Series C Convertible Preferred Stock, par value
$0.01 per share. 
 (ee) “Series D Preferred Stock” shall mean the shares of Series D Convertible Preferred Stock, par value $0.01
per share. 
 (ff) “Series E Preferred Stock” shall mean the shares of Series E Convertible Preferred Stock, par value $0.01 per
share, issued pursuant to the Purchase Agreement. 
 (gg) “Shares” shall mean (i) the Company’s Series E Preferred
Stock, (ii) the Company’s Series D Preferred Stock, (iii) the Company’s Series C Preferred Stock, (iv) the Company’s Series B Preferred Stock, and (v) any securities issued with respect to the foregoing upon any
stock split, stock dividend, recapitalization, or similar event or upon any conversion. 
 (hh) “Significant Holder” shall have
the meaning set forth in Section 3.1 hereof. 
 Section 2 

Registration Rights 

2.1 Requested Registration. 

(a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive from
Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to at least thirty percent (30%) of the Registrable Securities (or a lesser amount if such offering shall have an
aggregate offering price to the public of not less than Ten Million Dollars ($10,000,000) net of underwriting discounts and commissions) (such request shall state the number of shares of Registrable Securities to be disposed of by such Initiating
Holders), the Company will: 
 (i) promptly give written notice of the proposed registration to all other Holders; and 

  
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 (ii) as soon as practicable, file and use its commercially reasonable efforts to
effect such registration (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to permit or
facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are
specified in a written request received by the Company within twenty (20) days after such written notice from the Company is mailed or delivered; provided that, unless a registration pursuant to this Section 2.1 is the Company’s
Initial Public Offering, the Company also shall use its commercially reasonable best efforts to file the registration statement within ninety (90) days of the receipt of the request from the Initiating Holders. 

(b) Limitations on Requested Registration. The Company shall not be obligated to effect, or to take any action to effect, any such
registration pursuant to this Section 2.1: 
 (i) Prior to the earlier of (A) April 12, 2020 or (B) six
(6) months following the effective date of the Company’s Initial Public Offering; 
 (ii) In any particular
jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as
may be required by the Securities Act; 
 (iii) After the Company has initiated two (2) such registrations pursuant to
this Section 2.1 (counting for these purposes only registrations which have been declared or ordered effective); 
 (iv)
During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 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; 

(v) If such registration is for the Company’s Initial Public Offering and the Initiating Holders request that the offering
pursuant to Section 2.1(a) be underwritten in any manner other than a firm commitment basis by underwriters selected by the Initiating Holders (subject to the consent of the Company, which consent will not be unreasonably withheld) holding at
least a majority of the Shares held by all Initiating Holders; 

  
 5 

 (vi) If such registration is for the Company’s Initial Public Offering and
the Company and the Initiating Holders are unable to obtain the commitment of the underwriter(s) described in Section 2.1(d) or clause (v) above, as the case may be, to firmly underwrite the respective offerings; or 

(vii) If the Company shall have effected a registration pursuant to Section 2.1(a) within one hundred eighty
(180) days preceding the Company’s receipt of the Initiating Holder’s request. 
 (c) Deferral. If (i) in the
good faith judgment of the Board of Directors of the Company, the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board of Directors of the Company concludes, as a result,
that it is in the best interests of the Company to defer the filing of such registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the President, Chairman or Chief Executive Officer of
the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be materially detrimental to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best
interests of the Company to defer the filing of such registration statement, then (in addition to the limitations set forth in Section 2.1(b)(iv) above) the Company shall have the right to defer such filing for a period of not more than ninety
(90) days after receipt of the request of the Initiating Holders, and, provided further, that the Company shall not defer its obligation in this manner more than twice in any twelve month period. 

(d) Underwriting. If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an
underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 and the Company shall include such information in the written notice referred to in Subsection 2.1(a)(1). In such event, the right of
any Holder to include all or any portion of its Registrable Securities in a registration pursuant to this Section 2.1 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s
Registrable Securities to the extent provided herein. If the Company shall request inclusion in any registration pursuant to Section 2.1 of securities being sold for its own account, or if other persons shall request inclusion in any
registration pursuant to Section 2.1, the Initiating Holders shall, on behalf of all Holders, offer to include such securities in the underwriting and such offer shall be conditioned upon the participation of the Company or such other persons
in such underwriting and the inclusion of the Company’s and such person’s other securities of the Company and their acceptance of the further applicable provisions of this Section 2 (including Section 2.10). The Company shall
(together with all Holders proposing to distribute their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the
Initiating Holders holding at least a majority of the Shares held by all Initiating Holders, which underwriters shall be reasonably acceptable to the Company. 

Notwithstanding any other provision of this Section 2.1, if the underwriters advise the Initiating Holders in writing that marketing
factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities that may be so included shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities

  
 6 

 
held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. In no event shall Registrable Securities be excluded from such registration
unless all other stockholders’ securities (including securities for the account of the Company) have been first excluded. If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such
underwriting, such person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also be withdrawn from registration. Any Registrable Securities or other securities
excluded or withdrawn from such underwriting shall also be withdrawn from such registration. If shares are so withdrawn from the registration and if the number of shares to be included in such registration was previously reduced as a result of
marketing factors pursuant to this Section 2.1(d), then the Company shall then offer to all Holders who have retained rights to include securities in the registration the right to include additional Registrable Securities in the registration in
an aggregate amount equal to the number of shares so withdrawn, with such shares to be allocated among such Holders requesting additional inclusion, as set forth above. 

2.2 Company Registration. 

(a) Company Registration. If the Company shall determine to register any of its securities either for its own account or the account of
a security holder or holders, other than a registration pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a registration relating to a
corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

(ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws
or other compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the
Company within twenty (20) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering involving an underwriting,
the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 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 and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the representative of
the underwriter or underwriters selected by the Company. 

  
 7 

 Notwithstanding any other provision of this Section 2.2, if the representative of the
underwriters advises the Company in writing that marketing factors require a limitation on the number of shares to be underwritten, the representative may (subject to the limitations set forth below) exclude all Registrable Securities from, or limit
the number of Registrable Securities to be included in the registration and underwriting. In no event shall any Registrable Securities be excluded from such registration and underwriting unless all other stockholders’ securities have been first
excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such registration and underwriting, then the Registrable Securities that are included in such
registration and underwriting shall be apportioned pro rata among the selling Holders based on the number of Registrable Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders.
Notwithstanding the foregoing, in no event shall the amount of securities of the selling Holders included in the registration and underwriting be reduced below thirty percent (30%) of the total amount of securities included in such registration
and underwriting, unless such registration is the Company’s Initial Public Offering, in which case the selling Holders may be excluded if the underwriters make the determination described above. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. The securities so excluded shall also be withdrawn from such registration. Any Registrable Securities or other securities excluded or withdrawn from such
underwriting shall be withdrawn from such registration. 
 (c) Right to Terminate Registration. The Company shall have the right to
terminate or withdraw any registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.3 Registration on Form S 3. 

(a) Request for Form S 3 Registration. If the Company is then qualified for the use of Form S-3, in addition to the rights contained in
the foregoing provisions of this Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from Initiating Holders a written request signed by such Initiating Holders that the Company effect any
registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the intended methods
of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities as required by Section 2.1(a)(i) and (ii); provided, that in the case of a registration pursuant to this
Section 2.3, the Company also shall use its commercially reasonable efforts to file the registration statement within ninety (90) days of the receipt of the request from the Initiating Holders. 

(b) Limitations on Form S-3 Registration. The Company shall not be obligated to effect, or take any action to effect, any such
registration pursuant to this Section 2.3: 
 (i) In the circumstances described in either Sections 2.1(b)(ii) or
2.1(b)(iv); 

  
 8 

 (ii) If the Initiating Holders, together with the holders of any other securities
of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) on Form S 3 at an aggregate price to the public (net of any underwriters’ discounts and commissions) of less
than Three Million Dollars ($3,000,000); or 
 (iii) If, in a given six-month period, the Company has effected one
(1) such registration in such period; or 
 (iv) If a request complying with the requirements of Section 2.3(a)
hereof is delivered to the Company, the provisions of Sections 2.1(b)(i)-(ii) and Section 2.1(c) hereof shall apply to such registration. If the registration is for an underwritten offering, the provisions of Sections 2.1(d) shall apply to
such registration. 
 (c) Deferral. The provisions of Section 2.1(c) shall apply to any registration pursuant to this
Section 2.3. 
 (d) Underwriting. If the Initiating Holders requesting registration under this Section 2.3 intend to
distribute the Registrable Securities covered by their request by means of an underwriting, the provisions of Sections 2.1(d) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected
pursuant to this Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 

