Document:

EX-10.24

 Exhibit 10.24 

CONFIDENTIAL SEPARATION AGREEMENT 

AND RELEASE OF ALL CLAIMS 

This Confidential Separation Agreement and Release and Waiver of Claims (“Agreement”) is entered into this 14th day of February,
2019 by and between Michael W. Johnson (“Employee”) on the one hand, and Parsons Corporation and its parents, subsidiaries, affiliates, officers, directors, employees and agents on the other hand (collectively the “Company”)
(Employee and Company are referred to collectively hereafter as the “Parties”). 
 The Parties have entered into this Agreement to
effect an orderly and mutually satisfactory transition regarding the ending of Employee’s employment with Company. In consideration of the mutual execution of this Agreement, and the covenants, promises and releases herein, the Parties agree as
follows: 
 1.    Separation of Employment. Employee’s last day of employment with Company was
February 1, 2019 (the “Separation Date”). 
 2.    Payments/Benefits. 

(a)    Consulting Agreement. In consideration for signing this Agreement and complying with its terms, Company
agrees to engage Employee as a Consultant, pursuant to the terms of the Consulting Services Agreement attached hereto as Exhibit A. 

(b)    Benefits. The Company acknowledges that Employee will be notified of election of continuation of medical and
dental insurance coverage under the Consolidated Omnibus Budget Reconciliation Act, as amended (“COBRA”), in accordance with its terms. 

(c)    Incentive Compensation. The Company agrees that it will pay the following as incentive compensation due to
the Employee through the Termination Date: 
 (i)    2018 Management Incentive Plan award will be paid in
March 2019 based on actual performance through the end of 2018 totaling $498,000. 
 (ii)    Long term
incentive compensation due to the Employee for the entire performance cycle for the Long Term Growth Plan (2,379 units), Share Value Plan (19,052 units) and Restricted Award Unit Plan (2,379 units) 2016-2018
performance cycles. The value of the units is outlined in the plan documents. Payments are payable in March following the end of each performance cycle based on actual performance. 

Employee acknowledges that Employee has no entitlement to the Consulting Service Agreement and Incentive Compensation provided for in
Paragraphs 2(a) and 2(c) above, except in return for entering into this Agreement. 
 (d)    Sole Entitlement.
Employee acknowledges and agrees that no other monies or benefits other than (1) those set forth in this Agreement and the Consulting Services Agreement and (2) Parsons Corporation Retirement Savings Plan [401(k)] and Employee Stock
Ownership Plan benefits, if any, arc owing to Employee. 

 (e)    Taxes. Employee has had an opportunity to seek advice from
an attorney or tax advisor regarding the tax consequences of the payments and benefits provided for in this paragraph and has not relied on any representations by the Company regarding the tax consequences of such payments and benefits. Employee
agrees that Employee is responsible for all applicable taxes, if any, as a result of the receipt of these monies. Employee agrees to indemnify Company and hold Company harmless for all taxes, penalties and interest, withholding or otherwise, for
which Company may be found liable as a consequence of having paid monies to Employee pursuant to this Agreement. It is expressly agreed that if Company is required to provide payments for taxes or interest or penalties to any taxing authority,
Employee shall reimburse Company for such payments within ten (10) days after Company notifies Employee, in writing, via certified mail, return receipt requested, that it has incurred such liability. 

3.    General Release. Employee releases all disputes relating to or arising out of any state, municipal, or
federal statute, ordinance, regulation, order, or common law, including, but not limited to, the Uniformed Service Employment and Reemployment Rights Act of 1994, 38 U.S.C. Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C.
§ 2000(e), et seq.; the Civil Rights Act of 1866, as amended, 42 U.S.C. Sections 1981, et seq.; the Equal Pay Act, as amended, 29 U.S.C. § 206(d); the Fair Labor Standards Act of 1939, as amended, 29 U.S.C.
§ 201, et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701, et seq.; the Americans with Disabilities Act of 1990, 42 U.S.C. § 12100, et seq.; the Family and Medical Leave Act of
1993, 29 U.S.C. § 2601, et seq.; the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001, et seq.; the National Labor Relations Act, as amended, 29 U.S.C. § 151, et seq., the Age
Discrimination in Employment Act and the Older Workers Benefit Protection Act, 29 U.S.C. § 621, et seq., and any action based on contract, quasi-contract, quantum meruit, implied
contract, tort, wrongful or constructive discharge, breach of the covenant of good faith and fair dealing, defamation, libel, slander, immigration issues, infliction of emotional distress, assault, battery, conspiracy, discrimination on any basis
prohibited by statute or public policy, negligence, any interference with business opportunity or with contract, etc. 
 This release
extends to all claims of every nature and kind, known or unknown, suspected or unsuspected, vested or contingent, past, present, or future, arising from or attributable to any alleged act or omission of the Company, their past, present and future
officers, directors, partners, agents, servants, lawyers, employees, assigns, insurers, predecessors-in-interest, successors-in-interest, underwriters, and all their parent, affiliated and subsidiary entities occurring prior to the execution of this Release, and that any and all rights granted Employee under
Section 1542 of the California Civil Code or any analogous law or regulation affecting any other jurisdiction are hereby waived. Said Section 1542 of the California Civil Code reads in full as follows: 

Section 1542. General Release. A general release does not extend to claims which the creditor does not know or suspect to exist in
his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. 

The parties intend that the disputes released herein be construed as broadly as possible. Employee does not waive any vested rights under
Parsons Employee Stock Ownership Plan or the Parsons Retirement Savings Plan; the Company will meet its obligations, if any, under such plans. This release does not release claims that cannot be released as a matter of law, including, but not
limited to, claims under Division 3, Article 2 of the California Labor Code, which includes indemnification rights. 

  
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 Employee affirms that Employee is not a party to, and that Employee has not filed or caused
to be filed, any claim, complaint, or action against any of the Released Parties in any forum or form. Both Parties acknowledge that nothing in this Section 3, or elsewhere in this Agreement, prevents or prohibits Employee from filing a claim
with a government agency, such as the U.S. Equal Employment Opportunity Commission, that is responsible for enforcing a law on behalf of the government. However, Employee understands that, because Employee is waiving and releasing all claims for
monetary damages and any other form of personal relief, Employee agrees that if such an administrative claim is made, Employee shall not be entitled to recover any individual monetary relief or other individual remedies. 

4.    Other Contractual Obligations. Nothing in this Agreement effects or extinguishes Employee’s obligations
under the Employee Agreement and Acknowledgement of Obligation, executed by Employee on June 28, 2017, including without limitation Employee’s continuing obligation to protect Company’s Confidential Information, including without
limitation Confidential Information relating to Project Lightyear and Project Intrepid, from unauthorized disclosure to third parties or appropriate Confidential Information for Employee’s own personal use. 

Employee acknowledges that the obligation to maintain the secrecy of Company’s Confidential Information does not prohibit Employee from
reporting possible violations of law or regulation to any governmental agency or entity, including but not limited to the US Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or making other
disclosures that are protected under the whistleblower provisions of federal law or regulation. Employee does not need the prior authorization of the Law Department to make any such reports or disclosures and is not required to notify the Company
that such reports or disclosures have been made. 
 Pursuant to 18 USC § 1833(b), an individual may not be held criminally or
civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating
a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a
suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose
the trade secret except pursuant to court order. 
 5.    No Admission of Liability or Wrongdoing. Nothing
contained in this Agreement shall be construed as an admission of any wrongdoing or liability by either the Employee or the Company. 

6.    Non-Disparagement. Employee agrees not to orally or in
writing, publicly or privately, make or express any comment, view or opinion critical or disparaging of the Company, 

  
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its parents, subsidiaries or affiliates, or of any of their employees or to authorize any agent or representative to make or express such comment, view or opinion; provided, however, that nothing
in this Separation Agreement shall prohibit Employee from providing truthful information or testimony in response to any court order, subpoena, litigation, deposition, or government investigation. 

7.    Return of Company Property. By signing this Agreement, Employee affirms that he/she has returned any and all
property, including without limitation all copies or duplicates thereof, belonging to Company, including but not limited to keys, security cards, equipment, computers, laptops, cell phones, Blackberries,
i-Phones, credit cards, records, supplies, customer lists and customer information, trade secrets, and any other Company Confidential Information. 

8.    Cooperation. Subject to Employee’s personal and professional obligations and on reasonable notice and at
reasonable times, Employee will cooperate with Company and its counsel in connection with any investigation, administrative or regulatory proceeding or litigation relating to any matter in which Employee was involved or of which Employee has
knowledge as a result of Employee’s employment with Company. 
 9.    No Solicitation. Employee will not
disrupt, damage, impair or interfere with Company’s business whether by way of interfering with or raiding its employees or otherwise. 

10.    Confidentiality. (a)    Employee agrees to hold confidential and not to make public or
communicate orally or in writing with any person or entity, directly or indirectly, the terms of this Agreement, the amount of the payment described in paragraph 2 above, or any matters set forth herein except (1) to Employee’s spouse, if
any; (2) to individuals (such as accountants or lawyers) who reasonably must be informed of its terms; (3) as may be necessary to enforce this Agreement; (4) as may be compelled by lawful discovery or court order; (5) as may be
necessary to accomplish the filing of income tax returns or claims for refund; or (6) as may be agreed to in writing by the Parties. Employee agrees to instruct any such individual provided with information concerning this Agreement, not to
make public or to communicate orally or in writing to any person or entity, directly or indirectly, the terms of this Agreement or the amounts of any payments hereunder. Nothing in this Agreement precludes disclosure of factual information related
to claims filed in civil courts or administrative agencies involving sexual assault or abuse, sexual harassment, and workplace harassment or discrimination based on sex. Nothing in this Agreement precludes disclosure of factual information related
to claims filed in civil courts or administrative agencies involving sexual assault, sexual abuse, sexual harassment, and workplace harassment or discrimination based on sex. 

(b)    Employee understands and agrees that any breach of this confidentiality provision will result in irreparable harm to
the Company, which may be difficult to quantify or ascertain. Potential damages that could result from a breach of this confidentiality provision include, for example, the filing of unwarranted claims against the Company, attorneys’ fees and
costs to defend against those unwarranted claims, and unwarranted payments which may be necessary to reduce litigation costs to defend those unwarranted claims. In the event Employee violates this confidentiality provision, Employee shall pay the
Company the amount of $125,000 as liquidated damages. 

  
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 (c)    The Parties intend that this confidentiality provision be
construed as broadly as possible, in a manner consistent with its terms, in order to provide maximum confidentiality. Employee shall consult Company’s counsel regarding any uncertainties Employee may have about whether the information Employee
might disclose is confidential information within the meaning of this provision and the Employee Agreement and Acknowledgment of Obligation. 

