Document:

Exa Corporation 2005 Series G Convertible Preferred Stock Incentive Plan

 Exhibit 4.15 
 EXA CORPORATION 
 2005 Series G Convertible Preferred Stock Incentive
Plan 
 1. Purpose. The purpose of this plan (the “Plan”) is to secure for Exa Corporation, a Delaware
corporation (the “Company”), and its shareholders the benefits arising from capital stock ownership by employees, officers and directors of, and consultants or advisors to, the Company and its parent and subsidiary corporations who are
expected to contribute to the Company’s future growth and success. Under the Plan recipients may be awarded both (i) Options (as defined in Section 2.1) to purchase shares of the Company’s Series G Convertible Preferred Stock,
$.001 par value (the “Series G Stock”), and (ii) shares of the Company’s Series G Stock (“Restricted Stock Awards”). Except where the context otherwise requires, the term “Company” shall include the parent and
all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those provisions of the Plan which make express
reference to Section 422 shall apply only to Incentive Stock Options (as that term is defined in the Plan). 
 2. Types
of Awards and Administration. 
 2.1 Options. Options granted pursuant to the Plan
(“Options”) shall be authorized by action of the Board of Directors of the Company and may be either incentive stock options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory
Options which are not intended to meet the requirements of Section 422 of the Code. All Options when granted are intended to be non-statutory Options, unless the applicable Option Agreement (as defined in Section 5.1) explicitly states
that the Option is intended to be an Incentive Stock Option. If an Option is intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of
such nonqualification, such Option (or portion thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements relating to
non-statutory Options. The vesting of Options may be conditioned upon the completion of a specified period of employment with the Company and/or such other conditions or events as the Board may determine. The Board may also provide that Options are
immediately exercisable subject to certain repurchase rights in the Company dependent upon the continued employment of the optionee and/or such other conditions or event as the Board may determine. 

2.2 Restricted Stock Awards. The Board in its discretion may grant Restricted Stock Awards, entitling the recipient
to acquire, for a purchase price determined by the Board, shares of Series G Stock subject to such restrictions and conditions as the Board may determine at the time of grant (“Restricted Stock”), including continued employment and/or
achievement of pre-established performance goals and objectives. 
 2.3 Administration. The Plan shall be
administered by the Board of Directors of the Company, whose construction and interpretation of the terms and provisions of the Plan shall be final and conclusive. The Board of Directors may in its sole discretion issue Restricted Stock

 
and grant Options to purchase shares of Series G Stock, and issue shares upon exercise of such Options as provided in the Plan. The Board shall have authority, subject to the express provisions
of the Plan, to construe the respective Restricted Stock Agreements (as defined in Section 5.2), Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine the terms and provisions
of the respective Restricted Stock Agreements and Option Agreements, and to make all other determinations in the judgment of the Board of Directors necessary or desirable for the administration of the Plan. The Board of Directors may correct any
defect or supply any omission or reconcile any inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it shall be the sole and
final judge of such expediency. No director or person acting pursuant to authority delegated by the Board of Directors shall be liable for any action or determination under the Plan made in good faith. The Board of Directors may, to the full extent
permitted by or consistent with applicable laws or regulations (including, without limitation, applicable state law), delegate any or all of its powers under the Plan to a committee (the “Committee”) appointed by the Board of Directors,
and if the Committee is so appointed all references to the Board of Directors in the Plan shall mean and relate to such Committee. 
 3. Eligibility. Options may be granted, and Restricted Stock may be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or
advisors to, the Company; provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees of the Company. 
 4. Stock Subject to Plan. Subject to adjustment as provided in Section 14 below, the maximum number of shares of Series G Stock of the Company which may be issued under the Plan is twelve
million (12,000,000) shares. If an Option shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option grants under the Plan. If
shares of Restricted Stock shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such purchased shares shall again be available for subsequent Option grants or Restricted Stock Awards under the
Plan. If shares issued are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan. 

5. Forms of Restricted Stock Agreements and Option Agreements. 

5.1 Option Agreement. As a condition to the grant of an Option, each recipient of an Option shall execute an option
agreement (“Option Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such Option Agreements may differ among recipients. 

5.2 Restricted Stock Agreement. As a condition to the issuance of Restricted Stock, each recipient thereof shall
execute an agreement (“Restricted Stock Agreement”) in such form not inconsistent with the Plan as may be approved by the Board of Directors. Such Restricted Stock Agreements may differ among recipients and need not be entitled
“Restricted Stock Agreements.” 

  
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 5.3 “Lock-Up” Agreement. Unless the Board of Directors
specifies otherwise, each Restricted Stock Agreement and Option Agreement shall provide that upon the request of the Company or the managing underwriter(s), the holder of any Option or the purchaser of any Restricted Stock shall, in connection with
any registration of securities of the Company under the United States Securities Act of 1933, as amended from time to time (the “Act”), agree in writing that for a period of time (not to exceed 180 days) from the effective date of the
registration statement under the Act for such offering, the holder or purchaser will not sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares of the capital stock of the Company owned or
controlled by him or her. 
 6. Purchase Price. 