2.4 Expenses of Registration. All Registration Expenses incurred in connection with registrations pursuant to Sections 2.1, 2.2 and 2.3
hereof shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3 if the registration request is subsequently
withdrawn at the request of the Holders of at least a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions set forth in Sections 2.1 and 2.3
are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the Holders of at least a majority of the
Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1; and provided further, however, that if at the time of such withdrawal, the Holders have learned of a material adverse
change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change,
then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 2.1 or 2.3. All Selling Expenses shall be borne pro rata by the selling Holders based on the number of Registrable Securities
requested to be so registered. 
 2.5 Registration Procedures. In the case of each registration effected by the Company pursuant to
Section 2, the Company will keep each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

(a) Keep such registration effective for a period ending on the earlier of the date which is one hundred twenty (120) days from the
effective date of the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

  
 9 

 (b) Prepare and file with the Commission such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the
period set forth in subsection (a) above; 
 (c) Furnish such number of prospectuses, including any preliminary prospectuses, and other
documents incident thereto, including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 

(d) Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdiction as shall be reasonably requested by the Holders; provided, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions; 
 (e) Notify each seller of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing, and following such
notification promptly prepare and furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall
not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(f) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (g) Cause all such
Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities issued by the Company are then listed; 

(h) Otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission; 

  
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 (i) In connection with any underwritten offering pursuant to a registration statement filed
pursuant to Section 2.1 hereof, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions, and
provided further, that each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; and 

(j) Use its commercially reasonable efforts to furnish, at the request of any Holder requesting registration of Registrable Securities
pursuant to this Section 2, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2, if such securities are being sold through underwriters,
(i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters and
(ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters. 
 2.6 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners,
legal counsel, and accountants and each person controlling such Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification, or compliance has been effected pursuant to this Section 2,
and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter, against all claims, losses, damages, and liabilities (or actions, proceedings, or settlements in respect thereof)
arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any prospectus, offering circular, or other document (including any related registration statement,
notification, or the like) incident to any such registration, qualification, or compliance; (ii) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading; or (iii) any violation (or alleged violation) by the Company of the Securities Act, the Exchange Act, any state securities laws or any rule or regulation thereunder applicable to the Company and relating to action or inaction
required of the Company in connection with any offering covered by such registration, qualification, or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal counsel, and accountants and each
person controlling such Holder, each such underwriter, and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss,
damage, liability, or action as they are incurred; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or
omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls
any such underwriter and stated to be specifically for use therein; and provided further that, the obligations of the Company shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such
settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

  
 11 

 (b) To the extent permitted by law, each Holder will, if Registrable Securities held by such
Holder are included in the securities as to which such registration, qualification, or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel, and accountants and each
underwriter, if any, of the Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, each other such Holder, and each of
their officers, directors, and partners, and each person controlling such Holder, against all claims, losses, damages and liabilities (or actions, proceedings or settlements in respect thereof) arising out of or based on: (i) any untrue
statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any such registration statement, prospectus, offering circular, or other document, or (ii) any omission (or alleged omission) to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel, and accountants, persons, underwriters, or
control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action as they are incurred, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, or other document in reliance upon and in conformity with written information furnished to
the Company by such Holder or any of such Holder’s officers, directors, partners, legal counsel, accountants or any person controlling such Holder, and stated to be specifically for use therein; provided, however, that the obligations of such
Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages, or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be
unreasonably withheld); and provided that in no event shall any indemnity under this Section 2.6 exceed the net proceeds from the offering received by such Holder. 

(c) Each party entitled to indemnification under this Section 2.6 (the “Indemnified Party”) shall give notice to the
party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense
of such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose
approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; provided, further, 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 reasonable fees and expenses to be paid by the Indemnifying Party, if representation of such Indemnified Party by the counsel
retained by the Indemnifying Party would be inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding; and provided further that the
failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any
such claim or litigation, shall, except with the consent 

  
 12 

 
of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and
as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (d) If the indemnification
provided for in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of
indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable
considerations; provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 2.6(b), shall exceed the net proceeds from the offering received by such Holder. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 

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

(f) The obligations of the Company and Holders under this Section 2.6 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 2 and otherwise. 
 2.7 Information by Holder. Each Holder of
Registrable Securities shall furnish to the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any
registration, qualification, or compliance referred to in this Section 2. 
 2.8 Restrictions on Transfer. The holder of each
certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the provisions of this Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or
any portion of the Restricted Securities, or any beneficial interest therein, unless and until (x) the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be
bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and Section 2.10, and (y): 

(i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and such
disposition is made in accordance with such registration statement; or 

  
 13 

 (ii) Such Holder shall have given prior written notice to the Company of such
Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, such Holder shall have furnished the
Company, at such Holder’s expense, with (A) an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Restricted Securities under the Securities Act or
(B) a “no action” letter from the Commission to the effect that the transfer of such securities without registration will not result in a recommendation by the staff of the Commission that action be taken with respect thereto,
whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. 

(b) Notwithstanding the provisions of subsections (a)(i) and (a)(ii) above, no such registration statement or opinion of counsel or “no
action” letter shall be necessary for: (A) a transfer by a Holder to any of its affiliates (including an affiliated fund 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, each an “Affiliated Fund”); (B) a transfer by a Holder that is a partnership, limited liability company or
corporation to a partner, limited partner, retired partner, member, retired member or stockholder of a Holder; (C) a transfer by gift, will or intestate succession of any partner to his or her spouse or to the siblings, lineal descendants or
ancestors of such partner or his or her spouse; or (D) the transfer by a Holder exercising its co-sale rights under the Third Right of First Refusal and Co-Sale Agreement by and among the Company and the Preferred Holders and Common Holders
named therein of even date herewith, as amended, if in each transfer under clauses (A), (B) or (C) the prospective transferee agrees in all such instances in writing to be subject to the terms hereof to the same extent as if he or she were
an original Holder hereunder. 
 (c) Each certificate representing Registrable Securities shall (unless otherwise permitted by the
provisions of this Agreement) be stamped or otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE
SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO REGISTRATION OR AN EXEMPTION

  
 14 

 
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT
AND ANY APPLICABLE STATE SECURITIES LAWS. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO (1) RESTRICTIONS ON
TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD OF UP TO 180 DAYS IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTOR RIGHTS AGREEMENT, AND (2) VOTING RESTRICTIONS AS SET FORTH IN A VOTING AGREEMENT AMONG THE COMPANY AND THE
ORIGINAL HOLDERS OF THESE SHARES, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 
 The Holders consent to the
Company making a notation on its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer established in this Section 2.8. 

(d) The first legend referring to federal and state securities laws identified in Section 2.8(c) hereof stamped on a certificate
evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to such Restricted Securities shall be removed and the Company shall issue a certificate without such legend to the holder of such Restricted
Securities if (i) such securities are registered under the Securities Act; or (ii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a public sale or transfer of such
securities may be made without registration under the Securities Act; or (iii) such holder provides the Company with reasonable assurances, which may, at the option of the Company, include an opinion of counsel reasonably satisfactory to the
Company, that such securities can be sold pursuant to Rule 144 under the Securities Act. 
 2.9 Rule 144 Reporting. With a view to
making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep public information regarding the Company available as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) File with the Commission 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 it has become subject to such reporting requirements; and 

  
 15 

 (c) So long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon
written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of the first registration statement filed by the
Company for an offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), a copy of the most recent annual or quarterly report of the
Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities without registration. 

2.10 Market Stand-Off Agreement. If requested by the Company and an underwriter of Common Stock (or other securities) of the Company,
each Holder hereby agrees that such Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common
Stock (or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of the Company’s Initial Public Offering, or ninety
(90) days with respect to offerings other than the Initial Public Offering, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on the (i) the publication or other distribution
of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto. The obligations
described in this Section 2.10 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a transaction on
Form S-4 or similar forms that may be promulgated in the future and shall only be applicable to the Holders if all officers, directors and greater than one percent (1%) stockholders of the Company enter into similar agreements. The Company may
impose stop-transfer instructions and may stamp each such certificate with the second legend set forth in Section 2.8(c) hereof with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end
of such period. Each Holder agrees to execute a market standoff agreement with said underwriters in customary form consistent with the provisions of this Section 2.10. Any discretionary waiver or termination of the restrictions of any or all of
such agreements by the Company or the underwriters shall apply to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. The foregoing provisions of this Section 2.10 shall not apply to the
sale of any shares to an underwriter of the Company’s securities pursuant to an underwriting agreement entered into by the Company. 

2.11 Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any registration
as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 
 2.12
Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder by the Company under this Section 2 may be transferred or assigned by a Holder only to: (a) a transferee or
assignee of not less than 500,000 shares of Registrable Securities (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like); (b) an affiliate of a Holder (including
an Affiliated Fund) or a subsidiary, parent, partner, limited partner, retired partner, 

  
 16 

 
member, retired member or stockholder of a Holder; or (c) a Holder’s family member or trust for the benefit of an individual Holder or Holder’s family member; provided that
(i) any such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section 2.8 hereof, and applicable securities laws; (ii) the Company is given written notice prior to said transfer or
assignment, stating the name and address of the transferee or assignee and identifying the securities with respect to which such registration rights are intended to be transferred or assigned; (iii) the transferee or assignee of such rights
assumes in writing the obligations of such Holder under this Agreement, including without limitation the obligations set forth in Section 2.10; and (iv) any such transferee is not engaged in competition with the Company as reasonably
determined by the Board of Directors. 
 2.13 Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders holding at least a majority of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company giving such
holder or prospective holder any registration rights the terms of which are pari passu with or senior to the registration rights granted to the Holders hereunder. 

