Document:

EX-10.3

 Exhibit 10.3 

STANDARD INDUSTRIAL/COMMERCIAL MULTI-TENANT 

LEASE MODIFIED NET 

1.    Basic Provisions (“Basic Provision”). 

1.1    Parties: This Lease (“Lease”), dated, September 11, 2014, is made by and between
Dollinger Harbor Bay Associates, LP (“Landlord”) and Penumbra, Inc. (“Tenant”), (collectively the “Parties,” or individually a “Party”). 

1.2(a)    Premises: A portion of that certain building containing approximately 50,177 rentable square feet,
including all improvements therein or to be provided by Landlord under the terms of this Lease, commonly known by the street address of 1321 Harbor Bay Parkway, located in the City of Alameda, County of Alameda, State of
California, with zip code 94502 as outlined on Exhibit B attached hereto (“Premises”). The “Building” is that certain building containing the Premises and generally described as (describe
briefly the nature of the Building): a multi-tenant R&D Office building. 
 In addition to Tenant’s
rights to use and occupy the Premises as hereinafter specified, Tenant shall have non-exclusive rights to the Common Areas (as defined in Paragraph 2.7 below) as hereinafter specified, but shall not have any
rights to the roof, exterior walls or utility raceways of the Building or to any other buildings in the Industrial Center. The Premises, the Building, the Common Areas, the land upon which they are located, along with all other buildings and
Improvements thereon, are herein collectively referred to as the “Industrial Center.” (Also see Paragraph 2.) 

1.2(b)    Parking: the parking ratio will be 3.30 unreserved parking stalls per 1,000 sq. ft. of leased office
space unreserved vehicle parking spaces (“Unreserved Parking Spaces”); and no reserved vehicle parking spaces (“Reserved Parking Spaces”). (Also, see Paragraph 2.6) 

1.3    Term: (“Original Term”) Commencing upon the Landlord’s substantial completion of
Tenant Improvements at 1321 Harbor Bay Parkway (“Commencement Date”) and ending on November 30, 2029. (“Expiration Date”). (Also Paragraph 3.) 

  
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 1.4    Early Possession: Tenant shall be allowed access to the
Premises during Tenant Improvement Period, however Landlord shall not be responsible for any delays caused by Tenant’s work (“Early Possession”). (Also Paragraphs 3.2 and 3.3.) 

1.5    Base rent: $65,230.00 per month (“Base Rent”), payable commencing one month following (the
“Rent Commencement Date”) the Commencement Date. (Also see Paragraph 4). Tenant will receive a Rent Credit for Boehm’s occupancy of Suite 250 in the amount of $8,455.00 per month until the earlier of Boehm vacating Suite 250 or
December 31st, 2017. Beginning on the on the 1st day of the month following the first anniversary of the Rent Commencement Date and annually thereafter, Base Rent shall be Increased 3%
annually. 
 1.6(b)    Tenant’s Share of Common Area Operating Expenses: 100% of the building
(“Tenants Share”). 
 1.7    Security Deposit: $65,230.10 (“Security
Deposit”). (Also see Paragraph 5) 
 1.8    Permitted Use: General Office and R&D Use
(“Permitted Use”) (Also see Paragraph 5.) 
 1.9    Insuring Party. Landlord is the
“Insuring Party.” (Also see Paragraph 8) 
 1.10(a)    Real Estate Brokers. [x] NONE 

Tenant shall indemnify and hold Landlord, its trustees, members, principals, beneficiaries, partners, officers, directors, employees, mortgagee(s) and agents,
and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Tenant in connection with this Lease. Landlord shall Indemnify and hold Tenant, its trustees, members, principals,
beneficiaries, partners, officers, directors, employees, and agents, and the respective principals and members of any such agents harmless from all claims of any brokers claiming to have represented Landlord in connection with this Lease. Tenant
acknowledges that any assistance rendered by any agent or employee of any affiliate of Landlord in connection with this Lease it has been made as an accommodation to Tenant solely in furtherance of consummating the transaction on behalf of Landlord,
and not as agent for Tenant. 

  
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 1.10(b)    Intentionally Deleted. 

1.11    Guarantor. The obligations of the Tenant under this lease are to be guaranteed by NONE
(“Guarantor”). (Also see Paragraph 37.) 
 1.12    Addenda and Exhibits. Attached hereto are
Exhibits A and B, all of which constitute a part of this lease. 
 2.    Premises, Parking and Common Areas. 

2.1    Letting. Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, the Premises, for the
term, at the rental, and upon all of the terms, covenants and conditions set forth in this Lease. The leaseable area is measured to the outside edge of the outside walls and drip lines to the centerline of any demising walls, including a pro rata
share of the electrical room, corridors, lobbies and other common spaces. Unless otherwise provided herein, any statement of square footage set forth in this Lease, or that may have been used in calculating rental and/or Common Area Operating
Expenses, is an approximation which Landlord and Tenant agree is reasonable and the rental and Tenant’s Share (as defined in Paragraph 1.6(b) based thereon is not subject to revision whether or not the actual square footage is more or less.

 2.2    Condition. Landlord shall deliver the Premises to Tenant clean and free of debris on the Commencement
Date and warrants to Tenant that the existing plumbing, electrical systems, fire sprinkler system, lighting, air conditioning and heating systems and loading doors, if any, in the Premises, other than those constructed by Tenant, shall be in good
operating condition on the Commencement Date. If a non-compliance with said warranty exists as of the Commencement Date, Landlord shall, except as otherwise provided in this Lease, promptly after receipt of written notice from Tenant setting forth
with specificity the nature and extent of such non-compliance, rectify same at Landlord’s expense. If Tenant does not give Landlord written notice of a non-compliance with this warranty within six (6) months after the Commencement Date,
correction of that non-compliance shall be the obligation of Tenant at Tenant’s sole cost and expense. 

2.3    Warranties. Tenant acknowledges that neither Landlord nor any of its agents made any representations or
warranties respecting the project, the buildings, or the leased premises, upon which tenant relied in entering into this lease, which are not expressly set forth in this lease. Tenant further acknowledges that neither Landlord nor any of its agents
made any representations as to (i) whether the leased premises may be used for tenant’s intended use under existing law or; (ii) the suitability of the leased premises for the conduct of tenant’s business or; (iii) the exact
square footage of the leased premises; that tenant relied solely upon its own investigations respecting said premises (including but not limited to the electrical and fire sprinkler systems, security, environmental aspects, seismic and earthquake
requirements, and compliance with the American with Disabilities Act and applicable zoning, municipal, county, state and federal laws, ordinances and regulations and any covenants or restrictions of record (collectively, “Applicable
Laws”) and that upon its execution of this lease, accepts the leaseable area as specified herein. Tenant expressly waives any and all claims for damage by reason of any statement, representation, warranty, promise or other agreement of
Landlord or Landlord’s agent(s), if any, not contained in this lease or in any addenda hereto. 
 2.4    Tenant
as Prior Owner/Occupant. The warranties made by Landlord in this Paragraph 2.2 shall be of no force or effect if immediately prior to the date set forth in Paragraph 1.1 Tenant was the owner or occupant of the Premises. In such event, Tenant
shall at Tenant’s sole cost and expense, correct any non-compliance of the Premises with said warranties. 

  
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 2.5    Vehicle Parking. Tenant shall be entitled to use the number of
Unreserved Parking Spaces and Reserved Parking Spaces specified in Paragraph 1.2(b) on those portions of the Common Areas designated from time to time by Landlord for parking. Tenant shall not use more parking spaces than said number. Said parking
spaces shall be used for parking by vehicles no larger than full-size passenger automobiles or pick-up trucks, herein called “Permitted Size Vehicles.” Vehicles other than Permitted Size Vehicles shall be parked and loaded or
unloaded as directed by Landlord in the Rules and Regulations (as defined in Paragraph 40) Issued by Landlord. (Also see Paragraph 2.9.) 

(a)    Tenant shall not permit or allow any vehicles that belong to or are controlled by Tenant or Tenant’s
employees, suppliers, shippers, customers, contractors or invitees to be loaded, unloaded, or parked in areas other than those designated by Landlord for such activities. 

(b)    If Tenant permits or allows any of the prohibited activities described In this Paragraph 2.6, then Landlord shall
have the right, without notice, in addition to such other rights and remedies that it may have, to remove or tow away the vehicle involved and charge the cost to Tenant, which cost shall be immediately payable upon demand by Landlord. 

(c)    Landlord shall at the Commencement Date of this Lease, provide the parking facilities required by Applicable Law.

 2.6    Common Areas - Definition. The term “Common Areas” is defined as all areas and
facilities outside the Premises and within the exterior boundary line of the Industrial Center and Interior utility raceways within the Premises that are provided and designated by the Landlord from time to time for the general non-exclusive use of
Landlord, Tenant and other tenants of the Industrial Center and their respective employees, suppliers, shippers, customers, contractors and invitees, including parking areas, loading and unloading areas, trash areas, roadways, sidewalks, walkways,
parkways, driveways and landscaped areas. 
 2.7    Common Areas - Tenant’s Rights. Landlord hereby
grants to Tenant, for the benefit of Tenant and Its employees, suppliers, shippers, contractors, customers and invitees, during the term of this lease, the non-exclusive right to use, in common with others
entitled to such use, the Common Areas as they exist from time to time, subject to any rights, powers, and privileges reserved by Landlord under the terms hereof or under the terms of any rules and regulations or restrictions governing the use of
the Industrial Center. Under no circumstances shall the right herein granted to use the Common Areas be deemed to include the right to store any property, temporarily or permanently, in the Common Areas. Any such storage shall be permitted only by
the prior written consent of Landlord or Landlord’s designated agent, which consent may be revoked at any time. In the event that any unauthorized storage shall occur then Landlord shall have the right, without notice, in addition to such other
rights and remedies that it may have, to remove the property and charge the cost to Tenant, which cost shall be immediately payable upon demand by Landlord. 

2.8    Common Areas - Rules and Regulations. Landlord or such other person(s) as Landlord may appoint shall have
the exclusive control and management of the Common Areas and shall have the right, from time to time, to establish, modify, amend and enforce reasonable Rules and Regulations with respect thereto in accordance with Paragraph 40. Tenant agrees to
abide by and conform to all such Rules and Regulations and to cause its employees, suppliers, 

  
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shippers, customers, contractors and invitees to so abide and conform. Landlord shall not be responsible to Tenant for the non-compliance with said rules and regulations by other tenants of the
Industrial Center. 
 2.09    Common Areas - Changes. Landlord shall have the right, in Landlord’s sole
discretion, from time to time: 
 (a)    To make changes to the Common Areas, including, without limitation, changes in
the location, size, shape and number of driveways, entrances, parking spaces, parking areas, loading and unloading areas, ingress, egress, direction of traffic, landscaped areas, walkways and utility raceways; 

(b)    To close temporarily any of the Common Areas for maintenance purposes so long as reasonable access to the Premises
remains available; 
 (c)    To designate other land outside the boundaries of the Industrial Center to be a part of the
Common Areas; 
 (d)    To add additional buildings and improvements to the Common Areas; 

(e)    To use the Common Areas while engaged in making additional Improvements, repairs or alterations to the Industrial
Center, or any portion thereof; 
 (f)    To do and perform such other acts and make such other changes in, to or with
respect to the Common Areas and Industrial Center as Landlord may, in the exercise of sound business judgment, deem to be appropriate. 

Landlord shall use best efforts to ensure that the performance of any such work of repairs or alterations shall not interfere with
Tenant’s use of the Premises (or any portion thereof) for Tenant’s business purposes (such efforts to include limiting the performance of any such work which might be disruptive to weekends or the evening and the cleaning of any work area
prior to the commencement of the next business day); and 
 3.    Term. 

3.1    Term. The Commencement Date, Expiration Date and Original Term of this Lease are as specified in Paragraph
1.3. 
 3.2    Early Possession. If Tenant totally or partially occupies the Premises after the Early Possession
Date but prior to the Commencement Date, the obligation to pay Base Rent shall be abated for the period of such early occupancy. All other terms of this Lease, however, (including but not limited to the obligations to pay Tenant’s Share of
Common Area Operating Expenses and to carry the insurance required by Paragraph 8} shall be in effect during such period. Any such early possession shall not affect nor advance the Expiration Date of the Original Term. 

3.3    Delay in Possession. If for any reason Landlord cannot deliver possession of the Premises to Tenant by the
Early Possession Date, Landlord shall not be subject to any liability therefor, nor shall such failure affect the validity of this Lease, or the obligations of Tenant hereunder, or extend the term hereof, but in such case, Tenant shall not, except
as otherwise provided herein, be obligated to pay rent or perform any other obligation of Tenant under the terms of this Lease until Landlord delivers possession of the Premises to Tenant. If possession of the Premises is not delivered to Tenant
within sixty (60} days after the Commencement Date, 

  
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Tenant may, at its option, by notice in writing to Landlord within ten (10) days after the end of sixty (60) day period, cancel this Lease, in which event the parties shall be
discharged from all obligations hereunder; provided further, however, that if such written notice of Tenant is not received by Landlord within said ten (10) day period, Tenant’s right to cancel this Lease hereunder shall terminate and be
of no further force or effect. 
 4.    Rent 

4.1    Base Rent. Tenant shall pay Base Rent and other rent or charges, as the same may be adjusted from time, to
time, to Landlord in lawful money of the United States, without offset or deduction, on or before the 1st day of each month. Base Rent and all other rent and charges for any period during the term
hereof which is for less than one full month shall be prorated based upon the actual number of days of the month Involved. Payment of Base Rent and other charges shall be made to Landlord at its address stated herein or to such other persons or at
such other addresses as Landlord may from time to time designate in writing to Tenant. 
 4.2    Common Area
Operating Expenses. Tenant shall pay to Landlord during the term hereof, in addition to the Base Rent, Tenant’s Share (as specified in Paragraph 1.6(b)) of all Common Area Operating Expenses, as hereinafter defined, during each calendar
year of the term of this Lease, in accordance with the following provisions: 
 (a)    “Common Area
Operating Expenses” are defined, for purposes of this Lease, as all costs incurred by Landlord relating to the ownership and operation of the Industrial Center, including, but not limited to, the following: 

(i)    The operation, repair and maintenance, in neat, clean, good order and condition, of the following: 

(aa)    The Common Areas, including parking areas, loading and unloading areas, trash areas, roadways, sidewalks,
walkways, parkways, driveways, landscaped areas, striping, bumpers, Irrigation systems, Common Area lighting facilities, fences and gates, elevators and roof. 

(bb)    Exterior signs and any tenant directories 

(cc)    Fire detection and sprinkler systems. 

(ii)    The cost of water, gas, electricity and telephone to service the Common Areas. 

(iii)    Trash disposal, property management fees of 4% of the gross monthly rental and security services and the costs
of any regularly scheduled environmental inspections. 
 (iv)    [INTENTIONALLY OMITTED]. 

(v)    Real Property Taxes (as defined in Paragraph 10.2) to be paid by Landlord for the Building and the Common Areas
under Paragraph 10 hereof. 
 (vi)    The cost of the premiums for the insurance policies maintained by Landlord under
Paragraph 8 hereof. 
 (vii)    Any deductible portion of an insured loss concerning the building or the Common Areas.

 (viii)    Any other services to be provided by Landlord that are stated elsewhere in this Lease to be a Common Area
Operating Expense. 

  
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 The cost of any capital improvements or other capital items included in Common Area Operating
Expenses shall be amortized by Landlord on a straight line basis over the economic useful life of the capital item for accounting purposes, as determined by Landlord using generally accepted accounting principles, consistently applied, and Internal
Revenue Service asset classification regulations, if any. The amortized cost of capital improvements may include interest at the rate paid by Landlord on any funds borrowed for such expenditures from an unaffiliated
third-party financial institution, but in no event in excess of the market rate of Interest customarily paid on such borrowed funds for such purposes. 

Notwithstanding the foregoing, Common Area Operating Expenses will not include: 

(i)    repairs or other work occasioned by tire, windstorm or other insured casualty or hazard, to the extent that
Landlord shall receive proceeds of such insurance or would have received such proceeds had Landlord maintained the insurance coverage required under this Lease and diligently attempted to procure the maximum possible insurance coverage; 

(ii)    marketing and promotional costs; 

(iii)    debt service payments on or related to any indebtedness; 

(iv)    any amounts paid to any person, firm or corporation related or otherwise affiliated with Landlord or any general
partner, officer or director of Landlord or any of its general partners, to the extent same materially exceeds arms-length competitive prices paid in the Alameda, California metropolitan area for the services or goods provided; and 

(v)    costs relating to maintaining Landlord’s existence, either as a corporation, partnership, or other entity.

 (b)    Any common Area Operating Expenses and Real Property Taxes that are specifically attributable to the Building
or to any other building in the Industrial Center or to the operation, repair and maintenance thereof, shall be allocated entirety to the Building or to such other building. However, any Common Area Operating Expenses and Real Property Taxes that
are not specifically attributable to the Building or to any other building or to the operation, repair and maintenance thereof, shall be equitably allocated by Landlord to all buildings in the Industrial Center. 

(c)    The Inclusion of the Improvements, facilities and services set forth in subparagraph 4.2(a) shall not be deemed to
impose an obligation upon Landlord to either have said improvements or facilities or to provide those services unless the Industrial Center already has the same, Landlord already provides the services, or Landlord has agreed elsewhere in this lease
to provide the same or some of them. 
 (d)    Tenant’s Share of Common Area Operating Expenses shall be payable by
Tenant within thirty (30) days after a reasonably detailed statement of actual expenses is presented to Tenant by Landlord. At Landlord’s option, however, an amount may be reasonably estimated by Landlord from time to time of Tenant’s
Share of annual Common Area Operating Expenses and the same shall be payable monthly or quarterly, as Landlord shall designate, during each 12-month period of the lease term, on the same day as the Base Rent is due hereunder. Landlord shall deliver
to Tenant within sixty (60) days after the expiration of each calendar year a reasonably detailed statement showing Tenant’s Share of the actual Common 

  
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Area Operating Expenses incurred during the preceding year. If Tenant’s payments under this Paragraph 42(d) during said preceding year exceed Tenant’s Share as indicated on said
statement, Landlord shall be credited the amount of such over-payment against Tenant’s Share of Common Area Operating Expenses next becoming due. If Tenant’s payments under this Paragraph 4.2(d) during said preceding year were less than
Tenant’s Share as Indicated on said statement, Tenant shall pay to Landlord the amount of the deficiency within ten (10) days after delivery by Landlord to Tenant of said statement 

(e)    Landlord shall maintain at all times during the term of this Lease, full, complete and accurate books of account
and records prepared in accordance with generally accepted accounting principles with respect to Common Area Operating Expenses, and shall retain such books and records, as well as contracts, bills, vouchers, and checks, and such other documents as
are reasonably necessary to properly audit Common Area Operating Expenses. Upon reasonable notice from Tenant, Landlord shall make available for Tenant’s Inspection (or Inspection performed by Tenant’s accountant and/or consultants) during
normal business hours, Landlord’s books and records relating to the Common Area Operating Expenses. If an audit, review or inspection by a Tenant or Tenant’s accountant or consultant alleges an overbilling, Tenant may submit a claim for
the overbilled amount to Landlord, detailing the nature of the overbilling, and Landlord shall have thirty (30) days to pay such amount or contest the claim by giving notice thereof to Tenant, detailing the nature of Landlord’s contest of
Tenant’s claims. If, Landlord’s statement is ultimately determined to be in error, Landlord will promptly reimburse to Tenant, or Tenant will promptly pay to Landlord, any amount which may be determined to have been due as a result of
Tenant’s audit; additionally, if Landlord is determined to have overcharged Tenant for Common Area Operating Expenses by 3% or more, Landlord shall reimburse Tenant within thirty (30) days following such determination for the reasonable
cost of Tenant’s review of Landlord’s books and records not to exceed $500 (which cost may not be included as a Common Area Operating Expense). 

5.    Security Deposit. Tenant shall deposit with Landlord upon Tenant’s execution hereof the Security Deposit set forth in
Paragraph 1.7 as security for Tenant’s faithful performance of Tenant’s obligations under this Lease. If Tenant fails to pay Base Rent or other rent or charges due hereunder, or otherwise Defaults under this Lease (as defined in Paragraph
13.1), Landlord may use, apply or retain all or any portion of said Security Deposit, Tenant shall within ten (10) days after written request therefore deposit monies with Landlord sufficient to restore said Security Deposit to the full amount
required by this Lease. Landlord shall not be required to keep all or any part of the Security Deposit separate from its general accounts. Landlord shall, at the expiration or earlier termination of the term hereof and after Tenant has vacated the
Premises, return to Tenant (or, at Landlord’s option, to the last assignee, if any, of Tenant’s interest herein), that portion of the Security Deposit not used or applied by Landlord. Unless otherwise expressly agreed in writing by
Landlord, no part of the Security Deposit shall be considered to be held in trust, to bear interest or other increment for its use, or to be prepayment for any monies to be paid by Tenant under this Lease. 

6.    Use. 

6.1    Permitted Use. 

(a)    Tenant shall use and occupy the Premises only for the Permitted Use set forth in Paragraph 1.8, or any other legal
use which is reasonably comparable thereto, and for no other purpose. Tenant shall not use or permit the use of the Premises in a manner that is unlawful, creates waste or a nuisance, or that disturbs owners and/or occupants of, or causes damage to
the Premises or neighboring premises or properties. 

  
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 (b)    Landlord hereby agrees to not unreasonably withhold, condition or
delay its consent to any written request by Tenant, Tenant’s assignees or subtenants, and by prospective assignees and subtenants of Tenant, its assignees and subtenants, for a modification of said Permitted Use, so long as the same will not
impair the structural integrity of the improvements on the Premises or in the Building or the mechanical or electrical systems therein, does not conflict with uses by other Tenants, is not significantly more burdensome to the Premises or the
Building and the improvements thereon, and is otherwise permissible pursuant to this Paragraph 6. If Landlord elects to withhold such consent, Landlord shall within five (5) business days after such request give a written notification of same,
which notice shall include an explanation of Landlord’s reasonable objections to the change in use. 

6.2    Hazardous Substances. 

(a)    Reportable Uses Require Consent. The term “Hazardous Substance” as used in this Lease shall
mean any product, substance, chemical, material or waste whose presence, nature, quantity and/or intensity of existence, use, manufacture, disposal, transportation, spill, release or effect, either by itself or in combination with other materials
expected to be on the Premises, is either: (i) potentially injurious to the public health, safety or welfare, the environment, or the Premises;(ii) regulated or monitored by any governmental authority; or (iii) a basis for potential
liability of Landlord to any governmental agency or third party under any applicable statute or common law theory. Hazardous Substance shall include, but not be limited to, hydrocarbons, petroleum, gasoline, crude oil or any products or by-products
thereof. Tenant shall not engage in any activity in or about the Premises which constitutes a Reportable Use (as herein after defined) of Hazardous Substances without the express prior written consent of Landlord and compliance in a timely manner
(at Tenant’s sole cost and expense) with all Applicable Requirements (as defined in Paragraph 6.3). “Reportable Use” shall mean (i) the installation or use of any above or below ground storage tank, (ii) the
generation, possession, storage, use, transportation, or disposal of a Hazardous Substance that requires a permit from, or with respect to which a report, notice, registration or business plan is required to be filed with, any governmental
authority, and (iii) the presence in, on or about the Premises of a Hazardous Substance with respect to which any Applicable Laws require that a notice be given to persons entering or occupying the Premises or neighboring properties.
Notwithstanding the foregoing, Tenant may, without Landlord’s prior consent, but upon notice to Landlord and in compliance with all Applicable requirements, use any ordinary and customary materials reasonably required to be used by Tenant in
the normal course of the Permitted Use, so long as such use is not a Reportable Use and does not expose the Premises or neighboring properties to any meaningful risk of contamination or damage or expose Landlord to any liability therefor. In
addition, Landlord may (but without any obligation to do so) condition its consent to any Reportable Use of any Hazardous Substance by Tenant upon Tenant’s giving Landlord such additional assurances as Landlord, in its reasonable discretion,
deems necessary to protect itself, the public, the Premises and the environment against damage, contamination or injury and/or liability therefor, including but not limited to the installation (and, at Landlord’s option, removal on or before
Lease expiration or earlier termination) of reasonably necessary protective modifications to the Premises (such as concrete encasements) and/or the deposit of an additional Security Deposit under Paragraph 5 hereof. 

(b)    Duty to Inform Landlord. If Tenant knows, or has reasonable cause to believe, that a Hazardous Substance has
come to be located in, on, under or about the Premises or the Building, other than as previously consented to by Landlord, Tenant shall immediately give Landlord written notice thereof, together with a copy of any statement, report, notice,
registration, application, permit, business plan, license, claim, action, or proceeding given to, or received from, 

  
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any governmental authority or private party concerning the presence, spill, release, discharge of, or exposure to, such Hazardous Substance including but not limited to all such documents as may
be involved in any Reportable Use involving the Premises. Tenant shall not cause or permit any Hazardous Substance to be spilled or released in, on, under or about the Premises (including, without limitation, through the prompting or sanitary sewer
system). 
 (c)    Indemnification. Tenant shall indemnify, protect, defend and hold Landlord, its agents,
employees, lenders and ground lessor, if any, and the Premises, harmless from and against any and all damages, liabilities, judgments, costs, claims, liens, expenses, penalties, loss of permits and attorneys’ and consultants’ fees arising
out of or involving any Hazardous Substance brought onto the Premises by or for Tenant or by anyone under Tenant’s control. Tenant’s obligations under this paragraph 6.2(c) shall include, but not be limited to, the effects of any
contamination or injury to person, property or the environment created or suffered by Tenant, and the cost of investigation (including consultants’ and attorneys’ fees and testing), removal, remediation, restoration and/or abatement
thereof, or of any contamination therein involved, and shall survive the expiration or earlier termination of this Lease. No termination, cancellation or release agreement entered into by Landlord and Tenant shall release Tenant from its obligations
under this Lease with respect to Hazardous Substances, unless specifically so agreed by Landlord in writing at the time of such agreement. 

6.3    Tenant’s Compliance with Requirements. Tenant shall, at Tenant’s sole cost and expense, fully,
diligently and in a timely manner, comply with all “Applicable Requirements,” which term is used In this Lease to mean all laws, rules, regulations, ordinances, directives, covenants, easements and restrictions of record,
permits, the requirements of any applicable fire insurance underwriter or rating bureau, and the recommendations of Landlord’s engineers and/or consultants, relating in any manner to the Premises (including but not limited to matters pertaining
to (i) industrial hygiene, (ii) environmental conditions on, in, under or about the Premises, including soil and ground water conditions, and (iii) the use, generation, manufacture, production, installation, maintenance, removal
transportation, storage, spill, or release of any Hazardous Substance), now in effect or which may hereafter come into effect. Tenant shall, within five (5) days after receipt of Landlord’s written request, provide Landlord with copies of
all documents and information, including but not limited to permits, registrations, manifests, applications, reports and certificates, evidencing Tenants compliance with any applicable Requirements specified by Landlord, and shall immediately upon
receipt, notify Landlord in writing (with copies of any documents involved) of any threatened or actual claim, notice, citation, warning, complaint or report pertaining to or involving failure by Tenant or the Premises to comply with any Applicable
Requirements. 
 6.4    Inspection; Compliance with Law. Landlord, Landlord’s agents, employees, contractors
and designated representatives, and the holders of any mortgages, deeds of trust or ground leases on the Premises (“Lenders”) shall have the right to enter the Premises at any time in the case of an emergency, and otherwise at
reasonable times upon reasonable advance notice to Tenant, for the purpose of inspecting the condition of the Premises and for verifying compliance by Tenant with this Lease and all Applicable Requirements (as defined in Paragraph 6.3), and Landlord
shall be entitled to employ experts and/or consultants in connection therewith to advise Landlord with respect to Tenant’s activities, including but not limited to Tenant’s installation, operation, use, monitoring, maintenance, or removal
of any Hazardous Substance on or from the Premises. The costs and expenses of any such inspections shall be paid by the party requesting same (and if paid by Landlord, such cost will not be Included In Common Area Operating Expenses), unless a
Default or Breach of this Lease by Tenant or a violation of Applicable Requirements or a contamination, caused or materially contributed to by Tenant, is 

  
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found to exist or to be imminent. or unless the inspection is requested or ordered by a governmental authority as the result of any such existing or imminent violation or contamination. In such
case, Tenant shall upon request reimburse Landlord or Landlord’s Lender, as the case may be, for the costs and expenses of such inspections. 

7.    Maintenance, Repairs, Utility Installations, Trade Fixtures and Alterations. 

7.1    Tenant’s Obligations. 

(a)    Subject to the provision of Paragraphs 2.2 (Condition), 7.2 (Landlord’s Obligations), 9 (Damage or
Destruction), and 14 (Condemnation), Tenant shall, at Tenant’s sole cost and expense and at all times, keep the Premises and every part thereof in good order, condition and repair (whether or not such portion of the Premises requiring repair,
or the means of repairing the same, are reasonably or readily accessible to Tenant, and whether or not the need for such repairs occurs as a result of Tenant’s use, any prior use, the elements or the age of such portion of the Premises),
including, without limiting the generality of the foregoing, all equipment or facilities specifically serving the Premises, such as plumbing, heating, air conditioning, ventilating, electrical, lighting facilities, boilers, fired or unfired pressure
vessels, fire hose connections if within the Premises, fixtures, interior walls, interior surfaces of exterior walls, ceilings, floors, windows, doors, plate glass, and skylights, but excluding any items which are the responsibility of Landlord
pursuant to Paragraph 7.2 below. Tenant, in keeping the Premises in good order, condition and repair, shall exercise and perform good maintenance practices. Tenant’s obligations shall include restorations, replacements or renewals when
necessary to keep the Premises and all improvements thereon or a part thereof in good order, condition and state of repair. 

(b)    Tenant shall, at Tenant’s sole cost and expense, procure and maintain a contract, with copies to Landlord, in
customary form and substance for and with a contractor specializing and experienced in the inspection, maintenance and service of the heating, air conditioning and ventilation system for the Premises. However, Landlord reserves the right, upon
notice to Tenant, to procure and maintain the contract for the heating, air conditioning and ventilating systems, and if Landlord so elects, Tenant shall reimburse Landlord, upon demand, for the cost thereof. 