11.    References for Prospective Employers. Employee agrees to direct any potential employers to contact Debra
Fiori who will confirm dates of employment and positions Employee held. 
 12.    No Future Employment With the
Company. Employee acknowledges that because of circumstances that are unique to Employee, Released Parties do not have any obligation, contractual or otherwise, to hire, re-hire or re-employ Employee in the future. 
 13.    No Pending or Future Actions.
Except with respect to enforcing rights created or preserved under this Agreement or any vested benefits Employee may have with respect to any benefit plan sponsored by the Company, Employee hereby covenants not to commence suit against Company, or
to initiate any action or proceeding against Company or against any person or entity released in this Agreement, or to participate in same, individually or as a member of a class, under any contract, law or regulation, federal, state or local,
pertaining in any manner whatsoever to Employee’s employment with Company, including, but not limited to, the ending thereof. 

14.    Arbitration. If a dispute arises regarding the meaning or application of this Agreement, an alleged breach,
or any alleged misrepresentation, the Parties agree to resolve the dispute through final and binding arbitration by a single arbitrator in Florida in accordance with the American Arbitration Association’s (“AAA”) then existing
National Employment Dispute Resolution Rules. The Parties expressly waive any and all rights to a jury trial with respect to any statutory or other claims between them as set forth above. The arbitrator shall be selected by the parties from a list
of arbitrators provided by the AAA. The party requesting arbitration shall contact the AAA for a list of five retired or former jurists with substantial professional experience in employment matters. The Company shall pay all costs unique to
arbitration that the Employee would not incur if the dispute had been filed in a court. The arbitrator shall issue a written decision, revealing the essential findings and conclusions on which the award is based. Judgment upon any arbitration award
may be entered in any state or federal court having jurisdiction thereof. The Parties have the right to move to compel arbitration, to enforce the arbitration award, to vacate the arbitration award, and to oppose such requests in a court of
competent jurisdiction. In the event of any arbitration or litigation to enforce the terms of this Agreement, the prevailing party shall be entitled to recover its reasonable costs and attorneys’ fees in addition to any other remedy authorized
by law. Any controversy over whether a dispute is an arbitrable dispute or as to the interpretation or enforceability of this paragraph with respect to such arbitration shall be determined by the arbitrator. The parties agree to consider mediation
before arbitrating any dispute. 
 15.    No Transfer or Assignment/Binding on Parties and Representatives.
Employee represents and warrants that no other person or entity has or has had any interest in the matters covered by this Agreement, and that Employee has the sole right and exclusive authority to execute this Agreement and receive the sums
specified in it; and that Employee has not sold, assigned, 

  
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transferred, conveyed or otherwise disposed of any claims, demands, obligations, or causes of action released herein. This Agreement shall be binding upon Employee, Employee’s heirs,
administrators, representatives, executors, successors, and assigns, and shall inure to the benefit of Released Parties and each of them, and to their heirs, administrators, representatives, executors, successors and assigns. 

16.    Entire Agreement. This Agreement constitutes a single integrated contract expressing the entire agreement of
the Parties hereto, with the sole exception of the Employee Agreement and Acknowledgment of Obligation, the attached Consulting Services Agreement, and any benefit plan documents, such as 401K, pension, and Employee Stock Ownership Program
(collectively “Other Agreements”). There are no agreements, written or oral, express or implied, between the Parties hereto concerning the subject matter hereof, except the provisions set forth in this Agreement and the Other Agreements.
This Agreement supersedes all previous understandings, whether written or oral, with the sole exception of the Other Agreements. 

17.    Invalid Provisions. The Parties agree not to challenge this Agreement as illegal, invalid, or unenforceable.
If any provision of this Agreement is determined to be invalid or unenforceable, all of the other provisions shall remain valid and enforceable notwithstanding, unless the provision found to be unenforceable is of such material effect that this
Agreement cannot be performed in accordance with the intent of the Parties in the absence thereof. 

18.    Governing Law. This Agreement shall be governed by the substantive law of the State of the Florida. 

19.    Attorney Review. Each party has had a full and complete opportunity to review this Agreement, and make
suggestions or changes and seek legal advice. Accordingly, each party understands that this Agreement is deemed to have been drafted jointly by the parties and agrees that the common-law principles of
construing ambiguities against the drafter shall have no application hereto. It should be construed fairly and not in favor of or against one party as the drafter hereof. 

20.    Execution in Counterparts and by Facsimile. This Agreement may be executed in one or more counterparts, all
of which shall constitute one and the same document. Counterparts may be exchanged by facsimile directed to counsel for the parties. Each counterpart, whether an original signature or a facsimile copy, shall be deemed an original as against any
party who signed it. 
 21.    Amendments/Modifications. This Agreement can be amended, modified, or terminated
only by a writing executed by each of the Parties. 
 22.    Knowing, Voluntary, and Competent Decision to Sign
Agreement. Employee states that Employee is in good health and fully competent to manage Employee’s business affairs, Employee has carefully read this Agreement, Employee fully understand its final and binding effect, the only
promises made to Employee to sign this Agreement are those stated and contained in this Agreement, and Employee is signing this Agreement knowingly and voluntarily. 

  
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 EMPLOYEE IS ADVISED THAT EMPLOYEE HAS UP TO
TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE. EMPLOYEE ALSO IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EMPLOYEE SIGNING THIS CONFIDENTIAL AGREEMENT AND
GENERAL RELEASE. 
 EMPLOYEE MAY REVOKE THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE FOR A PERIOD OF SEVEN (7) CALENDAR DAYS
FOLLOWING THE DAY EMPLOYEE SIGNS THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE. ANY REVOCATION WITHIN THIS PERIOD MUST BE SUBMITTED, IN WRITING, TO LEANNE RODGERS AND STATE, “I HEREBY REVOKE MY ACCEPTANCE OF OUR CONFIDENTIAL AGREEMENT AND
GENERAL RELEASE.” THE REVOCATION MUST BE PERSONALLY DELIVERED TO LEANNE RODGERS OR HER DESIGNEE, OR MAILED TO LEANNE RODGERS AT PARSONS, 100 WEST WALNUT STREET, PASADENA, CA 91124 AND POSTMARKED WITHIN SEVEN (7) CALENDAR DAYS AFTER
EMPLOYEE SIGNS THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE. 
 EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE,
MADE TO THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE, DO NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL UP TO TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD. 

EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS CONFIDENTIAL AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE,
SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST RELEASEES. 

  
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 The Parties knowingly and voluntarily sign this Confidential Separation Agreement and
General Release as of the date(s) set forth below: 
  

					
	Dated: February 14, 2019	 		 	/s/ Michael W. Johnson
		 		 	Michael W. Johnson
			
		 		 	PARSONS CORPORATION
			
	Dated: February 14, 2019	 		 	/s/ Debra Fiori
		 		 	Debra Fiori

 CONSULTING SERVICES AGREEMENT 

THIS AGREEMENT (along with all exhibits and attachment hereto, this “Agreement”), made and entered into this 1st day of February, 2019, (the
“Effective Date”) by and between Parsons Corporation, a Delaware corporation, with an address at 100 West Walnut Street, Pasadena, California, (hereinafter “Parsons”), and Michael W. Johnson an individual, with an
address at 2250 Mckenzie Court, FL, 33765 (hereinafter “Consultant”): 
 Section 1 

SCOPE OF SERVICES 
  

	1.1	 Services. Consultant agrees to provide, and Parsons agrees to accept, strategic communications and
public relations services (“Services”) including but not limited to the following: 

 Consultant shall
provide transition assistance and support finalizing the relationship development plan and key customer engagements and transitions of executive sponsorship as required. 
  

	1.2	 Conduct of Services. Consultant shall provide those Services with the level of care and skill ordinarily
exercised by members of the Consultant’s profession practicing in the same locality of the project under similar conditions. 

  

	1.3	 Publicity Releases. All publicity releases or releases of reports, papers, articles, maps, or other
documents in any way concerning this Agreement, which the Consultant desires to make for purposes of publication in whole or in part, shall be forwarded to Parsons for review and approval prior to release, which approval may be withheld by Parsons
in its sole and absolute discretion. 

  

	1.4	 Reporting. Parsons and Consultant shall use commercially reasonable efforts to develop appropriate
administrative procedures for coordinating with each other. 

 Section 2 

TERM AND TERMINATION 
  

	2.1	 Term. The term of this Agreement shall commence on the date set forth above and shall end on
July 31, 2019. If the parties mutually decide to extend the term of this agreement, 

  

	2.2	 Termination. This Agreement may be terminated by either party for any reason or no reason upon thirty
(30) days written notice. 

  

	2.3	 Remaining Payments. Within thirty (30) days of termination of this Agreement for any reason,
Consultant shall submit to Parsons an itemized invoice for any fees or expenses theretofore accrued under this Agreement. 

 Section 3 

EXPENSES AND PAYMENT 
  

	3.1	 Monthly Retainer. The consultant shall be paid a monthly retainer of $40,000 for this Agreement.
Consultant shall submit a monthly invoice no later than the 15th of the month for the preceding month’s retainer. 

 

	3.2	 Reimbursement of Expenses. In addition to the foregoing, Parsons shall pay Consultant actual out-of-pocket expenses as reasonably incurred by Consultant in furtherance of performance hereunder. Consultant agrees to provide Parsons with access to such receipts,
ledgers, and other records as may be reasonably appropriate for Parsons or its accountants to verify the amount and nature of any such expenses. 

Any photocopying, postage, telephone including mobile phone, facsimile transmissions, article reprints, copying, courier/freight charges,
travel, meals, mileage and other out-of-pocket expenditures will be billed separately. Travel must be approved in advance by Parsons. Consultant shall be reimbursed for
business class if at least one flight of trip exceeds six (6) hours. Consultant may bill Parsons when expenses have been incurred, and these expenses shall be reimbursed to Consultant within thirty (30) days after receipt of
Consultant’s invoice. 
 Section 4 

RESPONSIBILITIES OF CONSULTANT FOR TAXES AND OTHER MATTERS 
  

	4.1	 Taxes. As an independent contractor, Consultant is responsible and shall pay and report all federal, and
state taxes applicable to Consultant. Consultant shall not be entitled to participate in health or disability insurance, retirement benefits, or other welfare or pension benefits (if any) to which employees of Parsons may be entitled except for any
benefits outlines in the executive benefits upon termination attachment. 

 Section 5 

CONFIDENTIALITY 
  

	5.1	 Restrictions. Consultant acknowledges that in order to perform the services called for in this
Agreement, it shall be necessary for Parsons to disclose to Consultant Confidential Information (as defined in Section 5.2) of Parsons or its subsidiaries or its clients. Consultant agrees that it shall not disclose, transfer, use, copy, or
allow access to any such Confidential Information to/by any third parties, except as authorized by Parsons, or as may be necessary to perform any work pursuant to this Agreement. 