6.1 General. The purchase price per share of Restricted Stock shall be determined by the Board of Directors. The
purchase per share of stock deliverable upon exercise of an Option shall not be less than 100% of the fair market value of such stock, as determined by the Board of Directors, at the time of grant of such Option, or less than 110% of such fair
market value in the case of certain Incentive Stock Options described in Section 11.2. 
 6.2 Payment of
Purchase Price. Option Agreements may provide for the payment of the exercise price by delivery of cash or a check to the order of the Company in an amount equal to the exercise price of such Options, or, to the extent provided in the applicable
Option Agreement, by one of the following methods: 
 (i) by delivery to the Company of shares of Series G Stock
of the Company having a fair market value equal in amount to the exercise price of the Options being exercised, 

(ii) a personal recourse note issued by the optionee to the Company in a principal amount equal to such aggregate exercise
price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion; provided, however, that the interest rate borne by such note shall not be less than the lowest applicable federal rate, as
defined in Section 1274(d) of the Code, 
 (iii) by reducing the number of Option shares otherwise issuable
to the optionee upon exercise of the Option by a number of shares of Series G Stock having a fair market value equal to such aggregate exercise price of the Options being exercised, 

(v) by any combination of such methods of payment. 

The fair market value of any shares of the Company’s Series G Stock or other non-cash consideration which may be delivered upon
exercise of an Option shall be determined by the Board of Directors. Restricted Stock Agreements may provide for the payment of any purchase price in any manner approved by the Board of Directors at the time of authorizing the issuance thereof.

 7. Option Period. Each Option and all rights thereunder shall expire on such date as shall be set forth in the
applicable Option Agreement, provided that, in the case of an Incentive Stock Option, such date shall not be later than 10 years after the date on which the Option is granted (or five years in the case of Options described in
Section 11.2), and, in the case of non- statutory Options, not later than 10 years after the date on which the Option is granted, and, in either case, shall be subject to earlier termination as provided in the Plan. 

  
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 8. Exercise of Options. Each Option shall be exercisable either in full or in
installments at such time or times and during such period as shall be set forth in the agreement evidencing such Option, subject to the provisions of the Plan. 
 9. Nontransferability of Options. No Option shall be assignable or transferable by the person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent
and distribution. During the life an optionee, an Option held by him or her shall be exercisable only by the optionee. 
 10.
Effect of Termination. No Incentive Stock Option may be exercised unless, at the time of such exercise, the optionee is, and has continuously since the date of grant of his or her Incentive Stock Option been, employed by the Company, except
that, unless the Option Agreement or instrument expressly provides otherwise: 
 10.1 the Incentive Stock Option
may be exercised within the period of ninety days (or within such lesser period as may be specified in the applicable Option Agreement) after the date the optionee’s employment with the Company terminates other than for death, disability or
termination for cause; 
 10.2 if the optionee dies while in the employ of the Company, the Incentive Stock
Option may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within the period of one year after the date of death (or within such lesser period as may be specified in the applicable Option
Agreement); 
 10.3 if the optionee becomes disabled (within the meaning of Section 22(e)(3) of the Code or
any successor provision thereto) while in the employ of the Company, the Incentive Stock Option may be exercised within the period of one year after the date the optionee ceases to be such an employee because of such disability (or within such
lesser period as may be specified in the applicable Option Agreement); and 
 10.4 if the optionee’s
employment with the Company is terminated by the Company for cause, the Incentive Stock Option shall terminate immediately. The term “cause” shall mean (a) any material breach by the optionee of any agreement to which the optionee and
the Company are both parties, (b) any act (other than retirement) or omission to act by the optionee which may have a material and adverse effect on the Company’s business or on the optionee’s ability to perform services for the
Company, including, without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by the optionee in connection with the business or affairs of the Company or
any Parent, Subsidiary or affiliate of the Company; 
 provided, however, that in no event may any Incentive Stock Option be exercised
after the expiration date of the Incentive Stock Option. For all purposes of the Plan and any Incentive Stock Option granted hereunder, “employment” shall be defined in accordance with the provisions of Section 1.421-7(h) of the
Income Tax Regulations (or any successor regulations). 