(c)    If Tenant fails to perform Tenant’s obligations under this Paragraph 7.1, Landlord may enter upon the Premises
after ten (10) days’ prior written notice to Tenant (except in the case of an emergency, in which case no notice shall be required), perform such obligations on Tenant’s behalf, and put the Premises in good order, condition and
repair, in accordance with Paragraph 13.2 below. 
 7.2    Landlord’s Obligations. Subject to the provisions
of Paragraphs 2.2 (Condition), 4.2 (Common Area Operating Expenses to the extent applicable), 7 (Use), 7.1 (Tenant’s Obligations), 9 (Damage or Destruction) and 14 (Condemnation), Landlord, subject to reimbursement pursuant to Paragraph 4.2 to
the extent applicable, shall keep in good order, condition and repair the foundations, exterior walls, structural condition of interior bearing walls, roof, fire sprinkler and/or standpipe and hose (if located in the Common Areas) or other automatic
fire extinguishing system including fire alarm and/or smoke detection systems and equipment, fire hydrants, parking lots, walkways, parkways, driveways, landscaping, fences, signs and utility systems serving the Common Areas and all parts thereof,
as well as providing the services for which there is a Common Area Operating Expense pursuant to Paragraph 4.2. Landlord shall not be obligated to paint the exterior or interior surfaces of exterior walls nor shall Landlord be obligated to maintain,
repair or replace windows, doors or plate glass of the Premises. Tenant 

  
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expressly waives the benefit of any statute now or hereafter in effect which would otherwise afford Tenant the right to make repairs at Landlord’s expense or terminate this Lease because of
Landlord’s failure to keep the Building, Industrial Center or Common Areas in good order, condition and repair. 

7.3    Utility Installations, Trade Fixtures, Alterations. 

(a)    Definitions; Consent Required. The term “Utility Installations” is used in this Lease to
refer to all air lines, power panels, electrical distribution, security, fire protections systems, lighting fixtures, heating, ventilating and air conditioning equipment, plumbing, and fencing in, on or about the Premises. The term “Trade
Fixtures” shall mean Tenant’s machinery and equipment which can be removed without doing material damage to the Premises. The term “Alterations” shall mean any modification of the improvements on the Premises under the
terms of this Lease, other than Utility Installations or Trade Fixtures. “Tenant-Owned Alterations and/or Utility Installations” are defined as Alterations and/or Utility Installations made by Tenant that are not yet owned by
Landlord pursuant to Paragraph 7.4(a). Tenant shall not make nor cause to be made any Alterations or Utility Installations in, on, under or about the Premises without Landlord’s prior written consent. Tenant may, however, make non-structural
Utility Installations to the interior of the Premises (excluding the roof) without Landlord’s consent but upon notice to Landlord, so long as they are not visible from the outside of the Premises, do not involve puncturing, relocating or
removing the roof or any existing walls, or changing or interfering with the fire sprinkler or fire detection systems and the cost thereof does not exceed $25,000.00. 

(b)    Consent. Any Alterations or Utility Installations that Tenant shall desire to make and which require
the consent of the Landlord shall be presented to Landlord in written form with detailed plans. All consents given by Landlord, whether by virtue of Paragraph 7.3(a) or by subsequent specific consent, shall be deemed conditioned upon:
(i) Tenant’s acquiring all applicable permits required by governmental authorities; (ii) the furnishing of copies of such permits together with a copy of the plans and specifications for the Alteration or Utility Installation to
Landlord prior to commencement of the work thereon; and (iii) the compliance by Tenant with all conditions of said permits in a prompt and expeditious manner. Any Alterations of Utility Installations by Tenant during the term of this Lease
shall be done in a good and workmanlike manner, with good and sufficient materials, and be in compliance with all Applicable Requirements. Tenant shall promptly upon completion thereof furnish Landlord with as-built plans and specifications
therefor. Landlord may (but without obligation to do so) condition its consent to any requested Alteration or Utility Installation that costs $25,000.00 or more upon Tenant’s providing Landlord with a lien and completion bond in an amount equal
to one and one-half times the estimated cost of such Alteration or Utility Installation. 
 (c)    Lien
Protection. Tenant shall pay when due all claims for labor or materials furnished or alleged to have been furnished to or for Tenant at or for use on the Premises, which claims are or may be secured by any mechanic’s or materialmen’s
lien against the Premises or any interest therein. Tenant shall give Landlord not less than ten (10) days’ notice prior to the commencement of any work in, on, or about the Premises, and Landlord shall have the right to post notices of
non-responsibility in or on the Premises as provided by law. If Tenant shall, in good faith, contest the validity of any such lien, claim or demand, then Tenant shall, at its sole expense, defend and protect itself, Landlord and the Premises against
the same and shall pay and satisfy any such adverse judgment that may be rendered thereon before the enforcement thereof against the Landlord or the Premises. If Landlord shall require, Tenant shall furnish to Landlord a surety bond satisfactory to
Landlord in an amount equal to one and one-half times the amount of such contested fine claim or demand, indemnifying Landlord against liability 

  
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for the same, as required by law for the holding of the Premises free from the effect of such lien or claim. In addition, Landlord may require Tenant to pay Landlord’s attorneys’ fees
and costs in participating in such action if Landlord shall decide it is to its best interest to do so. 
 7.4    Ownership, Removal,
Surrender, and Restoration. 
 (a)    Ownership. Subject to Landlord’s right to require their removal as
expressly set forth below, and to cause Tenant to become the owner thereof as hereinafter provided in this Paragraph 7.4, all Alterations and Utility Installations made to the Premises by Tenant shall be the property of and owned by Tenant, but
considered a part of the Premises. Landlord may, at any time and at its option, elect in writing to Tenant to be the owner of all or any specified part of the Tenant-Owned Alterations and Utility Installations. Unless otherwise instructed per
Subparagraph 7.4(b) hereof, all Tenant-Owned Alterations and Utility Installations shall, at the expiration or earlier termination of this Lease, become the property of Landlord and remain upon the Premises and be surrendered with the Premises by
Tenant. 
 (b)    Removal. Landlord may, by notice delivered to Tenant concurrently with Landlord’s consent
to the installation of any Tenant-Owned Alterations or Utility Installations (but not the Tenant Improvements or initial Alterations) require that any or all of such Tenant-Owned Alterations or Utility Installations be removed by the expiration or
earlier termination of this Lease, notwithstanding that their installation may have been consented to by Landlord. Landlord may require the removal at any time of all or any part of any Alterations or Utility Installations made without the required
consent of Landlord. 
 (c)    Surrender/Restoration. The voluntary or other surrender of this Lease by Tenant,
or a mutual cancellation thereof, shall not work a merger, and shall, at the option of Landlord, terminate all or any existing subleases or subtenancies, or may, at the option of Landlord, operate as an assignment to Landlord of any or all such
subleases or subtenancies. Immediately prior to the expiration or sooner termination of this Lease, Tenant shall remove all of Tenants signs from the exterior of the Building and shall remove all of Tenant’s equipment, trade fixtures,
furniture, supplies, wall decorations and other personal property from the Leased Premises, and shall vacate and surrender the Leased Premises to Landlord in the same condition, broom clean, as existed at the Lease Commencement Date, subject to
Tenant-Owned Alterations and Utility Installations the removal of which is not required hereunder. Tenant shall repair all damage to the Leased Premises caused by Tenant or by Tenant’s removal of Tenant’s property and all damage to the
exterior of the Building caused by Tenant’s removal of Tenants signs. Tenant shall replace all stained or damaged ceiling tiles and shall repair or replace, as necessary, all burned out light bulbs and damaged or stained light lenses and shall
repaint all painted walls. Tenant shall patch and refinish, to Landlord’s reasonable satisfaction, all penetrations made by Tenant or its employees to the floor, walls or ceiling of the Leased Premises, whether such penetrations were made with
Landlord’s approval or not. Additionally, Tenant shall, prior to the expiration or sooner termination of this Lease, remove any Improvements, constructed or installed by Tenant which Landlord pursuant to the provisions of Section 7.4(b)
above, previously requested be so removed by Tenant and repair all damage caused by such removal. If the Leased Premises are not surrendered to Landlord in the condition required by this Article at the expiration or sooner termination of this Lease,
Landlord may, at Tenant’s expense, so remove Tenant’s signs, property and/or improvements not so removed and make such repairs and replacements not so made or hire, at Tenant’s expenses, independent contractors to perform such work.
Tenant shall be liable to Landlord for all costs incurred by Landlord in returning the Leased Premises to the required condition and Tenant shall be deemed to have impermissibly held over until such time as such required work is completed. Tenant
shall pay Base Monthly Rent and Additional Rent at the rate payable immediately preceding the Expiration Date until such work is completed. 

  
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 8.    Insurance; Indemnity. 

8.1    Payment of Premiums. The cost of the premiums for the insurance policies maintained by Landlord under this
Paragraph 8 shall be a Common Area Operating Expense pursuant to Paragraph 4.2 hereof. Premiums for policy periods commencing prior to, or extending beyond, the term of this Lease shall be prorated to coincide with the corresponding Commencement
Date or Expiration Date. 
 8.2    Liability Insurance. 

(a)    Carried by Tenant. Tenant shall obtain and keep in force during the term of this Lease a Commercial General
Liability policy of insurance protecting Tenant, Landlord and any Lender(s) whose names have been provided to Tenant in writing (as additional insureds) against claims for bodily injury, personal injury and property damage based upon, Involving or
arising out of the ownership, use, occupancy or maintenance of the Premises and all areas appurtenant thereto. Such insurance shall be on an occurrence basis providing single limit coverage in an amount not less than $1,000,000 per occurrence with
an “Additional Insured-Managers or Landlords of Premises” endorsement and contain the “Amendment of the Pollution Exclusion” endorsement for damage caused by heat, smoke or fumes from a hostile fire. Tenant must either cause
their liability policy to be endorsed to include pollution liability coverage, onsite and off site, including release of any pollutants, toxins, or contaminants, whether such release is sudden or prolonged or willful or accidental OR Tenant must
procure a separate policy which provides coverage for pollution, liability, premises pollution, on site and off site, including release of any pollutants, toxins, or contaminants, whether such release is sudden or prolonged or willful or accidental.
The policy shall not contain any intra-insured exclusions as between insured persons or organizations, but shall include coverage for liability assumed under this Lease as an “insured contract” for the performance of Tenant’s
indemnity obligations under this Lease. The limits of said insurance required by this Lease or as carried by Tenant shall not, however, limit the liability of Tenant nor relieve Tenant of any obligation hereunder. All insurance to be required by
this Lease or as carried by Tenant shall not, however, limit the liability of Tenant nor relieve Tenant of any obligation hereunder. All insurance to be carried by Tenant shall be primary to and not contributory with any similar insurance carried by
Landlord, whose insurance shall be considered excess insurance only. 
 (b)    Carried by Landlord. Landlord
shall also maintain liability insurance described in Paragraph 8.2(a) above, in addition to and not in lieu of, the insurance required to be maintained by Tenant except coverage for pollution liability, premises pollution, on site and off site,
including release of any pollutants, toxins, or contaminants, whether such release is sudden or prolonged or willful or accidental, shall only be carried solely by Tenant. Tenant shall not be named as an additional insured therein. 

8.3    Property Insurance-Building, Improvements and Rental Value. 

(a)    Building and Improvements. Landlord shall obtain and keep in force during the term of this Lease a policy or
policies in the name of Landlord, with loss payable to Landlord and to any Lender(s), insuring against loss or damage to the Building and Premises. Such insurance shall be for full replacement cost, as the same shall exist from time to time, or the
amount required by any Lender(s), but in no event more than the commercially reasonable and available insurable value thereof if, by reason of the unique nature or age of the improvements 

  
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involved, such latter amount is less than full replacement cost. Tenant-Owned Alterations and Utility Installations, Trade Fixtures and Tenant’s personal property shall be insured by Tenant
pursuant to Paragraph 8.4. Landlord’s policy or policies shall insure against all risks of direct physical loss or damage (and at Landlord’s option the perils of flood and/or earthquake), including coverage for any additional costs
resulting from debris removal and reasonable amounts of coverage for the enforcement of any ordinance or law regulating the reconstruction or replacement of any undamaged sections of the Building required to be demolished or removed by reason of the
enforcement of any building, zoning, safety or land use laws as the result of a covered loss, but not including plate glass insurance. Said policy or policies shall also contain an agreed valuation provision in lieu of any co-insurance clause,
waiver of subrogation, and inflation guard protection causing an increase in the annual property insurance coverage amount by a factor of not less than the adjusted U.S. Department of Labor Consumer Price Index for All Urban Consumers for the city
nearest to where the Premises are located. 
 (b)    Rental Value. Landlord shall also obtain and keep in force
during the term of this Lease a policy or policies in the name of Landlord, with loss payable to Landlord and any Lender(s), insuring the loss of the full rental and other charges payable by all tenants of the Building to Landlord for at least one
year (including all Real Property Taxes, insurance costs, all Common Area Operating Expenses and any scheduled rental increases). Said insurance may provide that in the event the Lease is terminated by reason of an insured loss, the period of
indemnity for such coverage shall be extended beyond the date of the completion of repairs or replacement of the Premises, to provide for one full year’s loss of rental revenues from the date of any such loss. Said insurance shall contain an
agreed valuation provision in lieu of any co-insurance clause, and the amount of coverage shall be adjusted annually to reflect the projected rental income, Real Property Taxes, insurance premium costs and other expenses, if any, otherwise payable,
for the next 12-month period. Common Area Operating Expenses shall include any deductible amount in the event of such loss. 

(c)    Adjacent Premises. Tenant shall pay for any increase in the premiums for the property insurance of the
Building and for the Common Areas or other buildings in the Industrial Center if said increase is caused solely by Tenant’s acts, omissions, use or occupancy of the Premises. 

(d)    Tenant’s Improvements. Since Landlord is the Insuring Party, Landlord shall not be required to Insure
Tenant-Owned Alterations and Utility Installations unless the item in question has become the property of Landlord under the terms of this Lease. 

8.4    Tenant’s Property Insurance. Subject to the requirements of Paragraph 8.5, Tenant at Its cost shall
either by separate policy or by endorsement to a policy already carried, maintain insurance coverage on all of Tenant’s personal property, Trade Fixtures and Tenant-Owned Alterations and Utility Installations in, on, or about the Premises
similar in coverage to that carried by Landlord as the Insuring Party under Paragraph 8.3(a). Such insurance shall be full replacement cost coverage with a deductible not to exceed $10,000.00 per occurrence. Upon request from Landlord, Tenant shall
provide Landlord with written evidence that such insurance is in force. 
 8.5    Insurance Policies. Insurance
required hereunder shall be in companies duly licensed to transact business in the state where the Premises are located, and maintaining during the policy term a “General Policyholders Rating” of at least A-VII, or such other rating as may
be required by a Lender, as set forth in the most current issue of “Best’s Insurance Guide.” Tenant shall not do or permit to be done anything which shall invalidate the insurance policies referred to in this Paragraph 8. Tenant shall
cause to be delivered to Landlord, within seven (7) days after 

  
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the earlier of the Early Possession Date or the Commencement Date, certificates evidencing the existence and amounts of, the Insurance required under Paragraph 8.2(a) and 8.4. No such policy
shall be cancelable or subject to material modification except after ten (10) days’ prior written notice to Landlord. Tenant shall at least thirty (30) days prior to the expiration of such policies, furnish Landlord with evidence of
renewals or “insurance binders” evidencing renewal thereof, or Landlord may following notice to order such insurance and charge the cost thereof to Tenant, which amount shall be payable by Tenant to Landlord upon demand. 

8.6    Waiver of Subrogation. Notwithstanding any other provision of this Lease to the contrary, Tenant and
Landlord each hereby release and relieve the other, and waive their entire right to recover damages (whether in contract or in tort) against the other, for loss or damage to their property arising out of or incident to the perils required to be
insured against under Paragraph 8. The effect of such releases and waivers of the right to recover damages shall not be limited by the amount of insurance carried or required, or by any deductibles applicable thereto. Landlord and Tenant agree to
have their respective insurance companies issuing property damage insurance waive any right to subrogation that such companies may have against Landlord or Tenant, as the case may be, so long as the insurance is not invalidated thereby. 

8.7    Indemnity. 

(a)    By Tenant. Subject to the provisions of Section 8.6 above, Tenant, shall, during the term of this
Lease, indemnify and save harmless Landlord from any and all loss, damage, claims of damage, obligations, cause or causes of action, or liabilities of any kind or nature (including reasonable costs of attorney’s fees if Landlord is made a party
to any action which Tenant’s indemnity runs hereunder) by reason of injury or death of any person or persons or damage to any property of any kind and to whomsoever belonging, including injury or death to the person or damage to the property of
Tenant, Tenant’s officers, directors, employees, agents, guests, subtenants and assignees, concessionaires and licensees, and any other person, firm or corporation selling or manufacturing merchandise or services upon or from the demised
premises, or any part thereof, from any cause or cause whatsoever which result from Tenant’s use of the Premises or from any other activity done, permitted or suffered by Tenant. As a material part of the consideration to Landlord, Tenant
hereby assumes all risk of damage to property or injury to persons in or about the Premises from any cause whatsoever (except that which is caused by the negligence or willful misconduct by Landlord or its Agents or by the failure of Landlord to
observe any of the terms and conditions of this Lease after prior written notice from Tenant). Tenant’s obligations under this paragraph shall survive the termination of this Lease. 

(b)    By Landlord. Subject to the provisions of Section 8.6, Landlord shall indemnify, defend, protect and
hold harmless Tenant and Tenant’s agents, employees, officers, directors, shareholders and partners from and against all liabilities, obligations, damages, penalties. claims, causes of action, costs, charges and expenses, including reasonable
attorneys’ fees, court costs, administrative costs and costs of appeals which may be imposed upon or incurred by, or asserted by reason of any of the following which shall occur during the Term of this Lease, or during any period of time prior
to the Lease Commencement Date: 
 (i)    Any work or act done in or about the Premises or the Building by Landlord or
its agents, contractors or employees; 
 (ii)    Any negligence or other wrongful act or omission on the part of the
Landlord or any of its agents, contractors, subcontractors, servants, employees, subtenants. licensees or invitees; 

  
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 (iii)    Any accident, injury or damage to any persons or property occurring
in, on or about the common area, unless caused by the negligence or willful misconduct of Tenant, its employees, contractors or agents, as well as any accident, injury or damage to any persons or property occurring in or about the common area,
unless caused by the negligence or willful misconduct of Tenant, its employees, contractors or agents; and 

(iv)    Any failure on the part of Landlord to perform or comply with any of the covenants, agreements, terms,
provisions, conditions or limitations contained in this Lease on its part to be performed or complied with as long as Landlord was given prior written notice. 

8.8    Exemption of Landlord from Liability. Landlord shall not be liable for injury or damage which may be
sustained by Tenant or to the person or goods, wares, merchandise or other property of Tenant, Tenant’s employees, contractors, invitees, customers, or any other person in or about the Premises, whether such damage or injury is caused by or
results from fire, earthquake, steam, electricity, gas, water or rain, which may leak or from or into any part of the premises or from the breakage, leakage, obstruction or other defects of pipes, fire sprinklers, wires, appliances, plumbing, HVAC
or lighting fixtures, or from any other cause, whether said injury or damage results from conditions arising upon the Premises or upon other portions of the Building of which the Premises are a part, from other sources or places, and regardless of
whether the cause of such damage or injury or the means of preparing the same is accessible or not. Landlord shall not be liable for any damages arising from any act or neglect of any other tenant of Landlord nor from the failure by Landlord to
enforce the provisions of any other lease in the Industrial Center. Notwithstanding Landlord’s negligence or breach of this Lease, Landlord shall under no circumstances be liable for injury to Tenant’s business or for any loss of income or
profit therefrom. 
 9.    Damage or Destruction. 

9.1    Definitions. 

(a)    “Premises Partial Damage” shall mean damage or destruction to the Premises, other than
Tenant-Owned Alterations and Utility Installations, the repair cost of which damage or destruction is less than fifty percent (50%) of the then Replacement Cost (as defined in Paragraph 9.1(d)) of the Premises (excluding the Tenant-Owned
Alterations and Utility Installations and Trade Fixtures) immediately prior to such damage or destruction. 

(b)    “Premises Total Destruction” shall mean damage or destruction to the Premises, other than
Tenant-Owned Alterations and Utility Installations, the repair cost of which damage or destruction is fifty percent (50%) or more of the then Replacement Cost of the Premises (excluding Tenant-Owned Alterations and Utility Installations and
Trade Fixtures) immediately prior to such damage or destruction. In addition, damage or destruction to the Building, other than Tenant-Owned Alterations and Utility Installations and Trade Fixtures of any tenants of the Building, the cost of which
damage or destruction is fifty percent (50%) or more of the then Replacement Cost (excluding Tenant-Owned Alterations and Utility Installations and Trade Fixtures of any Tenants of the Building) of the Building shall, at the option of Landlord,
be deemed to be Premises total Destruction. 
 (c)    “Industrial Center Total Destruction” shall mean
damage or destruction to the Industrial Center or the Building in which the premises are located, regardless of the damage to the premises. The cost of which damage or destruction is fifty percent (50%) or more of the then Replacement Cost of
the Industrial Center or the Building (excluding Tenant-Owned Alterations and Utility Installations and Trade Fixtures) immediately prior to such damage or destruction. 

  
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 (c)    “Insured Loss” shall mean damage or destruction to
the Premises, other than Tenant-Owned Alterations and Utility Installations and Trade Fixtures, which was caused by an event required to be covered by the insurance described in Paragraph 8.3(a) irrespective of any deductible amounts or coverage
limits involved. 
 (d)    “Replacement Cost” shall mean the cost to repair or rebuild the improvements
owned by Landlord at the time of the occurrence to their condition existing immediately prior thereto, including demolition, debris removal and upgrading required by the operation of applicable building codes, ordinances or laws, and without
deduction for depreciation. 
 (e)    “Hazardous Substance Condition” shall mean the occurrence or
discovery of a condition involving the presence of, or a contamination by, a Hazardous Substance as defined In Paragraph 6.2(a), in, on, or under the Premises. 

9.2    Premises Partial or Total Damage - Insured or Uninsured Loss. If Premises Partial or Total Damage that is an
Insured or Uninsured Loss occurs, then Landlord shall, at Landlord’s expense, repair such damage (but not Tenant’s Trade Fixtures or Tenant-Owned Alterations and Utility Installations) as soon as reasonably possible, but only to the extent
of the available insurance proceeds, if any (provided Landlord has maintained the insurance coverage required hereunder),and this Lease shall continue in full force and effect. In the event, however, that there is a shortage of insurance proceeds
and such shortage is due to any reason (other than Landlord’s failure to maintain the insurance required hereunder) including the fact that some but not all of which may include the fact that, by reason of the unique nature of the improvements
In the Premises, full replacement cost insurance coverage was not commercially reasonable and available, then Landlord shall have no obligation to pay for the shortage in insurance proceeds or to fully restore the unique aspects of the Premises
unless Tenant provides Landlord with the funds to cover same, or adequate assurance thereof, within ten (10) days following receipt of written notice of such shortage and request therefore [no deductible payment will be included in any such
“shortage”]. If Landlord receives said funds or adequate assurance thereof within said thirty (30) day period, Landlord shall complete the repairs as soon as reasonably possible and this Lease shall remain in full force and effect. If
Landlord does not receive such funds or assurance within said period, Landlord may nevertheless elect by written notice to Tenant within ten (10) days thereafter to make such restoration and repair as is commercially reasonable with Landlord
paying any shortage in proceeds, in which case this Lease shall remain in full force and effect. If Landlord does not receive such funds or assurance within such thirty (30) day period, and if Landlord does not so elect to restore and repair,
then this Lease shall terminate sixty (60) days following the occurrence of the damage or destruction. Unless otherwise agreed, Tenant shall in no event have any right to reimbursement from Landlord for any funds contributed by Tenant to repair
any such damage or destruction. 
 9.3    Intentionally Deleted. 

9.4    Industrial Center Destruction. Notwithstanding any other provision hereof, if the Industrial Center in which
the Premises are located suffers Total Destruction (including any destruction required by any authorized public authority), this Lease at Landlord’s option shall terminate sixty (60) days following the date of such Total Destruction,
whether or not the damage or destruction affected the premises. In the event, however, that the damage or destruction was caused by Tenant, Landlord shall have the right to recover Landlord’s damages from Tenant except as released and waived in
Paragraph 9.7. 

  
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 9.5    Damage Near End of Term. If at any time during the last six
(6) months of the term of this Lease there is damage to the Premises for which the cost to repair (other than the repair of Tenant’s Trade Fixtures or Tenant-Owned Alterations and Utility Installations) exceeds three (3) months’
Base Rent, whether or not an Insured Loss, Landlord may, at Landlord’s option, terminate this Lease effective sixty (60) days following the date of occurrence of such damage by giving written notice to Tenant of Landlord’s election to
do so within thirty (30) days after the date of occurrence of such damage. Provided, however, if Tenant at that time has an exercisable option to extend this Lease, then Tenant may preserve this Lease by (a) exercising such option, and
(b) providing Landlord with any shortage in insurance proceeds (or adequate assurance thereof) needed to make the repairs on or before the earlier of (i) the date which is ten (10) days after Tenant’s receipt of Landlord’s
written notice purporting to terminate this Lease, or (ii) the day prior to the date upon which such option expires. If Tenant duly exercises such option during such period and provides Landlord with funds (or adequate assurance thereof) to
cover any shortage in insurance proceeds, Landlord shall, at Landlord’s expense repair such damage as soon as reasonably possible and this Lease shall continue in full force and effect. If Tenant fails to exercise such option and provide such
funds or assurance during such period, then this Lease shall terminate as of the date set forth in the first sentence of this Paragraph 9.5. 

9.6    Abatement of Rent; Tenant’s Remedies. 

(a)    In the event of (i) Premises Partial Damage or (ii) Hazardous Substance Condition for which Tenant is not
legally responsible, the Base Rent, Common Area Operating Expenses and other charges, if any, payable by Tenant hereunder for the period during which such damage or condition, its repair, remediation or restoration continues shall be abated in
proportion to the degree to which Tenants use of the Premises is impaired, but not in excess of proceeds from insurance required to be carried under Paragraph 8.3(b). Except for abatement of Base Rent, Common Area Operating Expenses and other
charges, if any as aforesaid, all other obligations of Tenant hereunder shall be performed by Tenant, and Tenant shall have no claim against Landlord for any damage suffered by reason of any such damage, destruction, repair, remediation or
restoration. 
 (b)    If Landlord shall be obligated to repair or restore the Premises under the provisions of this
Paragraph 9 and shall not commence, in a substantial and meaningful way, the repair or restoration of the Premises within ninety (90) days after such obligation shall accrue, Tenant may, at any time prior to the commencement of such repair or
restoration, give written notice to Landlord and to any Lenders of which Tenant has actual notice of Tenant’s election to terminate this Lease on a date not less than sixty (60) days following the giving of such notice. If Tenant gives
such notice to Landlord and such Lenders and such repair or restoration Is not commenced within thirty (30) days after receipt of such notice, this Lease shall terminate as of the date specified In said notice. If Landlord or a Lender commences
the repair or restoration of the Premises within thirty (30) days after the receipt of such notice, this Lease shall continue In full force and effect (subject to the remaining rights of that set forth herein). “Commence” as
used in this Paragraph 9.6 shall mean either the unconditional authorization of the preparation of the required plans, or the beginning of the actual work on the Premises, whichever occurs first. 

(c)    In the event of any damage which affects the Premises or the Building outside the boundaries of the Premises,
Landlord will, within thirty (30) days following the date of the damage, deliver to Tenant an estimate of the time necessary to repair the damage In question such that the Premises may be used by and accessible to Tenant and the Building and
Common 

  
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Areas; such notice will be based upon the review and opinions of Landlord’s architect and contractor (“Landlord’s Repair Notice”). If the Premises are damaged by fire or other
casualty and are rendered not reasonably usable for Tenant’s business purposes thereby, or if the Building shall be so damaged that Tenant shall be deprived of reasonable access to the Premises, and if, pursuant to Landlord’s Repair
Notice, the restoration shall not be substantially completed on or before the date which shall be nine (9) months following the date of such damage or destruction, Tenant shall have the right to terminate this Lease (with respect to the
affected Floors only, or the entire Premises, at Tenant’s option) by giving written notice (the “Termination Notice”) to Landlord not later than thirty (30) days following receipt of Landlord’s Repair Notice. If Tenant gives
a Termination Notice, this Lease shall be deemed cancelled and terminated as of the date of the damage as if such date were the Expiration Date, and Rent shall be apportioned and shall be paid or refunded, as the case may be up to and including the
date of such damage or destruction. Notwithstanding the foregoing, if Tenant was entitled to but elected not to exercise its right to terminate this Lease and Landlord does not substantially complete the repair and restoration of the Premises within
two (2) months after the expiration of the estimated period of time set forth in Landlord’s Repair Notice, which period shall be extended to the extent of any delays caused by Tenant, then Tenant may terminate this Lease by written notice
to Landlord within thirty (30) days after the expiration of such period, as the same may be so extended. 

9.7    Hazardous Substance Conditions. If a Hazardous Substance Condition occurs, unless Tenant is legally
responsible therefor (in which case Tenant shall make the investigation and remediation thereof required by Applicable Requirements and this Lease shall continue in full force and effect, but subject to Landlord’s rights under Paragraph 6.2(c)
and Paragraph 13), Landlord may at Landlord’s option either (i) investigate and remediate such Hazardous Substance Condition, if required, as soon as reasonably possible at Landlord’s expense, in which event this Lease shall continue
in full force and effect, or (ii) if the estimated cost to investigate and remediate such condition exceeds twelve (12) times the then monthly Base Rent or $50,000, whichever is greater, give written notice to Tenant within thirty
(30) days after receipt by Landlord of knowledge of the occurrence of such Hazardous Substance Condition of Landlord’s desire to terminate this Lease as of the date sixty (60) days following the date of such notice. In the event
Landlord elects to give such notice of Landlord’s intention to terminate this Lease, Tenant shall have the right within ten (10) days after receipt of such notice to give written notice to Landlord of Tenant’s commitment to pay for
the excess costs of (a) Investigation and remediation of such Hazardous Substance Condition to the extent required by Applicable Requirements, over (B) an amount equal to twelve (12) times the then monthly Base Rent or $50,000
whichever is greater. Tenant shall provide Landlord with the funds required of Tenant or satisfactory assurance thereof within thirty (30) days following said commitment by Tenant. In such event this Lease shall continue in full force and
effect, and Landlord shall proceed to make such investigation and remediation as soon as reasonably possible after the required funds are available. If Tenant does not give such notice and provide the required funds or assurance thereof within the
time period specified above, this Lease shall terminate as of the date specified in Landlord’s notice of termination. 

9.8    Termination - Advance Payments. Upon termination of this Lease pursuant to this Paragraph 9, Landlord shall
return to Tenant any advance payment made by Tenant to Landlord and so much of Tenant’s Security Deposit as has not been, or is not then required to be, used by Landlord under the terms of this Lease. 