 

	5.2	 Confidential Information. Each party (the “Receiving Party”) will treat as confidential
and properly safeguard any and all information, documents, papers, programs and ideas relating to the other party (the “Disclosing Party”), its operations, finances and products, disclosed to the Receiving Party and designated by
the Disclosing Party as confidential or which should be reasonably understood to be confidential (“Confidential Information”). Consultant’s pricing and its media contacts shall be considered Confidential Information. All
information provided by the Disclosing Party hereunder shall be considered confidential and proprietary, and shall not be reproduced, transmitted, used or disclosed to 

  
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a third party without the written consent of the Disclosing Party, except as may be necessary the Receiving Party to fulfill its obligations hereunder; provided that the limitation shall not
apply to information or any portion thereof that was within the public domain at the time of its disclosure or was previously known to the Receiving Party, or is required to be produced in response to subpoena, court order or other legal proceeding
and the Receiving Party provides immediate notice to the Disclosing Party of such request and provides Disclosing Party an opportunity to seek a protective order of the Confidential Information or otherwise oppose the subpoena or other form of legal
process. The requirements of this provision shall survive the termination of this Agreement. Both Parties acknowledge that the other may suffer irreparable harm in the event of a breach of the provisions of this paragraph and, thus, either Party
is entitled to seek injunctive relief in the event of a breach of these Confidentiality obligations. 

  

	5.3	 Exclusions to Confidential Information. For purposes of this Agreement, Confidential Information shall
not include, and the obligations set forth in Sections 5.1 and 5.2 shall not apply to, information that: 

  

	 	(a)	 is now or subsequently becomes generally available to the public through no fault of Consultant;

  

	 	(b)	 Consultant can demonstrate was rightfully in his possession prior to disclosure to Consultant by Parsons, its
subsidiaries, or its clients at any time; 

  

	 	(c)	 is independently developed by Consultant without the use of any Confidential Information provided by Parsons,
its subsidiaries, or its clients; 

  

	 	(d)	 Consultant rightfully obtains from a third party without restriction and without breach of this Agreement and
who has the right, without obligation to Parsons, its subsidiaries, or its clients, to transfer or disclose such information; 

  

	 	(e)	 is released or approved for release by Parsons without restriction; 

 

	 	(f)	 Consultant is required to disclose to any governmental entity or in any legal proceeding to enforce, preserve
or defend Consultant’s rights under this Agreement. 

 To the extent Parsons discloses, or provides for the disclosure
of, Confidential Information of a third party or client, that third party shall be a third-party beneficiary with respect to the confidentiality provisions of this Agreement and shall be entitled to enforce
such provisions directly against Consultant as the third party’s interests may warrant. 
 Section 6 

RESTRICTIVE COVENANTS 
  

	6.1	 Non-Soliciation of Customers. During the six (6) month period beginning on the Effective Date, (the
“Restricted Period”), Consultant shall not directly or indirectly: (a) solicit or accept business from any customer or partners of Parsons Corporation or its subsidiaries, affiliates or joint ventures (collectively “the
Company”) or (b) solict any such customer 

  
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to discontinue or otherwise modify any part of its business with the Company. These restrictions shall apply only with respect to those customers and partners for whom the Consultant has
performed work as a result of his employment or other relationship with the Company, to whom the Consultant was introduced or with whom the Consultant otherwise had contact as a result of his employment or other relationship with the Company, or
with respect to whom the Consultant has had access to confidential information that would assist in the Consultant’s solicitation of such customer. 

  

	6.2	 Non-Competition. During the Restricted Period, Consultant
shall not, directly or indirectly, (1) engage in any activity that creates an actual or potential conflict of interest with the enterprise or operations of Parsons or its subsidiaries, affiliates or joint ventures, (2) engage in any
business involving products or services that compete with any element of the business (whether as an owner, employee, agent, partner, independent contractor or otherwise), (3) provide any services, whether with or without compensation, to any
individual or entity (other than the Company) which relate in any material way to the products or services of such individual or entity that compete with any element of the Company’s business, or (4) invest in or become interested in, as a
lender, partner, member, shareholder, principal or otherwise, any entity (other than the Company) whose products or services compete with any element of the Company’s business. 

 

	6.3	 Non-Solicitation of Employees. Consultant acknowledges and
reaffirms his obligations as set forth in the Employee Agreement and Acknowledgement of Obligation executed on June 28, 2017 which continue in full force and effect, as follows: 

During the term of my employment and for a period of twenty-four (24) months (except for employees
located in Missouri only, for which this period shall be twelve (12) months), following the termination of my employment for any reason, I agree that I will not, either on my own behalf or on behalf of any other person or entity, directly or
indirectly, induce, solicit or encourage to leave the employ of PARSONS or any of its subsidiaries or affiliates (or assist any other person or entity in inducing, soliciting or encouraging) any employee of PARSONS or any of its subsidiaries or
affiliates, with whom I worked or became aware of during my employment with PARSONS. 
 Section 7 

INTELLECTUAL PROPERTY RIGHTS 
  

	7.1	 Right to Work Product. Parsons shall have unlimited, unconditional, irrevocable, and fully assignable
intellectual property rights and moral rights, which vest upon creation, in all drawings, designs, specifications, notes and other work, regardless of format, electronic or otherwise, developed by the Consultant in the performance of the Services
(“Work Product”). Parsons grants the Consultant a license to use and modify the Work Product for purposes of performing the Services. Consultant agrees that copies of all reports, drawings, studies, specifications, survey notes,
estimates, maps, computations, test results, and other data including electronic media and data such as programs, simulations, studies, reports, and the like, prepared by or for the Consultant shall be delivered to Parsons upon completion of the
work (or upon the earlier termination of this Agreement). Parsons shall have the right to use same without restrictions or limitation and without compensation to the Consultant other than that provided for the hours worked by the Consultant under
this Agreement. 

  
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	7.2	 Pre-existing Intellectual Property Rights. Pre-existing Intellectual Property Rights are not affected by this Agreement. However, each Party hereby grants to the other a non-exclusive,
royalty-free license to use the other’s Pre-Existing Intellectual Property solely for purposes of (a) obtaining the benefit of the Services (in the case of
Parsons) and (b) performing or providing the Services (in the case of the Consultant). For purposes of this clause, “Pre-Existing Intellectual Property Rights” in respect of a
Party means intellectual property rights owned by that party which are in existence at the date of this Agreement or come into existence after the date of this Agreement otherwise than in connection with this Agreement or work performed
hereunder. 

  

	7.3	 Third Party IP Rights. If the Consultant provides information or data to Parsons that is subject to
rights of a third party, the Consultant warrants that the Consultant has sufficient rights to that information and data such that they can be used for their intended purpose without infringing on any right in the information or data held by such
third party and the Consultant hereby transfers the rights held by the Consultant to Parsons. 

 Section 8 

ASSURANCES 
  

	8.1	 No Conflict. Consultant represents and warrants that Consultant has no obligations to any third party
which will in any way limit or restrict Consultant’s ability to perform consulting services to Parsons hereunder, except obligations to render related services to third parties in the ordinary course of Consultant’s business. Consultant
agrees that Consultant will not disclose to Parsons, nor make use in the performance of any work hereunder, any trade secrets or other proprietary information of any third party, unless Consultant may do so without Consultant or Parsons incurring
any obligation (past or future) to such third party for such work or any future application thereof. 

  

	8.2	 Project Data. Parsons shall be responsible for: (a) the accuracy and completeness of information
concerning Parsons’ organization, products, services, whether provided to Consultant by Parsons or by a third party authorized by Parsons; (b) any directions given by Parsons to the Consultant, whether provided to Consultant by Parsons or
by a third party authorized by Parsons; (c) rights, licenses and permissions to use materials furnished to Consultant by Parsons or by a third party on Parsons’ behalf; (d) compliance with all laws and regulations applicable to
Parsons’ business (including all securities laws); and (e) the content of any press releases or other public relations, advertising or marketing materials approved in writing by Parsons. The Consultant is responsible for obtaining data and
information necessary for the proper and complete execution of the Services, and by executing each Task Order, the Consultant acknowledges that it reviewed all contract documents and project documents relating to that Task Order that were reasonably
available (through Parsons or otherwise) and that it has satisfied itself that there are no areas of ambiguity, confusion or conflict with respect to the performance of the Services required by that Task Order. 

  
 13 

 Section 9 

NON-INFRINGEMENT/ INDEMNIFICATION 

 

	9.1	 Governing Law. This Agreement shall be governed and construed in all respects in accordance with the
laws of the State of Florida, with the exception of its conflicts of law provisions. 

  

	9.2	 Indemnification. Consultant shall be responsible for and shall defend, protect, indemnify and hold
harmless Parsons, its affiliated entities, and their employees, offices and agents from and against any and all liabilities, claims, demands, causes of action, penalties, loss, cost, damage and expenses, including reasonable attorney’s fees,
expert and consultant’s fees (collectively, “Liability”) asserted by a third party and: 

  

	 	(a)	 arising from, connected with, or relating to, the gross negligence or willful misconduct of the Consultant or
anyone for whom the Consultant is legally responsible for under the terms of this Agreement (collectively, the “Consultant’s Parties”), 

  

	 	(b)	 to the extent caused by the negligent acts or omissions of one or more of the Consultant’s Parties in
connection with or related to the Services, a Task Order and/or this Agreement, as long as such act or omission was not due to information provided or omitted by Parsons, or 

 

	 	(c)	 arising from, connected with, or otherwise relating to the Consultant’s breach of this Agreement, unless
such breach is based upon the professional negligence of the Consultant Parties, in which case, the indemnity obligation in clause (b) above shall apply. 

Parsons shall be responsible for and shall defend, protect, indemnify and hold harmless Consultant from any Liability resulting from claims,
actions or demands made or brought by any third party against Consultant, including, without limitation, any governmental entity, which arise out of or in connection with (i) information provided to Consultant by Parsons as a result of false
information provided to Consultant by Parsons upon which Consultant reasonably relied; (ii) information or materials supplied, provided or approved by or on behalf of Parsons or a third party authorized by Parsons upon which the Consultant
reasonably relied; (iii) any issue of safety, product liability or the nature, use or performance of Parsons’s products, services or premiums; (iv) Parsons’s failure to pay any and all amounts owed to third parties or any claims
raised by third parties against Consultant related to Authorized Contracts; and (v) the implementation of a strategy or the issuance of a communication in direct contravention of a written recommendation provided to Parsons by the Consultant.
Parsons’s indemnity obligations shall include, without limitation, payment to Consultant for any and all personnel time incurred in connection with any such claim, suit, proceeding or subpoena based upon Consultant’s then-current hourly rates. In matters in which Consultant is not a party, Parsons shall pay or reimburse Consultant for all reasonable attorneys’ fees and expenses Consultant incurs in connection with
Consultant’s response to subpoenas, depositions, discovery demands, and other inquiries arising from suits, proceedings, legislative or regulatory hearings, investigations, or other civil or criminal proceedings in which Parsons is a party,
subject, or target. 

  
 14 

	9.3	 Limitation of Liability. In no event shall either party be liable for special, indirect, incidental,
consequential, exemplary or punitive damages, including without limitation, lost profits or business or loss of data, even if such party has been advised of the possibility of or could have foreseen such loss or damages. 