  
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 A non-statutory Option granted to an employee shall be subject to the foregoing provisions
of this Section 10 as if it were an Incentive Stock Option, but a non-statutory Option may also be exercised so long as the optionee maintains a relationship with the Company as a director, consultant or adviser, unless the Option Agreement
provides otherwise. 
 11. Incentive Stock Options. Options which are intended to be Incentive Stock Options shall be
subject to the following additional terms and conditions: 
 11.1 Express Designation. All Incentive Stock
Options shall, at the time of grant, be specifically designated as such in the Option Agreement covering such Incentive Stock Options. 
 11.2 10% Shareholder. If any employee to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner of capital stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company (after taking into account the attribution of stock ownership rules of Section 424(d) of the Code), then the following special provisions shall be applicable to the Incentive
Stock Option granted to such individual: 
 11.2.1 the purchase price per share of the Series G Stock subject to
such Incentive Stock Option shall not be less than 110% of the fair market value of one share of Series G Stock at the time of grant; and 
 11.2.2 the option exercise period shall not exceed five years from the date of grant. 
 11.3 Dollar Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to
constitute Incentive Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Series G Stock with an aggregate fair
market value (determined as of the respective date or dates of grant) of more than $100,000. 
 12. Additional
Provisions. 
 12.1 Additional Provisions. The Board of Directors may, in its sole discretion, include
additional provisions in Restricted Stock Agreements and Option Agreements, including, without limitation, restrictions on transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Series G Stock acquired upon exercise of
Options, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees upon exercise of Options, or such other provisions as shall be determined by the Board of Directors; provided that
such additional provisions shall not be inconsistent with any other term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to qualify as an Incentive Stock Option within the
meaning of Section 422 of the Code. 
 12.2 Acceleration, Extension, Etc. The Board of Directors may,
in its sole discretion, (i) accelerate the date or dates on which all or any particular Option or Options may be exercised or (ii) extend the dates during which all, or any particular, Option or Options may be exercised to the extent not
inconsistent with Section 409A of the Code. 

  
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 12.3 Options Granted to French Residents. Notwithstanding any other
provision of this Plan: (i) no Option shall be granted to a resident of France unless such optionee is an employee of the Company; (ii) no Option granted to a resident of France may be exercised earlier than one year after date of grant,
and shares of Series G Stock issued pursuant to the exercise of such Option may not be sold or transferred (other than by will or the laws of descent and distribution) within four years from the date of grant of the Option; and (iii) no Option
granted to a resident of France shall provide for a period of exercise in excess of six months upon death of the optionee. 
 13. Rights as a Shareholder. The holder of an Option shall have no rights as a shareholder with respect to any shares covered by the Option (including, without limitation, any rights to receive
dividends or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to him or her for such shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date
such stock certificate is issued. 
 14. Adjustment Provisions for Recapitalizations and Related Transactions.

 14.1 General. If, through or as a result of any merger, consolidation, sale of all or substantially all
of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar transaction, (i) the outstanding shares of Series G Stock are increased, decreased or exchanged
for a different number or kind of shares or other securities of the Company, or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Series
G Stock or other securities, an appropriate and proportionate adjustment may be made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind of shares or other securities subject to any
then outstanding Options, and (z) the price for each share subject to any then outstanding Options, without changing the aggregate purchase price as to which such Options remain exercisable. Notwithstanding the foregoing, no adjustment shall be
made pursuant to this Section 14 if such adjustment would cause the Plan to fail to comply with Section 422 of the Code. 
 14.2 Board Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the Board of Directors, whose determination as to what adjustments, if any, will be made and the
extent thereof will be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 
 15. Effect of Certain Transactions. 
 15.1 General.
In the event of a consolidation or merger or sale of all or substantially all of the assets of the Company in which outstanding shares of capital stock are exchanged for securities, cash or other property of any other corporation or business entity,
or in the event of a liquidation of the Company, the Board of Directors of the Company, or the board of directors of any corporation assuming the obligations of the Company, may, in its discretion,

  
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take any one or more of the following actions, as to some or all outstanding Options (and need not take the same action as to each such Option): (i) provide that such Options shall be
assumed, or equivalent Options shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), provided that any such Options substituted for Incentive Stock Options shall meet the requirements of
Section 424(a) of the Code, (ii) upon written notice to the optionees, provide that all unexercised Options will terminate immediately prior to the consummation of such transaction unless exercised by the optionee (to the extent otherwise
then exercisable) within a specified period following the date of such notice, (iii) in the event of a merger under the terms of which holders of the Series G Stock of the Company will receive upon consummation thereof a cash payment for each
share surrendered in the merger (the “Merger Price”), make or provide for a cash payment to the optionees equal to the difference between (A) the Merger Price times the number of shares of Series G Stock subject to such outstanding
Options (to the extent then exercisable at prices not in excess of the Merger Price) and (B) the aggregate exercise price of all such outstanding Options, in exchange for the termination of such Options, and (iv) provide that all or any
outstanding Options shall become exercisable in full immediately prior to such event. 
 15.2 Substitute
Options. The Company may grant Options in substitution for Options held by employees of another corporation who become employees of the Company, or a subsidiary of the Company, as the result of a merger or consolidation of the employing
corporation with the Company or a subsidiary of the Company, or as a result of the acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may direct that substitute Options be granted
on such terms and conditions as the Board of Directors considers appropriate in the circumstances. 
 15.3
Restricted Stock. In the event of a business combination or other transaction of the type detailed in Section 15.1, any securities, cash or other property received in exchange for shares of Restricted Stock shall continue to be governed
by the provisions of any Restricted Stock Agreement pursuant to which they were issued, including any provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the Board of Directors may direct,
to insure compliance with the terms of any such Restricted Stock Agreement. 
 16. No Special Employment Rights. Nothing
contained in the Plan or in any Option or Grant Stock Agreement shall confer upon any optionee any right with respect to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to
terminate such employment or to increase or decrease the compensation of the optionee. 
 17. Other Employee Benefits.
The amount of any compensation deemed to be received by an employee as a result of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares received upon such award or exercise will not constitute
compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus, pension, profit-sharing, life insurance or salary continuation plan, except as otherwise
specifically provided in such other plan or as otherwise specifically determined by the Board of Directors. 