9.9    Waiver of Statutes. Landlord and Tenant agree that the terms of this Lease shall govern the effect of any
damage to or destruction of the Premises and the Building with respect to the termination of this Lease and hereby waive the provisions of any present or future statute to the extent it is inconsistent herewith. 

  
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 10.    Real Property Taxes. 

10.1    Payment of Taxes. Landlord shall pay the Real Property Taxes, as defined in Paragraph 10.2, applicable to
the Industrial Center, and except as otherwise provided in Paragraph 10.3, any such amounts shall be included in the calculation of Common Area Operating Expenses in accordance with the provisions of Paragraph 4.2. 

10.2    Real Property Tax Definition. As used herein, the term “Real Property Taxes” shall include
any form of real estate tax or assessment, general, special, ordinary or extraordinary, and any license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed upon the
Industrial Center by any authority having the direct or indirect power to tax, including any city, state or federal government, or any school, agricultural, sanitary, fire, street, drainage, or other improvement district thereof, levied against any
legal or equitable interest of Landlord in the Industrial Center or any portion thereof, Landlord’s right to rent or other income therefrom, and/or Landlord’s business of leasing the Premises. The term “Real Property
Taxes” shall also include any tax, fee, levy, assessment or charge, or any increase therein, imposed by reason of events occurring, or changes In Applicable Law taking effect, during the term of this Lease, including but not limited to a
change in the ownership of the Industrial Center or in the improvements thereon, the execution of this Lease, or any modification, amendment or transfer thereof, and whether or not contemplated by the Parties. In calculating Real Property Taxes for
any calendar year, the Real Property Taxes for any real estate tax year shall be included in the calculation of Real Property Taxes for such calendar year based upon the number of days which such calendar year and tax year have in common. 

10.3    Additional Improvements. Tenant shall pay to Landlord the Common Area Operating Expenses as payable under
Paragraph 4.2, the entirety of any increase in Real Property Taxes if assessed solely by reason of Alterations, Trade Fixtures or Utility Installations placed upon the Premises by Tenant or at Tenant’s request. 

10.4    Joint Assessment. If the Building is not separately assessed, Real Property Taxes allocated to the Building
shall be an equitable proportion of the Real Property Taxes for all of the land and improvements included within the tax parcel assessed or the industrial center, such proportion to be determined by Landlord from the respective valuations assigned
in the assessor’s work sheets or such other information as may be reasonably available. Landlord’s reasonable determination thereof, in good faith, shall be conclusive. 

10.5    Tenant’s Property Taxes. Tenant shall pay prior to delinquency all taxes assessed against and levied
upon Tenant-Owned Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all personal property of Tenant contained in the Premises or stored within the Industrial Center. When possible, Tenant shall cause its Tenant-Owned
Alterations and Utility Installations, Trade Fixtures, furnishings, equipment and all other personal property to be assessed and billed separately from the real property of Landlord. If any of Tenant’s said property shall be assessed with
Landlord’s real property, Tenant shall pay Landlord the taxes attributable to Tenant’s property within ten (10) days after receipt of a written statement setting forth the taxes applicable to Tenant’s property. 

11.    Utilities. Tenant shall pay directly for all utilities and services supplied to the Premises, including but not limited to
electricity, water, telephone, security, gas, sewer, trash removal and 

  
 21 

 
cleaning of the Premises, together with any taxes thereon. If any such utilities or services are not separately metered to the Premises or separately billed to the Premises, Tenant shall pay to
Landlord a reasonable proportion to be determined by Landlord of all such charges jointly metered or billed with other premises in the Building, in the manner and within the time periods set forth in Paragraph 4.2(d). Landlord shall not be liable to
Tenant for injury, damage, loss of Tenant’s business or profits, from any failure, interruption, rationing or other curtailment in the supply of electric, gas, water or other utilities from whatever cause. Tenant shall not consume water in
excess of that usually furnished or supplied for reasonable and normal drinking and lavatory use in connection with an office environment (as determined by Landlord), without first procuring the written consent of Landlord, which Landlord may
refuse, and in the event of consent, Landlord may have installed a water meter in the Premises to measure the amount of water consumed. The cost of any such meter and of its installation, maintenance and repair shall be paid for by the Tenant, and
Tenant agrees to pay to Landlord promptly upon demand for all such water consumed as shown by said meters, at the rates charged for such services by the local public utility plus any additional expense incurred in keeping account of the water so
consumed. If a separate meter is not installed, the excess cost for such water shall be established by an estimate made by a utility company or electrical engineer hired by Landlord at Tenant’s expense. 

12    Assignment and Subletting. 

12.1    Landlord’s Consent Required. 

(a)    Tenant shall not assign this lease, nor any right hereunder, nor sublet the premises, nor any part thereof, without
the prior written consent of Landlord which will not be unreasonably withheld, conditioned or delayed. In exercising its reasonable discretion Landlord may consider all commercially relevant factors involved in the leasing of the Premises including
but not limited to the a) the creditworthiness and financial stability of the prospective assignee or subtenant (as compared to the obligations of such entity under the sublease or assignment, as the case may be); b) references of prior Landlords;
c) the past history of such subtenant, with respect to involvement in litigation and bankruptcy proceedings; d) the impact of said subtenant or assignee and proposed use of the premises on pedestrian and vehicular traffic, other tenants, and
parking; e) the use, generation or disposal of hazardous materials. The presence of one negative factor enumerated above if material, shall be deemed reasonable justification for Landlord’s withholding consent. 

(b)    A change in the control of Tenant shall constitute an assignment requiring Landlord’s consent. The transfer
of forty-nine percent (49%) or more of the voting control of Tenant shall constitute a change in control for this purpose. An initial public offering of Tenant’s stock on a recognized exchange, as well as the subsequent transfer of shares
of Tenant’s stock on a public exchange, will not, however, be deemed an assignment. 
 (c)    So long as Tenant is
not entering into the Permitted Transfer for the purpose of avoiding or otherwise circumventing the remaining terms of this Article 12, Tenant may assign its entire interest under this Lease, without the consent of Landlord, to (i) an
affiliate, subsidiary, or parent of Tenant, or a corporation, partnership or other legal entity wholly owned by Tenant (collectively, an “Affiliated Party”), or (ii) a successor to Tenant by purchase, merger, consolidation or
reorganization, provided that all of the following conditions are satisfied (each such Transfer a “Permitted Transfer”): (1) Tenant is not in default under this Lease; (2) Tenant shall give Landlord written notice prior to the
effective date of the proposed Permitted Transfer; and (3) with respect to a purchase, merger, consolidation or reorganization or any Permitted Transfer which results in Tenant ceasing to exist as a separate legal entity, (a) Tenant’s

  
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successor shall own all or substantially all of the assets of Tenant, and (b) Tenant’s successor shall have a net worth which is at least equal to the greater of Tenant’s net worth
at the date of this Lease or Tenant’s net worth as of the day prior to the proposed purchase, merger, consolidation or reorganization. If requested by Landlord, Tenant’s successor shall sign a commercially reasonable form of assumption
agreement. As used herein, (A) “parent” shall mean a company which owns a majority of Tenant’s voting equity; (B) “subsidiary” shall mean an entity wholly owned by Tenant or at least 51% of whose voting equity is
owned by Tenant; and (C) “affiliate” shall mean an entity controlled by, controlling or under common control with Tenant. 

(d)    An assignment or subletting of Tenant’s interest in this Lease without Landlord’s specific prior written
consent shall, at Landlord’s option, be a Default curable after notice per Paragraph 13.1, or a non-curable Breach without the necessity of any notice and grace period. If Landlord elects to treat such unconsented to assignment or subletting as
a non-curable Breach, Landlord shall have the right to either: (i) terminate this Lease, or (ii) upon thirty (30) days’ written notice (“Landlord’s Notice”), increase the monthly Base Rent for the Premises
to the greater of the then fair market rental value of the Premises, as reasonably determined by Landlord, or one hundred ten percent (110%) of the Base Rent then in effect. Pending determination of the new fair market rental value, if disputed
by Tenant, Tenant shall pay the amount set forth in Landlord’s Notice, with any overpayment credited against the next installment(s) of Base Rent coming due, and any underpayment for the period retroactively to the effective date of the
adjustment being due and payable immediately upon the determination thereof. Further, in the event of such Breach and rental adjustment, (i) the purchase price of any option to purchase the Premises held by Tenant shall be subject to similar
adjustment to the then fair market value as reasonably determined by Landlord (without the Lease being considered an encumbrance or any deduction for depreciation or obsolescence, and considering the Premises at its highest and best use and in good
condition) or one hundred ten percent (110%) of the price previously in effect,(ii) any Index-oriented rental or price adjustment formulas contained in this Lease shall be adjusted to require that the base index be determined with reference to
the index applicable to the time of such adjustment, and (iii) any fixed rental adjustments scheduled during the remainder of the Lease term shall be increased in the same ratio as the new rental bears to the Base Rent in effect immediately
prior to the adjustment specified in Landlord’s Notice. 
 (e)    Tenant’s remedy for any breach of this
Paragraph 12.1 by Landlord shall be limited to compensatory damages and/or injunctive relief. 
 12.2    Terms and
Conditions Applicable to Assignment and Subletting. 
 (a)    Landlord will respond to any request for consent to an
assignment or sublease within fifteen (15) days following receipt of such request. If Landlord fails to timely deliver to Tenant notice of Landlord’s consent, or the withholding of consent, to a proposed Transfer, Tenant may send a second
(2nd) notice to Landlord, which notice must contain the following inscription, in bold faced lettering: “SECOND NOTICE DELIVERED PURSUANT TO ARTICLE 12 OF LEASE·— FAILURE TO TIMELY RESPOND WITHIN FIVE (5) BUSINESS DAYS
SHALL RESULT IN DEEMED APPROVAL OF ASSIGNMENT OR SUBLEASE.” If Landlord falls to deliver notice of Landlord’s consent to, or the withholding of Landlord’s consent, to the proposed assignment or sublease within such five
(5) business day period, Landlord shall be deemed to have approved the assignment or sublease in question. If Landlord at any time timely delivers notice to Tenant or Landlord’s withholding of consent to a proposed assignment or sublease,
Landlord shall specify in reasonable detail in such notice, the basis for such withholding of consent. Regardless of Landlord’s consent, any assignment or subletting shall not (i) be effective without the express written assumption by such
assignee or subtenant of the obligations of Tenant under this Lease, (ii) release Tenant of any obligations hereunder, nor (iii) alter the primary liability of Tenant for the payment of Base Rent and other sums due Landlord hereunder or
for the performance of any other obligations to be performed by Tenant under this Lease. 

  
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 (b)    Landlord may accept any rent or performance of Tenant’s
obligations from any person other than Tenant pending approval or disapproval of an assignment. Neither a delay in the approval or disapproval of such assignment nor the acceptance of any rent for performance shall constitute a waiver or estoppel of
Landlord’s right to exercise its remedies for the Default or Breach by Tenant of any of the terms, covenants or conditions of this Lease. 

(c)    The consent of Landlord to any assignment or subletting shall not constitute a consent to any subsequent assignment
or subletting by Tenant or to any subsequent or successive assignment or subletting by the assignee or subtenant. However, Landlord may consent to subsequent or successive assignment or subletting by the assignee or subtenant. However, Landlord may
consent to subsequent sublettings and assignments of the sublease or any amendments or modifications thereto without notifying Tenant or anyone else liable under this Lease or the sublease and without obtaining their consent; provided, however, that
if Landlord consents to a subsequent amendment of this Lease with an assignee of Tenant, which amendment increases the obligations or liability of the “tenant” hereunder, the original Tenant shall not be liable for such increased
obligations unless the original Tenant consented to such amendment in writing. 
 (d)    In the event of any Default or
Breach of Tenant’s obligation under this Lease, Landlord may proceed directly against Tenant, any guarantors or anyone else responsible for the performance of the Tenant’s obligations under this Lease, including any subtenant, without
first exhausting Landlord’s remedies against any other person or entity responsible therefor to Landlord, or any security held by Landlord. 

(e)    Each request for consent to an assignment or subletting shall be in writing, accompanied by information relevant to
Landlord’s determination as to the financial and operational responsibility and appropriateness of the proposed assignee or subtenant, including but not limited to the intended use and/or required modification of the Premises, if any, together
with a non-refundable deposit of $1,000, as reasonable consideration for Landlord’s considering and processing the request for consent. Tenant agrees to provide Landlord with such other or additional information and/or documentation as may be
reasonably requested by Landlord. 
 (f)    Any assignee of, or subtenant under, this Lease shall, by reason of
accepting such assignment or entering into such sublease, be deemed, for the benefit of Landlord, to have assumed and agreed to conform and comply with each and every term, covenant, condition and obligation herein to be observed or performed by
Tenant during the term of said assignment or sublease, other than such obligations as are contrary to or inconsistent with provisions of an assignment or sublease to which Landlord has specifically consented in writing. 

(g)    If Tenant desires to Sublet substantially the entire Premises for substantially the remainder of the term (other
than pursuant to the Permitted Transfer) or assign the Premises (other than pursuant to a Permitted Transfer) prior to the expiration of the term of this lease and obtains an acceptable subtenant or assignee, then the Landlord shall have the option
prior to the execution of the sublease or assignment agreement to cancel this Lease with respect to the portion of the Premises that is the subject of such proposed assignment or sublease. Landlord, in Landlord’s sole discretion, may then enter
into a new lease with any prospective subtenant as the substitute Tenant. If Landlord exercises this option, then this present lease shall be terminated by mutual agreement as of that time. 

  
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 12.3    Additional Terms and Conditions Applicable to Assignment and
Subletting. The following terms and conditions shall apply to any subletting or assignment by Tenant of all or any part of the Premises and shall be deemed included in all subleases and assignments under this Lease whether or not expressly
incorporated therein: 
 (a)    Tenant hereby assigns and transfers to Landlord all of Tenant’s interest in all
rentals, income or other consideration arising from any sublease or assignment of all or a portion of the Premises heretofore or hereafter made by Tenant, and Landlord may collect such sums and apply same toward Tenant’s obligations under this
Lease. Landlord shall not, by reason of the foregoing provision or any other assignment of such sublease to Landlord, nor by reason of the collection of the rents from a subtenant, be deemed liable to the subtenant for any failure of Tenant to
perform and comply with any of Tenant’s obligations to such subtenant under such Sublease. Tenant hereby irrevocably authorizes and directs any such subtenant, upon receipt of a written notice from Landlord, to pay to Landlord the rents and
other charges due and to become due under the sublease. Subtenant shall rely upon any such statement and request from Landlord and shall pay such rents and other charges to Landlord without any obligation or right to inquire as to whether any Breach
exists and notwithstanding any notice from or claim from Tenant to the contrary. Tenant shall have no right or claim against such subtenant, or, until the Breach has been cured, against Landlord, for any such rents and other charges so paid by said
subtenant to Landlord. 
 (b)    In the event of a Breach by Tenant in the performance of its obligations under this
Lease, Landlord, at its option and without any obligation to do so, may require any subtenant to attorn to Landlord, in which event Landlord shall undertake the obligations of the sub Landlord under such sublease from the time of the exercise of
said option to the expiration of such sublease; provided, however, Landlord shall not be liable for any prepaid rents or security deposit paid by such subtenant to such sub Landlord or for any other prior defaults or breaches of such sub Landlord
under such sublease. 
 (c)    Any matter or thing requiring the consent of the sub Landlord under a sublease shall also
require the consent of Landlord herein. 
 (d)    No subtenant under a sublease or assignee approved by Landlord shall
further assign or sublet all or any part of the Premises without Landlord’s prior written consent, not to be unreasonably withheld, conditioned or delayed. 

(e)    Landlord shall deliver a copy of any notice of Default or Breach by Tenant to the subtenant, who shall have the
right to cure the Default of Tenant within the grace period, if any, specified in such notice. The subtenant shall have a right of reimbursement and offset from and against Tenant for any such Defaults cured by the subtenant. 

13.    Default; Breach; Remedies. 

13.1    Default; Breach. Landlord and Tenant agree that if any attorney is consulted by Landlord in connection with
a Tenant Default or Breach (as hereinafter defined), $350.00 is a reasonable minimum sum per such occurrence for legal services and costs in the preparation and service of a notice of Default, and that Landlord may include the cost of such services
and costs in said notice as rent due and payable to cure said default. A “Default” by Tenant is defined as a failure by Tenant to observe, comply with or perform any of the terms, covenants, conditions or rules applicable to Tenant
under this Lease. A “Breach” by Tenant is defined as the occurrence of any one or more of the following Defaults, and, where a grace period for cure after notice is specified herein, the failure by Tenant to cure such Default prior
to the expiration of the applicable grace period, and shall entitle Landlord to pursue the remedies set forth in Paragraphs 13.2 and/or 13.3. 

  
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 (a)    The vacating of the Premises, or the abandonment of the Premises
without paying the Rent due hereunder. 
 (b)    Except as expressly otherwise provided in this Lease, the failure by
Tenant to make any payment of Base Rent, Tenant’s Share of Common Area Operating Expenses, or any other monetary payment required to be made by Tenant hereunder as and when due, the failure by Tenant to provide Landlord with reasonable evidence
of insurance or surety bond required under this Lease, or the failure of Tenant to fulfill any obligation under this Lease which endangers or threatens life or property, where such failure continues for a period of five (5) days following
written notice thereof by or on behalf of Landlord to Tenant. 
 (c)    Except as expressly otherwise provided In this
Lease, the failure by Tenant to provide Landlord with reasonable written evidence (in duly executed original form, if applicable) of (i) compliance with Applicable Requirements per Paragraph 6.3, (ii) the inspection, maintenance and
service contracts required under Paragraph 7.1(b), (iii) the rescission of an unauthorized assignment or subletting per Paragraph 12.1, (iv) a Tenancy Statement per Paragraphs 16 or 37, (v) the subordination or non-subordination of
this lease per Paragraph 30, (vi) the guaranty of the performance of Tenant’s obligations under this Lease if required under Paragraphs 1.11 and 37, (vii) the execution of any document requested under Paragraph 42 (easements), or
(viii) any other documentation or information which Landlord may reasonably require of Tenant under the terms of this Lease, where any such failure continues for a period of ten (10) days following written notice by or on behalf of
Landlord to Tenant. 
 (d)    A Default by Tenant as to the terms covenants, conditions or provisions of this Lease, or
of the rules adopted under Paragraph 40 hereof that are to be observed, complied with or performed by Tenant, other than those described in Subparagraphs 13.1(a), (b), or (c),above, where such Default continues for a period of thirty (30) days
after written notice thereof by or on behalf of Landlord to Tenant; provided however, that if the nature of Tenant’s Default is such that more than thirty (30) days are reasonably required for its cure, then it shall not be deemed to be a
Breach of this Lease by Tenant if Tenant commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion. 

(e)    The occurrence of any of the following events: (i) the making by Tenant of any general arrangement or
assignment for the benefit of creditors;(ii) Tenant’s becoming a “debtor” as defined in 11 U.S. Code Section 101 or any successor statute thereto (unless, in the case of a petition filed against Tenant, the same is dismissed
within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to
Tenant within thirty (30) days; or (iv) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not
discharged within thirty (30) days; provided, however, in the event that any provision of this Subparagraph 13.1(e} is contrary to any applicable law, such provision shall be of no force or effect, and shall not affect the validity of the
remaining provisions. 
 (f)    The discovery by Landlord that any financial statement of Tenant or of any Guarantor,
given to Landlord by Tenant or any Guarantor, was materially false. 
 (g)    If the performance of Tenant’s
obligations under this Lease is guaranteed: (i) the death of a Guarantor, (ii) the termination of a Guarantor’s liability with respect 

  
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to this Lease other than in accordance with the terms of such guaranty, (iii) a Guarantor’s becoming insolvent or the subject of a bankruptcy filing, (iv) a Guarantor’s
refusal to honor the guaranty, or (v) a Guarantor’s breach of its guaranty obligation on an anticipatory breach basis, and Tenant’s failure, within sixty (60) days following written notice by or on behalf of Landlord to Tenant of
any such event, to provide Landlord with written alternative assurances of security, which, when coupled with the then existing resources of Tenant, equals or exceeds the combined financial resources of Tenant and the Guarantors that existed at the
time of the execution of this Lease. 
 13.2    Remedies. If Tenant falls to commence to perform any affirmative
duty or obligation of Tenant under this Lease, within ten (10) business days after written notice to Tenant (or in case of an emergency, without notice), Landlord may at its option (but without obligation to do so), perform such duty or
obligation on Tenant’s behalf, including but not limited to the obtaining of reasonably required bonds, insurance policies, or governmental licenses, permits or approvals. The costs and expenses of any such performance by Landlord shall be due
and payable by Tenant to Landlord upon invoice therefor. If any check given to Landlord by Tenant shall not be honored by the bank upon which it is drawn, Landlord, at its own option, may require all future payments to be made under this Lease by
Tenant to be made only by cashier’s check. In the event of a Breach of this Lease by Tenant (as defined in Paragraph 13.1), with or without further notice or demand, and without limiting Landlord in the exercise of any right or remedy which
Landlord may have by reason of such Breach, Landlord may: 
 (a)    Terminate Tenant’s right to possession of the
Premises by any lawful means, in which case this Lease and the term hereof shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. In such event Landlord shall be entitled to recover from Tenant: (i) the
worth at the time of the award of the unpaid rent which had been earned at the time of termination; (ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of
award exceeds the amount of such rental loss that the Tenant proves could have been reasonably avoided; (iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the
amount of such rental loss that the Tenant proves could be reasonably avoided; and (iv) any other amount necessary to compensate Landlord for all the detriment proximately caused by the Tenant’s failure to perform its obligations under
this Lease or which in the ordinary course of things would be likely to result therefrom, including but not limited to the cost of recovering possession of the Premises, expenses of reletting, including necessary renovation and alteration of the
Premises, reasonable attorneys’ fees, and that portion of any leasing commission paid by Landlord in connection with this Lease applicable to the unexpired term of this Lease. The worth at the time of award of the amount referred to in
provision (iii) of the immediately preceding sentence shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco or the Federal Reserve Bank District in which the Premises are located at the
time of award plus one percent (1%). Efforts by Landlord to mitigate damages caused by Tenant’s Default or Breach of this Lease shall not waive Landlord’s right to recover damages under this Paragraph 13.2. If termination of this Lease is
obtained through the provisional remedy of unlawful detainer, Landlord shall have the right to recover in such proceeding the unpaid rent and damages as are recoverable therein, or Landlord may reserve the right to recover all or any part thereof in
a separate suit for such rent and/or damages. If a notice and grace period required under Subparagraph 13.1 (b), (c) or (d) was not previously given, a notice to pay rent or quit, or to perform or quit, as the case may be, given to Tenant
under any statute authorizing the forfeiture of leases for unlawful detainer shall also constitute the applicable notice for grace period purposes required by Subparagraph 13.1 (b), (c) or (d). In such case, the applicable grace period under
the unlawful detainer statue shall run concurrently after 

  
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the one such statutory notice, and the failure of Tenant to cure the Default within the greater of the two (2) such grace periods shall constitute both an unlawful detainer and a Breach of
this Lease entitling Landlord to the remedies provided for in this Lease and/or by said statute. 
 (b)    Continue the
Lease and Tenant’s right to possession in effect (in California under California Civil Code Section 1951.4) after Tenant’s Breach and recover the rent as It becomes due, provided Tenant has the right to sublet or assign, subject only
to reasonably limitations. Landlord and Tenant agree that the limitations on assignment and subletting in this Lease are reasonable. Acts of maintenance or preservation, efforts to relet the Premises, or the appointment of a receiver to protect the
Landlord’s interest under this Lease, shall not constitute a termination of the Tenant’s right to possession. 

(c)    Pursue any other remedy now or hereafter available to Landlord under the laws or judicial decisions of the state
wherein the Premises are located. 
 (d)    The expiration or termination of this Lease and/or the termination of
Tenant’s right to possession shall not relieve Tenant from liability under any indemnity provisions of this Lease as to matters occurring or accruing during the term hereof or by reason of Tenant’s occupancy of the Premises. 

13.3    [INTENTIONALLY OMITTED] 

13.4    Late Charges. Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums due
hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which
may be imposed upon Landlord by the terms of any ground lease, mortgage or deed of trust covering the Premises. Accordingly, if any installment of rent or other sum due from Tenant shall not be received by Landlord or Landlord’s designee within
five (5) days after such amount shall be due (that provided, however that Tenant shall be entitled to notice, prior to the commencement of such five (5) day period, on the first (1st) occasion in any calendar year on which Tenant
fails to timely pay an amount due hereunder), then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to ten percent (10%) of such overdue amount. The parties hereby agree that such late charge
represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge be Landlord shall in no event constitute a waiver of Tenant’s Default or Breach with respect to such
overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. In the event that a late charge is payable hereunder, whether or not collected, for three (3) consecutive installments of Base Rent,
then notwithstanding Paragraph 4.1 or any other provision of this Lease to the contrary, Base Rent shall, at Landlord’s option, become due and payable quarterly in advance; provided, however, that if Tenant subsequently pays such quarterly Base
Rent in a timely fashion for four (4) consecutive calendar quarters, Rent shall thereafter be payable on a monthly basis. 

13.4    Breach by Landlord. Landlord shall not be deemed in breach of this Lease unless Landlord fails within a
reasonable time to perform an obligation required to be performed by Landlord. For purposes of this Paragraph 13.5, a reasonable time shall in no event be less than thirty (30) days after receipt by Landlord, and by any Lender(s) whose name and
address shall have been furnished to Tenant in writing for such purpose, of written notice specifying wherein such obligation of Landlord has not been performed; provided, however, that if the nature of Landlord’s obligation is such that more
than thirty (30) days after such notice are reasonably required for its performance, then Landlord shall not be in breach of this Lease if performance is commenced within such thirty (30) day period and thereafter diligently pursued to
completion. 

  
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 14.    Condemnation. If the Premises or any portion thereof are taken under the
power of eminent domain or sold under the threat of the exercise of said power (all of which are herein called “condemnation”), this Lease shall terminate as to the part so taken as of the date the condemning authority takes title or
possession, whichever first occurs. If more than twenty five percent (25%) of the floor area of the Premises, or more than twenty-five percent (25%) of the portion of the Common Areas designated for Tenant’s parking, is taken by
condemnation, Tenant may, at Tenant’s option, to be exercised in writing within ten (10) days after Landlord shall have given Tenant written notice of such taking (or in the absence of such notice, within ten (10) days after the
condemning authority shall have taken possession) terminate this Lease as of the date the condemning authority takes such possession. If Tenant does not terminate this Lease In accordance with the foregoing, this Lease shall remain in full force and
effect as to the portion of the Premises remaining, except that the Base Rent shall be reduced in the same proportion as the rentable floor area of the Premises taken bears to the total rentable floor area of the Premises. No reduction of the Base
Rent shall occur if the condemnation does not apply to any portion of the Premises. Any award for the taking of all or any part of the Premises under the power of eminent domain or any payment made under threat of the exercise of such power shall be
the property of Landlord, whether such award shall be made as compensation for diminution of value of the leasehold or for the taking of the fee, or as severance damages; provided, however, that Tenant shall be entitled to any compensation,
separately awarded to Tenant for Tenant’s relocation expenses and/or loss of Tenant’s Trade Fixtures. In the event that this Lease is not terminated by reason of such condemnation, Landlord shall to the extent of its net severance damages
received, over and above Tenant’s Share of the legal and other expenses incurred by Landlord in the condemnation matter, repair any damage to the Premises caused by such condemnation authority. Tenant shall be responsible for the payment of any
amount in excess of such net severance damages required to complete such repair. 
 15.    Broker’s Fees. 

15.1    Procuring Cause. The Broker(s) named in Paragraph 1.10 is/are the procuring cause of this Lease. 

15.2    Additional Terms. Unless Landlord and Broker(s) have otherwise agreed in writing, Landlord agrees that:
(a) if Tenant exercises any Option (as defined in Paragraph 39.1) granted under this Lease or any Option subsequently granted, or (b) If Tenant acquires any rights to the Premises or other premises in which Landlord has an interest, or
(c) If Tenant remains in possession of the Premises with the consent of Landlord after the expiration of the term of this Lease after having failed to exercise an Option, or (d) if said Brokers are the procuring cause of any other lease or
sale entered into between the Parties pertaining to the Premises and/or any adjacent property in which Landlord has an interest, or (e) if Base Rent is increased, whether by agreement or operation of an escalation clause herein, then as to any
of said transactions, Landlord shall not be liable to said Broker(s) to pay a fee. 
 15.3    Assumption of
Obligations. Any buyer or transferee of Landlord’s interest in this Lease, whether such transfer is by agreement or by operation of law, shall be deemed to have assumed Landlord’s obligation under this Paragraph 15. 

15.4    Representations and Warranties. Tenant and Landlord each represent and warrant to the other that it has had
no dealings with any person, firm, broker or finder other than as named in Paragraph 1.10(a) in connection with the negotiation of this Lease and/or the 

  
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consummation of the transaction contemplated hereby, and that no broker or other person, firm or entity other than said named Broker(s) is entitled to any commission or finder’s fee in
connection with said transaction. Tenant and Landlord do each hereby agree to indemnify, protect, defend and hold the other harmless from and against liability for compensation or charges which may be claimed by any such unnamed broker, finder or
other similar party by reason of any dealings or actions of the indemnifying Party, including any costs, expenses, and/or attorneys’ fees reasonably incurred with respect thereto. 

16.    Tenancy and Financial Statements. 

16.1    Tenancy Statement. Each Party (as “Responding Party”) shall within ten (10) business
days after written notice from the other Party (the “Requesting Party”) execute, acknowledge and deliver to the Requesting Party a statement In writing in a form similar to the then most current “Tenancy Statement”
form published by the American Industrial Real Estate Association, plus such additional information, confirmation and/or statements as may be reasonably requested by the Requesting Party. 

16.2    Financial Statement. If Landlord desires to finance, refinance, or sell the Premises or the Building, or
any part thereof, Tenant and all the Guarantors shall deliver to any potential lender or purchaser designated by Landlord such financial statements of Tenant and such Guarantors as may be reasonably required by such lender or purchaser, including
but not limited to Tenant’s financial statements for the past three (3) years. All such financial statements shall be received by Landlord and such lender or purchaser in confidence and shall be used only for the purposes herein set forth.