In no event shall the Consultant’s aggregate liability under this agreement exceed the proceeds of any insurance policy that responds to
the claim, or that would have responded had the Consultant procured the minimum insurance required by this Agreement, or the fees paid by Parsons under this Agreement, whichever is greater. 

Section 10 
 MISCELLANEOUS

  

	10.1	 Dispute Resolution. All claims, disputes and matters in question arising out of or relating to this
Agreement or any breach thereof (“Disputes”) shall be resolved in the following manner: 

  

	 	(a)	 The parties will first attempt to settle the matter through amicable discussions. If no agreement can be
reached the parties shall submit to non-binding mediation prior to commencing arbitration or an action in a judicial forum. The cost for a mediator will be shared equally by the parties. 

 

	 	(b)	 In the event of a Dispute where the amount in question equals or exceeds the amount of one million dollars (US
$1,000,000) either party may bring an action in a court of competent jurisdiction in California. In any such litigation, the parties agree to waive their rights to a jury trial on all issues. 

 

	 	(c)	 In the event of a Dispute where the amount in question is less than one million dollars ($1,000,000) the
Dispute shall be resolved by arbitration in accordance with the Construction Industry Arbitration Rules of the American Arbitration Association then in effect subject to the following conditions: 

 

	 	(i)	 arbitration to be held in Florida. 

 

	 	(ii)	 there will be a single arbitrator appointed by the American Arbitration Association from its National Panel in
accordance with its normal procedures for selection of arbitrators. 

  

	 	(iii)	 the arbitrator will issue a detailed written decision setting forth the legal and factual basis of the
decision. If there is more than one issue upon which a party’s claim is based, the decision will separately address each issue. 

  

	 	(iv)	 the parties will produce documents as if the arbitration is governed by the Federal Rules of Civil Procedure.

  
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	 	(v)	 the agreement to arbitrate does not apply to any claim for contribution or indemnity based upon a claim or
action by a person who does not consent to become a party to arbitration with the parties. 

  

	 	(vi)	 the award rendered by the arbitrator shall be final and judgment may be entered upon it in accordance with
applicable law in any court having jurisdiction. 

  

	 	(vii)	 the parties agree to consolidate any arbitration initiated in accordance with this provision with any
arbitration involving either party and arising out of a common question of fact or law. 

  

	 	(d)	 Notwithstanding any provision(s) contained in this Agreement or any rule(s) of the American Arbitration
Association which may provide or be construed to the contrary, the parties hereto agree that the arbitrator(s) shall have no authority to determine and dispose of any Dispute, or any part(s) thereof, pursuant to a motion for summary adjudication or
any other such dispositive motion procedure. 

  

	10.2	 Independent Contractors. The parties are and shall be independent contractors to one another, and
nothing herein shall be deemed to cause this Agreement to create an agency, partnership, or joint venture between the parties. Nothing in this Agreement shall be interpreted or construed as creating or establishing the relationship of employer and
employee between Parsons and either Consultant or any employee or agent of Consultant. 

  

	10.3	 Remedies. It is agreed that the unauthorized use or disclosure of any Confidential Information by one
party in violation of this Agreement will cause severe and irreparable damage to the other party and/or the other party’s clients. In the event of any violation of this Agreement, each party agrees that the other party and/or the other
party’s clients shall be authorized and entitled to obtain from any court of competent jurisdiction preliminary and/or permanent injunctive relief, as well as any other relief permitted by applicable law. Each party agrees to waive any
requirement that the other party or the other party’s clients post bond as a condition for obtaining any such relief. 

Each party shall notify the other party immediately, and cooperate with the other party at the other party’s reasonable request, upon such
discovery of any loss or compromise of the other party’s Confidential Information. 
  

	10.4	 Minimum Insurance Coverage. 

Consultant shall procure and maintain the following insurance as set forth below: 

 

	10.5	 Notices. All notices required or permitted hereunder shall be in writing addressed to the respective
parties as set forth herein, unless another address shall have been designated, and shall be delivered either by (a) personal delivery, (b) a nationally-recognized, next day courier service, (c) first class registered or certified mail, postage
prepaid, (d) by facsimile, or (e) by electronic mail. Notices shall be deemed to have been given (i) when delivered personally, (ii) the next Business Day, if sent by a nationally recognized overnight delivery service (unless the records of the
delivery service indicate otherwise), (iii) three (3) 

  
 16 

	 	
Business days after deposit in the United States mail, certified, and with proper postage prepaid, (iv) upon delivery if sent by electronic mail or facsimile during a Business Day (or on the
next Business Day if sent by electronic mail or facsimile after the close of normal business hours or on a non-Business Day); provided, however, that notice by facsimile transmission shall be deemed delivered
only if delivery is confirmed electronically, and notice by e-mail shall only be deemed delivered only if the recipient acknowledges receipt (with an automatic “read receipt” not constituting
acknowledgment of an email for purposes of this section). 

  

	10.6	 Entire Agreement. This Agreement, including all attachments and documents incorporated herein and made
applicable by reference, constitutes the entire agreement of the parties hereto and supersedes all prior agreements, representations, understandings, and communications with the sole exception of the Confidential Separation Agreement And Release Of
All Claims dated                     , the Employee Agreement and Acknowledgment of Obligation dated June 28, 2017 and any benefit plan
documents, such as 401K, pension, and Employee Stock Ownership Program (collectively “Other Agreements”). This Agreement may be modified only in writing and shall be enforceable in accordance with its terms when signed by the party
sought to be bound. 

  

	10.7	 Survival. The provisions of this Section will survive this Agreement. 

 

	10.8	 No Waiver. The failure to exercise or delay in exercising a right or remedy provided by this Agreement
or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. No single or partial exercise of a right or remedy provided by this Agreement or by law prevents further exercise of the right or remedy.

  

	10.9	 Contra Proferentem. Each and every provision of this Agreement shall be construed as though both Parties
participated equally in the drafting of the same, and any rule of construction that a document shall be construed against the drafting party, including without limitation the doctrine commonly known as contra proferentem, shall not be
applicable to this Agreement. 

  

	10.10	 Invalidity of Agreement. In the event that any one or more of the provisions of this Agreement shall be
found to be illegal or unenforceable, the remaining provisions of this Agreement shall remain in full force and effect, and such term or provision shall be deemed stricken to the extent necessary for compliance with applicable law.

  
 17 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized
representatives, on the date and year first written above. 
  

									
	Parsons Corporation	 		 	Consultant
					
	By:	 	/s/ Debra Fiori	 		 	By:	 	/s/ Michael W. Johnson
			
	Name: Debra Fiori	 		 	Name: Michael W. Johnson
			
	Title:	 		 	Title:
			
	Date: February 12, 2019	 		 	Date: February 12, 2019
			
	 Address for Correspondence:

100 West Walnut Street

Pasadena, CA 91124
	 		 	 Address for Correspondence:

2250 McKenzie Court

Clearwater, FL 33768Exhibit 4.2

 

MILESTONE PHARMACEUTICALS INC.

 

THIRD AMENDED & RESTATED REGISTRATION RIGHTS AGREEMENT

 

Dated as of October 15, 2018

 

 

MILESTONE PHARMACEUTICALS INC.

 

THIRD AMENDED & RESTATED REGISTRATION RIGHTS AGREEMENT

 

THIS THIRD AMENDED & RESTATED REGISTRATION RIGHTS AGREEMENT is made as of October 15, 2018 between Milestone Pharmaceuticals Inc. (the “Corporation”), a legal person existing under the laws of the Province of Québec, represented herein by Joseph Oliveto, its Chief Executive Officer, duly authorized for the purposes hereof as he so declares, and the holders of Class A Preferred Shares, the holders of Class B Preferred Shares, the holders of Class C Preferred Shares and the holders of Class D Preferred Shares of the Corporation listed on Schedule A, as such Schedule may be amended from time to time (collectively, the “Investors”).

 

In consideration of the agreement by the Investors to purchase Class D Preferred Shares of the Corporation pursuant to the Subscription Agreement dated as of the date hereof (the “Subscription Agreement”), and as an inducement to the Investors to consummate the transactions contemplated by the Subscription Agreement and ancillary agreements, the Corporation agrees with the Investors to enter into this Agreement and make certain arrangements with respect to the registration of the Registrable Securities (as defined below) held by the Investors under the 1933 Act (as defined below) and/or the qualification of such shares for distribution under the securities laws of the provinces and territories of Canada, as set forth in this Agreement.

 

ARTICLE 1
 CERTAIN DEFINITIONS

 

1.1                               Definitions

 

As used in this Agreement, the following terms have the following meanings:

 

(a)                                 “1933 Act” means the United States Securities Act of 1933, as amended.

 

(b)                                 “Articles” means the articles of continuance of the Corporation as amended from time to time.

 

(c)                                  “As-Converted Basis” has the meaning ascribed thereto in the Shareholders’ Agreement.

 

(d)                                 “Canadian Prospectus” means a (final) Prospectus filed by the Corporation under Canadian Securities Laws.

 

(e)                                  “Canadian Securities Commissions” means the securities commissions or other securities regulatory authorities in each of the provinces and territories of Canada.

 

(f)                                   “Canadian Securities Laws” means the securities legislation of the applicable provinces or territories of Canada, and the rules, regulations, blanket orders,

 

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blanket rulings under such laws and published policies, policy statements and notices of the applicable Canadian Securities Commissions.

 

(g)                                  “Canadian Short Form Qualification Procedure” means the procedures for the distribution of securities by way of a short form Prospectus available under Canadian Securities Laws, including Regulation 44-101 respecting Short Form Prospectus Distributions.

 

(h)                                 “Common Shares” means the common shares in the capital of the Corporation.

 

(i)                                     “Class A1 Preferred Shares” means the Class A1 Preferred Shares in the capital of the Corporation.

 

(j)                                    “Class A2 Preferred Shares” means the Class A2 Preferred Shares in the capital of the Corporation.

 

(k)                                 “Class A Preferred Shares” means the Class A1 Preferred Shares or the Class A2 Preferred Shares.

 

(l)                                     “Class B Preferred Shares” means the Class B Preferred Shares in the capital of the Corporation.

 

(m)                             “Class C Preferred Shares” means the Class C Preferred Shares in the capital of the Corporation.

 

(n)                                 “Class D Preferred Shares” means, collectively, the Class D1 Preferred Shares and the Class D2 Preferred Shares.

 

(o)                                 “Class D1 Preferred Shares” means the Class D1 Preferred Shares in the capital of the Corporation;

 

(p)                                 “Class D2 Preferred Shares” means the Class D2 Preferred Shares in the capital of the Corporation;

 

(q)                                 “Closing” has the meaning ascribed thereto in the Subscription Agreement.

 

(r)                                    “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

 

(s)                                   “Fully Diluted Basis” has the meaning ascribed thereto in the Shareholders’ Agreement.