2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to
Section 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date, on or after the closing of the Company’s Initial Public Offering, on which all shares of Registrable Securities held or entitled to be held upon conversion by
such Holder may immediately be sold under Rule 144 during any ninety (90)-day period; and (ii) five (5) years after the closing of the Company’s Initial Public Offering. 

Section 3 

Covenants. 
 3.1
Basic Financial Information. The Company shall deliver to each holder of at least five percent (5%) of Registrable Securities (a “Significant Holder”), the following financial information: 

(a) as soon as practicable, but in any event within 120 days after the end of each fiscal year of the Company, an income statement for such
fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with
generally accepted accounting principles (“GAAP”), and audited and certified by an independent public accounting firm of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Company, an unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter prepared in accordance with GAAP consistently applied with prior practice for
earlier periods (with the exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit adjustment; and 

  
 17 

 (c) as soon as practicable, but in any event within 30 days prior to the commencement of each new
fiscal year of the Company, an annual budget and operating plan for such fiscal year (unless otherwise approved by the Board of Directors of the Company, including a majority of the Preferred Directors). 

3.2 Inspection Rights. The Company will afford to each Significant Holder reasonable access during normal business hours to all of the
Company’s properties, books and records. Significant Holders may exercise their rights under this Section 3.2 only for purposes reasonably related to their interests as a stockholder. The rights granted pursuant to this Section 3.2
may not be assigned or otherwise conveyed by any Significant Holder or by any subsequent transferee of any such rights to any transferee reasonably deemed by the Company to be a competitor of the Company. 

3.3 Observer Rights. So long as New Emerging Medical Opportunities Fund L.P. or any of its affiliates (“NEMO”) holds
at least two percent (2%) of the outstanding shares of capital stock of the Company, the Company shall invite an observer designated by NEMO to attend all meetings of its Board 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 at the same time and in the same manner as provided to such 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 NEMO or
its representative is a competitor of the Company. 
 3.4 Confidentiality. Anything in this Agreement to the contrary
notwithstanding, no Holder by reason of this Agreement shall have access to any trade secrets or similarly classified information of the Company. The Company shall not be required to comply with any information rights or inspection rights of
Section 3 in respect of any Holder whom the Company reasonably determines to be a competitor or an officer, employee or director of a competitor, nor shall the Company be obligated to disclose any information which the Board of Directors of the
Company determines in good faith is attorney-client privileged and should not, therefore, be disclosed. The Company shall not be obligated to disclose details of contracts with, or work performed for, specific customers and other business partners
where to do so would violate confidentiality obligations to those parties (taking into account the confidentiality requirements hereunder). Each Holder agrees that it will not use any information received by it pursuant to this Agreement in
violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees, agents or partners (including, without limitation, limited partners) having a need to know the contents of such
information or who are contractually obligated to keep such information confidential, and its attorneys), except in connection with the exercise of rights under this Agreement or as required by law, regulation or judicial order, unless the Company
has made such information available to the public generally. 
 3.5 Stock Option Vesting. Unless otherwise decided by the Board of
Directors, all option grants to employees and consultants of the Company made after the date of this 

  
 18 

 
Agreement shall vest over a four year period with 25% of the shares subject to each option vesting a year after the vesting commencement date and the remainder of the shares vesting in equal
amounts on a monthly, quarterly or annual basis thereafter. 
 3.6 Board Matters. The Company agrees to reimburse each non-employee
director for all reasonable out-of-pocket expenses incurred in the performance of his or her duties as a director. In addition, every year at least 50% of the in-person meetings of the Board of Directors of the Company shall be held on the east
coast. 
 3.7 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and
effect after the closing of the Company’s Initial Public Offering or upon an acquisition, merger or consolidation of the Company. 

3.8 Option Pool. The aggregate number of shares of Common Stock reserved for issuance under the Company’s 2005 Employee, Director
and Consultant Stock Plan (the “Plan”) shall equal 90,020,770 immediately prior to the Initial Closing and shall be increased in connection with each closing consummated in accordance with the Purchase Agreement following the
Initial Closing such that the aggregate number of shares of Common Stock reserved for issuance under the Plan (together with any shares of Common Stock issued as restricted stock or issued upon exercise of options after the date of the Initial
Closing) shall equal 15% of the Company’s fully diluted capitalization immediately after such closing. 
 Section 4 

Right of First Refusal 

4.1 Right of First Refusal to Preferred Holders. The Company hereby grants to each Preferred Holder the right of first refusal to
purchase its pro rata share of New Securities (as defined in Section 4.1(a)) which the Company may, from time to time, propose to sell and issue after the date of this Agreement. A Preferred Holder’s pro rata share, for purposes of this
right of first refusal, is equal to the ratio of (A) the number of shares of Common Stock owned by such Preferred Holder on the date hereof (assuming full conversion of the Shares and exercise of all outstanding convertible securities, rights,
options and warrants, directly or indirectly, into Common Stock held by said Holder) to (B) the total number of shares of Common Stock outstanding on the date hereof (assuming full conversion of the Shares and exercise of all outstanding
convertible securities, rights, options and warrants, directly or indirectly, into Common Stock); provided, that so long as each Preferred Holder is offered its pro rata share NEMO shall have the right to purchase up to such number of New
Securities, which purchase price is equal to $2,000,000.00, notwithstanding the fact that such number of New Securities may be greater than NEMO’s pro rata share of New Securities. For purposes of this Section 4.1, a Preferred Holder
includes any general partner, managing member and affiliates (including Affiliated Funds) of a Preferred Holder. A Preferred Holder who chooses to exercise the right of first refusal may designate as purchasers under such right itself and/or its
partners or affiliates (including Affiliated Funds), in such proportions as it deems appropriate. 
 (a) “New Securities”
shall mean any capital stock (including Common Stock and/or Preferred Stock) of the Company whether now authorized or not, and rights, convertible 

  
 19 

 
securities, options or warrants to purchase such capital stock, and securities of any type whatsoever that are, or may become, exercisable or convertible into capital stock; provided that the
term “New Securities” does not include: 
 (i) the Shares, the Series B Preferred Conversion Stock, the Series C
Preferred Conversion Stock, the Series D Preferred Conversion Stock and the Series E Preferred Conversion Stock; 
 (ii)
securities issued or issuable to employees, officers or directors, of, or consultants or advisors to the Company or any subsidiary pursuant to stock grants, option plans or similar arrangements in an amount not to exceed 89,275,986 shares in the
aggregate (as adjusted for stock splits, dividends, combinations, splits, recapitalizations and the like), or such greater number that is determined by an affirmative vote of the Board of Directors of the Company (including the affirmative vote of
each of the Preferred Directors); 
 (iii) securities issued upon the exercise or conversion of Convertible Securities (as
defined in the Restated Certificate) outstanding as of the date hereof or upon the exercise or conversion of any of the securities described in Subparagraphs 4(e)(i)(1)-(11) of the Restated Certificate; 

(iv) securities issued or issuable as a dividend or distribution on Preferred Stock of the Company or pursuant to any event for
which adjustment is made pursuant to Sections 4(f), (g) or (h) of the Restated Certificate; 
 (v) securities
offered pursuant to a registered public offering under the Securities Act in connection with which all outstanding shares of Preferred Stock are converted into Common Stock; 

(vi) securities issued or issuable pursuant to merger, consolidation, acquisition, strategic alliance or similar business
combination approved by the affirmative vote of the Board of Directors of the Company (including the affirmative vote of a majority of the Preferred Directors); 

(vii) securities issued or issuable to banks, equipment or real property lessors or other financial institutions pursuant to a
debt financing, equipment lease, bank credit arrangement or commercial leasing transaction entered into for primarily non-equity financing purposes and approved by the Board of Directors of the Company (including the affirmative vote of a majority
of the Preferred Directors); 
 (viii) any right, option or warrant to acquire any security convertible into the securities
excluded from the definition of New Securities pursuant to subsections (i) through (vii) above; 
 (ix) securities
issued or issuable in connection with strategic transactions including (A) joint ventures, manufacturing, marketing, OEM, sponsored research, collaboration or distribution arrangements or (B) technology, transfer or development
arrangements, in each case approved by the Board of Directors of the Company (including the affirmative vote of a majority of the Preferred Directors); 

  
 20 

 (x) securities issued to suppliers or third party service providers in connection
with the provision of goods or services pursuant to transactions approved the Board of Directors of the Company (including the affirmative vote of a majority of the Preferred Directors); 