  
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 18. Amendment and Termination of the Plan. 

18.1 The Board of Directors may at any time, and from time to time, modify or amend the Plan in any respect or terminate
the Plan. If shareholder approval is not obtained within twelve months after any amendment increasing the number of shares authorized under the Plan or changing the class of persons eligible to receive Incentive Stock Options under the Plan, no
Options granted pursuant to such amendments shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be issued pursuant to such amendments thereafter. 

18.2 The termination or any modification or amendment of the Plan shall not, without the consent of an optionee, affect
his or her rights under an Option previously granted to him or her. With the consent of the recipient of Restricted Stock or optionee affected, the Board of Directors may amend outstanding Restricted Stock Agreements or Option Agreements in a manner
not inconsistent with the Plan. The Board of Directors shall have the right to amend or modify the terms and provisions of the Plan and of any outstanding Incentive Stock Options to the extent necessary to qualify any or all such Options for such
favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded incentive stock options under Section 422 of the Code. 
 19. Withholding. The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient of Restricted Stock, any federal, state or local taxes of any kind
required by law to be withheld with respect to issuance of any shares of Restricted Stock or shares issued upon exercise of Options. In addition, prior to delivery of any Series G Stock pursuant to the terms of this Plan, the Company has the right
to require that the optionee or recipient of Restricted Stock remit to the Company an amount sufficient to satisfy any tax withholding obligation. 
 Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy such minimum withholding obligations, in whole or in part,
(i) by causing the Company to withhold shares of Series G Stock otherwise issuable, or (ii) by delivering to the Company a sufficient number of shares of Series G Stock of the Company. The shares so delivered or withheld shall have a fair
market value equal to such withholding obligation. The fair market value of the shares used to satisfy such withholding obligation shall be determined by the Company as of the date that the amount of tax to be withheld is to be determined.

 20. Effective Date and Duration of the Plan. 

20.1 Effective Date. The Plan shall become effective when adopted by the Board of Directors. If such shareholder
approval is not obtained within twelve months after the date of the Board’s adoption of the Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted
thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when adopted by the Board of Directors. Amendments requiring shareholder approval shall become effective when adopted by the Board of Directors, but if
shareholder approval is not obtained with twelve months of the Board’s adoption of such amendment, any Incentive Stock Options granted pursuant to such amendment shall be deemed to be non-statutory Options. Subject to this limitation, Options
may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 

  
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 20.2 Termination. Unless sooner terminated in accordance with
Section 15 or by the Board of Directors, the Plan shall terminate upon the close of business on the day next preceding the tenth anniversary of the date of its adoption by the Board of Directors. 

21. Provision for Foreign Participants. The Board of Directors may, without amending the Plan, modify the terms of Option
Agreements or Restricted Stock Agreements to differ from those specified in the Plan with respect to participants who are foreign nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such
foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters. 
 22. Requirements of
Law. The Company shall not be required to sell or issue any shares under any Option if the issuance of such shares shall constitute a violation by the optionee, by the Restricted Stock Award recipient, or by the Company of any provisions of any
law or regulation of any governmental authority. In addition, in connection with the Act , the Company shall not be required to issue any shares upon exercise of any Option unless the Company has received evidence satisfactory to it to the effect
that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act or unless an opinion of counsel satisfactory to the Company has been received by the Company to the effect that such
registration is not required in connection with any such transfer. Any determination in this connection by the Board shall be final, binding and conclusive. In the event the shares issuable on exercise of an Option are not registered under the Act
or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the Company considers necessary or advisable to comply with the Act or any such state or
other securities law. The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the Act; and in the event any shares are so registered the Company may remove any legend on certificates
representing such shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority.

 23. Governing Law. This Plan and each Option shall be governed by the laws of the State of Delaware, without regard to
its principles of conflicts of law. 