 

(t)                                    “Holder” means any Investor owning of record Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares, Class D Preferred Shares or Registrable Securities that have not been sold to the public, or any assignee or transferee (in accordance with Section 10.2) of such Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares, Class D Preferred Shares, or Registrable Securities, or, with respect to Article 8, any seller of Registrable

 

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Securities.

 

(u)                                 “Initial Public Offering” means the Corporation’s first underwritten public offering of its Common Shares registered under the 1933 Act or qualified pursuant to a Canadian Prospectus, or both.

 

(v)                                 “Preferred Majority” means the holders of at least 70% of all then issued and outstanding Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares and Class D Preferred Shares, voting together as a single class, on an As-Converted Basis.

 

(w)                               “MJDS” means the Canada-United States Multijurisdictional Disclosure System.

 

(x)                                 “Passport Receipt” means a receipt of the principal regulator pursuant to the passport system procedures provided for under Policy Statement 11-202 respecting Process for Prospectus Reviews in Multiple Jurisdictions and Regulation 11-102 respecting Passport System, adopted by certain Canadian Securities Commissions, as amended or replaced from time to time.

 

(y)                                 “Prospectus” means, with respect to a public offering or distribution in the United States, the prospectus included in any Registration Statement, or, with respect to a public offering or distribution in Canada, a Canadian Prospectus, in each case, as such documents may be amended or supplemented by an amendment or prospectus supplement, including post-effective amendments, and all material incorporated by reference in such prospectus.

 

(z)                                  “Qualified Public Offering” or “QIPO” means any firm commitment Initial Public Offering at a price per share based on a pre-money valuation of the Corporation of at least $250,000,000 and resulting in gross proceeds of at least $60 million, whereby the Shares would be listed on one or more Recognized Stock Exchanges;

 

(aa)                          “Recognized Stock Exchange” means the New York Stock Exchange, the NASDAQ and such other exchange approved by a Preferred Majority.

 

(bb)                          “Registrable Securities” means:

 

(i)                                     any Common Shares of the Corporation issued or issuable that are held by the Investors or that could be held by the Investors from time to time;

 

(ii)                                  any Common Shares of the Corporation issued or issuable in respect of the conversion of the Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares or Class D Preferred Shares (whether acquired before or after the date of this Agreement); and

 

(iii)                               any Common Shares of the Corporation issued or issuable in respect of share splits, share dividends, reclassifications, recapitalizations or other similar events affecting such Class A Preferred Shares, Class B Preferred

 

4

 

Shares,  Class C Preferred Shares, Class D Preferred Shares or Common Shares of the Corporation held by the Investors from time to time; excluding in all cases, however, any Registrable Securities sold or transferred in a transaction in which the rights herein are not assigned or any shares for which registration rights have terminated pursuant to Section 6.4 of this Agreement.

 

Whenever reference is made in this Agreement to a request or consent of holders of a certain percentage of Registrable Securities, the determination of such percentage shall include Common Shares issuable upon conversion of the Class A Preferred Shares, Class B Preferred Shares, Class C Preferred Shares and Class D Preferred Shares even if such conversion has not been effected.

 

(cc)                            “Registration Statement” means with respect to a public offering in the United States, a registration statement filed by the Corporation with the SEC for a public offering and sale of securities of the Corporation for cash, other than a registration statement on Form S-8, Form S-4 or Form F-4, or their successors, or any form for a similar limited purpose, or any registration statement covering only securities proposed to be issued in exchange for securities or assets of another corporation.

 

(dd)                          “Regulation 45-102” means Regulation 45-102 respecting Resale of Securities adopted by the Canadian Securities Commissions, as amended or replaced from time to time.

 

(ee)                            “SEC” means the United States Securities and Exchange Commission, or any other federal agency at the time administering the 1933 Act.

 

(ff)                              “Shareholders’ Agreement” means the Fourth Amended & Restated Shareholders’ Agreement dated on or about the date hereof between the Corporation and its Shareholders, as further amended from time to time.

 

(gg)                            “Subscription Agreement” means the Subscription Agreement dated on or about the date hereof between the Corporation and some of the Investors in respect of the issuance of Class D Preferred Shares.

 

1.2                               Certain Rules of Interpretation

 

In this Agreement:

 

(a)                                 Currency — Unless otherwise specified, all references to money amounts are to the lawful currency of the United States of America.

 

(b)                                 Governing Law — This Agreement is a contract made under and is governed by and construed in accordance with the law of the Province of Québec and the federal laws of Canada applicable in the Province of Québec.

 

5

 

(c)                                  Headings — Headings of Articles and Sections are inserted for convenience of reference only and do not affect the construction or interpretation of this Agreement.

 

(d)                                 Including — Where the word “including” or “includes” is used in this Agreement, it means “including (or includes) without limitation”.

 

(e)                                  Number and Gender — Unless the context otherwise requires, words importing the singular include the plural and vice versa and words importing gender include all genders.

 

(f)                                   Severability — If, in any jurisdiction, any provision of this Agreement or its application to any party or circumstance is restricted, prohibited or unenforceable, such provision is, as to such jurisdiction, ineffective only to the extent of such restriction, prohibition or unenforceability without invalidating the remaining provisions of this Agreement and without affecting the validity or enforceability of such provision in any other jurisdiction or without affecting its application to other parties or circumstances.

 

(g)                                  Statutory references — A reference to a statute includes all regulations and rules made pursuant to such statute and, unless otherwise specified, the provisions of any statute or regulation that amends, supplements or supersedes any such statute or any such regulation.

 

(h)                                 Time Periods — Unless otherwise specified, time periods within or following which any act is to be done are calculated by excluding the day on which the period commences and including the day on which the period ends and by extending the period to the next business day if the last day of the period is not a business day.

 

1.3                               Entire Agreement

 

This Agreement and the agreements and other documents required to be delivered pursuant to this Agreement, constitute the entire agreement between the parties and set out all the covenants, promises, warranties, representations, conditions, understandings and agreements between the parties pertaining to the subject matter of this Agreement and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written. There are no covenants, promises, warranties, representations, conditions, understandings or other agreements, oral or written, express, implied or collateral between the parties in connection with the subject matter of this Agreement except as specifically set forth in this Agreement and any document required to be delivered pursuant to this Agreement.

 

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ARTICLE 2
 CROSS BORDER ISSUES

 

2.1                               Jurisdiction of Initial Public Offering

 

Subject to Section 2.2, if the Corporation proposes to undertake an Initial Public Offering, the Corporation may determine, in its sole discretion (subject to the applicable provisions of the Shareholders’ Agreement, if any), whether such Initial Public Offering will be made in both the United States and Canada, or in only one of such jurisdictions.

 

2.2                               Initial Public Offering

 

If the Initial Public Offering is made:

 

(a)                                 under the 1933 Act only and not under Canadian Securities Laws, the Corporation will, concurrently with the filing of the Registration Statement for the Initial Public Offering, file a Canadian Prospectus under the securities laws of Québec, and the Corporation will use its best efforts to obtain a receipt or Passport Receipt for the Canadian Prospectus;

 

(b)                                 under Canadian Securities Laws only and not under the 1933 Act, the Corporation will (i) file the Canadian Prospectus for the Initial Public Offering under the securities laws of Québec (which filing may be made concurrently with the filing of a Canadian Prospectus under the securities laws of any other province or territory of Canada), and the Corporation will use its best efforts to obtain a receipt or Passport Receipt for such Canadian Prospectus, (ii) file a Registration Statement under the 1933 Act, in respect of all of the Registrable Securities then held by residents of the United States in the event such U.S. residents are not otherwise permitted, in the opinion of counsel reasonably acceptable to both the Corporation and such U.S. residents, to sell their Registrable Securities in Canada in reliance on an exemption from registration under the 1933 Act, including, without limitation pursuant to Regulation S thereunder (provided that such Registration Statement may be in the nature of a “shelf” registration), and the Corporation shall use its best efforts to have such Registration Statement declared effective, and (iii) use its commercially reasonable efforts to maintain a listing on the Toronto Stock Exchange or another “designated offshore securities market” within the meaning of Rule 902 of Regulation S under the 1933 Act until such time as the Registrable Securities become freely tradable in the United States by persons other than affiliates pursuant to Rule 144 under the 1933 Act; and

 

(c)                                  concurrently under the 1933 Act and under Canadian Securities Laws, the Corporation will file the Canadian Prospectus for the Initial Public Offering under the securities laws of Québec (which filing may be made concurrently with the filing of a Canadian Prospectus under the securities laws of any other province or territory of Canada), and the Corporation will use its best efforts to obtain a receipt or Passport Receipt for such Canadian Prospectus.

 

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ARTICLE 3
 DEMAND REGISTRATIONS

 

3.1                               Required Registration Statement

 

(a)                                 At any time and from time to time after the earlier of (i) the date that is one year after the closing date of a Qualified Public Offering, or (ii) October 15, 2021, Holder(s) holding at least 25% of the outstanding Registrable Securities (the “Initiating Holders”) may by written notice to the Corporation (the “Demand Notice”) request the Corporation to prepare and to file with respect to all or any portion of such Holders’ Registrable Securities:

 

(i)                                     a Registration Statement under the 1933 Act;

 

(ii)                                  a Canadian Prospectus prepared in accordance with Regulation 41-101 respecting General Prospectus Requirements or similar long form Prospectus; and

 

(iii)                               a Registration Statement under the 1933 Act and a Canadian Prospectus in accordance with Regulation 41-101 respecting General Prospectus Requirements or similar long form prospectus.

 

(b)                                 Within ten days of the receipt of the Demand Notice, the Corporation will give written notice of such request to all other Holders of Registrable Securities.

 

(c)                                  Subject to the limitations of this Article 3, the Corporation will as soon as possible, but in any event within 90 days after the date of the Demand Notice, prepare and file the required Registration Statement and/or Canadian Prospectus and will use its best efforts to effect, as soon as practicable, the requested registration or qualification under the 1933 Act and/or Canadian Securities Laws, as applicable, of all Registrable Securities that the Initiating Holders desire to be registered or qualified as specified in the initial Demand Notice and any additional Registrable Securities requested to be included in such registration in all notices received by the Corporation from other Holders within 20 days after the giving of the notice by the Corporation pursuant to this Section 3.1.

 

(d)                                 Subject to Section 3.2(b), the Company may include securities for its own account in such registration if the number of Registrable Securities that would otherwise have been included in such registration and underwriting will not thereby be limited.

 

3.2                               Underwriting

 

(a)                                 If the Initiating Holders intend to dispose of the Registrable Securities covered by the Demand Notice by means of an underwriting, they must so advise the Corporation as a part of the Demand Notice, and the Corporation will include such information in the written notice to Holders referred to in Section 3.1(b). In such event, the right of any Holder to include its Registrable Securities in such

 

8

 

registration or qualification is conditional upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise agreed by the Initiating Holders). All Holders proposing to distribute their Registrable Securities through such underwriting (together with the Corporation and any officers, directors or other security holders distributing their securities through such underwriting) must enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Initiating Holders and approved by the Corporation, acting reasonably.