(xi) securities issued with the prior written waiver of the holders of at a majority of the outstanding shares of Preferred
Stock, voting together as a single class on an as-converted basis, including at least three of the Major Preferred Holders (as defined in the Voting Agreement); and 

(xii) securities issued or issuable upon conversion or cancellation of indebtedness of the Company outstanding as of the date
hereof. 
 (b) In the event the Company proposes to undertake an issuance of New Securities, it shall give each Preferred Holder written
notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Preferred Holder shall have twenty (20) days after any such notice is mailed or
delivered to agree to purchase such Holder’s pro rata share of such New Securities for the price and upon the terms specified in the notice by giving written notice to the Company and stating therein the quantity of New Securities to be
purchased. The Company shall promptly, in writing, inform each Preferred Holder that elects to purchase all the shares available to it (a “Fully Exercising Holder”) of any other Preferred Holder’s failure to do likewise. During
the ten (10) day period commencing after such information is given, each Fully Exercising Holder may elect to purchase that portion of the New Securities for which Preferred Holders were entitled to subscribe, but which were not subscribed for
by the Preferred Holders, that is equal to the proportion that the number of shares of Registrable Securities issued and held by such Fully Exercising Holder bears to the total number of shares of Common Stock issued and held, or issuable upon
conversion of the Shares then held, by all Fully Exercising Holders who wish to purchase some of the unsubscribed shares. 
 (c) In the
event the Preferred Holders fail to exercise fully the right of first refusal within said twenty (20) day period and additional ten (10) day period (collectively, the “Election Period”), the Company shall have ninety
(90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New Securities covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New
Securities with respect to which the Preferred Holders’ right of first refusal option set forth in this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the
Company’s notice to Preferred Holders delivered pursuant to Section 4.1(b). In the event the Company has not sold within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date
of said agreement, the Company shall not thereafter issue or sell any New Securities without first again offering such securities to the Preferred Holders in the manner provided in this Section 4.1. 

  
 21 

 (d) The right of first refusal granted under this Agreement shall expire upon, and shall not be
applicable to, (i) the Company’s Initial Public Offering or (ii) on the first date upon which no Shares are outstanding with respect to the Preferred Holders. 

Section 5 

Drag-Along Rights 

5.1 Drag-Along Rights. 

(a) Subject to Section 5.1(b) below and the prior approval of the holders of Preferred Stock as contemplated by Article IV(C)(5) of the
Restated Certificate, if the holders of at least a majority of the outstanding shares of Common Stock and Preferred Stock (voting together as a single class, and on an as-converted to Common Stock basis), approve a sale of the Company or all or
substantially all of the Company’s assets, whether by means of a merger, consolidation, sale of stock or assets or otherwise (a “Sale of the Company”), then all Preferred Holders and Common Holders shall consent to and vote
their shares of Preferred Stock and Common Stock in favor of the Sale of the Company, and if the Sale of the Company is structured as (i) a merger or consolidation of the Company, or a sale of all or substantially all of the Company’s
assets, each Common Holder and Preferred Holder shall waive any dissenters’ rights, appraisal rights or similar rights in connection with such merger, consolidation or asset sale, or (ii) a sale of the stock of the Company, the Preferred
Holders and Common Holders shall agree to sell their shares of Common Stock on the terms and conditions approved by such holders of at least a majority of the outstanding shares of Common Stock and Preferred Stock (voting together as a single class,
and on an as-converted to Common Stock basis). Each Common Holder and Preferred Holder hereby irrevocably constitutes and appoints the Company and any representative or agent thereof, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and stead of such Common Holder and Preferred Holder and in the name of such Common Holder or in its own name, for the purpose of carrying out the terms of this Section 5,
to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Section 5. Such Common Holder and Preferred Holder hereby ratifies all that said
attorneys shall lawfully do or cause to be done by virtue hereof. The rights under this Section 5 shall expire upon the Company’s Initial Public Offering. 

(b) Notwithstanding the foregoing, no Common Holder or Preferred Holder will be required to comply with Section 5.1(a) above in
connection with any proposed Sale of the Company (the “Proposed Sale”) unless: 
 (i) any representations
and warranties to be made by such Holder in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership and the ability to convey title to such Holder’s Shares; 

(ii) such Holder shall not be liable for the inaccuracy of any representation or warranty made by any other person in
connection with the Proposed Sale, other than the Company; 

  
 22 

 (iii) the liability for indemnification, if any, of such Holder in the Proposed
Sale and for the inaccuracy of any representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other person and is pro rata in proportion to the amount of consideration paid to such
Holder in connection with such Proposed Sale; 
 (iv) the aggregate consideration receivable by all holders of the Preferred
Stock and Common Stock shall be allocated among the holders of Preferred Stock and Common Stock on the basis of the relative liquidation preferences to which the holders of each respective series of Preferred Stock and the holders of Common Stock
are entitled in a Deemed Liquidation Event (assuming for this purpose that the Proposed Sale is a Deemed Liquidation Event) in accordance with the Restated Certificate; and 

(v) if any holders of a series or class of capital stock of the Company are given an option as to the form and amount of
consideration to be received as a result of the Proposed Sale, all holders of such series or class of capital stock will be given the same option. 

(c) The Company hereby covenants and agrees that it shall use reasonable best efforts to ensure that each party issued Common Stock of the
Company from and after the date hereof executes a joinder agreement providing that, for all purposes of this Section 5, such party shall be a “Common Holder” hereunder. 

Section 6 

Miscellaneous 

6.1 Amendment. Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument referencing this Agreement and signed by the Company and the Holders holding at least a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant
to Rule 144); provided, however, that Holders purchasing shares of Series E Preferred Stock in a Closing after the Initial Closing (each as defined in the Purchase Agreement) may become parties to this Agreement, by executing a
counterpart of this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other Holder; provided, further, however, (i) that, in the event such amendment, waiver,
discharge or termination adversely affects the rights of, or alters the obligations of, any Preferred Holder (or any Preferred Holder’s permitted transferee) in a manner materially different from the manner in which such amendment, waiver,
discharge or termination adversely affects the rights of, or alters the obligations of, any other Preferred Holder (or any other Preferred Holder’s permitted transferee), other than solely by reason of the number of Registrable Securities held
by such Preferred Holder, such amendment, waiver, discharge or termination shall further require the approval of each such adversely affected Preferred Holder (or its permitted transferee) and (ii) Sections 5 and 6 may not be amended, if such
amendment would adversely affect the rights of the Common Holders, without the consent of the Common Holders holding at least a majority of the Common Stock held by the Common Holders then providing services to the Company, voting separately. Any
such amendment, waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and 

  
 23 

 
each future holder of all such securities of Holder. Each Holder acknowledges that by the operation of this paragraph, and subject to the provisions set forth above, the Holders of a majority of
the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144) will have the right and power to diminish or eliminate all rights of such Holder under this Agreement. 

6.2 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered
or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand or by messenger addressed: 
 (a) if
to a Preferred Holder, at the Preferred Holder’s address, facsimile number or electronic mail address as shown in the Company’s records, as may be updated in accordance with the provisions hereof; 

(b) if to any Holder, at such address, facsimile number or electronic mail address as shown in the Company’s records, or, until any such
holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address of the last holder of such shares for which the Company has contact information in its records; or 

(c) if to the Company, one copy should be sent to RainDance Technologies, Inc., 44 Hartwell Avenue, Lexington, MA 02421, Attn: Chief Executive
Officer, or at such other address as the Company shall have furnished to the Preferred Holders, with a copy to Mitchell S. Bloom, Esq, Goodwin Procter LLP, Exchange Place, Boston, MA 02109. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given when delivered
if delivered personally, or, if sent by mail, at the earlier of its receipt or 72 hours after the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid or, if sent
by facsimile, upon confirmation of facsimile transfer or, if sent by electronic mail, upon confirmation of delivery when directed to the electronic mail address set forth on the Schedule of Preferred Holders. 

6.3 Governing Law. This Agreement shall be governed in all respects by the internal laws of the State of Delaware, without regard to
principles of conflicts of law. 
 6.4 Future Expenses. Upon request from the Series E Holders holding at least one million
(1,000,000) shares of Registrable Securities calculated on an as-converted to Common Stock basis (as adjusted for stock splits, stock dividends and recapitalizations after the date hereof), the Company shall reimburse Series E Holders
(i) up to $7,500 in the aggregate for reasonable documented fees and expenses of one counsel selected by the Series E Holders to review transaction documents on their behalf in connection with each future financing transaction of the Company
involving gross proceeds to the Company of at least $1,000,000 and (ii) up to $30,000 in the aggregate for reasonable documented fees and expenses of one counsel selected by the Series E Holders to review transaction documents on their behalf
in connection with any merger, acquisition or other change of control transaction involving the Company (other than equity financing transactions) or the sale or other transfer of all or substantially all of the Company’s assets. 