  
 9Form of Incentive Stock Option Agreement for use under the Exa Corporation

 Exhibit 4.16 
 Effective Date:                     

SERIES G CONVERTIBLE PREFERRED INCENTIVE STOCK OPTION 
 Granted by 
 Exa Corporation 

Under the 
 2005
Series G Convertible Preferred Stock Incentive Plan 
 For valuable consideration, the receipt of which is hereby acknowledged,
Exa Corporation, a Delaware corporation (hereinafter together with its subsidiaries, where the context permits, referred to as the “Company”), hereby grants to the Holder named in Schedule A attached hereto the following Incentive Stock
Option (the “Option”): 
 Section 1. Grant of Option. Subject to the terms and conditions hereinafter set
forth, the Holder is hereby given the right to purchase from the Company shares of the Company’s Series G Convertible Preferred Stock, $.001 par value (the “Series G Stock”). Schedule A attached hereto and hereby incorporated herein
sets forth, with respect to this Option, (i) its expiration date, (ii) its exercise price per share, (iii) the maximum number of shares that the Holder may purchase upon exercise hereof, and (iv) the vesting schedule. It also
sets forth applicable conditions that the Company may wish to incorporate herein. This Option shall terminate in all respects, and all rights and options to purchase shares hereunder shall terminate, ten years from the Effective Date set forth
above. The right to purchase shares hereunder shall be cumulative. 
 Section 2. Exercise of Option. Each Option
hereunder may be exercised only to the extent such Option has vested pursuant to the terms of Section 1. Purchase of any shares hereunder shall be made by delivery to the Company of a written notice of exercise specifying the number of shares
with respect to which the Option is to be exercised and the address to which the certificate representing such shares is to be mailed, accompanied by: 
 (i) cash, certified or bank check or postal money order payable to the order of the Company for an amount equal to the Option price of such shares; 

(ii) with the consent of the Company, shares of Series G Stock of the Company having a fair market value equal to or less
than the Option price of such shares and shall be accompanied by cash or a certified or bank check or postal money order in an amount equal to the difference, if any, between the Option price of such shares and the fair market value of such shares;

 (iii) with the consent of the Company, a personal recourse note issued by the Holder to the Company in a
principal amount equal to such aggregate exercise price and with such other terms, including interest rate and maturity, as the Company may determine in its discretion, provided that the interest rate borne by such note shall not be less than the
lowest applicable federal rate, as defined in Section 1274(d) of the Internal Revenue Code of 1986, as amended; 

 (iv) with the consent of the Company, instructions to reduce the number of
shares otherwise issuable to the Holder upon the exercise of the Option by a number of shares of Series G Stock having a fair market equal to the aggregate exercise price; or 

(v) with the consent of the Company, a combination of (i), (ii), (iii) and/or (iv). 

For the purpose of the foregoing, the fair market value of the shares of Series G Stock which may be delivered to the Company upon
exercise of the Option shall be determined in accordance with procedures adopted by Board. 
 Section 3. Conditions and
Limitations. As a condition precedent to any exercise of this Option, the Holder (or if any other individual or individuals are exercising this Option, such individual or individuals) shall deliver to the Company an investment letter in form and
substance satisfactory to the Company and its counsel which shall contain among other things a statement in writing to the following effects (to the extent then applicable): (i) that the Option is then being exercised for the account of the
Holder and only with a view to investment in, and not for, in connection with or with a view to the disposition of, the shares with respect to which the Option is then being exercised; (ii) that the Holder acknowledges that the rights of first
refusal and repurchase set forth in Section 9 hereof apply to such shares; (iii) that the Holder has been advised that Rule 144 of the Securities and Exchange Commission (the “Commission”), which permits the resale, subject to
various terms and conditions, of small amounts of “restricted securities” (as therein defined) after they have been held for one year, does not now apply to the Company because the Company is not now required to file, and does not file,
current reports under the Securities Exchange Act of 1934 (the “Exchange Act”), nor is there publicly available information concerning the Company substantially equivalent to that which would be available if the Company were required to
file such reports; (iv) that the Holder understands that there is no assurance that the Company will ever become a reporting company under the Exchange Act and that the Company has no obligation to the Holder to do so; (v) that the Holder
and Holder’s representatives have fully investigated the Company and the business and financial conditions concerning it and have knowledge of the Company’s then current corporate activities and financial condition; and (vi) that the
Holder believes that the nature and amount of the shares being purchased are consistent with Holder’s investment objectives, abilities and resources. The restrictions imposed by this Section and any investment representation made pursuant to
this Section shall be inoperative upon the registration with the Commission of the stock subject to this Option or acquired through the exercise of this Option. 
 The Holder also agrees for a period of up to 180 days from the effective date of any registration of securities of the Company under the Securities Act of 1933, as amended (the “Securities
Act”), upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any shares
issued pursuant to the exercise of this Option, without the prior written consent of the Company and such underwriters. 