 

(b)                                 Notwithstanding anything to the contrary herein, if the underwriter advises the Initiating Holders that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities), then the number of Registrable Securities to be included in the underwriting shall be reduced and such reduced number of shares will be allocated to the Holders requesting registration or qualification (including the Initiating Holders) on a pro rata basis based on the number of Registrable Securities requested by each such Holder to be included in such underwriting. However, Registrable Securities requested to be registered or qualified under this Article 3 may only be excluded from such underwriting, registration and/or qualification if all securities held by holders (for certainty, including securities to be offered for sale by the Corporation) other than the Holders of Registrable Securities are first excluded. Any Registrable Securities excluded or withdrawn from such underwriting will be withdrawn from the registration or qualification. No securities of the Corporation or any other security holder will be included in such registration or qualification if, in the sole opinion of the underwriter, such inclusion would adversely affect the marketing or the price of the Registrable Securities to be sold.

 

3.3                               No Other Filings

 

Except for registration statements in the United States on Form S-4 or S-8 or any successor to them (or the equivalent form for foreign private issuers as defined under the 1933 Act), the Corporation will not file with the SEC any other Registration Statement with respect to its securities or any Canadian Prospectus, whether for its own account or that of other security holders, from the date of the Demand Notice until the completion of the period of distribution of the registration and/or qualification contemplated by the Demand Notice (unless all of the Initiating Holders withdraw their request for registration or qualification of their Registrable Securities).

 

3.4                               Number of Registrations

 

The Corporation is not required to register and/or qualify Registrable Securities pursuant to this Article 3 on more than two occasions, but:

 

(a)                                 the Corporation’s obligation to effect a registration or qualification is deemed satisfied only when (i) the required Registration Statement has become effective or, in the case of a Canadian Prospectus, receipts have been obtained or deemed to

 

9

 

have been obtained from all applicable Canadian jurisdictions, with respect to all Registrable Securities as specified in the Demand Notice and notices of other Holders requesting registration or qualification under Section 3.1 for sale in accordance with the method of disposition specified by the Initiating Holders or (ii) a majority of the Initiating Holders withdraw their request for registration or qualification of their Registrable Securities other than as a result of a material adverse change affecting the Corporation that was unknown at the time of the demand; and

 

(b)                                 a concurrent registration in the U.S. and qualification in Canada is deemed to be one occasion of registration and qualification only.

 

3.5                               Other Restrictions

 

(a)                                 Notwithstanding anything herein to the contrary, no request for registration or qualification of Registrable Securities may be made under this Article 3 within ninety days after the effective date of a Registration Statement or the date of the final receipt for a Canadian Prospectus filed by the Corporation.

 

(b)                                 In addition to the terms of Section 6.3 hereof, the Corporation may delay the registration or qualification of Registrable Securities for a period of up to 90 days after the date of a Demand Notice if:

 

(i)                                     at the time of such request, the Corporation is engaged, or has fixed plans to engage, within 90 days of the date of such request, in an underwritten public offering of Common Shares; or

 

(ii)                                  at the time of such request, the Corporation is engaged in a self-tender or exchange offer and the filing of a Prospectus would cause a violation of the Exchange Act or applicable Canadian Securities Laws.

 

(c)                                  No request for registration or qualification of Registrable Securities may be made under this Article 3 if the anticipated gross proceeds from the sale of the Registrable Securities to be registered or qualified is less than $10,000,000 or if the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3, F-3 or MJDS form pursuant to a request made under Article 4.

 

ARTICLE 4
 SHORT FORM DEMAND REGISTRATIONS

 

4.1                               Corporation Obligations

 

If the Corporation receives from Holder(s) holding at least 25% of the outstanding Registrable Securities a written request that the Corporation prepare and file a Registration Statement on Form S-3 or F-3 or any similar form under the 1933 Act that may be applicable to foreign issuers (or any successor to such forms) (“Form S-3”), or a form under the MJDS, and/or a short form prospectus under the Canadian short form

 

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qualification procedure under Regulation 44-101 respecting Short Form Prospectus Distributions (the “Canadian Short Form Qualification Procedure”), and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder(s), the Corporation will:

 

(a)                                 promptly give written notice of the proposed registration or qualification, and any related compliance, to all other Holders of Registrable Securities, which Holders are entitled to join in such registration and/or qualification if each Holder wishing to do so notifies the Corporation in writing within 20 days after receipt of the written notice from the Corporation; and

 

(b)                                 as soon as practicable (but in all instances in compliance with the timelines contained in Section 4.3), use its commercially reasonable efforts to effect such registration and/or qualification and all such compliances as may be so requested by the requesting Holder or Holders as would permit or facilitate the sale and distribution of all or such portion of the requesting Holders’ Registrable Securities as are specified in the request.

 

4.2                               Exceptions

 

The Corporation is not required to effect any registration, qualification or compliance pursuant to this Article 4:

 

(a)                                 if, as applicable, Form S-3, MJDS or the Canadian Short Form Qualification Procedure is not available for such an offering by the Holder or Holders of Registrable Securities;

 

(b)                                 if the Holders of Registrable Securities, together with the holders of any other securities of the Corporation participating in such registration and/or qualification, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $10,000,000;

 

(c)                                  in any particular state of the United States in which the Corporation would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance, or to register or qualify any securities for sale under state “blue sky” securities laws; or

 

(d)                                 if the Corporation has effected two such qualifications or demands within the previous 12-month period.

 

4.3                               Time of Filing

 

Subject to the foregoing provisions of this Article 4, the Corporation will use its best efforts to file a Registration Statement on Form S-3, or, if available, on MJDS form and/or a Canadian Prospectus under the Canadian Short Form Qualification Procedure covering the Registrable Securities and other securities so requested to be registered or qualified as soon as practicable after receipt of all written requests from the Holders of Registrable Securities pursuant to the provisions of this Article 4 but in any event within

 

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45 days of the final date for receipt of all written requests from the Holders pursuant to the provisions of this Article 4. The Corporation may delay any registration or qualification of Registrable Securities required under this Article 4 in accordance with Section 3.5(b) of this Agreement.

 

4.4                               Number of Short Form Demand Registrations

 

Subject to the limitations set out in Section 4.2, the Holders may make an unlimited number of short form demand requests but the Corporation is only required to effect two such registrations within any 12-month period.

 

ARTICLE 5
 PIGGYBACK REGISTRATION

 

5.1                               Piggyback Right

 

(a)                                 If the Corporation at any time proposes to file a Registration Statement or a Canadian Prospectus, whether for its own account or for the account of other security holders or both on each such occasion it will promptly give written notice (the “Piggyback Notice”) to all Holders of outstanding Registrable Securities of its intention to do so.

 

(b)                                 Upon the written request of any Holder (a “Requesting Holder”) of Registrable Securities received by the Corporation within 20 days after the giving of the Piggyback Notice or within two days if the Piggyback Notice is in relation to a “bought deal”, the Corporation will cause the Registrable Securities requested to be registered and/or qualified by the Requesting Holder or Requesting Holders, as applicable, to be included in the Registration Statement or Canadian Prospectus (or both the Registration Statement and Canadian Prospectus, in the event of a concurrent offering under the 1933 Act and Canadian Securities Laws) proposed to be filed by the Corporation, all to the extent necessary to permit the sale or other disposition by the Requesting Holder or Requesting Holders of such Registrable Securities, and all subject to the limitations set forth in this Article 5.

 

5.2                               Underwritten Public Offerings

 

(a)                                 If any registration and/or qualification pursuant to this Article 5 is, in whole or in part, an underwritten public offering of Common Shares, the Corporation will so advise the Holders of Registrable Securities as part of the Piggyback Notice given pursuant to Section 5.1. In such event, the right of any such Holder to include its Registrable Securities in the Registration Statement or Canadian Prospectus pursuant to this Article 5 is conditional upon such Holder’s participation in such underwriting. All Holders of Registrable Securities proposing to distribute their Registrable Securities through such underwriting will (together with the Corporation and any officers, directors or other security holders distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected by the Corporation.

 

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(b)                                 The number of shares of Registrable Securities to be included in such an underwriting may be reduced if and to the extent that the managing underwriter advises the Holders that such inclusion would adversely affect the number, marketing or price of the securities to be sold by the Corporation in such underwriting. However, Registrable Securities requested to be registered or qualified under this Article 5 may only be excluded from such underwriting, registration and/or qualification if all securities held by holders (for certainty, excluding securities to be offered for sale by the Corporation) other than the Holders of Registrable Securities are first excluded and in no event, other than in respect of the Corporation’s Initial Public Offering, will the number of Registrable Securities to be included in such underwriting be reduced below 30% of the aggregate number of securities included in the Registration Statements or the Canadian Prospectus.

 

In any case where the number of Registrable Securities requested to be included in such underwriting is reduced in accordance with the foregoing, the number of Registrable Securities permitted to be included in the underwriting is to be allocated to the Requesting Holders on a pro rata basis based on the number of Registrable Securities requested by the Requesting Holders to be included in such underwriting.

 

(c)                                  If a Holder decides not to include all of its Registrable Securities in any Registration Statement or Canadian Prospectus filed under this Article 5, such Holder continues to have the right to include its Registrable Securities in any subsequent registration or qualification, all on the terms and conditions set forth in this Agreement.

 

5.3                               Withdrawal, etc.

 

The Corporation may terminate or withdraw any Registration Statement referred to in this Article 5 without incurring any liability to the Holders (provided however that the Corporation is not entitled to terminate or withdraw a Registration Statement filed following a request pursuant to Article 3 or Article 4). Any Holder may elect to withdraw from such underwriting by written notice to the Corporation and the underwriter, delivered at least 5 business days prior to the effective date of the Registration Statement or Canadian Prospectus, without incurring any liability to the Corporation or the other Holders. Any Registrable Securities excluded or withdrawn from such underwriting will be excluded and withdrawn from the registration and/or qualification.