  
 24 

 6.5 Successors and Assigns. This Agreement, and any and all rights, duties and obligations
hereunder, shall not be assigned, transferred, delegated or sublicensed by any Preferred Holder without the prior written consent of the Company; provided, however, that notwithstanding the foregoing or any other provision of this Agreement,
(i) MDV VIII, L.P. (“MDV”) and any MDV affiliate shall be permitted to transfer all or any portion of the Shares (and any and all accompanying rights, duties and obligations) it owns to MDV or any affiliate of MDV or any entity
or vehicle including a partnership in which MDV and/or its affiliate has a majority economic interest and which is managed by MDV or any of its affiliates and (ii) Quaker Bio Ventures II, L.P. (“Quaker”) and any Quaker
affiliate shall be permitted to transfer all or any portion of the Shares (and any and all accompanying rights, duties and obligations) it owns to Quaker or any affiliate of Quaker or any entity or vehicle including a partnership in which Quaker
and/or its affiliate has a majority economic interest and which is managed by Quaker or any of its affiliates. Any attempt by a Preferred Holder without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations
that arise under this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and
administrators of the parties hereto. 
 6.6 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or
covenants except as specifically set forth herein. The Original Agreement is hereby amended and restated in its entirety and shall be of no further force or effect. 

6.7 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to
any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in 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. Any waiver, permit,
consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

6.8 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a
valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its
terms. 

  
 25 

 6.9 Titles and Subtitles. The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits
attached hereto. 
 6.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
enforceable against the parties that execute such counterparts, and all of which together shall constitute one instrument. 
 6.11
Telecopy Execution and Delivery. A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which
the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original
of this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 6.12 Further Assurances. Each party hereto
agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and things as may be necessary to more
fully effectuate this Agreement. 
 6.13 Aggregation of Stock. All shares of Common Stock and Preferred Stock held or acquired by
affiliated entities or persons or entities under common investment management or control shall be aggregated together for the purpose of determining the availability of any rights or obligations under this Agreement. 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors Rights Agreement effective as of the day and year first above written. 
  

			
	RAINDANCE TECHNOLOGIES, INC.
	a Delaware corporation
		
	By:	 	/s/ S. Roopom Banerjee
		 	S. Roopom Banerjee
		 	President and Chief Executive Officer

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	PREFERRED HOLDERS:
	
	MYRIAD GENETIC LABORATORIES, INC.
		
	By:	 	/s/ James S. Evans
	Name:	 	James S. Evans
	Title:	 	Chief Financial Officer
	
	Address:
		
		 	Myriad Genetics, Inc.
		 	320 Wakara Way
		 	Salt Lake City, Utah 84108

  

			
	Approved as to Form By:
	Myriad Law Dept.
		
	By:	 	/s/ RM
	Date:	 	 12/12/13

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written, 
  

					
	PREFERRED HOLDERS:
	
	QUAKER BIOVENTURES II, L.P.
		
	By:	 	 QUAKER BIOVENTURES CAPITAL II,

L.P., its general partner

		
	By:	 	 QUAKER BIOVENTURES CAPITAL II,
 LLC,
its general partner

		
	By:	 	/s/ P. Sherrill Neff
		 	Name:	 	P. Sherrill Neff
		 	Title:	 	Member

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	PREFERRED HOLDERS:
	
	ALLOY VENTURES 2005, L.P.
		
	By:	 	/s/ Craig Taylor
	Name:	 	CRAIG C. TAYLOR
	Title:	 	MM OF AL 2005 LLC GP OF AL 2005 LP

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	PREFERRED HOLDERS:
	
	THE SAMBERG FAMILY 2007 TRUST
		
	By:	 	/s/ Arthur J. Samberg
	Name:	 	Arthur J. Samberg
	Title:	 	Trustee
	
	THE JEFFREY SAMBERG AMENDED AND RESTATED TRUST
		
	By:	 	/s/ Jeffrey Samberg
	Name:	 	Jeffrey Samberg
	Title:	 	Trustee
	
	THE SAMBERG FAMILY 2012 GRANTOR TRUST
		
	By:	 	/s/ Arthur J. Samberg
	Name:	 	Arthur J. Samberg
	Title:	 	Trustee
	
	ACADIA WOOD PARTNERS, LLC
		
	By:	 	/s/ Jeffrey Samberg
	Name:	 	Jeffrey Samberg
	Title:	 	Managing Member
	
	JDS CAPITAL, LP
		
	By:	 	/s/ Joseph Samberg
	Name:	 	Joseph Samberg
	Title:	 	General Partner

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

	
	PREFERRED HOLDERS:
	
	JEFFREY SAMBERG 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Jeffrey Samberg
	Jeffrey Samberg, as Settlor
	
	/s/ Amy Jennings
	Amy Jennings, as Trustee
	
	JEFFREY S. SAMBERG AMENDED AND RESTATED REVOCABLE TRUST INDENTURE
	
	/s/ Jeffrey Samberg
	Jeffrey S. Samberg, as Grantor
	
	/s/ Jeffrey Samberg
	Jeffrey S. Samberg, as Trustee

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

	
	PREFERRED HOLDERS:
	
	/s/ Laura Samberg Faino
	Laura Samberg Faino
	
	LAURA SAMBERG FAINO 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Laura Samberg Faino
	Laura Samberg Faino, Settlor
	
	/s/ Susan Podolsky
	Susan Podolsky, Trustee

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

	
	PREFERRED HOLDERS:
	
	/s/ Arthur J. Samberg
	Arthur J. Samberg
	
	ARTHUR J. SAMBERG 2010 RAINDANCE TECHNOLOGIES INC. GRAT
	
	/s/ Arthur J. Samberg
	Arthur J. Samberg, as Settlor
	
	/s/ Susan Podolsky
	Susan Podolsky, as Trustee

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

	
	PREFERRED HOLDERS:
	
	/s/ Joseph Samberg
	Joseph Samberg
	
	JOSEPH SAMBERG 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Joseph Samberg
	Joseph Samberg, Settlor
	
	/s/ Amy Jennings
	Amy Jennings, Trustee

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	PREFERRED HOLDERS:
	
	NEW EMERGING MEDICAL OPPORTUNITIES FUND L.P.
		
	By:	 	/s/ Michael Sjostrom
	Name:	 	Michael Sjostrom, CFA
	Title:	 	Chief Investment Officer, Sectoral Asset Management, Inc.

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

			
	PREFERRED HOLDERS:
	
	MDV IX, L.P.
	as nominee for
	MDV IX, L,P. and
	MDV ENF IX, L.P.
		
	By:	 	Ninth MDV Partners, L.L.C., General
		 	Partner
		
	By:	 	/s/ Brett Teele
		 	Brett Teele, Authorized Signatory
	
	Address:
	
	Mohr, Davidow Ventures
	3000 Sand Hill Road
	Bldg. 3, Suite 290
	Menlo Park, CA 94025
	
	MDV VIII, L.P.
	as nominee for
	MDV VIII, L.P.,
	MDV VIII Leaders’ Fund, L.P., and
	MDV ENF VIII, L.P.
		
	By:	 	Eighth MDV Partners, L.L.C., General
		 	Partner
		
	By:	 	/s/ Brett Teele
		 	Brett Teele, Authorized Signatory
	
	Address:
	
	Mohr, Davidow Ventures
	3000 Sand Hill Road
	Bldg. 3, Suite 290
	Menlo Park, CA 94025

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement, as amended by the First Amendment to Fourth Amended and Rested Investors’ Rights Agreement, dated as of November 15, 2013, as of the day and year first above written. 

 

	
	/s/ Peter Dartley
	Peter Dartley

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement, as amended by the First Amendment to Fourth Amended and Rested Investors’ Rights Agreement, dated as of November 15, 2013, as of the day and year first above written. 

 

	
	PREFERRED HOLDERS:
	
	/s/ Richard Booth
	Richard Booth

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties hereto have executed this Fourth Amended and Restated
Investors’ Rights Agreement effective as of the day and year first above written. 
  

	
	COMMON HOLDERS:
	
	/s/ Jerome Bibette
	Jerome Bibette, Ph.D.
	
	  

	David A. Weitz, Ph.D
	
	 /s/ Andrew D. Griffiths

	Andrew D. Griffiths, Ph.D
	
	 /s/ Darren Link

	Darren R. Link, Ph.D.

  
 SIGNATURE PAGE TO

 FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 EXHIBIT A 

SERIES E HOLDERS 
 Name and Address

 Quaker BioVentures II, L.P. 
 Cira Centre 

2929 Arch Street 
 Philadelphia, PA 19104-2868 

Attn: P. Sherrill Neff 
 MDV IX, L.P. 

as nominee for 
 MDV IX, L.P. and MDV ENF IX, L.P. 

c/o Mohr, Davidow Ventures 
 3000 Sand Hill Road 

Bldg. 3, Suite 290 
 Menlo Park, CA 94025 

The Samberg Family 2012 Grantor Trust 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

The Jeffrey Samberg Amended and Restated Trust 
 10 Ivy Hill Road

 Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

Acadia Woods Partners, LLC 
 c/o Pequot Capital Management, Inc.