 17.    Landlord’s Liability. The term “Landlord” as used herein shall mean the owner or owners at the
time in question of the fee title to the Premises. In the event of a transfer of Landlord’s title or interest in the Premises or in this Lease, Landlord shall deliver to the transferee or assignee (in cash or by credit) any unused Security
Deposit held by Landlord at the time of such transfer or assignment. Except as provided in Paragraph 15.3, upon such transfer or assignment and delivery of the Security Deposit, as aforesaid, the prior Landlord shall be relieved of all liability
with respect to the obligations and/or covenants under this Lease thereafter to be performed by Landlord. Subject to the foregoing, the obligations and/or covenants in this Lease to be performed by the Landlord shall be binding only upon the
Landlord as herein above defined. Notwithstanding any other terms or provisions of this lease, Tenant agrees that in the event of any default or breach by Landlord with respect to any of the terms of the Lease to be observed and performed by
Landlord (a) Tenant shall look solely to the estate and property (which is the subject of this lease) of Landlord or any successor in interest in the property (which shall be deemed to include the rental income, the proceeds of any sale by
Landlord as well as any insurance or condemnation proceeds), for the satisfaction of Tenant’s remedies for the collection of a judgment (or other judicial process) requiring the payment of money by Landlord; (b) no other property or assets
of Landlord, its partners, members, shareholders, officers or any successor in interest shall be subject to levy, execution or other enforcement procedure for the satisfaction if Tenant’s remedies; (c) no personal liability shall at any
time be asserted or enforceable against Landlord, it’s partner’s, members or successors in interest (except to the extent permitted in (a) above), and no judgment will be taken against any partner, member, shareholder, officer or
director of Landlord. The provisions of this section shall apply only to the Landlord and the parties herein described, and shall not be for the benefit of any insurer nor any other third party. 

18.    Severability. The invalidity of any provision of this Lease, as determined by a court of competent jurisdiction, shall in no
way affect the validity of any other provision hereof. 

  
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 19.    Interest on Past-Due Obligations. Any monetary payment due Landlord hereunder,
other than late charges, not received by Landlord within ten (10) days following the date on which it was due, shall bear interest from the date due at the prime rate charged by the largest state chartered bank in the state in which the
Premises are located plus four percent (4%) per annum, but not exceeding the maximum rate allowed by law, in addition to the potential late charge provided for in Paragraph 13.4. 

20.    Time of Essence. Time is of the essence with respect to the performance of all obligations to be performed or observed by
the Parties under this Lease. 
 21.    Rent Defined. All monetary obligations of Tenant to Landlord under the terms of this
Lease are deemed to be rent. 
 22.    No Prior or other Agreements; Broker Disclaimer. This Lease contains all agreements
between the Parties with respect to any matter mentioned herein, and no other prior or contemporaneous agreement or understanding shall be effective. Landlord and Tenant each represents and warrants to the Brokers that it has made, and is relying
solely upon, its own investigation as to the nature, quality, character and financial responsibility of the other Party to this Lease and as to the nature, quality and character of the Premises. Brokers have no responsibility with respect thereto or
with respect to any default or breach hereof by either Party. Each Broker shall be an intended third party beneficiary of the provisions of this Paragraph 22. 

23.    Notices. 

23.1    Notice Requirements. All notices required or permitted by this Lease shall be in writing and may be
delivered in person (by hand or by messenger or courier service) or may be sent by regular, certified or registered mail or U.S. Postal Service Express Mail, with postage prepaid, and shall be deemed sufficiently given if served in a manner
specified in this Paragraph 23. The addresses noted adjacent to a Party’s signature on this Lease shall be that Party’s address for delivery or mailing of notice purposes. Either Party may by written notice to the other specify a different
address for notice purposes. A copy of all notices required or permitted to be given to Landlord hereunder shall be concurrently transmitted to such party or parties at such addresses as Landlord may from time to time hereafter designate by written
notice to Tenant. 
 23.2    Date of Notice. Any notice sent by registered or certified mall, return receipt
requested, shall be deemed given on the date of delivery shown on the receipt card, or if no delivery date is shown, the postmark thereon. If sent by regular mail the notice shall be deemed given three (3) business days after the same is
addressed as required herein and mailed with postage prepaid. Notices delivered by United States Express Mail or overnight courier that guarantees next day delivery shall be deemed given twenty-four (24) hours after delivery of the same to the
United States Postal Service or courier. If notice is received or otherwise deemed delivered on a Saturday or a Sunday or a legal holiday, it shall be deemed received on the next business day. 

24.    Waivers. No waiver by a party of the Default or Breach of any term covenant or condition hereof by the other, shall be
deemed a waiver of any other term, covenant or condition hereof, or of any subsequent Default or Breach by the other of the same or any other term, covenant or condition hereof. Landlord’s consent to, or approval of, any such act shall not be
deemed to render unnecessary the obtaining of Landlord’s consent to, or approval of, any subsequent or similar act by Tenant, or be construed as the basis of an estoppel to enforce the provision or provisions of this Lease requiring such
consent. Regardless of Landlord’s knowledge of a Default or Breach at the time of accepting rent, the acceptance of rent by Landlord shall not be a waiver 

  
 31 

 
of any Default or Breach by Tenant of any provision hereof. Any payment given Landlord by Tenant may be accepted by Landlord on account of moneys or damages due Landlord, notwithstanding any
qualifying statements or conditions made by Tenant in connection therewith, which such statements and/or conditions shall be of no force or effect whatsoever unless specifically agreed to in writing by Landlord at or before the time of deposit of
such payment. 
 25.    Recording. Either Landlord or Tenant shall, upon request of the other, execute, acknowledge and deliver
to the other a short form memorandum of this Lease for recording purposes. The Party requesting recordation shall be responsible for payment of any fees or taxes applicable thereto. 

26.    No Right To Holdover. Tenant has no right to retain possession of the Premises or any part thereof beyond the expiration or
earlier termination of this Lease. In the event that Tenant holds over in violation of this Paragraph 26 then the Base Rent payable from and after the time of the expiration or earlier termination of this Lease shall be increased to one hundred
fifty percent (150%) of the Base Rent applicable during the month immediately preceding such expiration or earlier termination. Nothing contained herein shall be construed as a consent by Landlord to any holding over by Tenant. 

27.    Cumulative Remedies. No remedy or election hereunder shall be deemed exclusive but shall, wherever possible, be cumulative
with all other remedies at law or in equity. 
 28.    Covenants and Conditions. All provisions of this Lease to be observed or
performed by Tenant are both covenants and conditions. 
 29.    Binding Effect; Choice of Law. This Lease shall be binding upon
the Parties, their personal representatives, successors and assigns and be governed by the laws of the State in which the Premises are located. Any litigation between the Parties hereto concerning this Lease shall be initiated in the county in which
the Premises are located. 
 30.    Subordination; Attornment; Non-Disturbance. 

30.1    Subordination. This Lease and any Option granted hereby shall be subject and subordinate to any ground
lease, mortgage, deed of trust, or other hypothecation or security device (collectively, “Security Device”), now or hereafter placed by Landlord upon the real property of which the Premises are a part, to any and all advances made
on the security thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof. Tenant agrees that the Lenders holding any such Security Device shall have no duty, liability or obligation to perform any of the
obligations of Landlord under this Lease, but that in the event of Landlord’s default with respect to any such obligation, Tenant will give any Lender whose name and address have been furnished Tenant in writing for such purpose notice of
Landlord’s default pursuant to Paragraph 13.5. If any Lender shall elect to have this Lease and/or any Option granted hereby superior to the lien of its Security Device and shall give written notice thereof to Tenant, this Lease and such
Options shall be deemed prior to such Security Device, notwithstanding the relative dates of the documentation or recordation thereof. 

30.2    Attornment. Subject to the non-disturbance provisions of Paragraph 30.3, Tenant agrees to attorn to a
Lender or any other party who acquires ownership of the Premises by reason of a foreclosure of a Security Device, and that in the event of such foreclosure, such new owner shall not: (i) be liable for any act or omission of any prior Landlord
or with respect to events occurring prior to acquisition of ownership, (ii) be subject to any offsets or defenses which Tenant might have against any prior Landlord, or (iii) be bound by prepayment of more than one month’s rent. 

  
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 30.3    Non-Disturbance. With respect to Security Devices entered into
by Landlord after the execution of this lease, Tenant’s subordination of this Lease shall be subject to receiving assurance (a “non-disturbance agreement”) from the Lender that Tenant’s possession and this Lease, including any
options to extend the term hereof, will not be disturbed so long as Tenant is not in Breach hereof and attorns to the record owner of the Premises. 

30.4    Self-Executing. The agreements contained in this Paragraph 30 shall be effective without the execution of
any further documents; provided, however, that upon written request from Landlord or a Lender in connection with a sale, financing or refinancing of Premises, Tenant and Landlord shall execute such further writings as may be reasonably required to
separately document any such subordination or non-subordination, attornment and/or non-disturbance agreement as is provided for herein. 

31.    Attorneys’ Fees. If any Party brings an action or proceeding to enforce the terms hereof or declare rights hereunder,
the Prevailing Party (as hereafter defined) in any such proceeding, action, or appeal thereon, shall be entitled to reasonable attorneys’ fees, costs and expenses. Such fees may be awarded in the same suit or recovered in a separate suit,
whether or not such action or proceeding is pursued to decision or judgment. The term “Prevailing Party” shall include, without limitation, a Party who substantially obtains or defeats the relief sought, as the case may be whether by
compromise, settlement, judgment, or the abandonment by the other Party or Broker of its claim or defense. The attorneys’ fee award shall not be computed in accordance with any court fee schedule, but shall be such as to full reimburse all
attorneys’ fees, cost and expenses reasonably incurred. Landlord shall be entitled to attorneys’ fees, costs and expenses incurred in preparation and service of notices of Default and consultations in connection therewith, whether or not a
legal action is subsequently commenced in connection with such Default or resulting Breach. 
 32.    Landlord’s Access; Showing
Premises; Repairs. Landlord and Landlord’s agents shall have the right to enter the Premises at any time, in the case of an emergency, and otherwise at reasonable times upon reasonable advance notice to Tenant for the purpose of showing the
same to prospective purchasers, lenders, or (during the final six (6) months of the term) tenants, and make such alterations, repairs, improvements or additions to the Premises or to the Building, as Landlord may reasonably deem necessary
(provided that Tenant shall have the right to require that Landlord be accompanied by a representative of Tenant during any such entry). Landlord shall use best efforts to ensure that the performance of any such work of repairs or alterations shall
not interfere with Tenant’s use of the Premises (or any portion thereof) for Tenant’s business purposes (such efforts to include limiting the performance of any such work which might be disruptive to weekends or the evening and the
cleaning of any work area prior to the commencement of the next business day). Landlord may at any time place on or about the Premises or Building any ordinary “For Sale” signs and Landlord may at any time during the last one hundred
eighty (180) days of the term hereof place on or about the Premises any ordinary “For Lease” signs. All such activities of Landlord shall be without abatement of rent or liability to Tenant. 

33.    Auctions. Tenant shall not conduct, nor permit to be conducted, either voluntarily or involuntarily, any auction upon the
Premises without first having obtained Landlord’s prior written consent. Notwithstanding anything to the contrary in this Lease, Landlord shall not be obligated to exercise any standard of reasonableness in determining whether to grant such
consent. 

  
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 34.    Signs. Tenant shall not place any sign upon the exterior of the Premises or the
Building, except that Tenant may, with Landlord’s prior written consent, install (but not on the roof) such signs as are reasonably required to advertise Tenant’s own business so long as such signs are in a location designated by Landlord
and comply with Applicable Requirements and the signage criteria established for the Industrial Center by Landlord. The installation of any sign on the Premises by or for Tenant shall be subject to the provisions of Paragraph 7 (Maintenance,
Repairs, Utility Installations, Trade Fixtures and Alterations). Unless otherwise expressly agreed herein, Landlord reserves all rights to the use of the roof of the Building and the right to install advertising signs on the Building, including the
roof, which do not unreasonably interfere with the conduct of Tenant’s business; Landlord shall be entitled to all revenues from such advertising signs. 

35.    Termination; Merger. Unless specifically stated otherwise in writing by Landlord, the voluntary or other surrender of this
Lease by Tenant, the mutual termination or cancellation hereof, or a termination hereof by Landlord for Breach by Tenant, shall automatically terminate any sublease or lesser estate in the Premises; provided, however, Landlord shall, in the event of
any such surrender, termination or cancellation, have the option to continue any one or all of any existing subtenancies. Landlord’s failure within ten (10) days of following any such event to make a written election to the contrary by
written notice to the holder of any such lesser interest, shall constitute Landlord’s election to have such event constitute the termination of such interest. 

36.    Consents. 

(a)    Except for Paragraph 33 (Auctions) or as otherwise provided herein, wherever in this Lease the consent of a Party
is required to an act by or for the other Party, such consent shall not be unreasonably withheld or delayed. Landlord’s actual reasonable costs and expenses (including but not limited to architects’, attorneys’, engineers’ and
other consultants’ fees) incurred in the consideration of, or response to, a request by Tenant for any Landlord consent pertaining to this Lease or the Premises, including but not limited to consents to an assignment a subletting or the
presence or use of a Hazardous Substance, shall be paid by Tenant to Landlord upon receipt of an invoice and supporting documentation therefor. In addition to the deposit described in Paragraph 12.2(e), Landlord may, as condition to considering any
such request by Tenant, require that Tenant deposit with Landlord an amount of money (in addition to the Security Deposit held under Paragraph 5) reasonably calculated by Landlord to represent the cost Landlord will incur in considering and
responding to Tenant’s request. Any unused portion of said deposit shall be refunded to Tenant without interest. Landlord’s consent to any act, assignment of this Lease or subletting of the Premises by Tenant shall not constitute an
acknowledgment that no Default or Breach by Tenant of this Lease exists, nor shall such consent be deemed a waiver of any then existing Default or Breach, except as may be otherwise specifically stated In writing by Landlord at the time of such
consent. 
 (b)    All conditions to Landlord’s consent authorized by this Lease are acknowledged by Tenant as
being reasonable. The failure to specify herein any particular condition to Landlord’s consent shall not preclude the impositions by Landlord at the time of consent of such further or other conditions as are then reasonable with reference to
the particular matter for which consent is being given. 
 37.    [INTENTIONALLY OMITTED]. 

38.    Quiet Possession. Upon payment by Tenant of the rent for the Premises and the performance of all of the covenants,
conditions and provisions on Tenant’s part to be observed and performed under this Lease, Tenant shall have quiet possession of the Premises for the entire term hereof subject to all of the provisions of this Lease. 

  
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 39.    Options. 

39.1    Definition. As used in this Lease, the word Option” has the following meaning: (a) the right to
extend the term of this Lease or to renew this Lease or to extend or renew any lease that Tenant has on other property of Landlord. 

39.2    Options Personal to Original Tenant. Each Option granted to Tenant in this Lease is personal to the
original Tenant named in Paragraph 1.1 hereof and any assignee pursuant to a Permitted Transfer, and cannot be voluntarily or involuntarily assigned or exercised by any person or entity other than said original Tenant while the original Tenant is in
full and actual possession of the Premises and without the intention of thereafter assigning or subletting. The Options, if any, herein granted to Tenant are not assignable (other than pursuant to a Permitted Transfer), either as a part of an
assignment of this Lease or separately or apart therefrom, and no Option may be separated from this Lease In any manner, by reservation or otherwise. 

39.3    Multiple Options. In the event that Tenant has any multiple Options to extend or renew this Lease, a later
option cannot be exercised unless the prior Options to extend or renew this Lease have been validly exercised. 

39.4    Effect of Default on Options. 

(a)    Tenant shall have no right to exercise an Option, notwithstanding any provision in the grant of Option to the
contrary: (i) during the period commencing with the giving of any notice of Default under Paragraph 13.1 and continuing until the noticed Default is cured, or (ii) during the period of time any monetary obligation due Landlord from Tenant
is unpaid (without regard to whether notice thereof is given Tenant), or (iii) during the time Tenant is in Breach of this Lease, or (iv) in the event that Landlord has given to Tenant three (3) or more notices of separate Defaults
under Paragraph 13.1 during the twelve (12) month period immediately preceding the exercise of the Option, whether or not the Defaults are cured. 

(b)    The period of time within which an Option may be exercised shall not be extended or enlarged by reason of
Tenant’s inability to exercise an Option because of the provisions of Paragraph 39.4(a). 
 (c)    All rights of
Tenant under the provisions of an Option shall terminate and be of no further force or effect, notwithstanding Tenant’s due and timely exercise of the Option, if, after such exercise and during the term of this Lease, (i) Tenant fails to
pay to Landlord a monetary obligation of Tenant for a period of thirty (30) days after such obligation becomes due (without any necessity of Landlord to give notice thereof to Tenant), or (ii) Landlord gives to Tenant three (3) or
more notices of separate Defaults under Paragraph 13.1 during any twelve (12) month period, whether or not the Defaults are cured, or (ii) if Tenant commits a Breach of this Lease. 

40.    Rules and Regulations. Tenant agrees that it will abide by, and keep and observe all reasonable rules and regulations
(“Rules and Regulations) which Landlord may make from time to time for the management, safety, care, and cleanliness of the grounds, the parking and unloading of vehicles and the preservation of good order, as well as for the convenience of
other occupants or tenants of the Building and the Industrial Center and their invitees. 

  
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 41.    Security Measures. Tenant hereby acknowledges that the rental payable to
Landlord hereunder does not include the cost of guard service or other security measures, and that Landlord shall have no obligation whatsoever to provide same. Tenant assumes all responsibility for the protection of the Premises, Tenant, its agents
and invitees and their property from the acts of third parties. 
 42.    Reservations. Landlord reserves the right, from time to
time, to grant, without the consent or joinder of Tenant, such easements, rights of way, utility raceways, and dedications that Landlord reasonably deems necessary, and to cause the recordation of parcel maps and restrictions, so long as such
easements, rights of way, utility raceways, dedications, maps and restrictions do not reasonably interfere with the use of the Premises by Tenant. Tenant agrees to sign any documents reasonably requested by Landlord to effectuate any such easement
rights, dedication, map or restrictions. 
 43.    Performance Under Protest. If at any time a dispute shall arise as to any
amount or sum of money to be paid by one Party to the other under the provisions hereof, the Party against whom the obligation to pay the money is asserted shall have the right to make payment “under protest” and such payment shall not be
regarded as a voluntary payment and there shall survive the right on the part of said Party to institute suit for recovery of such sum. If it shall be adjudged that there was no legal obligation on the part of said Party to pay such sum or any part
thereof, said Party shall be entitled to recover such sum or so much thereof as it was not legally required to pay under the provisions of this Lease. 

44.    Authority. If either Party hereto is a corporation, trust, limited liability company, or general or limited partnership,
each individual executing this Lease on behalf of such entity represents and warrants that he or she is duly authorized to execute and deliver this Lease on it’s behalf and that such entity is duly authorized and existing and qualified to do
business in California and that Tenant has the full right and legal authority to enter into this lease. 
 45.    Conflict. Any
conflict between the printed provisions of this Lease and the typewritten or handwritten provisions shall be controlled by the typewritten or handwritten provisions. 

46.    Offer. Preparation of this Lease by either Landlord or Tenant or Landlord’s agent or Tenant’s agent and submission
of same to Tenant or Landlord shall not be deemed an offer to lease. This Lease is not intended to be binding until executed and delivered by all Parties hereto. 

47.    Amendments. This Lease may be modified only in writing, signed by the parties in interest at the time of the modification.
The Parties shall amend this Lease from time to time to reflect any adjustments that are made to the Base Rent or other rent payable under this Lease. As long as they do not materially change Tenants obligations hereunder, Tenant agrees to make such
reasonable non-monetary modification to this Lease as may be reasonably required by an institutional insurance company or pension plan Lender in connection with the obtaining of normal financing or refinancing of the property of which the Premises
are a part. 
  

	48.	Multiple Parties. Except as otherwise expressly provided herein, if more than one person or entity is named herein as either Landlord or Tenant, the obligations of such multiple parties shall be the joint and
several responsibility of all persons or entities named herein as such Landlord or Tenant. 

  

	49.	 Option to Extend. Subject to the terms and conditions set forth below, Tenant may at its option extend the Term of this Lease for One
(1) period of TEN (10) years. Such period is called the “Renewal Term.” The Renewal Term shall be upon the same terms contained 

  
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in this Lease, except that (i) Landlord shall have no obligation to provide Tenant with any Tenant Improvement Allowance or demolition in connection with the Renewal Term, (ii) the Base
Rental during the Renewal Term shall be calculated as set forth below, and (iii) any reference in the Lease to the “Term” of the Lease shall be deemed to include the Renewal Term and apply thereto, unless it is expressly provided
otherwise. Tenant shall have no additional extension options. The Base Rent during the Renewal Term shall be at the then Fair Market Rate (defined hereinafter) for such space for a term commencing of the first day of the Renewal Term. “Market
Rate” shall mean the then prevailing market rate for a comparable term commencing on the first day of the Renewal Term for tenants of comparable size and creditworthiness for comparable space in the Building and other Office buildings in the
Alameda Area. In no event shall the Base Rent payable during the first (1st) year of the Renewal Term be less than the Base Monthly Rent of January 2025. Base Rent during the Renewal Term shall increase at four percent (4%) per year. To
exercise any option, Tenant must deliver a binding written notice to Landlord not sooner than twelve (12) months nor later than six (6) months prior to the expiration of the Initial Term of this Lease. Thereafter, the Market Rate for the
Renewal Term shall be calculated by Landlord and Landlord shall inform Tenant of the Market Rate. If the parties cannot agree on the Market Rate within thirty (30) days following Landlord’s delivery of a statement of Fair Market Rent, the
parties shall each, within ten (10) business days following the expiration of such thirty (30) day period, appoint a real estate broker (with at least 10 years experience in office leasing in Alameda) to determine the Market Rate, and each
such broker will deliver its determination within ten (10) additional business days. If the lower of the two is within 90% of the higher of the two valuations, then the Market Rent shall be the average of the two. If a party fails to timely
designate a broker, the broker designated by the other party will determine the Market Rate. If the lower of the two valuations is less than 90% of the higher valuation, then the two brokers/appraisers originally selected by the parties shall,
within five (5) business days, select a third broker/appraiser and shall present their final determinations of Market Rate to the third broker/appraiser, and the third broker/appraiser shall pick one of those two as being the Market Rate. The
determination of the third broker/appraiser shall be binding on the parties. If Tenant fails to timely give its notice of exercise, Tenant will be deemed to have waived its option to extend. 

 

	50.	Tenant Improvements: Landlord shall complete specified tenant improvements detailed in Exhibit A. 

LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR
INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES.

 THIS LEASE PREPARED FOR YOUR ATTORNEY’S REVIEW AND APPROVAL. FURTHER, EXPERTS SHOULD BE CONSULTED TO THE PRESENCE OF ASBESTOS,
UNDERGROUND STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY THE REAL ESTATE BROKERS OR THEIR CONTRACTORS, 

  
 37 

 
AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN
COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. IF THE SUBJECT PROPERTY IS IN A STATE OTHER THAN CALIFORNIA, AN ATTORNEY FROM THE STATE WHERE THE PROPERTY IS LOCATED SHOULD BE CONSULTED. 

  
 38 

 The parties hereto have executed this Lease at the place and on the dates specified above their respective
signatures. 
  

															
	Executed at:		 555 Twin Dolphin Dr.
				Executed at:		 1351 Harbor Bay Parkway, Alameda, CA 94802

	on:		 9/18/14
				on:		 17 September 2014

													
			
	By Landlord:				By Tenant:
					
			DOLLINGER HARBOR BAY ASSOCIATES,						
					
			a California limited partnership						
				
	By:		D&M Investors Fund I LLC, a				PENUMBRA, Inc.
					
			California Limited Liability Company				BY:		 /s/ Adam Elsesser

				
	Its		General Partner				Adam Elsesser, CEO
					
			By:		D&M Ventures LP, a				PENUMBRA, Inc.
						
					California Limited Partnership				BY:		 /s/ Lynn Rothman

						
			Its		Sole Member						Lynn Rothman, CFO
							
					By:		David Dollinger Living Trust						
						
					Its General Partner						
							
					By:		 /s/ David B. Dollinger
						
							
							David B. Dollinger, Trustee						
													

  

							
	Address:		 555 Twin Dolphin Drive, Suite 600
 Redwood City,
CA 94065
		Address:		1351 Harbor Bay Parkway Alameda, CA 94502
				
	Telephone:		(650) 508-8666		Telephone:		(510) 748-3200
				
	Facsimile:		(650) 508-8686		Facsimile:		(510) 217-9422

  
 39 

 Exhibit A Notes 

Landlord, at Landlord’s sole cost and expense shall build the Tenant Improvements as per this attached Exhibit A, using the same building standards as
when the Tenant originally moved in to 1351 Harbor Bay Parkway and as specified in Exhibit B attached hereto. 
 1321 Harbor Bay Parkway – First Floor

 All items by Landlord unless specified. 
 Clean
Room – Approximately Class 10,000 (same as current clean room in 1351) 
 Size – approximately 8,281 square foot
of cleanroom 
 Ceiling – T-Bar grid with Clean Room ceiling tiles 

Ceiling height – 10’ 

Door height – 9’ min. 

Walls – Smooth with Epoxy Paint 

110V Power on every Support Column by Landlord 

CDA on every Support column (by Tenant) 

110V Power on perimeter walls per code by Landlord 

110V Junction boxes to be placed approximately every 200 sq. ft. above ceiling – 1 dedicated 20 amp circuit per j-box by Landlord

 CDA and Data along perimeter walls (by Tenant) 

Flooring – VCT 

Slab – Seal slab as necessary to prevent ground water from seeping up 

Pre-action system fire sprinklers 

Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the perimeter walls. 

Landlord to supply and install approximately 83 fan powered hepa-filters with pre-filter option 

220V Power – 8 locations TBD by tenant. 

Gowning room 1 and 2 (approximately 460 sq ft and 410 sq ft) 

Ceiling – T-Bar grid with Clean Room ceiling tiles 

Ceiling height – 10’ 

Doors (each room):Three single 3.0x 7.0, 20 min rated door with metal frame and hardware (gowning room/exit with windows) 

Walls – Smooth with Epoxy Paint 

110V Power on every Support Column by Landlord 

CDA on every Support column (by Tenant) 

110V Power on perimeter walls per code by Landlord 

Flooring – VCT 

Slab – Seal slab as necessary to prevent ground water from seeping up 

Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the perimeter walls. 

Landlord to supply and install approximately 4 fan powered hepa-filters with pre-filter option (each room) 

pre-action system fire sprinklers 

  
 40 

 Materials pass-through Room 

Ceiling-T-Bar grid with Clean Room ceiling tiles 

Ceiling height- 10’ 
 Three
Double Doors 3.0x 7.0, 20 min rated doors with metal frame and hardware (gowning room/exit with windows). 
 Walls – Smooth with
Epoxy Paint 
 110V Power on every Support Column by Landlord 

CDA on every Support column (by Tenant) 

110V Power on perimeter walls per code by Landlord 

Flooring – VCT 

Slab – Seal slab as necessary to prevent ground water from seeping up 

Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the perimeter walls. 

Landlord to supply and install approximately 2 fan powered hepa-filters with pre-filter option 

pre-action system fire sprinklers 
 Eng, QC,
R&D, and mfg labs 
 Ceiling – T-Bar grid with Clean Room ceiling tiles 

Ceiling height – 10’ 

Door height – 9’ min. 

Walls – white paint 

110V Power on every Support Column by Landlord 

110V Junction boxes to be placed approximately every 200 sq ft above ceiling – 1 dedicated 20 amp circuit per j-box by Landlord

 CDA on every Support column (by Tenant) 

110V Power on perimeter walls per code by Landlord 

Flooring – VCT 
 Shipping
Receiving 
 Flooring – Exposed finished concrete 

Ceiling – None 

Walls – Finished/painted 

Roll up door 12’ 
 Hydraulic
lift equivalent to the one at 1351 
 Compressor room 

Flooring – Exposed finished concrete 

Ceiling – none 

Walls – painted 

Electrical – 460 V 3 phase power, 60 Amp fused disconnect box 

CDA – By Tenant 
 Room
will be supplied directly with HVAC air and have adequate ventilation 
 Break Room 

Flooring-new VCT 
 Power
– add 200 amp panel in this area 
 Ceiling – Existing 

Break room will have approximately 16’ of counter with cabinets above and below, double sink, and space for refrigerator / freezer 

  
 41 

 Restrooms 

Add 4 stalls in Women’s Restroom 

Add 3 urinals and 1 stall in Men’s Restroom 

Partitions – New 

Tile/grout to match existing in expansion area 

Counter top/sinks – need additional sinks (per code) – new counter tops 

Ceiling – Existing 
 Equip maint,
and Storage rooms 
 Flooring – Exposed finished concrete 

Power – 110V spaced per code 

110V Junction boxes to be placed approximately every 250 sq ft above ceiling – 1 dedicated 20 amp circuit per j-box by Landlord

 Data – Per Tenant 

Ceiling – Existing 
 Boxing/

 Flooring – VCT 

Ceiling – Existing 

Walls – painted 

Power – 110V spaced per code 

CDA – By Tenant 
 Offices /
conference room 
 Flooring – carpet 

Power – provided per code. 

Ceiling – Existing 

Data – Provided by Tenant 

Doors – 9’ doors and 36” wide sidelight provided at each entrance to 

Walls – Painted 
 Cubicle
area: 
 Power – Junction boxes provided above grid for cubes, power/ring and string boxes provided in conf. rooms and
offices per code. Electrical Panels moved to noninvasive locations 
 Common Area/Lobby 

Ceiling – Existing 

Floors – Existing 

Exterior Doors – Existing 

Elevator – Existing 

Stairs – Existing 
 A minimum of 2000
amps of 110/208V power required for 1321 1st floor – distributed to 10 - 14 panels – locations to be determined by Tenant 

1321 Harbor Bay – Second Floor 
 Open
Office Area 
 Flooring – carpet (match existing on second floor at 1351) 

Power – Junction boxes provided above grid for cubes, power/ring and string boxes provided in conf. rooms and offices per code.
Electrical Panels moved to noninvasive locations Power placed in ceilings where projectors will be mounted in auditorium 

  
 42 

 Ceiling – Existing 

Data – Provided by Tenant 

Doors-9’ doors and 36” wide sidelight provided at each entrance to 

Walls-Painted 
 Auditorium (approximately 8400 sq
ft) 
 Flooring – carpet (match existing on second floor at 1351) 

Power – Junction boxes provided above grid for cubes, power/ring and string boxes provided in conf. rooms and offices per code.
Electrical Panels moved to noninvasive locations 
 Power placed in ceilings where projectors will be mounted in auditorium 

Sound System/Projectors/Screens – By Tenant (work to be done during construction) 

Ceiling – Existing 
 Data
– Provided by Tenant 
 Walls – Painted (one red, one grey, others white) 

Storage rooms / conference room 
 Flooring
– carpet 
 Power – provided per code. 