 

ARTICLE 6
 REGISTRATION PROCEDURES

 

6.1                               Corporation Obligations and Other Agreements

 

If and whenever the Corporation is required by the provisions of Article 3, Article 4 or Article 5 to use its best efforts or commercially reasonable efforts (as the case may be) to effect the registration and/or qualification of any Registrable Securities, the Corporation

 

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will, where not inconsistent with the terms of such articles, as expeditiously as possible:

 

(a)                                 in the case of a registration in the United States, prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its best efforts or commercially reasonable efforts (as the case may be) to cause such Registration Statement to become effective and remain effective for a period of 120 days or until the Holder or Holders have completed the distribution described in the Registration Statement relating thereto, whichever first occurs. However:

 

(i)                                     such 120-day period is extended for a period of time equal to the period the Holder refrains from selling any securities included in such registration at the request of an underwriter of the Corporation; and

 

(ii)                                  in the case of any registration of Registrable Securities on Form S-3 or F-3, or a registration form under MJDS (or any successor to such forms) that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such 120-day period is extended, if necessary, to keep the Registration Statement effective until all such Registrable Securities are sold, but only if:

 

(A)                               Rule 415, or the applicable form under MJDS, or any successor rule under the 1933 Act, permits an offering on a continuous or delayed basis; and

 

(B)                               applicable rules under the 1933 Act governing the obligation to file a post effective amendment permit, in lieu of filing a post effective amendment that includes any prospectus required by Section 10(a)(3) of the 1933 Act or reflects facts or events representing a material or fundamental change in the information set forth in the Registration Statement, the incorporation by reference of such information contained in periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act;

 

(b)                                 in the case of a registration in the United States, prepare and file with the SEC such amendments and supplements to such Registration Statement and/or the Prospectus as may be necessary to keep such Registration Statement effective for the period specified in Subsection (a) and comply with the provisions of the 1933 Act with respect to the disposition of all Registrable Securities covered by such Registration Statement;

 

(c)                                  in the case of a registration in the United States, use its commercially reasonable efforts to register the Registrable Securities covered by such Registration Statement filed with the SEC under the securities or “blue sky” laws of such jurisdictions as the sellers of Registrable Securities or, in the case of an underwritten public offering, the managing underwriter, reasonably requests, but the Corporation is not, for any such purpose, required to qualify generally to transact business as a foreign corporation in any state of the United States where it

 

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is not so qualified or to consent to general service of process in any such jurisdiction;

 

(d)                                 in the case of an offering in Canada, prepare and file with the Canadian Securities Commission in each province and territory in which selling Holders of Registrable Securities are then resident (or, in the case of a qualification pursuant to Section 2.2(a) of Article 2, in Québec only), a Canadian Prospectus with respect to the distribution of such Registrable Securities and use its best efforts or commercially reasonable efforts (as the case may be) to obtain a receipt or a Passport Receipt from such Canadian Securities Commissions in respect of such Canadian Prospectus;

 

(e)                                  in the case of an offering in Canada, prepare and file with the Canadian Securities Commissions with whom a Canadian Prospectus has been filed pursuant to Subsection (d) such amendments and supplements to such Canadian Prospectus as may be necessary to comply with the applicable provisions of Canadian Securities Laws with respect to the distribution of all securities qualified by such Canadian Prospectus (provided that all Registrable Securities qualified by such Canadian Prospectus are distributed within 90 days of the date of such final Canadian Prospectus);

 

(f)                                   furnish to each seller of Registrable Securities or, if the offering is to be underwritten, to each underwriter such number of copies of the Prospectus and/or the Canadian Prospectus (including each preliminary Prospectus), in conformity with the requirements of the 1933 Act or Canadian Securities Laws, as applicable, and such other documents as such persons reasonably may request, in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Registration Statement or Canadian Prospectus;

 

(g)                                  use its commercially reasonable efforts to list the Registrable Securities covered by such Registration Statement or Canadian Prospectus with any securities exchange or quotation system on which the shares of the Corporation are then listed (or if similar securities issued by the Corporation are not yet listed or quoted, then on such exchange or quotation system as the Company shall determine) and pay all fees associated with such listing;

 

(h)                                 promptly provide a transfer agent, registrar and CUSIP number for all such Registrable Securities covered by such Registration Statement not later than the effective date of such Registration Statement or the date of the final Canadian Prospectus;

 

(i)                                     promptly notify each seller of Registrable Securities and each underwriter under such Registration Statement or Canadian Prospectus, at any time when a Prospectus relating thereto is required to be delivered, of the happening of any event of which the Corporation has knowledge as a result of which such Prospectus, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the

 

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statements therein not misleading in light of the circumstances then existing and/or, in the case of a Canadian Prospectus, omits to provide full, true and plain disclosure of all material facts relating to the Registrable Securities;

 

(j)                                    if the offering is underwritten and is an offering in the United States, at the request of any seller of Registrable Securities, use its commercially reasonable efforts to furnish on the date that Registrable Securities are delivered to the underwriters for sale pursuant to such registration:

 

(i)                                     an opinion dated such date of counsel representing the Corporation for the purposes of such registration, addressed to the underwriters and to such seller, in form and substance as is customarily given by company counsel to the underwriters in an underwritten public offering; and

 

(ii)                                  a letter dated such date from the independent public accountants retained by the Corporation, addressed to the underwriters and to such seller, in form and substance as is customarily given in an underwritten public offering, provided that such seller has made such representations and furnished such undertakings as the independent public accountants may reasonably require;

 

(k)                                 make available for inspection by each seller of Registrable Securities or, if the offering is to be underwritten, any underwriter participating in any distribution pursuant to a Registration Statement or Canadian Prospectus, and, in either case, any attorney, accountant or other agent retained by such seller or underwriter, all financial and other records, pertinent corporate documents and properties of the Corporation, and use its best efforts to cause the Corporation’s officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent in connection with such Registration Statement or Canadian Prospectus;

 

(l)                                     promptly notify each seller of Registrable Securities:

 

(i)                                     that any supplement to any Prospectus forming a part of such Registration Statement has been filed; and

 

(ii)                                  promptly after it receives notice thereof, in the case of an offering in the United States, of the time when such Registration Statement has become effective, or in the case of offering in Canada, of the time when a receipt from the Canadian Securities Commissions has been received;

 

(m)                             promptly notify each seller of Registrable Securities of any request by the SEC or any Canadian Securities Commission for the amending or supplementing of such Registration Statement or Prospectus; and

 

(n)                                 upon the issuance of any stop order suspending the effectiveness of the Registration Statement, or of any order suspending or preventing the use of any Prospectus or suspending the qualification of any Registrable Securities included

 

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in the Prospectus for sale in any jurisdiction, use its commercially reasonable efforts promptly to obtain the withdrawal of such order.

 

In addition, the Corporation shall ensure that, at all times after any Registration Statement filed with the SEC shall have become effective, its insider trading policy shall provide that the Corporation’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.

 

6.2                               Seller Obligations and Other Agreements

 

(a)                                 Information. In connection with each registration or qualification under this Agreement, the selling Holders of Registrable Securities will furnish to the Corporation in writing such information with respect to themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as is necessary to effect the registration or qualification of the Registrable Securities. The provision of such information by a selling Holder is a condition of the Corporation’s obligation to include any Registrable Securities of such selling Holder in the registration or qualification.

 

(b)                                 Escrow and Other Requirements. In connection with an Initial Public Offering in Canada, the Corporation and the Holders will use their best efforts to agree to provisions that are acceptable to Holders in their sole discretion to comply with any escrow requirement imposed under applicable Canadian Securities Laws and/or the Toronto Stock Exchange, and to execute all undertakings and agreements as are customary and reasonably required in connection with such escrow requirements.

 

(c)                                  Market Stand-Off Agreement. If requested by the underwriters for the Initial Public Offering of the Corporation, each Holder of Registrable Securities will agree not to sell, offer, pledge, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of any Common Shares or any securities convertible into or exchangeable for Common Shares held immediately prior to the effective date of the Registration Statement or the date of the final Canadian Prospectus relating to such offering, either directly or indirectly (other than Registrable Securities being registered in such offering), without the prior written consent of such underwriters, for a period not to exceed 180 days following the effective date of the Registration Statement or the date of the final Canadian Prospectus relating to such offering or, if required by such underwriter, such longer period of time as is necessary to enable such underwriter to issue a research report or make a public appearance that relates to an earnings release or announcement by the Corporation within 18 days before or after the date that is 180 days after the effective date of the Registration Statement relating to such offering, but in any event not to exceed 210 days following such effective date. Any discretionary waiver or termination of the restrictions of such agreements by the Corporation or the underwriters shall apply to all Holders of Registrable Securities pro rata based on the number of Registrable Securities held

 

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by such Holders. Each Holder of Registrable Securities will agree to sign the managing underwriter’s lock-up agreement in a form reasonably acceptable to such Holder, reflecting the provisions of this Section 6.2(c) and any necessary changes to address regulatory restrictions under the Canadian Securities Laws or the 1933 Act.

 

6.3                               Permitted Delays

 

The Corporation’s obligation to register or qualify Registrable Securities, or cause a Registration Statement or Canadian Prospectus to become and remain effective for the periods of time specified in Subsection 6.1(a), may be suspended for a period not to exceed 120 days by the delivery of a certificate signed by the Corporation’s chief executive officer to the Holders of Registrable Securities stating that effecting the filing would (i) materially impede the ability of the Corporation to consummate a material transaction, (ii) there exists at the time material non-public information relating to pending material developments or other events at the Corporation as to which the Board of Directors of the Corporation reasonably believes public disclosure would be seriously detrimental to the Corporation, or (iii) render the Corporation unable to comply with the requirements of the 1933 Act or the Exchange Act. Notwithstanding the 120-day period provided for above:

 

(a)                                 such suspension will immediately terminate 10 days following the date upon which such material non-public information is disclosed to the public or ceases to be material; and

 

(b)                                 such right may only be exercised once in any twelve-month period.

 

The Corporation will notify each Holder of the existence and nature of any suspension event, subject to such Holder’s express written agreement to maintain the confidentiality of such information.

 

6.4                               Termination of Registration Rights

 

The registration and qualification rights of a Holder under this Agreement with respect to any Registrable Securities expire upon the earliest to occur:

 

(a)                                 if such Registrable Securities are publicly sold, or if they may be publicly sold:

 

(i)                                     pursuant to Rule 144 under the 1933 Act without limitation within any 90-day period or pursuant to Regulation S under the 1933 Act; and

 

(ii)                                  pursuant to Section 2.5 of Regulation 45-102;

 

(b)                                 five years after the date of the closing of a Qualified Public Offering of the Corporation; or

 

(c)                                  upon the occurrence of a merger or consolidation of the Corporation with or into another entity in which the shareholders of the Corporation immediately prior to

 

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such merger or consolidation own less than 25% of the voting securities of the surviving entity, or (ii) any other transaction or series of transactions as a result of which the shareholders of the Corporation immediately prior to such transaction or series of transactions own less than 25% of the voting securities of the Corporation or other surviving entity following such transaction (other than the sale of equity securities by the Corporation in a capital raising transaction), or (iii)  the sale of all or substantially all of the Corporation’s assets.

 

ARTICLE 7
 EXPENSES

 

7.1                               Definitions

 

(a)                                 All expenses incurred by the Corporation in connection with registrations, filings or qualifications pursuant to Article 2 (Cross Border Issues), Article 3 (Demand Registrations), Article 4 (Short Form Demand Registrations), or Article 5 (Piggyback Registrations), including all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Corporation, fees and expenses (including counsel fees) incurred in connection with complying with state securities or “blue sky” laws, stock exchange or NASDAQ fees, FINRA fees, fees of transfer agents and registrars, costs of insurance and reasonable fees and disbursements of one special counsel for the selling Holders of Registrable Securities, but excluding any Selling Expenses are called “Registration Expenses”.