 500 Nyala Farm Road 
 Westport, CT 06880 

Attention: Amy Jennings 
 Alloy Ventures 2005, L.P. 

400 Hamilton Avenue 
 4th Floor 

Palo Alto, CA 94301 
 New Emerging Medical Opportunities Fund
L.P. 
 c/o Codan Trust Company (Cayman) Limited 
 Hutchins
Drive 
 Cricket Square, P.O. Box 2681 
 Grand Cayman KY1-1111

 Cayman Islands 

  
 A-1 

			
	Mailing Address:	  	New Emerging Medical Opportunities Fund L.P.
		  	1000 Sherbrooke Street West, Suite 2120
		  	Montreal Quebec H3A 3G4
		  	Canada

 Myriad Genetic Laboratories Inc. 

320 Wakara Way 
 Salt Lake City, Utah 84108 

Peter Dartley 
 c/o Pequot Capital Management, Inc. 

187 Danbury Road 
 Wilton, CT 06897 

Richard Booth 
 7 Winterbury Road 

Deep River, CT 06417 

  
 A-2 

 EXHIBIT B 

SERIES D HOLDERS 
 Name and Address

 Quaker Bio Ventures II, L.P. 
 Cira Centre 

2929 Arch Street 
 Philadelphia, PA 19104-2868 

Attn: P. Sherrill Neff 
 MDV VIII, L.P. 

as nominee for 
 MDV VIII, L.P., 

MDV VIII Leaders’ Fund, L.P., and 
 MDV ENF VIII, L.P. 

Mohr, Davidow Ventures 
 3000 Sand Hill Road 

Bldg. 3, Suite 290 
 Menlo Park, CA 94025 

Attention: William Ericson 
 MDV IX, L.P. 

as nominee for MDV IX, L.P. and MDV ENF IX, L.P. 
 Mohr, Davidow
Ventures 
 3000 Sand Hill Road 
 Bldg. 3, Suite 290 

Menlo Park, CA 94025 
 Attention: William Ericson 

The Jeffrey Samberg Amended and Restated Trust 
 10 Ivy Hill Road

 Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

Acadia Woods Partners, LLC 
 c/o Pequot Capital 

Management, Inc. 
 500 Nyala Farm Road 

Westport, CT 06880 
 Attention: Amy Jennings 

Arthur J. Samberg 
 134 Hawkes Avenue 

Ossining, NY 10562 

  
 B-1 

 Alloy Ventures 2005, L.P. 

400 Hamilton Avenue 
 4th Floor 

Palo Alto, CA 94301 
 New Emerging Medical Opportunities Fund
L.P. 
 c/o Codan Trust Company (Cayman) Limited 
 Hutchins
Drive, Cricket Square, P.O. Box 2681 
 Grand Cayman KY1-1111 

Cayman Islands 
  

			
	Mailing Address:	  	New Emerging Medical Opportunities Fund L.P.
		  	1000 Sherbrooke Street West, Suite 2120
		  	Montreal Quebec H3A 3G4

 SENJA Holdings, LLC 
 8 Sidney
Lanier Lane 
 Greenwich, CT 06831 
 Attention: Erik Jansen 

Mintz Levin Investments LLC 
 One Financial Center 

Boston, MA 02111 
 Attention: David Ballinger 

Peter Dartley 
 c/o Pequot Capital Management, Inc. 

187 Danbury Road 
 Wilton, CT 06897 

  
 B-2 

 EXHIBIT C 

SERIES C HOLDERS 
 Name and Address

 MDV VIII, L.P. 
 as nominee for 

MDV VIII, L.P., 
 MDV VIII Leaders’ Fund, L.P., and 

MDV ENF VIII, L.P. 
 Mohr, Davidow Ventures 

3000 Sand Hill Road 
 Bldg. 3, Suite 290 

Menlo Park, CA 94025 
 Attention: William Ericson 

The Jeffrey Samberg Amended and Restated Trust 
 10 Ivy Hill Road

 Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

The Samberg Family 2007 Trust 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

Joseph Samberg 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Joseph Samberg 

Laura Samberg Faino 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Laura Samberg Faino 

Arthur J. Samberg 2010 Raindance Technologies, Inc. GRAT 
 10 Ivy
Hill Road 
 Chappaqua, NY 10514 
 Attention: Arthur Samberg

 Jeffrey Samberg 2010 Raindance Technologies, Inc. GRAT 
 10
Ivy Hill Road 
 Chappaqua, NY 10514 
 Attention: Jeffrey
Samberg 

  
 C-1 

 Joseph Samberg 2010 Raindance Technologies, Inc. GRAT 

10 Ivy Hill Road 
 Chappaqua, NY 10514 

Attention: Joseph Samberg 
 Laura Samberg Faino 2010 Raindance
Technologies, Inc. GRAT 
 10 Ivy Hill Road 
 Chappaqua, NY
10514 
 Attention: Laura Samberg Faino 
 Alloy Ventures 2005,
L.P. 
 400 Hamilton Avenue 
 4th Floor 

Palo Alto, CA 94301 
 New Emerging Medical Opportunities Fund
L.P. 
 c/o Codan Trust Company (Cayman) Limited 
 Hutchins
Drive, Cricket Square, P.O. Box 2681 
 Grand Cayman KYI-1111 

Cayman Islands 
  

			
	Mailing Address:	  	New Emerging Medical Opportunities Fund L.P.
		  	1000 Sherbrooke Street West, Suite 2120
		  	Montreal Quebec H3A3G4
		  	Canada

 Peter Dartley 
 c/o Pequot
Capital Management, Inc. 
 187 Danbury Road 
 Wilton, CT 06897

 SENJA Holdings LLC 
 8 Sidney Lanier Lane 

Greenwich, CT 06831 
 Attention: Erik Jansen 

Mintz Levin Investments LLC 
 One Financial Center 

Boston, MA 02111 
 Attention: David Ballinger 

  
 C-2 

 EXHIBIT D 

SERIES B HOLDERS 
 Name and Address

 MDV VIII, L.P. 
 as nominee for 

MDV VIII, L.P., 
 MDV VIII Leaders’ Fund, L.P., and 

MDV ENF VIII, L.P. 
 Mohr, Davidow Ventures 

3000 Sand Hill Road 
 Bldg. 3, Suite 290 

Menlo Park, CA 94025 
 Attention: William Ericson 

Alloy Ventures 2005, L.P. 
 400 Hamilton Avenue 

4th Floor 
 Palo Alto, CA 94301 

JDS Capital, LP 
 100 Park Avenue, 17th Floor 

New York, NY 10017 
 Attention: Barbara Tomasulo 

The Jeffrey Samberg Amended and Restated Trust 
 10 Ivy Hill Road

 Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

The Samberg Family 2007 Trust 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Jeffrey Samberg 

Joseph Samberg 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Joseph Samberg 

Laura Samberg Faino 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Laura Samberg Faino 

  
 D-1 

 Arthur J. Samberg 2010 Raindance Technologies, Inc. GRAT 

10 Ivy Hill Road 
 Chappaqua, NY 10514 

Attention: Arthur Samberg 
 Jeffrey Samberg 2010 Raindance
Technologies, Inc. GRAT 
 10 Ivy Hill Road 
 Chappaqua, NY
10514 
 Attention: Jeffrey Samberg 
 Joseph Samberg 2010
Raindance Technologies, Inc. GRAT 
 10 Ivy Hill Road 

Chappaqua, NY 10514 
 Attention: Joseph Samberg 

Laura Samberg Faino 2010 Raindance Technologies, Inc. GRAT 
 10
Ivy Hill Road 
 Chappaqua, NY 10514 
 Attention: Laura Samberg
Faino 
 Peter Dartley 
 c/o Pequot Capital Management, Inc.

 187 Danbury Road 
 Wilton, CT 06897 

SENJA Holdings LLC 
 8 Sidney Lanier Lane 

Greenwich, CT 06831 
 Attention: Erik Jansen 

Richard Booth 
 7 Winterbury Road 

Deep River, CT 06417 
 Mintz Levin Investments LLC 

One Financial Center 
 Boston, MA 02111 

Attention: David Ballinger 

  
 D-2 

 EXHIBIT E 

COMMON HOLDERS 
 Name and Address

 Jerome Bibette, Ph.D 
 12 Rue Monge 

Paris 75005 
 France 

Fax: 
 Email: Jerome.bibette@espci.fr 

David A. Weitz, Ph.D 
 213 Green Road 

Bolton, MA 01740 
 Fax: (617)495-2875 

Email: weitz@deas.harvard.edu 
 Andrew D. Griffiths, Ph.D 

14 Rue Massenent 
 Strasbourg 67000 

France 
 Fax: +33-3-902045115 

Email: Griffiths@isis.u-stasbg.fr 
 Darren R. Link, Ph.D 

19 Cedar Grove 
 Guilford, CT 06437 

Fax: (203) 458-2514 
 Email: dlink@raindancetechnologies.com

  
 E-1 

 FIRST AMENDMENT 

TO 
 FOURTH AMENDED AND
RESTATED INVESTORS’ RIGHTS AGREEMENT 
 THIS FIRST AMENDMENT TO FOURTH AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this
“Agreement”) is entered into as of the 15th day of November, 2013 (the “Effective Date”), by and among RainDance Technologies, Inc., a Delaware corporation (the “Company”) and the undersigned
constituting at least the Requisite Threshold (as defined below). Reference is hereby made to that certain Fourth Amended and Restated Investors’ Rights Agreement dated April 12, 2013, by and among the Company and the parties thereto (the
“IRA Agreement”). Capitalized terms used, but not otherwise defined, herein shall have the meanings set forth in the IRA Agreement. 