  
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 Section 4. Delivery of Shares. Within a reasonable time following the receipt by
the Company of the written notice and payment of the Option price for the shares to be purchased thereunder and, if applicable, the investment letter referred to in Section 3, the Company will deliver or cause to be delivered to the Holder (or
if any other individual or individuals are exercising this , to such individual or individuals) at the address specified pursuant to Section 2 hereof a certificate or certificates for the number of shares with respect to which the Option is
then being exercised, registered in the name of the Holder (or the name or names of the individual or individuals exercising the Option, either alone or jointly with another person or persons with rights of survivorship, as the individual or
individuals exercising the Option shall prescribe in writing to the Company); provided, however, that such delivery shall be deemed effected for all purposes when a stock transfer agent shall have deposited such certificate or certificates in the
United States mail, addressed to the Holder (or such individual or individuals) at the address so specified; and provided further that if any law, regulation or order of the Commission or other body having jurisdiction in the premises shall require
the Company or the Holder (or the individual or individuals exercising this Option) to take any action in connection with the sale of the shares then being purchased, then, subject to the other provisions of this paragraph, the date on which such
sale shall be deemed to have occurred and the date for the delivery of the certificates for such shares shall be extended for the period necessary to take and complete such action, it being understood that the Company shall have no obligation to
take and complete any such action. 
 Section 5. Adjustments Upon Changes in Capitalization. The existence of this
Option shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any
merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Series G Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer
of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 
 If the Company shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number of shares of the Series G
Stock outstanding, without receiving compensation therefor in money, services or property, then the number, class, and per share price of shares of stock subject to this Option shall be appropriately adjusted in such a manner as to entitle the
Holder to receive upon exercise of this Option, for the same aggregate cash consideration, the same total number and class of shares that the owner of an equal number of outstanding shares of Series G Stock would own as a result of the event
requiring the adjustment. 
 Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares of obligations
of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Series G Stock then subject to this Option. 

  
 3 

 Section 6. Effect of Certain Transactions. If the Company is a party to a merger
or reorganization with one or more other corporations, whether or not the Company is the surviving or resulting corporation, or if the Company consolidates with or into one or more other corporations, or if the Company is liquidated or sells or
otherwise disposes of substantially all of its assets to another corporation (each hereinafter referred to as a “Transaction”), in any case while this Option remains outstanding: 

(i) after the effective date of such Transaction this Option shall remain outstanding and shall be exercisable in shares
of Series G Stock or, if applicable, shares of such stock or other securities, cash or property as the holders of shares of Series G Stock received pursuant to the terms of such Transaction; 

(ii) the Board may accelerate the time for exercise of this Option, so that from and after a date prior to the effective
date of such Transaction this Option shall be exercisable in full; 
 (iii) this Option may be cancelled by the
Board as of the effective date of the Transaction, provided that (a) notice of such cancellation shall have been given to the Holder and (b) the Holder shall have the right to exercise this Option to the extent the same is then exercisable
or, if the Board shall have accelerated the time for exercise of this Option, in full during the thirty-day period preceding the effective date of the Transaction; or 

(iv) in the event of a Transaction under the terms of which holders of Series G Stock of the Company receive upon
consummation thereof a cash payment for each share surrendered (the “Transaction Price”), the Holder shall be provided a cash payment equal to the difference between (a) the Transaction Price times the number of shares of Series G
Stock subject to this Option (to the extent the exercise price is not in excess of the Transaction Price) and (b) the aggregate exercise price of all such shares of Series G Stock subject to this Option, in exchange for the termination of this
Option. 
 Section 7. Rights of Holder. No person shall, by virtue of the granting of this Option to the Holder, be
deemed to be a holder of any shares purchasable under this Option or to be entitled to the rights or privileges of a holder of such shares unless and until this Option has been exercised with respect to such shares and they have been issued pursuant
to that exercise of this Option. 
 The granting of this Option shall not impose upon the Company any obligations to employ or
to continue to employ the Holder; and the right of the Company to terminate the employment of the Holder shall not be diminished or affected by reason of the fact that this Option has been granted to the Holder. 

Nothing herein contained shall impose any obligation upon the Holder to exercise this Option. 

Although this Option is intended to qualify as an incentive stock option under the Internal Revenue Code of 1986, the Company makes no
representation as to the tax treatment to the Holder upon receipt or exercise of this Option or sale or other disposition of the shares covered by this Option. 

  
 4 

 At all times while any portion of this Option is outstanding, the Company shall: reserve and
keep available, out of shares of its authorized and unissued stock or reacquired shares, a sufficient number of shares of its Series G Stock to satisfy the requirements of this Option; comply with the terms of this Option promptly upon exercise of
the Option rights; and pay all fees or expenses necessarily incurred by the Company in connection with the issuance and delivery of shares pursuant to the exercise of this Option. 