Ceiling – Existing 
 Data
– Provided by Tenant 
 Doors – 9’ doors and 36” wide sidelight provided at each entrance to 

Walls – Painted 
 Server Room

 VCT flooring 
 Finish and
paint walls 
 Room will be supplied directly with HVAC air and have adequate ventilation 

Add pre-system fire sprinklers 
 Break
Room 
 Flooring – VCT 

16’ lower Counter with cabinets above and below, double Sink, space for refrigerator and freezer 

Restrooms 

Plumbing/flooring/electrical/partitions – Existing 

1321 Harbor Bay Parkway – Building 

New Roof 
 Signage on building to
match 1351(by Tenant) 
 Repair any damage to exterior of building 

Key Card Access (By tenant) 

Direct IT connection between 1351, 1321, and 1411 
  

	 	•	 	Core drill 4” tubing between all three buildings mains or equivalent-system to be pre-approved by Tenant 

All office doors to be 9’ clear birch with 3’ windows next to them 

All windows to have matching blinds 

Entire building to be converted from old T-12 lights / fixtures to new mandated T8 lights / fixtures 

  
 43 

 All new areas / Buildings: Penumbra will provide a drawing with colors of walls prior to paint being purchased
for job or all walls will be standard swiss coffee 
 Independent air conditioning units removed during demolition to be relocated to new locations
determined by Tenant 

  
 44 

  
 

 

  
 45 

  
 

 

  
 46EX-10.4

 Exhibit 10.4 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT WERE OMITTED AND REPLACED WITH [***]. A COMPLETE VERSION OF THIS EXHIBIT HAS BEEN FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO AN APPLICATION REQUESTING CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT OF 1933. 

DISTRIBUTION AGREEMENT 

BETWEEN 
 PENUMBRA, INC.

 AND 

MEDICO’S HIRATA INC. 

THIS DISTRIBUTION AGREEMENT (“Agreement”) is made and entered
into this 2nd day of August 2009 (the “Effective Date”), by and between Penumbra, Inc., a corporation organized under the laws of Delaware, USA, with offices at 1351 Harbor
Bay Parkway, Alameda, California, USA (“Penumbra”), and Medico’s Hirata Inc. (“DISTRIBUTOR”), a corporation organized under the laws of Japan, with a registered office at 3-3-18
Dojima, Kita-Ku, Osaka, Japan. 
 WHEREAS, PENUMBRA is a medical device company that desires to engage
a marketing and distribution associate in Distribution Countries (as defined below), on the terms and conditions below; and 

WHEREAS, DISTRIBUTOR desires to be PENUMBRA’s exclusive marketing and distribution partner in
Distribution Countries for the products described in Exhibit “A” and, 
 WHEREAS, the
relationship between DISTRIBUTOR and PENUMBRA is that of buyer and seller, respectively; 
 NOW
THEREFORE, in consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby, the parties mutually agree as follows: 

1. PRODUCTS, SCOPE AND TERRITORY. 

(a) PENUMBRA hereby appoints DISTRIBUTOR on an exclusive basis as its distributor for the sale to purchasers in the territory comprised
of Distribution Countries of all products (collectively, the “Product” or “Products”) described on Exhibit A. The Products will also include updates, improvements, product line extensions and replacements for Products or any
components thereof. Products shall include future products only to the extent agreed upon by the parties. The parties shall amend Exhibit A from time to time to reflect additions to and deletions from the Products. 

(b) Distribution Countries shall mean Japan. PENUMBRA may from time to time appoint DISTRIBUTOR as distributor for other territories
acceptable to DISTRIBUTOR. In the event that PENUMBRA appoints DISTRIBUTOR as distributor for other territories, the parties shall document such appointment and any particular terms thereof by amending this Agreement. 

  
 1 

 (c) DISTRIBUTOR shall not engage in any advertising or promotional activities relating to
the Products directed primarily to customers outside Distribution Countries. DISTRIBUTOR shall not solicit orders from any prospective purchaser located outside Distribution Countries. PENUMBRA shall not sell or supply Products to any end user in
Distribution Countries or to any person or entity (other than DISTRIBUTOR) who PENUMBRA has reason to believe intends to resell such Products in Distribution Countries without agreement of DISTRIBUTOR. Each party shall immediately notify the other
upon learning of any sales of Products by a third-party in Distribution Countries, other than DISTRIBUTOR’s approved sub-distributors. 

(d) DISTRIBUTOR may appoint sub-distributors in a fashion typical of industry practice in the Territory, as long as each
sub-distributor agrees to be bound by the terms of this Agreement. DISTRIBUTOR shall defend, indemnify and hold PENUMBRA harmless from and against all demands, actions, defense of actions, causes of action (whether judicial, administrative or
otherwise), losses, claims, damages, judgments, fees, expenses (including without limitation attorneys’ fees, interest, penalties, investigative expenses and court costs) and liabilities, which PENUMBRA may incur in connection with the acts or
omissions of any sub-distributor. 
 2. MARKETING APPROVAL IN
DISTRIBUTION COUNTRIES 
 (a) DISTRIBUTOR acknowledges that prior to entering into this Agreement,
PENUMBRA engaged ADMIS, Inc. (“ADMIS”) to assist PENUMBRA in obtaining product registrations and required permits, licenses and other approvals to market Products in the Distribution Countries. Following execution of this Agreement,
PENUMBRA and DISTRIBUTOR may mutually agree that DISTRIBUTOR will assume from ADMIS the responsibility for obtaining product registrations and required permits, licenses and other approvals to market Products in Distribution Countries. PENUMBRA
shall notify DISTRIBUTOR in writing the contents of the services which shall have been done by ADMIS on behalf of PENUMBRA. Following such mutual agreement, PENUMBRA will terminate its arrangement with ADMIS and DISTRIBUTOR will assume
responsibility for obtaining, and will use all commercially reasonable efforts to obtain, in PENUMBRA’s name all product registrations and required permits, licenses, and other approvals necessary to market the Products in the Distribution
Countries, and DISTRIBUTOR will use all commercially reasonable efforts to qualify as Designated Marketing Approval Holder (hereinafter called “DMAH”) and Sales Agent and to obtain and maintain all manufacturing and sales licenses
necessary to permit DISTRIBUTOR to import the Products into the Distribution Countries and to sell them there (collectively, the “Approvals”). Specifically, DISTRIBUTOR will perform the following actions: 

(i) cause its regulatory department/advisors/legal counsel to prepare all necessary applications for Approvals, including the
designation of DISTRIBUTOR as DMAH of PENUMBRA for the distribution of the Products; 
 (ii) submit all such applications, including
supporting data and materials; 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 2 

 (iii) hire and retain employees satisfying the education and experience requirements
necessary for DISTRIBUTOR to act as DMAH and to obtain and maintain sales and manufacturing licenses for the Products; 
 (iv)
respond promptly to all inquiries and requests for information from the relevant governmental authorities; and 
 (v) keep PENUMBRA
informed of the status of all applications for Approvals. 
 (b) Except as provided in Section 2 (c), PENUMBRA shall bear the
out of pocket costs and expenses (including without limitation regulatory filing fees and amounts payable to third parties) that may be incurred by DISTRIBUTOR in connection with the actions to be performed by DISTRIBUTOR in order to (i) obtain
the Approvals in the name of and on behalf of PENUMBRA described in Section 2(a) following termination of service by ADMIS, (ii) obtain the Approvals for commercialization and reimbursement, and (iii) conduct any post-market studies which may be required by regulatory authorities. PENUMBRA and DISTRIBUTOR shall each bear their respective internal costs for such matters; provided, however, that when the details of the
internal costs necessary to obtain the Approvals become reasonably clear, if it appears reasonably likely that one party’s internal costs will result in a substantial and disproportionate financial burden on that party, the parties shall
mutually consult and conclude a memorandum of agreement regarding the appropriate sharing of such internal costs. As used in this section, “internal costs” means items such as salaries of management and other employees, communication
expenses and other overhead items normally included in “General and Administrative Expenses” in a financial statement. 

(c) PENUMBRA shall be responsible for all payments and expenses incurred by or due ADMIS prior to the effective date of ADMIS’s
termination. In addition, PENUMBRA, at its expense, will provide DISTRIBUTOR with all information, data, materials and Product samples necessary or useful to obtain Approvals including, without limitation, access to all information and materials
developed by PENUMBRA in the course of its applications for regulatory approval from regulatory authorities. PENUMBRA shall appoint DISTRIBUTOR as DMAH for the Products. 

(d) DISTRIBUTOR shall keep PENUMBRA informed regarding ongoing regulatory requirements in the Distribution Countries. 

3. SUPPLY TERMS: PRICES AND PAYMENT. 

(a) Forecasts. DISTRIBUTOR shall submit 90-day rolling, non-binding forecasts for PENUMBRA production planning purposes. Such forecasts
shall not constitute a binding obligation upon DISTRIBUTOR. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 3 

 (b) Purchase Orders. DISTRIBUTOR shall order, and PENUMBRA shall supply Products pursuant
to written purchase orders submitted by DISTRIBUTOR identifying the Products ordered. PENUMBRA will use commercially reasonable efforts to ship Products to DISTRIBUTOR on the date requested, but shall not be in breach of this Agreement in the event
that that date is not met, provided Products are delivered within sixty (60) days of the date of the purchase order. If at any time PENUMBRA determines that it will not be able to ship Products by the date requested by DISTRIBUTOR,
PENUMBRA shall immediately notify DISTRIBUTOR in writing of such delay. DISTRIBUTOR will use commercially reasonable efforts to place orders for Products in an even and regular fashion (e.g., monthly or quarterly) so as to allow for efficient
production and warehousing by PENUMBRA. 
 (c) Delivery and Risk of Loss. Unless DISTRIBUTOR requests otherwise, PENUMBRA will
deliver all Products ordered by DISTRIBUTOR within the time period specified in Section 3(b). PENUMBRA may choose the mode of shipment and carrier unless specified in the purchase order. DISTRIBUTOR shall purchase the Products from PENUMNBRA
Ex-Works Alameda, CA. The risk of loss and damage to Products shall pass to DISTRIBUTOR upon the delivery of such Products to the carrier. All Products shall be packed for shipment and storage in the standard manner suitable for exporting at
PENUMBRA’s expense, unless DISTRIBUTOR notifies PENUMBRA of special packaging requirements, in which event PENUMBRA shall use commercially reasonable efforts to satisfy such requirements and shall be entitled to charge DISTRIBUTOR for any
additional costs incurred to satisfy such requirements. 
 (d) Inspection. DISTRIBUTOR will inspect all Products promptly upon
receipt thereof for conformance with the Products’ specifications, to the extent determinable by reasonable inspection upon delivery. PENUMBRA will, at its election, either repair or replace defective Products returned by DISTRIBUTOR within
thirty (30) days of receipt thereof by PENUMBRA, and its liability in this event shall be limited to such repair or replacement. 

(e) Pricing. The prices to be paid by DISTRIBUTOR for Products shall be determined in writing by the parties from time to time by means
of a fixed percentage of the current reimbursement prices, taking into account PENUMBRA’ s manufacturing costs, change of reimbursement prices, and competitive market situation in the Distribution Countries. 

PENUMBRA will provide DISTRIBUTOR with a reasonable number of field sales samples of Products for demonstration purposes, at PENUMBRA’s
cost of goods sold. 
 (f) Payments. All amounts due and payable with respect to Products delivered by PENUMBRA, in accordance with
the preceding subsection, shall be paid in full by the end of the month following the month during shipment of product is made together with invoice. All such amounts shall be paid in US dollars (unless another currency is specified in Exhibit A
under the column “Distribution Price”) by wire transfer, to such bank or account as PENUMBRA may from time to time designate in writing. Whenever any amount hereunder is due on a day that is not a day on which banks in the United States or
Distribution Countries are open for business (a “Business Day”), such amount shall be paid on the next Business Day. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 4 

 (g) Taxes. All taxes applicable to the import, distribution or sale of Products in
Distribution Countries will be paid by DISTRIBUTOR, with the exception of income or other taxes levied on PENUMBRA and measured by PENUMBRA’s gross or net income. 

(h) Records. DISTRIBUTOR shall maintain records of shipment for implantable devices manufactured by PENUMBRA, containing the production
lot/serial numbers, and the name and address of the consignee. 
 4. OTHER OBLIGATIONS OF
DISTRIBUTOR. Promptly upon receipt of all necessary Approvals from the authorities and throughout the term of this Agreement, DISTRIBUTOR will use all commercially reasonable efforts to promote the sale of the
Products in Distribution Countries. Specifically, DISTRIBUTOR shall: 
 (a) provide training and education to physicians, nurses and
sales force, as well as to all approved sub-distributors, to adequately support PENUMBRA’s Products; 
 (b) maintain, at its own
expense, a sufficient inventory of the Products and of replacement parts as well as a sufficient non-operative inventory (sample, demo) to fulfill DISTRIBUTOR’s forecasted demand for the Products in Distribution Countries; 

(c) maintain adequate and experienced management and sales personnel meeting the educational and experience requirements of the
Ministry of Health; 
 (d) dedicate sufficient product and project management, marketing and financial resources to pursue the market
opportunities for the Products in Distribution Countries; 
 (e) in cooperation with PENUMBRA, translate into appropriate languages,
at its own expense and liability, any promotional materials, user and technical manuals, or advertising and marketing information supplied at the discretion of PENUMBRA, which DISTRIBUTOR determines may be useful in the marketing of Products in the
Distribution Countries. DISTRIBUTOR shall have a non-exclusive right to use all such materials during the term of this Agreement in connection with its activities pursuant to this Agreement; Distributor’s right to use such material shall expire
on termination of this Agreement; 
 (f) advertise the Products in trade and other relevant publications; 

(g) participate in appropriate trade shows; 

(h) make sales calls on physicians; 

(i) promptly notify PENUMBRA upon learning of any complaints about Products which are reported to, or required to be reported to
applicable regulatory authorities using the PENUMBRA standard form; and 
 (j) comply in all respects with all laws applicable to
DISTRIBUTOR’S business. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 5 

 5. PENUMBRA’S OBLIGATIONS. In order to facilitate
DISTRIBUTOR’S performance of its obligations under this Agreement, PENUMBRA at its own expense shall: 
 (a) provide DISTRIBUTOR
with such marketing and technical assistance, promotional materials (in English), and Product samples as PENUMBRA may in its reasonable discretion consider necessary to assist with the promotion of the Products; 

(b) provide training to DISTRIBUTOR’s personnel in connection with the marketing, sale, installation, maintenance and support of
the Products; provided however, that such training shall be reasonably available and necessary to assist DISTRIBUTOR to market and distribute the Products and to perform its obligations under the Agreement; 

(c) provide to DISTRIBUTOR reasonable notification of any improvements to or replacements for Products, and use commercially reasonable
efforts to continue to supply the original Products until such time as such improvements or replacements are approved by the appropriate governmental authority and available for sale in Distribution Countries. PENUMBRA shall provide all information
and additional components necessary to permit DISTRIBUTOR to modify its inventory in the event PENUMBRA announces a revised version of any Product, or any component thereof, at the sole discretion of and under the direction of PENUMBRA; 

(d) provide such access and availability to its maintenance and support personnel to assist DISTRIBUTOR’s support personnel in
providing maintenance and support services; provided however, such access shall be reasonably available and necessary to assist DISTRIBUTOR to market and distribute the Products and to perform its obligations under the terms of this
Agreement; 
 (e) provide cooperation and assistance in the transfer of all Approvals held by the current distributor, if any; and,

 (f) provide such continued information, cooperation and assistance as may be necessary to maintain Approvals and comply with
applicable law in connection with the distribution of Products in Distribution Countries. Additionally, PENUMBRA shall notify DISTRIBUTOR in writing immediately upon learning of any adverse event or experience related to any Products and reportable
to regulatory authorities. 
 6. PATENTS; TRADEMARKS 

(a) The parties agree that the prosecution or maintenance of all PENUMBRA patents, trademarks and trade names relating to the Products
is entirely PENUMBRA’s obligation. PENUMBRA shall, as appropriate, apply for or maintain patents for Products distributed, marketed or sold in Distribution Countries. DISTRIBUTOR acknowledges that PENUMBRA is the owner of the exclusive right,
title and interest in and to the patents, trademarks and trade names relating to the Products. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 6 

 (b) During the term of this Agreement, PENUMBRA hereby grants DISTRIBUTOR a non-exclusive,
fully-paid license to use the name “PENUMBRA” and a non-exclusive, fully-paid license to use other trade names, trademarks and service marks owned by PENUMBRA which are applicable to the Products
(the “Marks”) in Distribution Countries solely for display or advertising purposes in connection with selling and distributing the Products in accordance with this Agreement. DISTRIBUTOR acknowledges that PENUMBRA is the owner of the
exclusive right, title and interest in and to the Marks. DISTRIBUTOR has no permission to and will not adopt, use or register as trademark, trade name, business name, or corporate name or part thereof, whether during the term of this Agreement or
after its termination, any word or symbol confusingly similar to any of the Marks. 
 In order to comply with PENUMBRA’s quality
control standards, DISTRIBUTOR shall use the Marks in compliance with the laws of the Distribution Countries as the case may be, shall not modify any of the Marks and shall not use any Marks in connection with goods other than Products, except with
the prior written consent of PENUMBRA. 
 (c) PENUMBRA shall, at its expense, indemnify, defend and hold DISTRIBUTOR, its
subsidiaries and affiliates harmless against all costs and liabilities incurred in connection with any claim, action, suit, or proceeding maintaining that any patent, trademark or other intellectual property rights of any third-party are infringed
or violated by the import, distribution or sale of Products in Distribution Countries, as provided in this Agreement. DISTRIBUTOR agrees to give PENUMBRA prompt written notice of any such claim, action, suit or proceeding of which DISTRIBUTOR
becomes aware and PENUMBRA shall have absolute control of any defense in such matter. PENUMBRA shall keep DISTRIBUTOR regularly informed regarding such action, including providing DISTRIBUTOR with copies of legal filings pertaining thereto. 

(d) If use, distribution or sale of any Product in Distribution Countries is enjoined, prohibited or prevented due to any third-party
rights or claim of infringement, then PENUMBRA shall, at its expense: 
  

	 	(i)	procure a license for DISTRIBUTOR to continue selling the Products; or 

  

	 	(ii)	replace or modify the Products to render them non-infringing; or 

  

	 	(iii)	repurchase the Products purchased but not yet sold by DISTRIBUTOR and refund to DISTRIBUTOR the price it paid for the Products provided that the Products are in original package and not damaged. 

7. WARRANTY; INDEMNIFICATION. 

(a) PENUMBRA warrants that the Products, at the date of delivery to DISTRIBUTOR: 

 

	 	(i)	will meet the specifications set forth in catalog numbers referred to in Exhibit A; 

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 7 

	 	(ii)	will be free from defects in design, manufacture, materials, and workmanship; 

  

	 	(iii)	will be of merchantable quality and fit for the purpose for which they are intended; and 

  

	 	(iv)	will comply with all applicable laws in effect in the place of manufacture and in Distribution Countries, provided however, that DISTRIBUTOR notifies PENUMBRA upon becoming aware of any laws in Distribution
Countries which would have an adverse effect on the PENUMBRA warranty. 

 PENUMBRA’S SOLE OBLIGATION UNDER THE FOREGOING
WARRANTY SHALL BE, AT PENUMBRA’S SOLE ELECTION, TO EITHER REPLACE THE RELEVANT PRODUCT OR REFUND DISTRIBUTOR’S FULLY-LANDED PURCHASE PRICE FOR THE PRODUCT. 

(b) PENUMBRA shall, at its expense, indemnify, defend and hold DISTRIBUTOR, its subsidiaries and affiliates harmless against all costs
and liabilities incurred in connection with any third-party claim, action, suit, or proceeding alleging bodily injury (including death) or damage to personal property to the extent such claim arises out of or relates to any breach of a warranty made
by PENUMBRA regarding the Products or any negligent or reckless act or omission or willful misconduct by PENUMBRA or any of its employees or agents. DISTRIBUTOR agrees to give PENUMBRA prompt written notice of any such claim, action, suit or
proceeding of which DISTRIBUTOR becomes aware and PENUMBRA shall have absolute control of any defense in such matter. PENUMBRA shall keep DISTRIBUTOR regularly informed regarding such action, including providing DISTRIBUTOR with copies of legal
filings pertaining thereto. 
 (c) DISTRIBUTOR shall, at its expense, indemnify, defend and hold PENUMBRA harmless against all costs
and liabilities incurred in connection with any third-party claim, action, suit, or proceeding arising out of any negligent or reckless act or omission or willful misconduct by DISTRIBUTOR or any of its employees or any improper use, negligent
repair or alteration of a Product by DISTRIBUTOR. PENUMBRA agrees to give DISTRIBUTOR prompt written notice of any such claim, action, suit or proceeding of which PENUMBRA becomes aware and DISTRIBUTOR shall have absolute control of any defense in
such matter. DISTRIBUTOR shall keep PENUMBRA regularly informed regarding such action, including providing PENUMBRA with copies of legal filings pertaining thereto. 

8. TERMINATION. 

(a) The term of the Agreement will be five (5) years after the Approvals have been obtained. 

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 8 

 (b) Upon the occurrence of a material breach or default of this Agreement by either party,
this Agreement may be terminated by the non-breaching party by giving ninety (90) days written notice of termination to the breaching party, unless the breaching party cures such material breach or default or, using commercially reasonable
efforts, commences a cure of any material breach or default which cannot be fully cured within such ninety (90)-day period and thereafter diligently pursues such cure. 

(c) PENUMBRA agrees to fill all purchase orders received by DISTRIBUTOR prior to the date of termination or expiration. 

(d) PENUMBRA shall have the right to terminate this Agreement immediately without notice on the bankruptcy, insolvency, dissolution,
assignment for the benefit of creditors, appointment of a trustee or receiver with respect to the assets of, liquidation of or similar event with respect to DISTRIBUTOR. 

(e) Notwithstanding anything else in this Agreement to the contrary, the parties agree that Sections 6(b), 6(c), 7, 8(e), 9, 14 and 15
shall survive the termination or expiration of this Agreement, as the case may be, to the extent required thereby for the full observation and performance by any or all of the parties hereto. 

(f) Upon expiration or other termination of this Agreement: 

(i) DISTRIBUTOR shall pay to PENUMBRA all amounts that are payable by DISTRIBUTOR to PENUMBRA under this Agreement less
any such amounts payable on the grounds of a dispute arising out of this Agreement against any claim or damages sought by DISTRIBUTOR; 

(ii) Each party shall return to the other all of the Proprietary Information of the other party in the possession or
under the control of the receiving party, together with a statement signed by an authorized representative of the party to the effect that all Proprietary Information has been returned to the party; and 

(iii) DISTRIBUTOR shall cease using any of the Marks and shall return to PENUMBRA all materials supplied to DISTRIBUTOR
by PENUMBRA that contain any of the Marks. 
 9. REPURCHASE OF INVENTORY. 

(a) Within thirty (30) days after termination or expiration of this Agreement, PENUMBRA and DISTRIBUTOR shall mutually elect in
writing to either: 
  

	 	(i)	permit DISTRIBUTOR to sell off its remaining inventory of Products; provided however, that DISTRIBUTOR shall comply with all terms and conditions of this Agreement restricting such reselling activities in effect
immediately prior to termination or expiration; or 

  

	 	(ii)	permit PENUMBRA to repurchase DISTRIBUTOR’s inventory of Products which are: salable; in the original packages; and, are unaltered from their original form and design (excluding the labels mounted on Products
following the regulatory requirements) (except as provided in section 5(c)); 

 and if the parties are unable to agree,
PENUMBRA shall make the election. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 9 

 In the event that this Agreement is terminated due to a material breach or default by either
PENUMBRA or DISTRIBUTOR then the repurchase options outlined in this section 9(a) will be at the sole discretion of the party not in breach of the Agreement. 

(b) Any such repurchase of DISTRIBUTOR’s inventory of Products shall be at the price paid by DISTRIBUTOR for such Products.
Repurchased inventory shall be shipped according to PENUMBRA’S instructions, at PENUMBRA’S expense. PENUMBRA shall pay DISTRIBUTOR for such repurchased Products within thirty (30) days after the date of shipment (B/L Date) thereof by
DISTRIBUTOR. 
 10. MODIFICATION. 

No modification or change may be made in this Agreement except by written instrument duly signed by a duly authorized representative of
DISTRIBUTOR and by a duly authorized representative of PENUMBRA. 
 11. ASSIGNMENT. 

This Agreement and the rights and obligations hereunder may not be assigned, delegated or transferred by either party without the prior
written consent of the other party. Participation of a party in an Acquisition Transaction (as defined below) pursuant to which the owners of a majority of the outstanding voting stock or other ownership interests of such party immediately prior to
the consummation of the Acquisition Transaction do not own at least a majority of the outstanding voting stock or other ownership interests of such party immediately after the consummation of the Acquisition Transaction shall constitute an
assignment within the meaning of this Section. Notwithstanding the foregoing, PENUMBRA may assign its rights and obligations under the terms of this Agreement in connection with an Acquisition Transaction in which the successor entity assumes all
rights and obligations under this Agreement. This Agreement shall bind and inure to the benefit of all successors and permitted assigns of each party. Furthermore, any Acquisition Transaction involving PENUMBRA may only be consummated if the
surviving or resulting entity in such Acquisition Transaction shall effectively assume all of the rights and obligations of such party under this Agreement. For purposes of this 

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 10 

 
section, an “Acquisition Transaction” shall mean a merger or consolidation of a party with or into any other entity, including a reverse triangular merger involving such party, a sale
of all or substantially all of the assets or business of such party, or a similar transaction, or a sale of the business unit to which this Agreement relates, or sale of at least a majority of the outstanding voting stock or other ownership
interests of such party. 
 12. NOTICE. 

All notices given under this Agreement shall be in writing and shall be addressed to the parties at their respective addresses set forth
below: 
 IF TO DISTRIBUTOR, 

Mr. Y. Sato 
 Medico’s
Hirata Inc. 
 3-4-3 Edobori, Nishi-ku, Osaka, Japan 

Fax: 81-6-6445-2458 

IF TO PENUMBRA: 

Mr. Robert Evans 

PENUMBRA, Inc. 
 1351 Harbor Bay
Parkway 
 Alameda CA 94502 USA 

Fax: 510-814-8303 
 Either party
may change its address or its telecopy number for purposes of this Agreement by giving the other party written notice of its new address or telecopy number. Any such notice if given or made by registered or recorded delivery international air mail
letter shall be deemed to have been received on the earlier of the date actually received and the date fifteen (15) calendar days after the same was posted (and in providing such it shall be sufficient to prove that the envelope containing the
same was properly addressed and posted as aforesaid), if given or made by telecopy transmission shall be deemed to have been received at the time of dispatch, unless such date of deemed receipt is not a Business Day, in which case the date of deemed
receipt shall be the next such succeeding Business Day, and if given by internationally recognized international package delivery service shall be deemed to have been received at the time of receipt. 

13. WAIVER. 
 None of the
conditions or provisions of this Agreement shall be held to have been waived by any act or knowledge on the part of either party, except by an instrument in writing signed by a duly authorized officer or representative of the parties. Further, the
waiver by either party of 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 11 

 
any right hereunder or the failure to enforce at any time any of the provisions of this Agreement, or any rights with respect thereto, shall not be deemed to be a waiver of any other rights
hereunder or any breach or failure of performance of the other party. 
 14. RESOLUTION OF DISPUTES.

 (a) In the event of any dispute, controversy or claim arising out of or relating to this Agreement or to a breach hereof,
including its interpretation, performance or termination, the parties agree to commence a good faith discussion toward the resolution of such issues. If, after ninety (90) days, the parties are unable to reach a resolution, such issues shall be
finally resolved by arbitration in San Francisco, California, U.S.A. in accordance with the Arbitration Rules of the American Arbitration Association if arbitration is invoked by DISTRIBUTOR, or in Tokyo, Japan in accordance with the Commercial
Arbitration Rules of the Japan Commercial Arbitration Association if arbitration is invoked by PENUMBRA. The arbitration shall be conducted by one arbitrator mutually selected by the parties. If the parties cannot agree on an arbitrator, then there
shall be three (3) arbitrators, one to be appointed by PENUMBRA, one to be appointed by DISTRIBUTOR and a third being nominated by the two arbitrators so selected or, if they cannot agree on a third arbitrator, by the Arbitration Association
concerned. 
 (b) The decision of the arbitrators shall be binding upon the parties hereto, and the expense of the arbitration
(including without limitation the award of attorneys’ fees to the prevailing party) shall be paid as the arbitrators determine. The decision of the arbitrators shall be executory, and judgment thereon may be entered by any court of competent
jurisdiction. 
 15. CONFIDENTIALITY MAINTAINED. 

(a) For purposes of this section, “Proprietary Information” shall mean any confidential or proprietary information provided
to one party by the other, orally or in written or electronic form, including but not limited to technical information concerning Products, customer lists, sales figures, cost or pricing information and marketing materials. (provided that
DISTRIBUTOR is not obligated to provide to PENUMBRA such information as its customer lists, sales, figures, cost or pricing information.) Each party shall disclose the other’s Proprietary Information only to those of its agents and employees to
whom it is necessary in order properly to carry out their duties as limited by the terms and conditions hereof. Both during and for a three (3) year period after the term of this Agreement, all Proprietary Information of the other party shall
be held in strict confidence by the receiving party and shall not be used or disclosed for any purpose other than performing the terms of this Agreement. Each party shall return documents, computer disks and other media containing the other’s
Proprietary Information as soon as practicable after the termination or expiration of this Agreement or on demand by the party furnishing the information. All such Proprietary Information shall remain the exclusive property of the disclosing party
during the term of this Agreement and thereafter. This section shall also apply to any agents, consultants or subcontractors that either party may engage in connection with its obligations under this Agreement, and to any authorized
sub-distributors. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 12 

 (b) Notwithstanding anything contained in this Agreement to the contrary, neither party
shall have the above obligations with respect to Proprietary Information if it: 
  

	 	(i)	was in the public domain at the time of disclosure without breach of this Agreement; 

  

	 	(ii)	was known to or contained in the records of the receiving party from a source other than the disclosing party at the time of disclosure and can be so demonstrated; 

 

	 	(iii)	becomes known to the receiving party from a source other than disclosing party without breach of this Agreement and can be so demonstrated; or 

 

	 	(iv)	was disclosed pursuant to court order or as otherwise compelled by law; provided however, the other party is notified of such proposed disclosure as soon as is reasonably possible and the disclosure is limited to
the maximum extent reasonably possible. 

 16. ENTIRE AGREEMENT. 

This Agreement supersedes and cancels any previous agreements or understandings, whether oral, written or implied, heretofore in effect and
sets forth the entire agreement between PENUMBRA and DISTRIBUTOR with respect to the subject matter hereof. 
 17. INDEPENDENT
CONTRACTOR. 
 Nothing herein contained shall be deemed to create an agency, joint venture or partnership relation
between the parties hereto; the parties are independent contractors. It is understood and agreed that neither party is, by reason of this Agreement or anything herein contained, constituted or appointed the agent or representative of the other for
any purpose. 
 18. FORCE MAJEURE. 