WHEREAS, the IRA Agreement provides that its provisions may be amended or waived only with the written consent of the Company and at least a
majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144) (collectively, the “Requisite Threshold”); 

WHEREAS, the Company and the undersigned are amending the Purchase Agreement in anticipation of the closing of the sale and issuance of
additional shares of its Series E Preferred Stock (the “Second Financing”); and 
 WHEREAS, the Company and the
undersigned, constituting at least the Requisite Threshold, desire to amend the IRA Agreement in connection with the Second Financing. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein set forth and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1.
Amendments to the IRA Agreement. The IRA Agreement is amended and modified as follows: 
  

	 	a.	Section 3.1(a) to the IRA Agreement is hereby deleted in its entirety and replaced with the following: 

“(a) as soon as practicable, but in any event within 180 days after the end of each fiscal year of the Company, an income statement for
such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance
with generally accepted accounting principles (“GAAP”), and audited and certified by an independent public accounting firm of nationally recognized standing selected by the Company;” 

 2. General Provisions. In the event of any express conflict or inconsistency between this
Agreement and the IRA Agreement, the terms and conditions of this Agreement shall control. Unless specifically modified or changed by the terms of this Agreement, all terms and conditions of the IRA Agreement shall remain in full force and effect
and shall apply fully as described and set forth in the IRA Agreement. This Agreement and the IRA Agreement constitute the entire understanding among the parties regarding subject matters contained therein and supersede all prior negotiations,
commitments, agreements and understandings among them on such subject matters. This Agreement may be executed in any number of counterparts, either by original or facsimile counterpart, each such counterpart shall be deemed to be an original
instrument, and all such counterparts together shall constitute but one agreement. This Agreement shall be governed in all respects by the internal laws of the State of Delaware, without regard to principles of conflicts of law. 

[remainder of this page intentionally left blank] 

 IN WITNESS WHEREOF, the parties have executed this Agreement under seal as of the day and year
first above written. 
  

			
	RAINDANCE TECHNOLOGIES, INC.
		
	By:	 	/s/ S. Roopom Banerjee
	 	  

		 	S. Roopom Banerjee
		 	President and Chief Executive Officer
	
	Address:
	
	749 Middlesex Turnpike
	Billerica, MA 01821
	Attention: Chief Executive Officer

  
 [Signature Page to Amend.
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
					
	QUAKER BIOVENTURES II, L.P.
		
	By:	 	QUAKER BIOVENTURES CAPITAL II,
		 	L.P., its general partner
		
	By:	 	QUAKER BIOVENTURES CAPITAL II,
		 	LLC, its general partner
		
	By:	 	/s/ P. Sherrill Neff
		 	  

		 	Name:	 	P. Sherrill Neff
		 	Title:	 	Member
	
	Address:
	
	Cira Centre
	2929 Arch Street
	Philadelphia, PA 19104-2868

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
			
	MDV VIII, L.P.
	as nominee for
	MDV VIII, L.P.,
	MDV VIII Leaders’ Fund, L.P., and
	MDV ENF VIII, L.P.
		
	By:	 	Eighth MDV Partners, L.L.C., General Partner
		
	By:	 	 /s/ Brett Teele

		 	Brett Teele, Authorized Signatory
		 	

 
			
		
	Address:	 	
	
	Mohr, Davidow Ventures
	3000 Sand Hill Road
	Bldg. 3, Suite 290
	Menlo Park, CA 94025

 
			
	
	 MDV IX, L.P.
 as nominee
for

	MDV IX, L.P. and
	MDV ENF IX, L.P.
		
	By:	 	Ninth MDV Partners, L.L.C., General Partner
		
	By:	 	 MDV IX, L.P.
 as nominee for

		
	By:	 	 /s/ Brett Teele

		 	Brett Teele, Authorized Signatory
		 	

 
			
		
	Address:	 	
	
	Mohr, Davidow Ventures
	3000 Sand Hill Road
	Bldg. 3, Suite 290
	Menlo Park, CA 94025

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
			
	ALLOY VENTURES 2005, L.P.
		
	By:	 	/s/ Craig C. Taylor
		 	  

	Name:	 	CRAIG C. TAYLOR
	Title:	 	

 
			
		
	Address:	 	400 Hamilton Avenue
		 	4th floor
		 	Palo Alto, CA 94301
	
	 Managing Member of Alloy Ventures 2005, LLC, the

General Partner of Alloy Ventures 2005, L.P.

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
			
	THE SAMBERG FAMILY 2007 TRUST
		
	By:	 	/s/ Arthur J. Samberg
		 	  

	Name:	 	Arthur J. Samberg
	Title:	 	Trustee
	
	THE JEFFREY SAMBERG AMENDED AND
	RESTATED TRUST
		
	By:	 	/s/ Jeffrey Samberg
		 	  

	Name:	 	Jeffrey Samberg
	Title:	 	Trustee
	
	THE SAMBERG FAMILY 2012 GRANTOR TRUST
		
	By:	 	/s/ Arthur J. Samberg
		 	  

	Name:	 	Arthur J. Samberg
	Title:	 	Trustee
	
	ACADIA WOOD PARTNERS, LLC
		
	By:	 	/s/ Jeffrey Samberg
		 	  

	Name:	 	Jeffrey Samberg
	Title:	 	Managing Member
	
	JDS CAPITAL, LP
		
	By:	 	/s/ Joseph Samberg
		 	  

	Name:	 	Joseph Samberg
	Title:	 	General Partner

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
			
	 NEW EMERGING MEDICAL

OPPORTUNITIES FUND L.P.

		
	By:	 	/s/ Michael Sjostrom
		 	  

	Name:	 	Michael Sjostrom, CFA
	Title:	 	Chief Investment Officer, Sectoral Asset Management, Inc.
		
	Address:	 	

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
	
	 JEFFREY SAMBERG 2010 RAINDANCE
 TECHNOLOGIES,
INC. GRAT

	
	/s/ Jeffrey Samberg
	  

	Jeffrey Samberg, as Settlor
	
	/s/ Amy Jennings
	  

	Amy Jennings, as Trustee
	
	 JEFFREY S. SAMBERG AMENDED AND
 RESTATED
REVOCABLE TRUST INDENTURE

	
	/s/ Jeffrey Samberg
	  

	Jeffrey S. Samberg, as Grantor
	
	/s/ Jeffrey Samberg
	  

	Jeffrey S. Samberg, as Trustee

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
	
	/s/ Laura Samberg Faino
	  

	Laura Samberg Faino
	
	LAURA SAMBERG FAINO 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Laura Samberg Faino
	  

	Laura Samberg Faino, Settlor
	
	/s/ Susan Podolsky
	  

	Susan Podolsky, Trustee

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
	
	/s/ Arthur J. Samberg
	  

	Arthur J. Samberg
	
	ARTHUR J. SAMBERG 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Arthur J. Samberg
	  

	Arthur J. Samberg, as Settlor
	
	/s/ Susan Podolsky
	  

	Susan Podolsky, as Trustee

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement] 

 
	
	/s/ Joseph Samberg
	  

	Joseph Samberg
	
	JOSEPH SAMBERG 2010 RAINDANCE TECHNOLOGIES, INC. GRAT
	
	/s/ Joseph Samberg
	  

	Joseph Samberg, Settlor
	
	/s/ Amy Jennings
	  

	Amy Jennings, Trustee

  
 [Signature Page to Amend,
to Fourth Amended and Restated Investors’ Rights Agreement]EX-4.19

 Exhibit 4.19 

RAINDANCE TECHNOLOGIES, INC. 

PARTICIPATION AGREEMENT 

THIS PARTICIPATION AGREEMENT (this “Agreement”) is made and entered into as of February 20, 2014 (the
“Effective Date”), by and among RainDance Technologies, Inc., a Delaware corporation (the “Company” or “RainDance”) GE Ventures Limited, an Irish limited company
(“GE Ventures”) and GE Ventures LLC, a Delaware limited liability company (the “LLC” and together with GE Ventures, the “Purchaser”). 