Section 8. Transfer and Termination. This Option is not transferable by the Holder otherwise than by will or the laws of
descent and distribution. 
 This Option is exercisable, during the Holder’s lifetime, only by him, and by him only while
he is an employee of the Company, except that in the event that the Holder’s employment with the Company terminates for any reason other than death, disability or termination for cause, the Holder shall have the right to exercise this Option
within a period of sixty days after said termination (but not later than the expiration date of this Option) with respect to the shares which were vested at the time of such termination of employment. An employment relationship between the Company
and the Holder shall be deemed to exist, for purposes of this Option, during any period in which the Holder is employed in any capacity by the Company or any subsidiary of the Company. 

In the event of the permanent and total disability or the death of the Holder prior to termination of the Holder’s employment with
the Company or a parent or subsidiary of the Company and before the date of expiration of this Option, the Holder, or in the event of death, his executors, administrators, heirs or legatees, as the case may be, shall have the right to exercise this
Option at any time within one year after said disability or death (but not after the termination date of this Option) with respect to the shares which were vested at the date of his disability or death. The Holder shall be considered permanently and
totally disabled if he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than 12 months. 

If the Holder’s employment with the Company is terminated by the Company for Cause, this Option shall immediately terminate and
shall thereafter be of no further force and effect. The term “cause” shall mean (a) any material breach by the Holder of any agreement to which the Holder and the Company are both parties, (b) any act (other than retirement) or
omission to act by the Holder which may have a material and adverse effect on the Company’s business or on the Holder’s ability to perform services for the Company, including, without limitation, the commission of any crime (other than
minor traffic violations), or (c) any material misconduct or material neglect of duties by the Holder in connection with the business or affairs of the Company or any Parent, Subsidiary or affiliate of the Company. The Board shall have sole
authority and discretion to determine whether the Holder’s employment has been terminated for Cause. 

  
 5 

 Section 9. Right of First Refusal. Prior to the effective date of a registration
statement under the Securities Act of 1933 covering any shares of the Company’s capital stock and until such time as the Company shall have affected a public offering of any shares of its capital stock, in the event that, at any time when the
Holder (which term for purposes of this Section 9 shall mean the Holder and his executors, administrators and any other person to whom this may be transferred by will or the laws of descent and distribution) is permitted to do so, the Holder
desires to sell, assign or otherwise transfer any of the shares issued upon the exercise of this Option, the Holder shall first offer such shares to the Company by giving written notice of the Holder’s desire so to sell, assign or transfer such
shares. The notice shall state the number of shares offered, the name of the person or persons to whom it is proposed to sell, assign or transfer such shares and the price at which such shares are intended to be sold, assigned or transferred. Such
notice shall constitute an offer to the Company for the Company to purchase the number of shares set forth in the notice at a price per share equal to the price stated therein. The Company may accept the offer as to all, but not less than all, such
shares by notifying the Holder in writing within 30 days after receipt of such notice of its acceptance of the offer. If the offer is accepted, the Company shall have 60 days within which to purchase the offered shares at a price per share as
aforesaid. If within the applicable time periods the Holder does not receive notice of the Company’s intention to purchase the offered shares, or if payment in full of the purchase price is not made by the Company, the offer shall be deemed to
have been rejected and the Holder may transfer title to such shares within 90 days from the date of the Holder’s written notice to the Company of the Holder’s intention to sell, but such transfer shall be made only to the proposed
transferee and at the proposed price as stated in such notice and after compliance with any other provisions of this Option applicable to the transfer of such shares. Shares that are so transferred to such transferee shall remain subject to the
rights of the Company set forth in this Section 9. No sale, assignment, pledge or transfer of any of the shares covered by this Option shall be effective or given effect on the books of the Company unless all of the applicable provisions of
this Section 9 have been duly complied with, and the Company may inscribe on the face of any certificate representing any of such shares a legend referring to the provisions of this Section. If any transfer of shares is made or attempted in
violation of the foregoing restrictions, or if shares are not offered to the Company as required hereby, the Company shall have the right to purchase such shares from the owner thereof or his transferee at any time before or after the transfer, as
herein provided. In addition to any other legal or equitable remedies which it may have, the Company may enforce its rights by actions for specific performance (to the extent permitted by law) and may refuse to recognize any transferee as one of its
stockholders for any purpose, including, without limitation, for purposes of dividend and voting rights, until all applicable provisions hereof have been complied with. 
 For purposes of the Right of First Refusal pursuant to this Section 9, the term “shares” shall mean any and all new, substituted or additional securities or other property issued to the
Holder, by reason of his ownership of Series G Stock pursuant to the exercise of this Option , in connection with any stock dividend, liquidating dividend, stock split or other change in the character or amount of any of the outstanding securities
of the Company, or any consolidation, merger or sale of all or substantially all of the assets of the Company. 