(a) Save in respect of payments due under this Agreement, neither party shall be liable in damages, or shall be subject to termination
of this Agreement by the other party, for any delay or default in performing any obligation hereunder if that delay or default is due to any cause beyond the reasonable control and without fault or negligence of that party; provided that in
order to excuse its delay or default hereunder, a party shall notify the other of the occurrence or the cause, specifying the nature and particulars thereof and the expected duration thereof; and provided, further, that within fifteen
(15) calendar days after the termination of such occurrence or cause, such party shall give notice to the other party specifying the date of termination thereof. All obligations of both parties shall return to being in full force and effect
upon the termination of such occurrence or cause. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 13 

 (b) In the event that any delay or default in performing any obligation hereunder, as
described in section 18(a), extends for ninety (90) days beyond the termination of the occurrence or cause then the parties shall meet to determine how to resolve such delay or default. 

(c) If, after meeting for an additional ninety (90) days, the parties are unable to agree on how to resolve the delay or default
then the party not invoking force majeure, as provided above, shall have the right to terminate the Agreement upon ninety (90) days written notice. 

(d) For the purposes of this Section, a “cause beyond the reasonable control” of a party shall include, without limiting the
generality of the phrase, any act of God, act of any government or other authority or statutory undertaking, act of terrorism, industrial dispute, fire, explosion, accident, power failure, flood, riot or war (declared or undeclared). 

19. SEVERABILITY. 
 If any
provision of this Agreement is declared invalid or unenforceable by a court having competent jurisdiction, it is mutually agreed that this Agreement shall endure except for the part declared invalid or unenforceable by order of such court. The
parties shall consult and use their best efforts to agree upon a valid and enforceable provision which shall be a reasonable substitute for such invalid or unenforceable provision in light of the intent of this Agreement. 

20. DEFINITION OF AFFILIATES. 

For the purposes of this Agreement, “affiliates” shall mean all companies, natural persons, partnerships and other business entities
controlled by, under common control with or controlling either party to this Agreement. Each party acknowledges that the other party may use affiliates to perform obligations under this Agreement. 

21. REPRESENTATION BY PARTIES 

Each of PENUMBRA and DISTRIBUTOR represents and warrants to the other party that it and all of its employees and or agents are fully
authorized and able to enter into this Distribution Agreement and that the actions contemplated under this Distribution Agreement by each party and its employees or agents do not violate any existing agreement, employment contract, law, or other
understanding. 
 IN WITNESS WHEREOF, the parties hereto have signed two
(2) originals of this Agreement, each party holding one original. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 14 

									
	MEDICO’S HIRATA INC.		
					
	By:		 /s/ Masataka Hirata
						
			Masataka Hirata						
			President						
			2009/Aug/07						
			
	PENUMBRA, INC.:				
					
	By:		 /s/ Adam Elsesser
				By:		 /s/ James R. Pray

			Adam Elsesser						James R. Pray
					
			Chief Executive Officer						President
									12 August 2009

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 15 

 EXHIBIT A 

PRODUCTS AND PRODUCT SPECIFICATION/PRICING 

 

							
	Catalog Number	  	Description	  	 	  	Distribution Price
(all prices in U.S. $)
				
		  	Reperfusion Catheters	  	(OD/ID/TL/WL)	  	
	 PSC026
	  	Reperfusion Catheter 026	  	2.8F/.026in/154cm/150cm	  	
	 PSC032
	  	Reperfusion Catheter 032	  	3.4F/.032in/154cm/150cm	  	
	 PSC041
	  	Reperfusion Catheter 041	  	4.1F/.041in/141cm/137cm	  	
				
		  	SeparatorTM	  	(OD/TL/WL)	  	
	 PSS026
	  	Separator 026	  	.022in/200cm/155cm	  	
	 PSS032
	  	Separator 032	  	.028in/200cm/155cm	  	
	 PSS041
	  	Separator 041	  	.035in/200cm/142cm	  	
				
	 PST1
	  	Aspiration Tubing (Sterile)	  		  	
			
	 PAPS1
	  	Non-Sterile Penumbra System Supplies	  	
		  	Pump-Canister Tubing (Non-sterile)	  		  	
		  	Pump Canister and Lid	  		  	
		  	Pump Filter	  		  	
			
	 PAP220
	  	Penumbra Aspiration Pump Starter Pack	  	
		  	220V/230V Penumbra Aspiration Pump	  	
				
	 PAP110
	  	Penumbra Aspiration Pump	  		  	
		  	110V Penumbra Aspiration Pump	  		  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 16 

															
	Catalog Number	  	Description	 	 Working

Length
	 	 	 	 Outer Diameter
Proximal/

Distal
	 	 Inner

Diameter
	 	 Wire

Compatibility
	 	 Distributor Price

(all prices in U.S.$))

	 	  	 	 	 	 	 	 	 	 	 	 	 	 	$
								
		  	Neuron Deliver Catheter:	 		 		 		 		 		 	
	 PND6F11512
	  	6F Neuron Deliver Catheter, 115/12 Straight	 	115 cm	 	12 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	 PND6F11512M
	  	6F Neuron Deliver Catheter 115/12 MP	 	115 cm	 	12 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	  
 PND6F1156
	  	  
 6F Neuron Deliver Catheter 115/6 Straight
	 	115 cm	 	6 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	 PND6F1156M
	  	6F Neuron Deliver Catheter 115/6 MP	 	115 cm	 	6 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	  
 PND6F10512
	  	  
 6F Neuron Deliver Catheter 105/12 Straight
	 	105 cm	 	12 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	 PND6F10512M
	  	6F Neuron Deliver Catheter 105/12 MP	 	105 cm	 	12 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	  
 PND6F1056
	  	  
 6F Neuron Deliver Catheter 105/6 Straight
	 	105 cm	 	6 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
	 PND6F1056M
	  	6F Neuron Deliver Catheter 105/6 MP	 	105 cm	 	6 cm	 	6F / 5F	 	.053”	 	.035/.038”	 	
								
		  	Neuron 6F 070 Delivery Catheter:	 		 		 		 		 		 	
	 PND6F070956
	  	6F 070 Neuron Delivery Catheter, 95/6 Straight	 	95 cm	 	6 cm	 	6F / 6F	 	.070”	 	.035/.038”	 	
	 PND6F0700956M
	  	6F 070 Neuron Delivery Catheter, 95/6 MP	 	95 cm	 	6 cm	 	6F / 6F	 	.070”	 	.035/.038”	 	
	 PND6F0701058
	  	6F 070 Neuron Deliver Catheter, 105/8 Straight	 	105 cm	 	8 cm	 	6F / 6F	 	.070”	 	.035/.038”	 	
	 PND6F0701058M
	  	6F 070 Neuron Deliver Catheter, 105/8 MP	 	105 cm	 	8 cm	 	6F / 6F	 	.070”	 	.035/.038”	 	
								
		  	Neuron Select Catheter:	 		 		 		 		 		 	
	 PNS35F137H1
	  	3.5F Neuron Select Catheter, 137 H1	 	137 cm	 	42 cm	 	3.5F / 3.5F	 	.022”	 	.018”	 	
	 PNS35F137SIM
	  	3.5F Neuron Select Catheter, 137 SIM	 	137 cm	 	42 cm	 	3.5F / 3.5F	 	.022”	 	.018”	 	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 17 

 Wiring Instructions 

____ 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 18 

 AMENDMENT NO. 1 

TO 
 DISTRIBUTION
AGREEMENT 
 BETWEEN 

PENUMBRA, INC. 
 AND

 MEDICO’S HIRATA INC. 

THIS AMENDMENT NO. 1 TO DISTRIBUTION
AGREEMENT (“Agreement”) is made and entered into this 17th day of June 2010, by and between Penumbra, Inc., a corporation organized under the laws of Delaware, USA, with offices at 1351 Harbor Bay
Parkway, Alameda, California, USA (“Penumbra”), and Medico’s Hirata Inc. (“DISTRIBUTOR”), a corporation organized under the laws of Japan, with a registered office at 3-3-18
Dojima, Kita-Ku, Osaka, Japan. 
 WHEREAS, PENUMBRA and DISTRIBUTOR have
entered into a Distribution Agreement as of August 2, 2009 (the “Distribution Agreement”); and 

WHEREAS, PENUMBRA and DISTRIBUTOR wish to amend the Distribution Agreement
as provided herein; and, 
 WHEREAS, capitalized terms used herein and not
defined herein shall have the respective meanings ascribed to them in the Distribution Agreement; 
 NOW
THEREFORE, in consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby, the parties mutually agree as follows: 

 

	 	1.	Amendment to Section 2(a). Section 2(a) of the Distribution Agreement is hereby amended to read as follows: 

“DISTRIBUTOR acknowledges that prior to entering into this Agreement, PENUMBRA engaged ADMIS, Inc. (“ADMIS”) to assist PENUMBRA
in obtaining product registrations and required permits, licenses and other approvals to market Products in the Distribution Countries. Following execution of this Agreement, PENUMBRA terminated its arrangement with ADMIS and DISTRIBUTOR assumed
responsibility for obtaining, and will use all commercially reasonable efforts to obtain, in DISTRIBUTOR’s name all product registrations and required permits, licenses, and other approvals necessary to market the Products in the Distribution
Countries (i.e., obtain a “Shonin” with respect to 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

 
the Products), and DISTRIBUTOR will use all commercially reasonable efforts to qualify as Marketing Approval Holder (hereinafter called “MAH”) and Sales Agent and to obtain and maintain
all manufacturing and sales licenses necessary to permit DISTRIBUTOR to import the Products into the Distribution Countries and to sell them there (collectively, the “Approvals”). Specifically, DISTRIBUTOR will perform the following
actions: 
 (i) cause its regulatory department/advisors/legal counsel to prepare all necessary applications for
Approvals, including the designation of DISTRIBUTOR as holder of the Shonin and as MAH for the distribution of the Products; 

(ii) submit all such applications, including supporting data and materials; 

(iii) hire and retain employees satisfying the education and experience requirements necessary for DISTRIBUTOR to act as
MAH and to obtain and maintain sales and manufacturing licenses for the Products; 
 (iv) respond promptly to all
inquiries and requests for information from the relevant governmental authorities; and 
 (v) keep PENUMBRA informed
of the status of all applications for Approvals.” 
  

	2.	Amendment to Section 2(b). Section 2(b) of the Distribution Agreement is hereby amended to read as follows: 

“Except as provided in Section 2(c), DISTRIBUTOR shall bear the out of pocket costs and expenses (including without limitation
regulatory filing fees and amounts payable to third parties) that may be incurred by DISTRIBUTOR in connection with the actions to be performed by DISTRIBUTOR in order to (i) obtain the Approvals in the name of and on behalf of DISTRIBUTOR
described in Section 2(a), (ii) obtain the Approvals for commercialization and reimbursement, and (iii) conduct any post-market studies which may be required by regulatory authorities; provided, however, PENUMBRA shall bear one-half
of any monies paid under any name by DISTRIBUTOR to hospitals, clinic, or doctors who cooperated with DISTRIBUTOR in its post market studies which may be required by the regulatory authorities. PENUMBRA shall pay one-half of such monies within one
(1) month after PENUMBRA receives each invoice issued by DISTRIBUTOR. Each time DISTRIBUTOR issues an invoice, DISTRIBUTOR shall send to PENUMBRA the details of the payments made by DISTRIBUTOR, together with the pertinent evidence. DISTRIBUTOR
shall provide to PENUMBRA at such time copies of the data in Japanese which may be obtained by such post market studies each time such invoice is issued by DISTRIBUTOR. PENUMBRA and DISTRIBUTOR shall each bear their respective internal costs for
such matters enumerated in (i) (ii) (iii) above; provided, however, that when the details of the internal costs necessary to obtain the Approvals become reasonably clear, if it appears reasonably likely that one party’s internal
costs will result in a substantial and disproportionate financial burden on that party, the parties shall mutually consult and conclude a memorandum of agreement 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

 
regarding the appropriate sharing of such internal costs. As used in this section, “internal costs” means items such as salaries of management and other employees, communication
expenses and other overhead items normally included in “General and Administrative Expenses” in a financial statement.” 
  

	3.	Amendment to Section 8(a). Section 8(a) of the Distribution Agreement is hereby amended to read as follows: 

“The initial term (the “Initial Term”) of the Agreement will be five (5) years after the Approvals have been obtained. On
expiration of the Initial Term and of each successive Additional Term (as hereinafter defined), this Agreement shall be automatically extended for an additional term (each, an “Additional Term”) of one (1) year unless at least ninety
(90) days prior to expiration of the Initial Term or the Additional Term then in effect, as the case may be, one party gives the other written notice of its intention to terminate this Agreement on expiration of such Initial Term or Additional
Term.” 
  

	4.	Amendment to Section 8(f). Section 8(f) of the Distribution Agreement is hereby amended to read as follows: 

Upon expiration or other termination of this Agreement: 

(i) DISTRIBUTOR shall pay to PENUMBRA all amounts that are payable by DISTRIBUTOR to PENUMBRA under this Agreement less
any such amounts payable on the grounds of a dispute arising out of this Agreement against any claim or damages sought by DISTRIBUTOR; 

(ii) Each party shall return to the other all of the Proprietary Information of the other party in the possession or
under the control of the receiving party, together with a statement signed by an authorized representative of the party to the effect that all Proprietary Information has been returned to the party; 

(iii) DISTRIBUTOR shall cease using any of the Marks and shall return to PENUMBRA all materials supplied to DISTRIBUTOR
by PENUMBRA that contain any of the Marks; and 
 (iv) DISTRIBUTOR shall co-operate with PENUMBRA in obtaining
approvals to transfer, and transferring, the Approvals to such party as PENUMBRA shall designate.” 
  

	5.	Ratification and Approval. In all other respects, the Agreement is ratified, confirmed and approved. 

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

 IN WITNESS WHEREOF, the parties have signed this Agreement effective as of
the date first set forth above. 
  

											
	MEDICO’S HARATA INC.				PENUMBRA, INC.
						
	By:		 /s/ Masataka Hirata
				By:		 /s/ Adam Elsesser
		
			
	Masataka Hirata, President				Adam Elsesser, Chief Executive Officer

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

 AMENDMENT NO. 2 TO DISTRIBUTION AGREEMENT 

BETWEEN 
 PENUMBRA, INC.

 AND 

MEDICO’S HIRATA INC. 

THIS AMENDMENT NO. 2 TO DISTRIBUTION
AGREEMENT (“Agreement”) is made and entered into this 16th day of September 2011 (the “Effective Date”), by and between Penumbra, Inc., a corporation organized under the laws of Delaware,
USA, with offices at 1351 Harbor Bay Parkway, Alameda, California, USA (“Penumbra”), and Medico’s Hirata Inc. (“DISTRIBUTOR”), a corporation organized under the laws of
Japan, with a registered office at 33-18 Dojima, Kita-Ku, Osaka, Japan. 
 WHEREAS, Penumbra and Distributor entered into a Distribution Agreement
dated August 2, 2009, as amended by Amendment No. 1 thereto dated June 10, 2010 (the “Distribution Agreement”); and 

WHEREAS, Penumbra and Distributor wish to amend the Distribution Agreement as provided in this Amendment. 

NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby, the parties
mutually agree as follows: 
  

	 	1.	Exhibit A to this Agreement replaces Exhibit A to the Distribution Agreement. 

  

	 	2.	Section 3(e) of the Distribution Agreement is hereby amended to read as follows: 

“(e) Pricing. Until such time as reimbursement prices are determined and effective for the Products by the Japanese government, the
prices to be paid by DISTRIBUTOR for the Penumbra Coil 400 Products shall be those set forth on Exhibit A. From and after the date that reimbursement prices are determined and effective for the Products by the Japanese government, the prices to be
paid by DISTRIBUTOR for Products shall be determined by the parties from time to time by means of a fixed percentage of the current reimbursement prices, taking into account PENUMBRA’s manufacturing costs, change of reimbursement prices, and
competitive market situation in the Distribution Countries. Exhibit A shall be amended from time to time to reflect such agreed pricing. 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 1 of 7 

 PENUMBRA will provide DISTRIBUTOR with a reasonable number of field sales samples of Products for
demonstration purposes, at PENUMBRA’s cost of goods sold.” 
  

	 	3.	In all other respects, the Agreement is ratified, confirmed and approved. 

 [Signature Page
Follows] 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 2 of 7 

 IN WITNESS WHEREOF, the parties
hereto have signed this Agreement. 
 MEDICO’S HIRATA, INC.: 
  

			
	By:		 /s/ Masataka Hirata

		
	Title:		 Masataka Hirata, President

 PENUMBRA, INC.: 
  

			
	By:		 /s/ James Pray

	
	James Pray, President

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 3 of 7 

 Exhibit A-Products and Pricing 

Reperfusion Catheters 
  

							
	 Catalog Number
	 	 Description
	  	 Specifications (OD/ID/Tl/WL)
	 	 Unit Price($)

	 PSC026
	 	Reperfusion Catheter 026	  	2.8F/.026in/154cm/150cm	 	[***]
	 PSC032
	 	Reperfusion Catheter 032	  	3.4F/.032in/154cm/150cm	 	[***]
	 PSC041
	 	Reperfusion Catheter 041	  	4.1F/.041in/141cm/137cm	 	[***]
	 PSC054
	 	Reperfusion Catheter 054	  	5.0F/.054in/136cm/132cm	 	[***]

 SeparatorTM 

 

							
	 Catalog Number
	 	 Description
	  	 Specifications (OD/TL/WL)
	 	 Unit Price ($)

	 PSS026
	 	Separator 026	  	.022in/200cm/155cm	 	[***]
	 PSS032
	 	Separator 032	  	.028in/200cm/155cm	 	[***]
	 PSS041
	 	Separator 041	  	.035in/200cm/142cm	 	[***]
	 PSS054
	 	Separator 054	  	.045in/175cm/135cm	 	[***]

 Aspiration Tubing 
  

					
	 Catalog Number
	 	 Description
	 	 Unit Price ($)

	 PST1
	 	Aspiration Tubing (Sterile)	 	[***]

 Non-Sterile Penumbra System Supplies 
  

					
	 Catalog Number
	 	 Description Unit Price($)
	 	 Unit Price ($)

	 PAPS1
	 	Pump Canister Tubing, Pump Canister and Lid, Pump Filter	 	[***]

 Penumbra Aspiration Pump 
  

					
	 Catalog Number
	 	 Description
	 	 Unit Price($)

	 PAP110
	 	110V Penumbra Aspiration Pump	 	[***]
	 PAP220
	 	220V / 230V Penumbra Aspiration Pump	 	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 4 of 7 

 Penumbra CoilTM400 System 

Complex Standard 
  

											
	 Catalog
	  	 Description
	  	 Primary
Diameter
	  	 Secondary
Diameter
	  	 Total
Length
	  	 Unit

Price

	 4002C0306
	  	Coil 400 Complex Standard, 3 mm x 6 cm	  	.020”	  	3mm	  	6cm	  	
	 4002C0310
	  	Coil 400 Complex Standard, 3 mm x 10 cm	  	.020”	  	3mm	  	10cm	  	
	 4002C0408
	  	Coil 400 Complex Standard, 4 mm x 8 cm	  	.020”	  	4mm	  	8cm	  	
	 4002C0412
	  	Coil 400 Complex Standard, 4 mm x 12 cm	  	.020”	  	4mm	  	12cm	  	
	 4002C0506
	  	Coil 400 Complex Standard, 5 mm x 6 cm	  	.020”	  	5mm	  	6mm	  	
	 4002C0510
	  	Coil 400 Complex Standard, 5mm x 10cm	  	.020”	  	5mm	  	10cm	  	
	 4002C0610
	  	Coil 400 Complex Standard, 6mm x 10cm	  	.020”	  	6mm	  	10cm	  	
	 4002C0615
	  	Coil 400 Complex Standard, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	
	 4002C0710
	  	Coil 400 Complex Standard, 7mm x 10cm	  	.020”	  	7mm	  	10cm	  	
	 4002C0715
	  	Coil 400 Complex Standard, 7 mm x 15 cm	  	.020”	  	7mm	  	15cm	  	
	 4002C0720
	  	Coil 400 Complex Standard, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	
	 4002C0815
	  	Coil 400 Complex Standard, 8 mm x 15 cm	  	020”	  	8mm	  	15cm	  	
	 4002C0820
	  	Coil 400 Complex Standard, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	
	 4002C0830
	  	Coil 400 Complex Standard, 8mm x 30cm	  	.020”	  	8mm	  	30cm	  	
	 4002C0915
	  	Coil 400 Complex Standard, 9 mm x 15 cm	  	.020”	  	9mm	  	15cm	  	
	 4002C0925
	  	Coil 400 Complex Standard, 9mm x 25cm	  	.020”	  	9mm	  	25cm	  	
	 4002C0935
	  	Coil 400 Complex Standard, 9mm x 35cm	  	.020”	  	9mm	  	3Scm	  	
	 4002C1020
	  	Coil 400 Complex Standard, 10 mm x 20 cm	  	.020”	  	10mm	  	20cm	  	
	 4002C1030
	  	Coil 400 Complex Standard, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	
	 4002C1040
	  	Coil 400 Complex Standard, 10mm x 40cm	  	.020”	  	10mm	  	40cm	  	
	 4002C1135
	  	Coil 400 Complex Standard, 11mm x 3Scm	  	.020”	  	11mm	  	35cm	  	
	 4002C1145
	  	Coil 400 Complex Standard, llmm x 45cm	  	.020”	  	11mm	  	45cm	  	
	 4002C1235
	  	Coil 400 Complex Standard, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	
	 4002C1245
	  	Coil 400 Complex Standard, 12mm x 4Scm	  	.020”	  	12mm	  	4Scm	  	
	 4002C1335
	  	Coil 400 Complex Standard, 13 mm x 35 cm	  	.020”	  	13mm	  	3Scm	  	
	 4002C1348
	  	Coil 400 Complex Standard, 13mm x 48cm	  	.020”	  	13mm	  	48cm	  	
	 4002C1450
	  	Coil 400 Complex Standard, 14mm x 50cm	  	.020”	  	14mm	  	50cm	  	
	 4002C1557
	  	Coil 400 Complex Standard, 15mm x 57cm	  	.020”	  	1Smm	  	57cm	  	
	 4002C1660
	  	Coil 400 Complex Standard, 16mm x 60cm	  	.020”	  	16mm	  	60cm	  	
	 4002C1857
	  	Coil 400 Complex Standard, 18mm x 57cm	  	.020”	  	18mm	  	57cm	  	
	 4002C2060
	  	Coil 400 Complex Standard, 20mm x 60cm	  	.020”	  	20mm	  	60cm	  	
	 4002C2260
	  	Coil 400 Complex Standard, 22mm x 60cm	  	.020”	  	22mm	  	60cm	  	
	 4002C2457
	  	Coil 400 Complex Standard, 24mm x 57cm	  	.020”	  	24mm	  	57cm	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 5 of 7 

 Complex Soft 
  

											
	 Catalog
	  	 Description
	  	 Primary
Diameter
	  	 Secondary
Diameter
	  	 Total
Length
	  	 Unit

Price

	 4004C0303
	  	Coil 400 Complex Soft, 3 mm x 3cm	  	.020”	  	3mm	  	3cm	  	
	 4004C0304
	  	Coil 400 Complex Soft, 3 mm x 4cm	  	.020”	  	3mm	  	4cm	  	
	 4004C0306
	  	Coil 400 Complex Soft, 3 mm x 6cm	  	.020”	  	3mm	  	6cm	  	
	 4004C0310
	  	Coil 400 Complex Soft, 3 mm x 10cm	  	.020”	  	3mm	  	10cm	  	
	 4004C0404
	  	Coil 400 Complex Soft, 4 mm x 4 cm	  	.020”	  	4mm	  	4cm	  	
	 4004C0406
	  	Coil 400 Complex Soft, 4 mm x 6cm	  	.020”	  	4mm	  	6cm	  	
	 4004C0408
	  	Coil 400 Complex Soft, 4 mm x 8cm	  	.020”	  	4mm	  	8cm	  	
	 4004C0412
	  	Coil 400 Complex Soft, 4 mm x 12cm	  	.020”	  	4mm	  	12cm	  	
	 4004C0509
	  	Coil 400 Complex Soft, 5mm x 9cm	  	.020”	  	5mm	  	9cm	  	
	 4004C0513
	  	Coil 400 Complex Soft, 5mm x 13cm	  	.020”	  	5mm	  	13cm	  	
	 4004C0610
	  	Coil 400 Complex Soft, 6mm x 10cm	  	.020”	  	6mm	  	10cm	  	
	 4004C0615
	  	Coil 400 Complex Soft, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	
	 4004C0620
	  	Coil 400 Complex Soft, 6 mm x 20cm	  	.020”	  	6mm	  	20cm	  	
	 4004C0710
	  	Coil 400 Complex Soft, 7 mm x 10cm	  	.020”	  	7mm	  	10cm	  	
	 4004C0715
	  	Coil 400 Complex Soft, 7mm x 15cm	  	.020”	  	7mm	  	15cm	  	
	 4004C0720
	  	Coil 400 Complex Soft, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	
	 4004C0815
	  	Coil 400 Complex Soft, 8mm x 15cm	  	.020”	  	8mm	  	15cm	  	
	 4004C0820
	  	Coil 400 Complex Soft, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	
	 4004C0925
	  	Coil 400 Complex Soft, 9mm x 25cm	  	.020”	  	9mm	  	25cm	  	
	 4004C0935
	  	Coil 400 Complex Soft, 9 mm x 35 cm	  	.020”	  	9mm	  	35cm	  	
	 4004C1020
	  	Coil 400 Complex Soft, 10mm x 20cm	  	.020”	  	10mm	  	20cm	  	
	 4004C1030
	  	Coil 400 Complex Soft, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	
	 4004C1040
	  	Coil 400 Complex Soft, 10 mm x 40 cm	  	.020”	  	10mm	  	40cm	  	
	 4004C1135
	  	Coil 400 Complex Soft, 11mm x 35cm	  	.020”	  	11mm	  	35cm	  	
	 4004C1145
	  	Coil 400 Complex Soft, 11 mm x 45 cm	  	.020”	  	11mm	  	45cm	  	
	 4004C1235
	  	Coil 400 Complex Soft, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	
	 4004C1245
	  	Coil 400 Complex Soft, 12 mm x 45 cm	  	.020”	  	12mm	  	45cm	  	
	 4004C1335
	  	Coil 400 Complex Soft, 13mm x 35cm	  	.020”	  	13mm	  	35cm	  	
	 4004C1348
	  	Coil 400 Complex Soft, 13 mm x 48 cm	  	.020”	  	13mm	  	48mm	  	
	 4004C1440
	  	Coil 400 Complex Soft, 14mm x 40cm	  	.020”	  	14mm	  	40cm	  	
	 4004C1545
	  	Coil 400 Complex Soft, 15 mm x 45 cm	  	.020”	  	15mm	  	45cm	  	
	 4004C1645
	  	Coil 400 Complex Soft, 16mm x 45cm	  	.020”	  	16mm	  	45cm	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 6 of 7 

 J Soft 
  

									
	 Catalog
	  	 Description
	 	 Primary

Diameter
	  	 Total Length
	  	 Unit

Price

	 4004J7
	  	Coil 400 J, 7cm	 	.020”	  	7cm	  	
	 4004J10
	  	Coil 400 J, 10cm	 	.020”	  	10cm	  	
	 4004J15
	  	Coil 400 J, 15cm	 	.020”	  	15cm	  	

 Curve Extra Soft 
  

											
	 Catalog
	  	 Description
	 	 Primary
Diameter
	 	 Secondary
Diameter
	 	 Total

Length
	 	 Unit

Price

	 4006U0201
	  	Coil 400 Curve Extra Soft, 2mm x1lcm	 	.020”	 	2mm	 	1cm	 	
	 4006U0202
	  	Coil 400 Curve Extra Soft, 2mm x 2cm	 	.020”	 	2mm	 	2cm	 	
	 4006U0203
	  	Coil 400 Curve Extra Soft, 2mm x 3cm	 	.020”	 	2mm	 	3cm	 	
	 4006U0204
	  	Coil 400 Curve Extra Soft, 2mm x 4cm	 	.020”	 	2mm	 	4cm	 	
	 4006U0302
	  	Coil 400 Curve Extra Soft, 3mm x 2cm	 	.020”	 	3mm	 	2cm	 	
	 4006U0303
	  	Coil 400 Curve Extra Soft, 3mm x 3cm	 	.020”	 	3mm	 	3cm	 	
	 4006U0304
	  	Coil 400 Curve Extra Soft, 3mm x 4cm	 	.020”	 	3mm	 	4cm	 	
	 4006U0305
	  	Coil 400 Curve Extra Soft, 3mm x 5cm	 	.020”	 	3mm	 	5cm	 	
	 4006U0306
	  	Coil 400 Curve Extra Soft, 3mm x 6cm	 	.020”	 	3mm	 	6cm	 	
	 4006U0308
	  	Coil 400 Curve Extra Soft, 3mm x 8cm	 	.020”	 	3mm	 	8cm	 	
	 4006U0310
	  	Coil 400 Curve Extra Soft, 3 mm x 10 cm	 	.020”	 	3mm	 	10cm	 	
	 4006U0404
	  	Coil 400 Curve Extra Soft, 4mm x 4cm	 	.020”	 	4mm	 	4cm	 	
	 4006U0406
	  	Coil 400 Curve Extra Soft, 4mm x 6cm	 	.020”	 	4mm	 	6cm	 	
	 4006U0408
	  	Coil 400 Curve Extra Soft, 4mm x 8cm	 	.020”	 	4mm	 	8cm	 	
	 4006U0410
	  	Coil 400 Curve Extra Soft, 4 mm x 10 cm	 	.020”	 	4mm	 	10cm	 	

 Detachment Handle and Catheter 
  

					
	 Catalog
	  	 Description
	  	 Unit Price

	 DHl
	  	Coil Detachment Handle	  	
	 DHS
	  	Coil Detachment Handle – 5 Pack	  	
	 PX40045
	  	PX400,45°	  	
	 PX40090
	  	PX400, 90°	  	
	 PX400J
	  	PX400, J	  	
	 PX400STR
	  	PX400, Straight	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 7 of 7 

 AMENDMENT NO. 3 TO DISTRIBUTION AGREEMENT 

BETWEEN 
 PENUMBRA, INC.

 AND 

MEDICO’S HIRATA INC. 