WHEREAS, RainDance, GE Ventures and other persons named therein are parties to that certain Series E Stock Purchase Agreement, dated as
of April 12, 2013 (as amended, restated, or otherwise modified from time to time, the “Purchase Agreement”), pursuant to which GE Ventures shall purchase shares of Series E Preferred Stock of RainDance (the
“Series E Shares”); and 
 WHEREAS, in connection with entering into the Purchase Agreement, RainDance and
Purchaser desire to enter into this Agreement, pursuant to which RainDance shall have the right to require that Purchaser purchase, and Purchaser shall have the right to acquire, shares of Common Stock of the Company (the “Common
Stock”) in a private placement that would close concurrently with the IPO (as defined below) as described herein. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties, and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. PARTICIPATION RIGHT. 

1.1 Company Participation Right.  

(a) In the event that the Company intends to consummate an initial public offering of its Common Stock pursuant to an effective
registration statement under the Securities Act of 1933, as amended, (the “Securities Act”) prior to June 30, 2015 with gross offering proceeds to the Company of at least $30 million (the “IPO”),
the Company shall have the right (the “Company Participation Right”) but not the obligation, in a concurrent private placement exempt from the registration requirements of the Securities Act (the “Private
Placement”), to require the Purchaser to purchase up to an aggregate of three (3) times the Purchaser’s Pro Rata Percentage (as defined below) of the Company’s Common Stock indicated to be purchased by the Significant Holders
(as defined in the Fourth Amended and Restated Investors’ Rights Agreement between the Company and the parties listed therein, dated April 12, 2013, as amended) at the IPO or in the Private Placement (such amount to be determined by the
Company in its sole discretion) at a price per share equal to the price at which the Common 

  
 1 

 
Stock is issued and sold to the public in the IPO (the “IPO Price”) in a closing to be held concurrently with the closing of the IPO (the
“Closing”); provided, however, that the Company shall not require the Purchaser to purchase an amount greater than (i) $2 million or (ii) the Purchaser’s Pro Rata Percentage based on the shares of
Common Stock actually purchased by the Significant Holders in both the Private Placement and the IPO. Notwithstanding the foregoing, to the extent that the number of shares of Common Stock that the Company requests the Purchaser to purchase under
this Section 1.1 would result in the Purchaser, together with its Affiliates, beneficially owning in excess of 19.99% of the outstanding shares of Common Stock or of the voting power of the Company (the “Maximum
Ownership”), then, unless the Purchaser otherwise agrees, the number of shares of Common Stock to be purchased by the Purchaser under this Section 1.1 shall be reduced to the extent necessary to result in such beneficial ownership
not exceeding the Maximum Ownership. The “Purchaser’s Pro Rata Percentage” is defined as the Purchaser’s pro rata percentage of (i) the outstanding shares of Common Stock issuable or issued upon conversion of
the Company’s Preferred Stock then held by the Significant Holders who are purchasing shares of Common Stock at the IPO or the Private Placement and (ii) the outstanding shares of Common Stock issuable or issued upon conversion of the
Company’s Preferred Stock then held by the Purchaser. 
 (b) The Company shall provide the Purchaser with written notice of the
Company’s decision as to whether it will or will not exercise the Company Participation Right, and the investment amount (if any) as to which the Company Participation Right is being exercised, at least ten (10) days prior to the date of
the Closing. GE Ventures shall notify the Company within two (2) days of receipt of such notice whether GE Ventures or the LLC shall be the Purchaser hereunder. 

1.2 Undertakings in Connection with Exercise of Participation Right. 

(a) In the event that the Company exercises its right under Section 1.1, the Company and the Purchaser shall, on or before the
date of the final prospectus relating to the registration by the Company of shares of Common Stock in the IPO (the “Prospectus Date”), execute and deliver a stock purchase agreement containing representations, warranties and
conditions to closing, that, in each case, are customary for a transaction structured as a concurrent private placement with an initial public offering and reasonably satisfactory to RainDance and the Purchaser. 

(b) The Company and Purchaser shall, as applicable, take steps reasonably necessary to effect such purchase including, without
limitation, (a) using its reasonable best efforts to obtain board and stockholder approval, to the extent required, with respect to such issuance and sale, (b) disclosure in the registration statement regarding the purchase of shares by
the Purchaser, satisfactory in form and substance to the Company and the Purchaser, and (c) obtaining any necessary third party approvals. 

2. LOCK UP. The Purchaser acknowledges and agrees that it is subject to the provisions of Section 2.10 of the Fourth Amended and
Restated Investor Rights Agreement of the Company, which are incorporated by reference herein. 

  
 2 

 3. TERMINATION. The covenants set forth in Section 1 of this Agreement shall
terminate and be of no further force or effect at 11:59 pm (Eastern time) on the last day of the IPO Commitment Period. For purposes of this Agreement, the “IPO Commitment Period” shall mean the time period beginning on the
Effective Date and lasting until the earlier to occur of (a) the date of the consummation of a Liquidation Event (as defined in the Company’s certificate of incorporation) and (b) and (ii) June 30, 2015. The restrictions set
forth in Section 2 shall terminate and be of no further force or effect immediately prior to the consummation of a Liquidation Event (as defined in the Company’s certificate of incorporation). 

4. MISCELLANEOUS. 

4.1 Governing Law. This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed
under the 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 law of the State of Delaware. 

4.2 Survival. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and Purchaser contained
in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of Purchaser or the
Company. 
 4.3 Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Purchaser shall not assign this Agreement without the prior written consent of the Company. 

4.4 Entire Agreement. This Agreement and the exhibits and schedules hereto, constitute the full and entire understanding and agreement
between the parties with regard to the subjects hereof and no party shall be liable for or bound to any other in any manner by any oral or written representations, warranties, covenants and agreements except as specifically set forth herein. 

4.5 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 4.6 Amendment and Waiver. This Agreement may be amended or modified, and the rights and the obligations of the
Company and the rights and obligations of Purchaser may be waived, only upon the written consent of the Company and Purchaser. 
 4.7
Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or
remedy, nor shall it be 

  
 3 

 
construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or waiver of or acquiescence in any similar breach, default or noncompliance thereafter
occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any party’s part of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or
conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement the organizational documents of the Company or otherwise afforded to any
party, shall be cumulative and not alternative. 
 4.8 Notices. All notices required or permitted 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 confirmed electronic mail, telex or facsimile if sent during normal business hours of the recipient, if not, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day for domestic deliveries and two (2) days for international deliveries
after deposit with a recognized courier, specifying the appropriate type of delivery, with written verification of receipt. All communications shall be sent to the RainDance and Purchaser at the applicable address as set forth below or at such other
address or electronic mail address as the Company and Purchaser may designate by ten (10) days advance written notice to the other party hereto. 
  

			
	To the Company:	  	RainDance Technologies, Inc.
		  	749 Middlesex Turnpike
		  	Billerica, MA 01821
		  	Attention: CEO
		
	With a copy to:	  	Goodwin Procter
		  	53 State Street
		  	Boston, MA 02109
		  	Attention: Mitch Bloom
		
	To Purchaser:	  	GE Ventures Limited
		  	GE Ventures LLC
		  	2882 Sand Hill Road
		  	Menlo Park, CA 94025
		  	Attention: Alex Dewinter

 4.9 Expenses. Each party shall pay all costs and expenses that it incurs with respect to the
negotiation, execution, delivery and performance of this Agreement. 
 4.10 Titles and Subtitles. The titles of the sections and
subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

  
 4 

 4.11 Counterparts. This Agreement may be executed in any number of counterparts, each of
which shall be an original, but all of which together shall constitute one instrument. Any or all parties may execute this Agreement by facsimile signature or scanned signature in PDF format and any such facsimile signature or scanned signature, if
identified, legible and complete, shall be deemed an original signature and each of the parties is hereby authorized to rely thereon. 

4.12 Broker’s Fees. Each party hereto represents and warrants that no agent, broker, investment banker, person or firm acting on
behalf of or under the authority of such party hereto is or will be entitled to any broker’s or finder’s fee or any other commission directly or indirectly in connection with the transactions contemplated herein. Each party hereto further
agrees to indemnify each other party for any claims, losses or expenses incurred by such other party as a result of the representation in this Section 4.12 being untrue. 

4.13 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the masculine, feminine or
neutral, singular or plural, as to the identity of the parties hereto may require. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Participation Agreement
as of the date first set forth above. 
  

			
	COMPANY:
	
	RainDance Technologies, Inc.
		
	Signature:	 	/s/ S. Roopom Banerjee
		 	  

	Name:	 	S. Roopom Banerjee
	Title:	 	Chief Executive Officer and President

			
	PURCHASER:
	
	GE Ventures Limited
		
	Signature:	 	/s/ David Mayhew
		 	  

		
	Print Name:	 	 David Mayhew

		
	Title:	 	 Chief Risk Officer

	
	GE Ventures LLC
		
	Signature:	 	/s/ David Mayhew
		 	  

		
	Print Name:	 	 David Mayhew

		
	Title:	 	 Chief Risk Officer

  
 1

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