  
 6 

 Any certificate representing shares of stock subject to the provisions of this
Section 9 may have endorsed thereon one or more legends, substantially as follows: 
  

	 	(i)	“Any disposition of any interest in the securities represented by this certificate is subject to restrictions, and the securities represented by this certificate
are subject to certain options, contained in a certain agreement between the record holder hereof and the Company, a copy of which will be mailed to any holder of this certificate without charge upon receipt by the Company of a written request
therefor.” 

  

	 	(ii)	“The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 or under the securities laws of any state and may
not be pledged, hypothecated, sold or otherwise transferred except upon such registration or upon receipt by the Company of an opinion of counsel satisfactory to the Company, in form and substance satisfactory to the Company, that such registration
is not required.” 

 The restrictions imposed by this Section 9 shall terminate in all respects upon the
effective date of a registration statement under the 1933 Act covering any shares of the Company’s capital stock. 

Section 10. Notice. Any notice to be given to the Company hereunder shall be deemed sufficient if addressed to the Company
and delivered to the office of the Company, Three Burlington Woods Drive, Burlington, MA 01803, attention of the president, or such other address as the Company may hereafter designate. 

Any notice to be given to the Holder hereunder shall be deemed sufficient if addressed to and delivered in person to the Holder at his
address furnished to the Company or when deposited in the mail, postage prepaid, addressed to the Holder at such address. 

Section 11. Notification of Disqualifying Disposition. The Holder agrees to notify the Company in writing immediately after
making a Disqualifying Disposition of any shares of Series G Stock received pursuant to the exercise of this Option. The Holder also agrees to provide the Company with any information that the Company shall request concerning any such Disqualifying
Disposition. 
 A “Disqualifying Disposition” shall have the meaning specified in Sections 421(b) and 424(c) of the
Internal Revenue Code of 1986, as amended, or any successor provision; as of the date of grant of this Option a Disqualifying Disposition is any disposition (including any sale) of such shares before the later of (a) the second
anniversary of the date of grant of this Option and (b) the first anniversary of the date on which the Holder acquired such shares by exercising this Option, provided that such holding period requirements terminate upon the death of the
Holder. 
 The Holder acknowledges that he or she will forfeit the favorable income tax treatment otherwise available with
respect to the exercise of this Option if he or she makes a Disqualifying Disposition of shares received upon exercise of this Option. 

  
 7 

 Section 12. Government and Other Regulations; Governing Law. This Option is
subject to all laws, regulations and orders of any governmental authority which may be applicable thereto and, notwithstanding any of the provisions hereof, the Holder agrees that he will not exercise the Option granted hereby nor will the Company
be obligated to issue any shares of stock hereunder if the exercise thereof or the issuance of such shares, as the case may be, would constitute a violation by the Holder or the Company of any such law, regulation or order or any provision thereof.
Without limiting the generality of the foregoing, the Company shall not be obligated to issue any such shares if in the Company’s sole judgment to do so would cause the Company or such issue not to be in compliance with the requirements of Rule
504 promulgated under the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of this Option or the issuance of shares pursuant hereto to comply with any such law, regulation, order or
provision. 
 This Option is and shall be subject in every respect to the provisions of the Company’s 2005 Series G
Convertible Preferred Stock Incentive Plan, as amended from time to time, which is incorporated herein by reference and made a part hereof. The Holder hereby accepts this Option subject to all the terms and provisions of the Plan and agrees that
(a) in the event of any conflict between the terms hereof and those of the Plan, the latter shall prevail, and (b) all decisions under and interpretations of the Plan by the Committee or the Board shall be final, binding and conclusive
upon the Holder and his heirs and legal representatives. 
 This Option shall be governed by and construed in accordance with
the laws of the State of Delaware. 
 Section 13. Effective Date. This Option shall be effective on the Effective
Date set forth on page 1 hereof. 
 IN WITNESS WHEREOF, the parties have executed this Option, or caused this Option to be
executed, as of the Effective Date. 
  

			
	Exa Corporation
		
	By:	 	 

  

			
	Acknowledged and accepted:
	
	 
	Holder

  
 8 

 SCHEDULE A 
 Exa Corporation 
 Incentive Stock Option Granted Under the 

2005 Series G Convertible Preferred Stock Incentive Plan 
  

	1.	Name of Holder: 

  

	2.	Date of Grant: 

  

	3.	Maximum Number of shares for which this Option is exercisable: 

  

	4.	Exercise (purchase) price per share: 

  

	5.	Expiration Date of Option: 

  

	6.	Vesting Schedule: 

  

	7.	All shares purchased upon exercise of this Option are subject to the rights of the Company to repurchase such shares as set forth in Section 9 of the Option, to
the lockup agreement set forth in Section 3 of the Option and to the other terms of the Option and Plan. 

 *
* * 

  
 9

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