THIS AMENDMENT NO. 3 TO DISTRIBUTION
AGREEMENT (“Agreement”) is made and entered into as of the 22nd day of August 2012 (the “Effective Date”), by and between Penumbra, Inc., a corporation organized under the laws of
Delaware, USA, with offices at 1351 Harbor Bay Parkway, Alameda, California, USA (“Penumbra”), and Medico’s Hirata Inc. (“DISTRIBUTOR”), a corporation organized under the
laws of Japan, with a registered office at 3-3-18 Dojima, Kita-Ku, Osaka, Japan. 
 WHEREAS, Penumbra and Distributor entered into a Distribution
Agreement dated August 2, 2009, as amended by Amendment No. 1 thereto dated June 10, 2010, and Amendment No. 2 thereto dated September 16,2011 (the “Distribution Agreement”); and 

WHEREAS, Penumbra and Distributor wish to amend the Distribution Agreement as provided in this Amendment.  

NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby, the parties
mutually agree as follows: 
  

	 	1.	Exhibit A to this Agreement replaces Exhibit A to the Distribution Agreement. 

  

	 	2.	Section 3(e) of the Distribution Agreement is hereby amended to read as follows: 

“(e) Pricing. [***] and provided further that until such time as reimbursement prices are determined and effective
for the Detachment Handle and Catheter Products listed on Exhibit A by the Japanese government, the prices to be paid by DISTRIBUTOR for those Products shall be those set forth on Exhibit A, and from and after the date that reimbursement prices are
determined and effective for those Products by the Japanese government, the prices to be paid by DISTRIBUTOR for Products shall be determined by the parties from time to time by means of a fixed percentage of the current reimbursement prices, taking
into account PENUMBRA’s manufacturing costs, change of reimbursement prices, and competitive market situation in the Distribution Countries. Exhibit A shall be amended from time to time to reflect such agreed pricing. 

PENUMBRA will provide DISTRIBUTOR with a reasonable number of field sales samples of Products for demonstration purposes, at PENUMBRA’s
cost of goods sold.” 
  

	 	3.	Section 3(g) of the Distribution Agreement is hereby amended to read as follows: 

 (f)
Payments. All amounts due and payable with respect to Products delivered by PENUMBRA, in accordance with the preceding subsection, shall be paid in full by the end of  

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 1 of 10 

 
the month following the month during shipment of product is made together with invoice. All such amounts shall be paid in US dollars (unless another currency is specified in Exhibit A under the
column “Unit Price”) by wire transfer, to such bank or account as PENUMBRA may from time to time designate in writing. Whenever any amount hereunder is due on a day that is not a day on which banks in the United States or Distribution
Countries are open for business (a “Business Day”), such amount shall be paid on the next Business Day. 
  

	 	4.	In all other respects, the Agreement is ratified, confirmed and approved. 

 [Signature Page
Follows] 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 2 of 10 

 IN WITNESS WHEREOF, the parties
hereto have signed this Agreement. 
  

									
	PENUMBRA, INC.				MEDICO’S HIRATA, INC.
					
	By:						By:		
			
	 /s/ James Pray
				 /s/ Masataka Hirata

					
	Name: 		James Pray				Name: 		Masataka Hirata
					
	Title:		President				Title:		President

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 3 of 10 

 Exhibit A – Products and Pricing 

Reperfusion Catheters 
  

							
	 Catalog

Number
	  	 Description
	  	 Specifications (OD/ID/TL/WL)
	 	 Unit Price ($)

	PSC026	  	Reperfusion Catheter 026	  	2.8F/.026in/154cm/150cm	 	[***]
	PSC032	  	Reperfusion Catheter 032	  	3.4F/.032in/154cm/150cm	 	[***]
	PSC041	  	Reperfusion Catheter 041	  	4.1F/.04in/141cm/137cm	 	[***]
	PSC054	  	Reperfusion Catheter 054	  	5.0F/.054in/136cm/132cm	 	[***]

 SeparatorTM 
  

							
	 Catalog

Number
	  	 Description
	  	 Specifications (OD/TL/WL)
	 	 Unit Price ($)

	PSS026	  	Separator 026	  	.022in/200cm/155cm	 	[***]
	PSS032	  	Separator 032	  	.028in/200cm/155cm	 	[***]
	PSS041	  	Separator 041	  	.035in/200cm/142cm	 	[***]
	PSS054	  	Separator 054	  	.045in/175cm/135cm	 	[***]

 Separator Flex 
  

							
	 Catalog

Number
	  	 Description
	  	 Specifications (OD/Wl/TL)
	 	 Unit Price ($)

	PSF026	  	Separator Flex 026 (0.014in wire)	  	.022”, 155cm, 190cm	 	
	PSF032	  	Separator Flex 032 (0.014in wire)	  	.028”, 155cm, 190cm	 	
	PSF041	  	Separator Flex 041 (0.014in wire)	  	.035”, 142cm, 175cm	 	
	PSF054	  	Separator Flex 054 (0.014in wire)	  	.045”, 135cm, 175cm	 	

 Separator 3D 
  

													
	 Catalog

Number
	 	 Description
	 	 Device
Diameter
(mm)
	 	 Device

Length
 (mm)
	 	 Wire

Length
 (cm)
	  	 Aspiration Catheters
	  	 Unit
Price ($)

	PSS3D	 	Separator 3D	 	4.5	 	26	 	200	  	Reperfusion Catheters 041 and 054	  	

 Aspiration Tubing 
  

					
	 Catalog Number
	  	 Description
	  	 Unit Price($)

	PST1	  	Aspiration Tubing (Sterile)	  	[***]

 Non-Sterile Penumbra System Supplies 
  

					
	 Catalog Number
	  	 Description
	  	 Unit Price($)

	PAPS1	  	Pump Canister Tubing, Pump Canister and Lid, Pump Filter	  	[***]

 Penumbra Aspiration Pump 
  

					
	 Catalog Number
	  	 Description
	  	 Unit Price($)

	PAP110	  	110V Penumbra Aspiration Pump	  	[***]
	PAP220	  	220V/230V Penumbra Aspiration Pump	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 4 of 10 

 Penumbra System® MAX Intracranial Revascularization System 

Penumbra System® MAX Reperfusion Catheters 
  

							
	 Catalog

Number
	 	 Description
	  	 Specifications

(00/ID/Tl/WL)
	 	 Unit Price ($)

	3MAXC	 	3MAX Reperfusion Catheter	  	3.8/.035in/157cm/153cm	 	
	4MAXC	 	4MAX Reperfusion Catheter	  	4.3F/.041in/143cm/139cm	 	
	4MAXC130	 	4MAX Reperfusion Catheter – 130	  	4.3F/.04iln/134cm/130cm	 	
	PSC054	 	5MAX Reperfusion Catheter	  	5.0F/.054in/175cm/132cm	 	
	PSC054L125	 	5MAX Reperfusion Catheter – 125	  	5.0F/.054in/129cm/125cm	 	

 Penumbra System® MAX Separator 
  

							
	 Catalog

Number
	 	 Description
	  	 Specifications (OD/WL/TL)
	 	 Unit Price ($)

	3MAXS	 	3MAX Separator	  	.030”, 158cm, 190cm	 	
	PSF041	 	4MAX Separator (Separator Flex 041)	  	.035”, 142cm, 175cm	 	
	PSF054	 	5MAX Separator (Separator Flex 054)	  	.045”, 135cm, 175cm	 	

 Penumbra System® MAX Aspiration Tubing 
  

					
	 Catalog

Number
	  	 Description
	  	 Unit Price ($)

	PST2	  	MAX Aspiration Tubing (Sterile)	  	

 Non-Sterile Penumbra System® MAX Supplies 

 

					
	 Catalog

Number
	 	 Description
	  	 Unit Price ($)

	PAPS2	 	Pump Canister Tubing, Pump Canister and Lid, Pump Filter	  	

 Penumbra System® MAX Aspiration Pump Starter Pack 

 

					
	 Catalog

Number
	 	 Description
	 	 Unit Price($)

	PMX220	 	220V/230V Penumbra MAX Aspiration Pump	 	
	PMX110	 	110V Penumbra MAX Aspiration Pump	 	

 NeuronTM 

Neuron Delivery Catheter 
  

							
	 Catalog Number
	 	 Description
	 	 Specifications (WL/00/ID/WC)
	 	 Unit Price($)

	PND6F11512	 	6F Neuron Delivery Catheter 115/12 Straight	 	115cm/12cm, 6F/5F, .053”, .035/.038”	 	
	PND6F11512M	 	6F Neuron Delivery Catheter 115/12 MP	 	115cm/12cm, 6F/5F, .053”, .035/.038”	 	
	PND6F1156	 	6F Neuron Delivery Catheter 115/6 Straight	 	115cm/6cm, 6F/5F, .053”, .035/.038”	 	
	PND6F1156M	 	6F Neuron Delivery Catheter 115/6 MP	 	115cm/6cm, 6F/5F, .053”, .035/.038”	 	
	PND6F10512	 	6F Neuron Delivery Catheter 105/12 Straight	 	105cm/12cm, 6F/5F, .053”, .035/.038”	 	
	 PND6F10S12M
	 	6F Neuron Delivery Catheter 105/12 MP	 	105cm/12cm, 6F/5F, .053”, .035/.038”	 	
	 PND6F1056
	 	6F Neuron Delivery Catheter 105/6 Straight	 	105cm/6cm, 6F/5F, .053”, .035/.038”	 	
	 PND6F1056M
	 	6F Neuron Delivery Catheter 105/6 MP	 	105cm/6cm, 6F/5F, .053,, .035/.038”	 	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 5 of 10 

 Neuron 6F 070 Delivery Catheter 
  

							
	 Catalog Number
	 	 Description
	 	 Specifications (WL/OD/ID/WC)
	 	 Unit Price ($)

	 PND6F070956
	 	6F 070 Neuron Delivery Catheter 95/6 Straight	 	95cm/6cm, 6F/6F, .070”, .035/.038”	 	
	 PND6F0700956M
	 	6F 070 Neuron Delivery Catheter, 95/6 MP	 	95cm/6cm, 6F/6F, .070”, .035/.038”	 	
	 PND6F0701058
	 	6F 070 Neuron Deliver Catheter ,105/8 Straight	 	105cm/8cm, 6F/6F, .070”, .035/.038”	 	
	 PND6F0701058M
	 	6F 070 Neuron Deliver Catheter, 105/8 MP	 	105cm/8cm, 6F/6F, .070”, .035/.038”	 	

 Neuron Select Catheter 
  

							
	 Catalog Number
	 	 Description
	 	 Specifications (WL/00/ID/WCJ
	 	 Unit Price ($)

	 PNS5F120H1
	 	5F Neuron Select Catheter, 120 H1	 	120cm/9cm, 5F/5F, .040”, .035”/.038”	 	
	 PNS5F120SIM
	 	5F Neuron Select Catheter, 120 SIM	 	120cm/9cm, 5F/5F, .040”, .035”/.038”	 	
	 PNS5F120BER
	 	5F Neuron Select Catheter, 120 BER	 	120cm/9cm, 5F/5F, .040”, .035”/.038”	 	
	 PNS5F130H1
	 	5F Neuron Select Catheter, 130 Hl	 	130cm/9cm, 5F/5F, .040”, .035”/ .038 ..	 	
	 PNS5F130SIM
	 	5F Neuron Select Catheter, 130 SIM	 	130cm/9cm, 5F/5F, .040”, .035”/.038”	 	
	 PNS5F130BER
	 	5F Neuron Select Catheter, 130 BER	 	130cm/9cm, 5F/5F, .040”, .035”/.038”	 	

 Neuron MAX088 Select Catheter 
  

																	
	 Catalog Number
	  	Working
Length	  	Distal
Flexible
Zone	  	Proximal/
Mid/Distal
Outer
Diameter	  	Inner
Diameter	  	Wire
Compatibility	  	NeuronMAX
Compatibility	  	Tip
Shape	  	Unit
Price
($)
	 PNS6F105H1
	  	105cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	Both
 8F
 Delivery

Catheter and
 Long Sheath

Configurations
	  	Hl	  	
	 PNS6F10SSIM
	  	105cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM	  	
	 PNS6F105BER
	  	105cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	BER	  	
	 PNS6F105SIMV
	  	105cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM-V	  	
	 PNS6F125H1
	  	125cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	Hl	  	
	 PNS6F125SIM
	  	125cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM	  	
	 PNS6F125BER
	  	125cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	BER	  	
	 PNS6Fl25SIMV
	  	125cm	  	9cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM-V	  	

 Neuron MAX088 Large Lumen catheter 
  

																	
	 Catalog Number
	  	Working
Length	  	Distal
Flexible
Zone	  	Proximal
and Distal
OD	  	 Inner
Diameter
	  	Wire
Compatibility	  	Select catheter
Compatibility	  	Tip Shape	  	Price
($)
	 PNMDSF088804
	  	80cm	  	4cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	 PNMD8F088804M
	  	80cm	  	4cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	 PNMDSF088904
	  	90cm	  	4cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	 PNMD8F088904M
	  	90cm	  	4cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	 PNML6F088804
	  	80cm	  	4cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	 PNML6F088804M
	  	80cm	  	4cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	 PNML6F088904
	  	90cm	  	4cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	 PNML6F088904M
	  	90cm	  	4cm	  	8F	  	.088”/ 6F	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	

 00/10/Tl/Wl: Outer Diameter/Inner Diameter/Total length/Working length 

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 6 of 10 

 Penumbra CoilTM 400 System 

Complex Standard 
  

											
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Secondary
Diameter	  	Total
Length	  	Unit
Price (¥)
	 4002C0306
	  	Coil 400 Complex Standard, 3 mm x 6cm	  	.020”	  	3mm	  	6cm	  	[***]
	 4002C0310
	  	Coil 400 Complex Standard, 3 mm x 10 cm	  	.020”	  	3mm	  	10cm	  	[***]
	 4002C0408
	  	Coil 400 Complex Standard, 4 mm x 8cm	  	.020”	  	4mm	  	8cm	  	[***]
	 4002C0412
	  	Coil 400 Complex Standard, 4 mm x 12 cm	  	.020”	  	4mm	  	12cm	  	[***]
	 4002C0506
	  	Coil 400 Complex Standard, 5 mm x 6cm	  	.020”	  	5mm	  	6mm	  	[***]
	 4002C0510
	  	Coil 400 Complex Standard, 5mm x 10cm	  	.020”	  	5mm	  	10cm	  	[***]
	 4002C0610
	  	Coil 400 Complex Standard, 6mm x 10cm	  	.020”	  	6mm	  	10cm	  	[***]
	 4002C0615
	  	Coil 400 Complex Standard, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	[***]
	 4002C0710
	  	Coil 400 Complex Standard, 7mm x 10cm	  	.020”	  	7mm	  	10cm	  	[***]
	 4002C0715
	  	Coil 400 Complex Standard, 7 mm x 15 cm	  	.020”	  	7mm	  	15cm	  	[***]
	 4002C0720
	  	Coil 400 Complex Standard, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	[***]
	 4002C0815
	  	Coil 400 Complex Standard, 8 mm x 15 cm	  	020”	  	8mm	  	15cm	  	[***]
	 4002C0820
	  	Coil 400 Complex Standard, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	[***]
	 4002C0830
	  	Coil 400 Complex Standard, 8mm x 30cm	  	.020”	  	8mm	  	30cm	  	[***]
	 4002C0915
	  	Coil 400 Complex Standard, 9 mm x 15 cm	  	.020”	  	9mm	  	15cm	  	[***]
	 4002C0925
	  	Coil 400 Complex Standard, 9mm x 25cm	  	.020”	  	9mm	  	25cm	  	[***]
	 4002C0935
	  	Coil 400 Complex Standard, 9mm x 35cm	  	.020”	  	9mm	  	35cm	  	[***]
	 4002C1020
	  	Coil 400 Complex Standard, 10 mm x 20 cm	  	.020”	  	10mm	  	20cm	  	[***]
	 4002C1030
	  	Coil 400 Complex Standard, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	[***]
	 4002C1040
	  	Coil 400 Complex Standard, 10mm x 40cm	  	.020”	  	10mm	  	40cm	  	[***]
	 4002C1135
	  	Coil 400 Complex Standard, llmm x 35cm	  	.020”	  	11mm	  	35cm	  	[***]
	 4002C1145
	  	Coil 400 Complex Standard, llmm x 45cm	  	.020”	  	11mm	  	45cm	  	[***]
	 4002C1235
	  	Coil 400 Complex Standard, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	[***]
	 4002C1245
	  	Coil 400 Complex Standard, 12mm x 45cm	  	.020”	  	12mm	  	45cm	  	[***]
	 4002C1335
	  	Coil 400 Complex Standard, 13 mm x 35cm	  	.020”	  	13mm	  	35cm	  	[***]
	 4002C1348
	  	Coil 400 Complex Standard, 13mm x 48cm	  	.020”	  	13mm	  	48cm	  	[***]
	 4002C1450
	  	Coil 400 Complex Standard, 14mm x 50cm	  	.020”	  	14mm	  	50cm	  	[***]
	 4002C1557
	  	Coil 400 Complex Standard, 15mm x 57cm	  	.020”	  	15mm	  	57cm	  	[***]
	 4002Cl660
	  	Coi1 400 Complex Standard, 16mm x 60cm	  	.020”	  	16mm	  	60cm	  	[***]
	 4002C1857
	  	Coil 400 Complex Standard, 18mm x 57cm	  	.020”	  	18mm	  	57cm	  	[***]
	 4002C2060
	  	Coil 400 Complex Standard, 20mm x 60cm	  	.020”	  	20mm	  	60cm	  	[***]
	 4002C2260
	  	Coil 400 Complex Standard, 22mm x 60cm	  	.020”	  	22mm	  	60cm	  	[***]
	 4002C2457
	  	Coil 400 Complex Standard, 24mm x 57cm	  	.020”	  	24mm	  	57cm	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 7 of 10 

 Complex Soft 
  

											
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Secondary
Diameter	  	Total
length	  	Unit
Price
(¥)
	 4004C0303
	  	Coil 400 Complex Soft, 3 mm x 3cm	  	.020”	  	3mm	  	3cm	  	[***]
	 4004C0304
	  	Coil 400 Complex Soft, 3 mm x 4cm	  	.020”	  	3mm	  	4cm	  	[***]
	 4004C0306
	  	Coil 400 Complex Soft, 3 mm x 6cm	  	.020”	  	3mm	  	6cm	  	[***]
	 4004C0310
	  	Coil 400 Complex Soft, 3 mm x 10cm	  	.020”	  	3mm	  	10cm	  	[***]
	 4004C0404
	  	Coil 400 Complex Soft, 4 mm x 4cm	  	.020”	  	4mm	  	4cm	  	[***]
	 4004C0406
	  	Coil 400 Complex Soft, 4 mm x 6cm	  	.020”	  	4mm	  	6cm	  	[***]
	 4004C0408
	  	Coil 400 Complex Soft, 4 mm x 8cm	  	.020”	  	4mm	  	8cm	  	[***]
	 4004C0412
	  	Coil 400 Complex Soft, 4 mm x 12cm	  	.020”	  	4mm	  	12cm	  	[***]
	 4004C0509
	  	Coil 400 Complex Soft, 5mm x 9cm	  	.020”	  	5mm	  	9cm	  	[***]
	 4004C0513
	  	Coil 400 Complex Soft, 5mm x 13cm	  	.020”	  	5mm	  	13cm	  	[***]
	 4004C0610
	  	Coil 400 Complex Soft, 6mm x 10cm	  	.020”	  	6mm	  	l0cm	  	[***]
	 4004C0615
	  	Coil 400 Complex Soft, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	[***]
	 4004C0620
	  	Coil 400 Complex Soft, 6 mm x 20 cm	  	.020”	  	6mm	  	20cm	  	[***]
	 4004C0710
	  	Coil 400 Complex Soft, 7 mm x 10 cm	  	.020”	  	7mm	  	10cm	  	[***]
	 4004C0715
	  	Coil 400 Complex Soft, 7mm x 15cm	  	.020”	  	7mm	  	15cm	  	[***]
	 4004C0720
	  	Coil 400 Complex Soft, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	[***]
	 4004C0815
	  	Coil 400 Complex Soft, 8mm x 15cm	  	.020”	  	8mm	  	15cm	  	[***]
	 4004C0820
	  	Coil 400 Complex Soft, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	[***]
	 4004C0925
	  	Coil 400 Complex Soft, 9mm x 2Scm	  	.020”	  	9mm	  	25cm	  	[***]
	 4004C0935
	  	Coil 400 Complex Soft, 9 mm x 35 cm	  	.020”	  	9mm	  	35cm	  	[***]
	 4004C1020
	  	Coil 400 Complex Soft, 10mm x 20cm	  	.020”	  	10mm	  	20cm	  	[***]
	 4004C1030
	  	Coil 400 Complex Soft, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	[***]
	 4004C1040
	  	Coil 400 Complex Soft, 10 mm x 40 cm	  	.020”	  	10mm	  	40cm	  	[***]
	 4004C1135
	  	Coil 400 Complex Soft, 11mm x 35cm	  	.020”	  	11mm	  	35cm	  	[***]
	 4004C1145
	  	Coil 400 Complex Soft, 11 mm x 45 cm	  	.020”	  	11mm	  	45cm	  	[***]
	 4004C1235
	  	Coil 400 Complex Soft, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	[***]
	 4004C1245
	  	Coil 400 Complex Soft, 12 mm x 45 cm	  	.020”	  	12mm	  	45cm	  	[***]
	 4004C1335
	  	Coil 400 Complex Soft, 13mm x 35cm	  	.020”	  	13mm	  	35cm	  	[***]
	 4004C1348
	  	Coil 400 Complex Soft, 13 mm x 48 cm	  	.020”	  	13mm	  	48mm	  	[***]
	 4004C1440
	  	Coil 400 Complex Soft, 14mm x 40cm	  	.020”	  	14mm	  	40cm	  	[***]
	 4004C1545
	  	Coil 400 Complex Soft, 15 mm x 45 cm	  	.020”	  	15mm	  	45cm	  	[***]
	 4004C1645
	  	Coil 400 Complex Soft, 16mm x 45cm	  	.020”	  	16mm	  	45cm	  	[***]

 J Soft 
  

									
	 Catalog
	  	 Description
	  	 Primary

Diameter
	  	 Total
Length
	  	 Unit

Price (¥)

	 4004J7
	  	Coil 400 J, 7cm	  	.020”	  	7cm	  	[***]
	 4004J10
	  	Coil 400 J, 10cm	  	.020”	  	10cm	  	[***]
	 4004Jl5
	  	Coil 400 J, 15cm	  	.020”	  	15cm	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 8 of 10 

 Curve Extra Soft 
  

											
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Secondary
Diameter	  	Total
Length	  	Unit
Price (¥)
	4006U0201	  	Coil 400 Curve Extra Soft, 2mm x 1cm	  	.020”	  	2mm	  	1cm	  	[***]
	4006U0202	  	Coil 400 Curve Extra Soft, 2mm x 2cm	  	.020”	  	2mm	  	2cm	  	[***]
	4006U0203	  	Coil 400 Curve Extra Soft, 2mm x 3cm	  	.020”	  	2mm	  	3cm	  	[***]
	4006U0204	  	Coil 400 Curve Extra Soft, 2mm x 4cm	  	.020”	  	2mm	  	4cm	  	[***]
	4006U0302	  	Coil 400 Curve Extra Soft, 3mm x 2cm	  	.020”	  	3mm	  	2cm	  	[***]
	4006U0303	  	Coil 400 Curve Extra Soft, 3mm x 3cm	  	.020”	  	3mm	  	3cm	  	[***]
	4006U0304	  	Coil 400 Curve Extra Soft, 3mm x 4cm	  	.020”	  	3mm	  	4cm	  	[***]
	4006U0305	  	Coil 400 Curve Extra Soft, 3mm x 5cm	  	.020”	  	3mm	  	5cm	  	[***]
	4006U0306	  	Coil 400 Curve Extra Soft, 3mm x 6cm	  	.020”	  	3mm	  	6cm	  	[***]
	4006U0308	  	Coil 400 Curve Extra Soft, 3mm x 8cm	  	.020”	  	3mm	  	8cm	  	[***]
	4006U0310	  	Coil 400 Curve Extra Soft, 3 mm x 10cm	  	.020”	  	3mm	  	10cm	  	[***]
	4006U0404	  	Coil 400 Curve Extra Soft, 4mm x 4cm	  	.020”	  	4mm	  	4cm	  	[***]
	4006U0406	  	Coil 400 Curve Extra Soft, 4mm x 6cm	  	.020”	  	4mm	  	6cm	  	[***]
	4006U0408	  	Coil 400 Curve Extra Soft, 4mm x 8cm	  	.020”	  	4mm	  	8cm	  	[***]
	4006U0410	  	Coil 400 Curve Extra Soft, 4 mm x 10cm	  	.020”	  	4mm	  	10cm	  	[***]

 Detachment Handle and Catheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	DH1	  	Coil Detachment Handle	  	[***]
	DHS	  	Coil Detachment Handle – 5 Pack	  	[***]

 Penumbra Delivery Microcatheters 

PX 400TM Delivery Microcatheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	 PX40045
	  	PX400, 45°	  	[***]
	 PX40090
	  	PX400, 90°	  	[***]
	 PX400J
	  	PX400, J	  	[***]
	 PX400STR
	  	PX400, Straight	  	[***]

 PX SLIMTM Delivery Microcatheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	 PXSLIMSTR
	  	PXSLIM Delivery Catheter – Straight (150cm)	  	
	 PXSLIM045
	  	PXSLIM Delivery Catheter – 45 (150cm)	  	
	 PXSLIM090
	  	PXSLIM Delivery Catheter – 90 (150cm)	  	
	 PXSLIM130
	  	PXSLIM Delivery Catheter – 130 (J) (150cm)	  	
	PXSLIM160STR	  	PX SLIM Delivery Catheter – Straight (160cm)	  	
	PXSLIM160045	  	PX SLIM Delivery Catheter – 45 (160cm)	  	
	PXSLIM160090	  	PX SLIM Delivery Catheter – 90° (160cm)	  	
	PXSLIM160130	  	PX SLIM Delivery Catheter – 130° (J) (160cm)	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 9 of 10 

 VelocityTM Delivery Microcatheter 

 

					
	 Catalog
	  	 Description
	  	 Unit Price
(¥)

	VEL150STR	  	Velocity Delivery Catheter– Straight (150cm)	  	
	VEL150045	  	Velocity Delivery Catheter – 45 (150cm)	  	
	VEL150090	  	Velocity Delivery Catheter – go (150cm)	  	
	VEL150130	  	Velocity Delivery Catheter – 130 (150cm)	  	
	VEL160STR	  	Velocity Delivery Catheter– Straight (160cm)	  	
	VEL160045	  	Velocity Delivery Catheter – 45 (160cm)	  	
	VEL160090	  	Velocity Delivery Catheter – 90 (160cm)	  	
	VEL160130	  	Velocity Delivery Catheter– 130 (160cm)	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 Page 10 of 10 

 AMENDMENT NO. 4 DISTRIBUTION AGREEMENT 

BETWEEN 
 PENUMBRA, INC.

 AND 

MEDICO’S HIRATA INC. 
 THIS
AMENDMENT NO. 4 TO DISTRIBUTION AGREEMENT (“Amendment No. 4”) is made and entered into as of the 1st day of May 2013 (the “Effective Date”), by and between Penumbra, Inc., a corporation organized under the laws of
Delaware, USA, with offices at 1351 Harbor Bay Parkway, Alameda, California, USA (“Penumbra”), and Medico’s Hirata Inc. (“Distributor”), a corporation organized under the laws of Japan, with a registered
office at 3-3-18 Dojima, Kita-Ku, Osaka, Japan. 
 WHEREAS, Penumbra and Distributor entered into a Distribution Agreement dated
August 2, 2009, as amended by Amendment No. 1 thereto dated June 17, 2010, Amendment No. 2 thereto dated September 16, 2011, and Amendment No. 3 thereto dated August 22, 2012 (the “Amended Distribution
Agreement”); and 
 WHEREAS, Penumbra and Distributor wish to amend the Amended Distribution Agreement as provided in this Amendment.

 NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained, and intending to be legally bound hereby the parties
mutually agree as follows: 
  

	 	1.	Exhibit A to this Amendment No. 4 replaces Exhibit A to the Amended Distribution Agreement. 

  

	 	2.	The Amended Distribution Agreement is hereby amended by adding the following as Section 2(e): 

“(e) Liberty Stent Trial. Penumbra is conducting the clinical trial entitled: “CLP 5038: The Penumbra Liberty
Trial: Safety and Effectiveness in the Treatment of Wide-Neck Intracranial Aneurysms” (the “Liberty Trial”) in order to obtain approval of its Liberty Stent device from the United States Food and Drug Administration. The Liberty Trial
will include a limited number of sites in Japan to facilitate approval of the Liberty Stent device in Japan. Distributor agrees to provide its regulatory and clinical resources as necessary to cooperate with Penumbra as necessary to conduct the
clinical trial at the sites designated in Japan, and Penumbra agrees to bear certain costs related to enrolling and monitoring patients in the Liberty Trial. Distributor will conduct the clinical trial of the Liberty Stent device in Japan in order
to obtain the Shonin Approval of the Japan Pharmaceuticals and Medical Devices Agency (“PMDA”) and other necessary Approvals with respect to the Liberty Stent device, and Penumbra agrees to provide its regulatory and clinical  

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 1 

 
resources as necessary to conduct the clinical trial at the sites in Japan and to support certain costs related to enrolling and monitoring patients enrolled in the Liberty Trial in Japan, as
follows: 
  

	 	(i)	Penumbra will supply at no cost to Distributor all Liberty Stents, Penumbra coils, PX 400 catheters, and detachment handles necessary to conduct the procedures required by the Liberty Trial protocol for each patient
enrolled in the Liberty Trial in Japan; 

  

	 	(ii)	Penumbra will pay the per-patient research fee negotiated with each site in Japan, provided that Penumbra shall first have reviewed and approved the contract and fees for each such site; 

 

	 	(iii)	Penumbra reserves the right to perform all clinical monitoring functions required by the Liberty Study. If Clinical Research Organization (“CRO”) is retained to perform such function, Penumbra will pay the
clinical monitoring costs for all patients enrolled in the Liberty Trial in Japan who are monitored by the CRO, provided that Penumbra shall first have reviewed and approved the contract with the fees and expenses payable to such CRO;

  

	 	(iv)	Penumbra will bear the consultation and filing fee payable to PMDA. Upon execution of this Amendment No. 4, Penumbra will pay the amounts required for the consultation and filing fee to Distributor and Distributor
will in turn pay to PMDA the amount of the consultation in advance and the amount of the fee for filing the application for Shonin Approval. 

  

	 	(v)	Penumbra and Distributor will share equally all expenses payable to third parties in connection with any Post Market Surveillance Study that may be required by the Japanese regulatory authorities for the Liberty Stent
after it is approved in Japan. 

  

	 	(vi)	The matters and contents of the cooperation to be made between Penumbra and Distributor and the support to be made by Distributor to Penumbra for conducting the clinical operations in Japan shall be consulted and agreed
between Penumbra and Distributor which agreement is set forth in Attachment 1 hereto. 

  

	 	3.	In all other respects, the Amended Distribution Agreement is ratified, confirmed and approved. 

[Signature Page Follows] 
  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 2 

 IN WITNESS WHEREOF, the
parties hereto have signed this Agreement. 
 MEDICO’S HIRATA, INC.: 
  

			
	By:		 /s/ Masataka Hirata

		
	Title:		 Masataka Hirata, President

 PENUMBRA, INC.: 
  

			
	By:		 /s/ James Pray

	
	James Pray, President

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 3 

 Exhibit A – Products and Pricing 

Reperfusion Catheters 
  

							
	 Catalog

Number
	 	 Description
	  	 Specifications (OD/ID/TL/WL)
	 	 Unit Price ($)

	 PSC026
	 	Reperfusion Catheter 026	  	2.8F/.026in/154cm/150cm	 	[***]
	 PSC032
	 	Reperfusion Catheter 032	  	3.4F/.032in/154cm/150cm	 	[***]
	 PSC041
	 	Reperfusion Catheter 041	  	4.1F/.041in/141cm/137cm	 	[***]
	 PSC054
	 	Reperfusion Catheter 054	  	5.0F/.054in/136cm/132cm	 	[***]

 SeparatorTM 
  

							
	 Catalog Number
	 	 Description
	  	 Specifications (OD/TL/WL)
	 	 Unit Price ($)

	 PSS026
	 	Separator 026	  	.022in/200cm/155cm	 	[***]
	 PSS032
	 	Separator 032	  	.028in/200cm/155cm	 	[***]
	 PSS041
	 	Separator 041	  	.035in/200cm/142cm	 	[***]
	 PSS054
	 	Separator 054	  	.045in/175cm/135cm	 	[***]

 Separator Flex 
  

							
	 Catalog

Number
	 	 Description
	  	 Specifications (OD/WL/TL)
	 	 Unit Price ($)

	 PSF026
	 	Separator Flex 026 (0.014in wire)	  	.022”, 155cm, 190cm	 	[***]
	 PSF032
	 	Separator Flex 032 (0.014in wire)	  	.028”, 155cm, 190cm	 	[***]
	 PSF041
	 	Separator Flex 041 (0.014in wire)	  	.035”, 142cm, 175cm	 	[***]
	 PSF054
	 	Separator Flex 054 (0.014in wire)	  	.045”, 135cm, 175cm	 	[***]

 Separator 3D 
  

													
	 Catalog

Number
	 	 Description
	 	 Device
Diameter
(mm)
	 	 Device

length
 (mm)
	 	 Wire

length
 (cm)
	  	 Aspiration Catheters
	  	 Unit
Price

($)

	PSS3D	 	Separator 3D	 	4.5	 	26	 	200	  	Reperfusion Catheters 041 and 054	  	

 Aspiration Tubing 
  

					
	 Catalog Number
	 	 Description
	 	 Unit Price ($)

	 PST1
	 	Aspiration Tubing (Sterile)	 	[***]

 Non-Sterile Penumbra System Supplies 
  

					
	 Catalog Number
	 	 Description
	 	 Unit Price ($)

	 PAPS1
	 	Pump Canister Tubing, Pump Canister and Lid, Pump Filter	 	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 4 

 Penumbra Aspiration Pump 
  

					
	 Catalog Number
	  	 Description
	  	Unit Price ($)
	PAP110	  	110V Penumbra Aspiration Pump	  	[***]
	PAP220	  	220V/230V Penumbra Aspiration Pump	  	[***]

 Penumbra System® MAX Intracranial Revascularization System

 Penumbra System® MAX Reperfusion Catheters 

 

							
	 Catalog
Number
	  	 Description
	  	 Specifications

(OD/ID/TL/WL)
	  	Unit Price ($)
	3MAXC	  	3MAX Reperfusion Catheter	  	3.8/.035in/157cm/153cm	  	[***]
	4MAXC	  	4MAX Reperfusion Catheter	  	4.3F/.041in/143cm/139cm	  	[***]
	4MAXC130	  	4MAX Reperfusion Catheter – 130	  	4.3F/.041in/134cm/130cm	  	[***]
	PSC054	  	5MAX Reperfusion Catheter	  	5.0F/.054in/175cm/132cm	  	[***]
	PSC054L125	  	5MAX Reperfusion Catheter - 125	  	5.0F/.054in/129cm/125cm	  	[***]

 Penumbra System® MAX Separator 

 

							
	 Catalog
Number
	  	 Description
	  	 Specifications (OD/WL/TL)
	  	Unit Price ($)
	3MAXS	  	3MAX Separator	  	.030”, 158cm, 190cm	  	[***]
	PSF041	  	4MAX Separator (Separator Flex 041)	  	.035”, 142cm, 175cm	  	[***]
	PSF054	  	5MAX Separator (Separator Flex 054)	  	.045”, 135cm, 175cm	  	[***]

 Penumbra System® MAX Aspiration Tubing 

 

					
	 Catalog
Number
	  	 Description
	  	Unit Price ($)
	PST2	  	MAX Aspiration Tubing (Sterile)	  	[***]

 Non-Sterile Penumbra System® MAX Supplies 

 

					
	 Catalog
Number
	  	 Description
	  	Unit Price ($)
	PAPS2	  	Pump Canister Tubing, Pump Canister and Lid, Pump Filter	  	

 Penumbra System® MAX Aspiration Pump Starter Pack 

 

					
	 Catalog
Number
	  	 Description
	  	 Unit Price ($)

	PMX220	  	220V/230V Penumbra MAX Aspiration Pump	  	
	PMX110	  	110V Penumbra MAX Aspiration Pump	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 5 

 NeuronTM 

Neuron Delivery Catheter 
  

							
	 Catalog Number
	  	 Description
	  	 Specifications (WL/OD/ID/WC)
	  	Unit Price ($)
	PND6F11512	  	6F Neuron Delivery Catheter 115/12 Straight	  	115cm/12cm, 6F/5F, .053”, .035/.038”	  	
	PND6F11512M	  	6F Neuron Delivery Catheter 115/12 MP	  	115cm/12cm, 6F/5F, .053”, .035/.038”	  	
	PND6F1156	  	6F Neuron Delivery Catheter 115/6 Straight	  	115cm/6cm, 6F/5F, .053”, .035/.038”	  	
	PND6F1156M	  	6F Neuron Delivery Catheter 115/6 MP	  	115cm/6cm, 6F/5F, .053”, .035/.038”	  	
	PND6F10512	  	6F Neuron Delivery Catheter 105/12 Straight	  	105cm/12cm, 6F/5F, .053”, .035/.038”	  	
	PND6F10512M	  	6F Neuron Delivery Catheter 105/12 MP	  	105cm/12cm, 6F/5F, .053”, .035/.038”	  	
	PND6F1056	  	6F Neuron Delivery Catheter 105/6 Straight	  	105cm/6cm, 6F/5F, .053”, .035/.038”	  	
	PND6F1056M	  	6F Neuron Delivery Catheter 105/6 MP	  	105cm/6cm, 6F/5F, .053”, .035/.038”	  	

 Neuron 6F 070 Delivery Catheter 
  

							
	 Catalog Number
	  	 Description
	  	 Specifications (WL/OD/ID/WC)
	  	Unit Price ($)
	PND6F070956	  	6F 070 Neuron Delivery Catheter 95/6 Straight	  	95cm/6cm, 6F/6F, .070”, .035/.038”	  	
	PND6F0700956M	  	6F 070 Neuron Delivery Catheter, 95/6 MP	  	95cm/6cm, 6F/6F, .070”, .035/.038”	  	
	PND6F0701058	  	6F 070 Neuron Deliver Catheter ,105/8 Straight	  	105cm/8cm, 6F/6F, .070”, .035/.038”	  	
	PND6F0701058M	  	6F 070 Neuron Deliver Catheter, 105/8 MP	  	105cm/8cm, 6F/6F, .070”, .035/.038”	  	

 Neuron Select Catheter 
  

							
	 Catalog Number
	  	 Description
	  	 Specifications (WL/OD/ID/WC)
	  	Unit Price ($)
	PNS5F120H1	  	5F Neuron Select Catheter, 120 H1	  	120cm/9cm, 5F/5F, .040”, .035”/.038”	  	
	PNS5F120SIM	  	5F Neuron Select Catheter, 120 SIM	  	120cm/9cm, 5F/5F, .040”, .035”/.038”	  	
	PNS5F120BER	  	5F Neuron Select Catheter, 120 BER	  	120cm/9cm, 5F/5F, .040”, .035”/.038”	  	
	PNS5F130H1	  	5F Neuron Select Catheter, 130 H1	  	130cm/9cm, 5F/5F, .040”, .035”/.038”	  	
	PNS5F130SIM	  	5F Neuron Select Catheter, 130 SIM	  	130cm/9cm, 5F/5F, .040”, .035”/.038”	  	
	PNS5F130BER	  	5F Neuron Select Catheter, 130 BER	  	130cm/9cm, 5F/5F, .040”, .035”/.038”	  	

 Neuron MAX088 Select Catheter 
  

																	
	 Catalog Number
	  	Working
Length	  	Distal
Flexible
Zone	  	Proximal/
Mid/Distal Outer
Diameter	  	Inner
Diameter	  	Wire
Compatibility	  	NeuronMAX
Compatibility	  	Tip Shape	  	Unit
Price
($)
	PNS6F105H1	  	105 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	Both 8F
Delivery
Catheter and
6F Long Sheath
Configurations	  	H1	  	
	PNS6F105SIM	  	105 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM	  	
	PNS6F105BER	  	105 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	BER	  	
	PNS6F105SIMV	  	105 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM-V	  	
	PNS6F125H1	  	125 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	H1	  	
	PNS6F125SIM	  	125 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM	  	
	PNS6F125BER	  	125 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	BER	  	
	PNS6F125SIMV	  	125 cm	  	9 cm	  	5.6F/6F/5F	  	.040”	  	.035/.038”	  	  	SIM-V	  	

 Neuron MAX088 Large Lumen Catheter 
  

																	
	 Catalog Number
	  	Working
Length	  	Distal
Flexible
Zone	  	Proximal
and Distal
OD	  	Inner
Diameter	  	Wire
Compatibility	  	Select Catheter
Compatibility	  	Tip Shape	  	Unit Price
($)
	PNMD8F088804	  	80 cm	  	4 cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	PNMD8F088804M	  	80 cm	  	4 cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	PNMD8F088904	  	90 cm	  	4 cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	PNMD8F088904M	  	90 cm	  	4 cm	  	8F	  	.088”	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	PNML6F088804	  	80 cm	  	4 cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	PNML6F088804M	  	80 cm	  	4 cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	
	PNML6F088904	  	90 cm	  	4 cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Straight	  	
	PNML6F088904M	  	90 cm	  	4 cm	  	8F	  	.088” / 6F	  	.035/.038”	  	6F Neuron Select	  	Multi-Purpose	  	

 OD/ID/TL/WL: Outer Diameter/Inner Diameter/Total Length/Working Length 

 

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 6 

 Penumbra CoilTM 400 System 

Complex Standard 
  

											
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Secondary
Diameter	  	Total
Length	  	Unit
Price
(¥)
	4002C0306	  	Coil 400 Complex Standard, 3 mm x 6 cm	  	.020”	  	3mm	  	6cm	  	[***]
	4002C0310	  	Coil 400 Complex Standard, 3 mm x 10 cm	  	.020”	  	3mm	  	10cm	  	[***]
	4002C0408	  	Coil 400 Complex Standard, 4 mm x 8 cm	  	.020”	  	4mm	  	8cm	  	[***]
	4002C0412	  	Coil 400 Complex Standard, 4 mm x 12 cm	  	.020”	  	4mm	  	12cm	  	[***]
	4002C0506	  	Coil 400 Complex Standard, 5 mm x 6 cm	  	.020”	  	5mm	  	6mm	  	[***]
	4002C0510	  	Coil 400 Complex Standard, 5mm x 10cm	  	.020”	  	5mm	  	10cm	  	[***]
	4002C0610	  	Coil 400 Complex Standard, 6mm x 10cm	  	.020”	  	6mm	  	10cm	  	[***]
	4002C0615	  	Coil 400 Complex Standard, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	[***]
	4002C0710	  	Coil 400 Complex Standard, 7mm x 10cm	  	.020”	  	7mm	  	10cm	  	[***]
	4002C0715	  	Coil 400 Complex Standard, 7 mm x 15 cm	  	.020”	  	7mm	  	15cm	  	[***]
	4002C0720	  	Coil 400 Complex Standard, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	[***]
	4002C0815	  	Coil 400 Complex Standard, 8 mm x 15 cm	  	020”	  	8mm	  	15cm	  	[***]
	4002C0820	  	Coil 400 Complex Standard, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	[***]
	4002C0830	  	Coil 400 Complex Standard, 8mm x 30cm	  	.020”	  	8mm	  	30cm	  	[***]
	4002C0915	  	Coil 400 Complex Standard, 9 mm x 15 cm	  	.020”	  	9mm	  	15cm	  	[***]
	4002C0925	  	Coil 400 Complex Standard, 9mm x 25cm	  	.020”	  	9mm	  	25cm	  	[***]
	4002C0935	  	Coil 400 Complex Standard, 9mm x 35cm	  	.020”	  	9mm	  	35cm	  	[***]
	4002C1020	  	Coil 400 Complex Standard, 10 mm x 20 cm	  	.020”	  	10mm	  	20cm	  	[***]
	4002C1030	  	Coil 400 Complex Standard, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	[***]
	4002C1040	  	Coil 400 Complex Standard, 10mm x 40cm	  	.020”	  	10mm	  	40cm	  	[***]
	4002C1135	  	Coil 400 Complex Standard, 11mm x 35cm	  	.020”	  	11mm	  	35cm	  	[***]
	4002C1145	  	Coil 400 Complex Standard, 11mm x 45cm	  	.020”	  	11mm	  	45cm	  	[***]
	4002C1235	  	Coil 400 Complex Standard, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	[***]
	4002C1245	  	Coil 400 Complex Standard, 12mm x 45cm	  	.020”	  	12mm	  	45cm	  	[***]
	4002C1335	  	Coil 400 Complex Standard, 13 mm x 35 cm	  	.020”	  	13mm	  	35cm	  	[***]
	4002C1348	  	Coil 400 Complex Standard, 13mm x 48cm	  	.020”	  	13mm	  	48cm	  	[***]
	4002C1450	  	Coil 400 Complex Standard, 14mm x 50cm	  	.020”	  	14mm	  	50cm	  	[***]
	4002C1557	  	Coil 400 Complex Standard, 15mm x 57cm	  	.020”	  	15mm	  	57cm	  	[***]
	4002C1660	  	Coil 400 Complex Standard, 16mm x 60cm	  	.020”	  	16mm	  	60cm	  	[***]
	4002C1857	  	Coil 400 Complex Standard, 18mm x 57cm	  	.020”	  	18mm	  	57cm	  	[***]
	4002C2060	  	Coil 400 Complex Standard, 20mm x 60cm	  	.020”	  	20mm	  	60cm	  	[***]
	4002C2260	  	Coil 400 Complex Standard, 22mm x 60cm	  	.020”	  	22mm	  	60cm	  	[***]
	4002C2457	  	Coil 400 Complex Standard, 24mm x 57cm	  	.020”	  	24mm	  	57cm	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 7 

 Complex Soft 
  

											
	 Catalog
	  	 Description
	  	 Primary
Diameter
	  	Secondary
Diameter	  	Total
Length	  	Unit
Price
(¥)
	4004C0303	  	Coil 400 Complex Soft, 3 mm x 3 cm	  	.020”	  	3mm	  	3cm	  	[***]
	4004C0304	  	Coil 400 Complex Soft, 3 mm x 4 cm	  	.020”	  	3mm	  	4cm	  	[***]
	4004C0306	  	Coil 400 Complex Soft, 3 mm x 6 cm	  	.020”	  	3mm	  	6cm	  	[***]
	4004C0310	  	Coil 400 Complex Soft, 3 mm x 10 cm	  	.020”	  	3mm	  	10cm	  	[***]
	4004C0404	  	Coil 400 Complex Soft, 4 mm x 4 cm	  	.020”	  	4mm	  	4cm	  	[***]
	4004C0406	  	Coil 400 Complex Soft, 4 mm x 6 cm	  	.020”	  	4mm	  	6cm	  	[***]
	4004C0408	  	Coil 400 Complex Soft, 4 mm x 8 cm	  	.020”	  	4mm	  	8cm	  	[***]
	4004C0412	  	Coil 400 Complex Soft, 4 mm x 12 cm	  	.020”	  	4mm	  	12cm	  	[***]
	4004C0509	  	Coil 400 Complex Soft, 5mm x 9cm	  	.020”	  	5mm	  	9cm	  	[***]
	4004C0513	  	Coil 400 Complex Soft, 5mm x 13cm	  	.020”	  	5mm	  	13cm	  	[***]
	4004C0610	  	Coil 400 Complex Soft, 6mm x 10cm	  	.020”	  	6mm	  	10cm	  	[***]
	4004C0615	  	Coil 400 Complex Soft, 6mm x 15cm	  	.020”	  	6mm	  	15cm	  	[***]
	4004C0620	  	Coil 400 Complex Soft, 6 mm x 20 cm	  	.020”	  	6mm	  	20cm	  	[***]
	4004C0710	  	Coil 400 Complex Soft, 7 mm x 10 cm	  	.020”	  	7mm	  	10cm	  	[***]
	4004C0715	  	Coil 400 Complex Soft, 7mm x 15cm	  	.020”	  	7mm	  	15cm	  	[***]
	4004C0720	  	Coil 400 Complex Soft, 7mm x 20cm	  	.020”	  	7mm	  	20cm	  	[***]
	4004C0815	  	Coil 400 Complex Soft, 8mm x 15cm	  	.020”	  	8mm	  	15cm	  	[***]
	4004C0820	  	Coil 400 Complex Soft, 8mm x 20cm	  	.020”	  	8mm	  	20cm	  	[***]
	4004C0925	  	Coil 400 Complex Soft, 9mm x 25cm	  	.020”	  	9mm	  	25cm	  	[***]
	4004C0935	  	Coil 400 Complex Soft, 9 mm x 35 cm	  	.020”	  	9mm	  	35cm	  	[***]
	4004C1020	  	Coil 400 Complex Soft, 10mm x 20cm	  	.020”	  	10mm	  	20cm	  	[***]
	4004C1030	  	Coil 400 Complex Soft, 10mm x 30cm	  	.020”	  	10mm	  	30cm	  	[***]
	4004C1040	  	Coil 400 Complex Soft, 10 mm x 40 cm	  	.020”	  	10mm	  	40cm	  	[***]
	4004C1135	  	Coil 400 Complex Soft, 11mm x 35cm	  	.020”	  	11mm	  	35cm	  	[***]
	4004C1145	  	Coil 400 Complex Soft, 11 mm x 45 cm	  	.020”	  	11mm	  	45cm	  	[***]
	4004C1235	  	Coil 400 Complex Soft, 12mm x 35cm	  	.020”	  	12mm	  	35cm	  	[***]
	4004C1245	  	Coil 400 Complex Soft, 12 mm x 45 cm	  	.020”	  	12mm	  	45cm	  	[***]
	4004C1335	  	Coil 400 Complex Soft, 13mm x 35cm	  	.020”	  	13mm	  	35cm	  	[***]
	4004C1348	  	Coil 400 Complex Soft, 13 mm x 48 cm	  	.020”	  	13mm	  	48mm	  	[***]
	4004C1440	  	Coil 400 Complex Soft, 14mm x 40cm	  	.020”	  	14mm	  	40cm	  	[***]
	4004C1545	  	Coil 400 Complex Soft, 15 mm x 45 cm	  	.020”	  	15mm	  	45cm	  	[***]
	4004C1645	  	Coil 400 Complex Soft, 16mm x 45cm	  	.020”	  	16mm	  	45cm	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 8 

 J Soft 
  

									
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Total
Length	  	Unit Price
(¥)
	4004J7	  	Coil 400 J, 7cm	  	.020”	  	7cm	  	[***]
	4004J10	  	Coil 400 J, 10cm	  	.020”	  	10cm	  	[***]
	4004J15	  	Coil 400 J, 15cm	  	.020”	  	15cm	  	[***]

 Curve Extra Soft 
  

											
	 Catalog
	  	 Description
	  	Primary
Diameter	  	Secondary
Diameter	  	Total
Length	  	Unit
Price
(¥)
	4006U0201	  	Coil 400 Curve Extra Soft, 2mm x 1cm	  	.020”	  	2mm	  	1cm	  	[***]
	4006U0202	  	Coil 400 Curve Extra Soft, 2mm x 2cm	  	.020”	  	2mm	  	2cm	  	[***]
	4006U0203	  	Coil 400 Curve Extra Soft, 2mm x 3cm	  	.020”	  	2mm	  	3cm	  	[***]
	4006U0204	  	Coil 400 Curve Extra Soft, 2mm x 4cm	  	.020”	  	2mm	  	4cm	  	[***]
	4006U0302	  	Coil 400 Curve Extra Soft, 3mm x 2cm	  	.020”	  	3mm	  	2cm	  	[***]
	4006U0303	  	Coil 400 Curve Extra Soft, 3mm x 3cm	  	.020”	  	3mm	  	3cm	  	[***]
	4006U0304	  	Coil 400 Curve Extra Soft, 3mm x 4cm	  	.020”	  	3mm	  	4cm	  	[***]
	4006U0305	  	Coil 400 Curve Extra Soft, 3mm x 5cm	  	.020”	  	3mm	  	5cm	  	[***]
	4006U0306	  	Coil 400 Curve Extra Soft, 3mm x 6cm	  	.020”	  	3mm	  	6cm	  	[***]
	4006U0308	  	Coil 400 Curve Extra Soft, 3mm x 8cm	  	.020”	  	3mm	  	8cm	  	[***]
	4006U0310	  	Coil 400 Curve Extra Soft, 3 mm x 10 cm	  	.020”	  	3mm	  	10cm	  	[***]
	4006U0404	  	Coil 400 Curve Extra Soft, 4mm x 4cm	  	.020”	  	4mm	  	4cm	  	[***]
	4006U0406	  	Coil 400 Curve Extra Soft, 4mm x 6cm	  	.020”	  	4mm	  	6cm	  	[***]
	4006U0408	  	Coil 400 Curve Extra Soft, 4mm x 8cm	  	.020”	  	4mm	  	8cm	  	[***]
	4006U0410	  	Coil 400 Curve Extra Soft, 4 mm x 10 cm	  	.020”	  	4mm	  	10cm	  	[***]

 Detachment Handle and Catheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	DH1	  	Coil Detachment Handle	  	[***]
	DH5	  	Coil Detachment Handle – 5 Pack	  	[***]

 Penumbra Delivery Microcatheters 

PX 400TM Delivery Microcatheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	PX40045	  	PX400, 45°	  	[***]
	PX40090	  	PX400, 90°	  	[***]
	PX400J	  	PX400, J	  	[***]
	PX400STR	  	PX400, Straight	  	[***]

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 9 

 PX SLIMTM Delivery Microcatheter 

 

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	PXSLIMSTR	  	PXSLIM Delivery Catheter – Straight (150cm)	  	[***]
	PXSLIM045	  	PXSLIM Delivery Catheter - 45 (150cm)	  	[***]
	PXSLIM090	  	PXSLIM Delivery Catheter - 90 (150cm)	  	[***]
	PXSLIM130	  	PXSLIM Delivery Catheter – 130 (J) (150cm)	  	[***]
	PXSLIM160STR	  	PX SLIM Delivery Catheter - Straight (160cm)	  	[***]
	PXSLIM160045	  	PX SLIM Delivery Catheter - 45 (160cm)	  	[***]
	PXSLIM160090	  	PX SLIM Delivery Catheter - 90° (160cm)	  	[***]
	PXSLIM160130	  	PX SLIM Delivery Catheter - 130° (J ) (160cm)	  	[***]

 VelocityTM Delivery Microcatheter 
  

					
	 Catalog
	  	 Description
	  	Unit Price (¥)
	VEL150STR	  	Velocity Delivery Catheter – Straight (150cm)	  	
	VEL150045	  	Velocity Delivery Catheter – 45 (150cm)	  	
	VEL150090	  	Velocity Delivery Catheter – 90 (150cm)	  	
	VEL150130	  	Velocity Delivery Catheter – 130 (150cm)	  	
	VEL160STR	  	Velocity Delivery Catheter – Straight (160cm)	  	
	VEL160045	  	Velocity Delivery Catheter – 45 (160cm)	  	
	VEL160090	  	Velocity Delivery Catheter – 90 (160cm)	  	
	VEL160130	  	Velocity Delivery Catheter – 130 (160cm)	  	

 LibertyTM Intracranial Stent System 
  

							
	 Catalog
	  	 Description
	  	 Specifications (Expanded

O.D./Length/Twist)
	  	Unit Price (¥)
	HU3020PRIM	  	Liberty 3.0 x 20 mm, Primary	  	3.0mm/20mm/Primary	  	
	HU3035PRIM	  	Liberty 3.0 x 35 mm, Primary	  	3.0mm/35mm/Primary	  	
	HU3520PRIM	  	Liberty 3.5 x 20 mm, Primary	  	3.5mm/20mm/Primary	  	
	HU3535PRIM	  	Liberty 3.5 x 35 mm, Primary	  	3.5mm/35mm/Primary	  	
	HU4025PRIM	  	Liberty 4.0 x 25 mm, Primary	  	4.0mm/25mm/Primary	  	
	HU4045PRIM	  	Liberty 4.0 x 45 mm, Primary	  	4.0mm/45mm/Primary	  	
	HU4525PRIM	  	Liberty 4.5 x 25 mm, Primary	  	4.5mm/25mm/Primary	  	
	HU4545PRIM	  	Liberty 4.5 x 45 mm, Primary	  	4.5mm/45mm/Primary	  	
	HU5025PRIM	  	Liberty 5.0 x 25 mm, Primary	  	5.0mm/25mm/Primary	  	
	HU5045PRIM	  	Liberty 5.0 x 45 mm, Primary	  	5.0mm/45mm/Primary	  	

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission. 

  
 10 

 Attachment I Task Responsibility 

Penumbra will appoint Medico’s Hirata as an In-Country Care-taker prescribed in Article 15 of Ministerial Ordinance on Good Clinical Practice for Medical
Devices Ordinance of the MHLW No.36(March 23, 2005). Medico’s Hirata, as the In-Country Care-taker, will take procedures related to request for clinical trial in Japan and submit the notification of clinical trial plan to the Minister of MHLW
according to the ordinance. 
 Responsibility for each task is as follows (¡: responsible) 
 MH bears the expenses for translation from English to Japanese and interpretation.

 PI bears the expenses for translation from Japanese to English (for FDA issues). 

 

							
	 No.
	 	 Necessary Tasks
	  	Penumbra	 	Medicos Hirata
	 Pre-trial preparation
	  		 	
	 1
	 	Confirmation of non-clinical testing status	  	¡	 	¡
	 2
	 	Investigation of past shonin approval(s) and similar device(s)	  		 	¡
	 3
	 	Clinical Investigation Plan	  	¡	 	(Translation/Review)
	 4
	 	CRF (Case Report Form)	  	¡	 	(Translation/Review)
	 5
	 	Informed Consent Form	  	¡	 	(Translation/Review)
	 6
	 	Investigator’s Brochure	  	¡	 	(Translation/Review)
	 7
	 	Pre-meeting with PMDA	  	¡	 	¡
	 8
	 	Investigation of past trial(s) and similar device(s). Investigation of domestic and foreign results	  	Investigation of foreign
results	 	Domestic investigation
	 9
	 	Preparation for SOP for GCP, other SOPs and system establishment	  	¡	 	(Translation)
	 10
	 	Verification of protocol, SOP for JGCP and etc. (Acceptance to Japan)	  		 	¡
	 11
	 	Clinical trial consultation meeting with PMDA	  	¡	 	¡
	 12
	 	Preliminary investigation of Principal Investigators	  		 	¡
	 13
	 	Investigation of possible investigation sites (Selection and requirement exploration)	  	¡	 	¡
	 14
	 	Discussion about the contents of Protocol, IC and CRF with Investigators.	  		 	¡
	 15
	 	Preparation and submission of the notification of clinical trial plan, Response to inquiries from PMDA.	  		 	¡
	 16
	 	Enrollment in insurance for investigational devices (establishment of compensation system)	  	¡	 	
	 Request to sites and contract
	  		 	
	 17
	 	Preparation and submission of a clinical trial request form and necessary documents for IRB	  		 	¡
	 18
	 	Review by IRB and related tasks	  		 	¡
	 19
	 	Contract conclusion	  	¡	 	(Document preparation)
	 20
	 	Explanation about Protocol and trial regulatory procedures, Obtaining agreement	  		 	¡
	 21
	 	Explanation of device usage and handling precautions (hospital workers concerned)	  	¡	 	(Support)
	 22
	 	Provision of investigational devices to Investigational Device Administrator (including provision of related documents)	  		 	¡
	 Tasks during clinical investigation
	  		 	
	 23
	 	CRFs collection, initial check and status review	  		 	¡
	 24
	 	SDV (Source Data Verification)	  	¡	 	(Interpretation)
	 25
	 	Confirmation of documents that investigation sites and PIs must keep	  		 	¡
	 26
	 	Investigation of Adverse Events	  		 	¡
	 27
	 	Preparation of Adverse Event reports	  	¡ (FDA)	 	¡ (PMDA)
	 28
	 	Necessary tasks for compensation and recompense	  	¡	 	
	 29
	 	Auditing of the Clinical trial	  	¡	 	(Interpretation)
	 30
	 	Contract termination procedures	  		 	¡
	 31
	 	Collection of investigational devices	  		 	¡
	 DM/Analysis
	  		 	
	 32
	 	Data entry	  	¡	 	
	 33
	 	Coding and cleaning, Data-set creation	  	¡	 	
	 34
	 	Preparation of Analysis Report	  	¡	 	
	 35
	 	Preparation of Clinical Investigation Report	  	¡	 	Translation
	 Application submission for approval
	  		 	
	 39
	 	Preparation and submission of Shonin application, Response to inquiries	  		 	¡
	 40 
	 	GCP Audit and related tasks	  	¡ (FDA)	 	¡ (PMDA)

  

	*	Confidential Information, indicated by [***], has been omitted from this filing and filed separately with the Securities and Exchange Commission.

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