 

(b)                                 All underwriting discounts and selling commissions applicable to the sale of Registrable Securities and the securities transfer taxes are called “Selling Expenses”.

 

7.2                               Corporation Obligation

 

The Corporation will pay all Registration Expenses in connection with each Registration Statement and Canadian Prospectus under Article 2, Article 3, Article 4 or Article 5; provided, however, that the Corporation shall not be required to pay for any expenses of any registration proceeding begun pursuant to Article 3 or Article 4 if the registration request is subsequently withdrawn at the request of participating Holders of a majority of the Registrable Securities other than as a result of a material adverse change affecting the Corporation that was unknown to the participating Holders at the time of the demand (in which case all selling Holders shall bear such expense pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration) unless such holders agree to forfeit their right to one registration pursuant to Article 3. All Selling Expenses in connection with each Registration Statement and Canadian Prospectus under Article 2, Article 3, Article 4 or Article 5 will be borne by the Corporation and each of the participating Holders in proportion to the number of shares sold by each or, as between the participating Holders, as such participating Holders may otherwise agree.

 

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ARTICLE 8
 INDEMNIFICATION AND CONTRIBUTION

 

8.1                               Indemnification by Corporation

 

In the event of a registration or qualification of any of the Registrable Securities under the 1933 Act or Canadian Securities Laws pursuant to Article 2 (Cross Border Issues), Article 3 (Demand Registrations), Article 4 (Short Form Demand Registrations), or Article 5 (Piggyback Registrations), to the extent permitted by law, the Corporation will indemnify and hold harmless each seller of such Registrable Securities thereunder, each officer, director, employee, partner, member, shareholder or legal counsel of each seller, each signatory of the Prospectus on behalf of such seller, each underwriter (as defined in the 1933 Act) of such Registrable Securities thereunder and each other person, if any, who controls such seller or underwriter within the meaning of the 1933 Act or the Exchange Act, against any losses, claims, damages or liabilities, solidary (joint) or several, to which any such person may become subject under the 1933 Act, the Exchange Act, state securities or “blue sky” laws, Canadian Securities Laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon:

 

(a)                                 any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement or Canadian Prospectus, or any omission or alleged omission of a Canadian Prospectus to provide full, true and plain disclosure of all material facts related to the Registrable Securities under which such Registrable Securities were registered or qualified pursuant to Article 2, Article 3, Article 4 or Article 5 and any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof;

 

(b)                                 the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation or alleged violation by the Corporation of the 1933 Act, the Exchange Act, any applicable state securities or “blue sky” laws, or any Canadian Securities Laws; or

 

(c)                                  any violation by the Corporation of any applicable securities law in connection with the qualification or sale of shares thereunder,

 

and will reimburse each such person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred. However, the Corporation is not liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or omission made in conformity with or in reliance upon information furnished by any such party seeking indemnification hereunder in writing specifically for use in such Registration Statement (including the Prospectus comprised therein) or Canadian Prospectus (preliminary or final) or any amendment or supplement thereof.

 

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8.2                               Indemnification by Sellers

 

(a)                                 In the event of a registration or qualification of any of the Registrable Securities under the 1933 Act or Canadian Securities Laws pursuant to Article 2, Article 3, Article 4, or Article 5, to the extent permitted by law, each seller of such Registrable Securities thereunder, severally and not solidarily (jointly), will indemnify and hold harmless the Corporation, each person, if any, who controls the Corporation within the meaning of the 1933 Act or the Exchange Act, each officer of the Corporation who signs the Registration Statement, each director of the Corporation, each underwriter (as defined in the 1933 Act) and each person, if any, who controls any underwriter within the meaning of the 1933 Act or the Exchange Act and each other seller of Registrable Securities thereunder and its officers and directors, against all losses, claims, damages or liabilities, solidary (joint) or several, to which the Corporation or such officer, director, underwriter or controlling person, or other seller or officer or director of such other seller, may become subject under the 1933 Act, the Exchange Act, state securities or “blue sky” laws, Canadian Securities Laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon:

 

(i)                                     any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement or Canadian Prospectus, or any omission or alleged omission of a Canadian Prospectus to provide full, true and plain disclosure of all material facts related to the Registrable Securities under which such Registrable Securities were registered or qualified under the 1933 Act or Canadian Securities Laws pursuant to Article 2, Article 3, Article 4, or Article 5, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof; or

 

(ii)                                  the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation or alleged violation by the seller of the 1933 Act, the Exchange Act, any applicable state securities or “blue sky” laws, or any Canadian Securities Laws,

 

and will reimburse the Corporation and each such officer, director, underwriter and controlling person, and each other seller of Registrable Securities thereunder and its officers and directors, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred, but such seller is liable hereunder in any such case if and only to the extent that any such loss, claim, damage, liability or action arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information pertaining to such seller, furnished in writing to the Corporation by or on behalf of such seller specifically for use in such Registration Statement (including the Prospectus comprised therein) or Canadian

 

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Prospectus (preliminary or final), or any amendment or supplement thereof.

 

(b)                                 The liability of each selling Holder hereunder is limited to the proportion of any such loss, claim, damage or liability that is equal to the proportion that the public offering price of the shares sold by such selling Holder under such Registration Statement and/or Canadian Prospectus bears to the total public offering price of all securities sold thereunder, and such liability does not in any event exceed the net proceeds received by such seller from the sale of Registrable Securities covered by such Registration Statement and/or Canadian Prospectus.

 

8.3                               Indemnification Procedures

 

(a)                                 Promptly after receipt by an indemnified party hereunder of notice of the commencement of any action for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party does not relieve it from any liability that it may have to such indemnified party other than under this Article 8, and only relieves it from any liability that it may have to such indemnified party under this Article 8 if and to the extent the indemnifying party is prejudiced by such omission.

 

(b)                                 In case any such action is brought against any indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party is entitled to participate in and, to the extent it wishes, to assume and undertake the defence thereof with counsel satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defence thereof, the indemnifying party is not liable to such indemnified party under this Article 8 for any legal expenses subsequently incurred by such indemnified party in connection with the defence thereof other than reasonable costs of investigation and of liaison with counsel so selected.

 

(c)                                  If the defendants in any such action include both the indemnified party and the indemnifying party, and the indemnified party reasonably concludes that there may be reasonable defences available to it that are different from or additional to those available to the indemnifying party or if the interests of the indemnified party reasonably conflict with the interests of the indemnifying party, the indemnified party may select one separate counsel and assume such legal defences and otherwise participate in the defence of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as incurred.

 

(d)                                 No indemnifying party, in the defence of any such claim or litigation, may, except with the prior written consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation, and no indemnified

 

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party may consent to entry of any judgment or settle such claim or litigation without the prior written consent of the indemnifying party.

 

8.4                               Contribution

 

(a)                                 In order to provide for just and equitable contribution to solidary (joint) liability in circumstances in which the indemnification provided in this Article 8 is due in any case in which either:

 

(i)                                     any party otherwise entitled to indemnification hereunder, makes a claim for indemnification pursuant to this Article 8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Article 8 provides for indemnification in such case; or

 

(ii)                                  contribution under the 1933 Act or Canadian Securities Laws may be required on the part of any party hereto for which indemnification is provided under this Article 8,

 

then, and in each such case, the parties will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative economic benefit first and then only if it is unenforceable according to the relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions or other actions that resulted in such loss, claim, damage or liability, as well as to reflect any other relevant equitable considerations.

 

(b)                                 In any such case:

 

(i)                                     no such Holder is required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by it pursuant to such Registration Statement or Canadian Prospectus, and in no event shall a Holder’s liability pursuant to this Section 8.4, when combined with the amounts paid or payable by such Holder pursuant to Section 8.3, exceed the net proceeds from the offering received by such Holder, except in the case of willful misconduct or fraud by such Holder; and

 

(ii)                                  no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) is entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

(c)                                  Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or proceeding against such party in respect of which a claim for contribution may be made against another party or parties under

 

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this Article 8, notify such party or parties from whom contribution may be sought, but the omission so to notify such party or parties from whom contribution may be sought does not relieve such party from any other obligation it or they may have otherwise under this Article 8.

 

(d)                                 No party is liable for contribution with respect to any action, suit, proceeding or claim settled without its prior written consent, which consent may not be unreasonably withheld or delayed.

 

8.5                               Survival

 

Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, this Article 8 will survive the completion of any and all distributions of securities under this Agreement.

 

ARTICLE 9
 ADDITIONAL TERMS

 

9.1                               Changes to Registrable Securities

 

For greater certainty, if, and as often as, there is any change in Registrable Securities by way of a stock split, stock dividend, combination or reclassification, or through a merger, amalgamation, arrangement, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment will be made in the provisions of this Agreement so that the rights and privileges granted by this Agreement continue with respect to the Registrable Securities as so changed.

 

9.2                               Rule 144 Reporting

 

With a view to making available the benefits of certain rules and regulations of the SEC that may at any time permit the sale of the Registrable Securities to the public without registration, at all times after 90 days after the effective date of a Registration Statement for its Initial Public Offering, the Corporation will:

 

(a)                                 make and keep public information available, as those terms are understood and defined in Rule 144 under the 1933 Act;

 

(b)                                 use its best efforts to file with the SEC in a timely manner all reports and other documents required of the Corporation under the 1933 Act and the Exchange Act; and

 

(c)                                  furnish to each Holder of Registrable Securities, so long as the Holder owns any Registrable Securities, forthwith upon request a written statement by the Corporation as to its compliance with the reporting requirements of Rule 144 and of the 1933 Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Corporation, and such other reports and documents so filed by the Corporation as such Holder may reasonably request in availing itself of any

 

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rule or regulation of the SEC allowing such Holder to sell any Registrable Securities without registration.

 

9.3                               Representation and Warranty of the Corporation

 

The Corporation represents and warrants to the Holders of Registrable Securities that, except as contemplated in this Agreement, the Corporation is not as of the date hereof under any obligation to register or qualify, nor has it agreed to grant registration or qualification rights with respect to, any presently outstanding securities, or securities which may be issued after the date of this Agreement, under the 1933 Act or under Canadian Securities Laws.

 

9.4                               Limitation on Subsequent Registration and Qualification Rights

 

Without the prior written consent of the Preferred Majority (“Holder Consent”), the Corporation will not grant or agree to grant to any third party or parties any registration or qualification or other similar rights, more favourable than, on parity with or inconsistent with any of the rights contained herein, or any other rights that would result in a reduction of the number of Registrable Securities includable in any Registration Statement or Canadian Prospectus filed under to Article 2, Article 3, Article 4, or Article 5, all so long as any of the registration or qualification rights under this Agreement remain in effect. If Holder Consent is obtained by the Corporation, to the extent that the registration or qualification or other similar rights granted to such third party or parties are more favourable than the entitlements of the Holders under this Agreement, the Holders will be given the benefit of such more favourable rights with respect to all of their Registrable Securities.

 

9.5                               Canadian Securities Laws Requirements

 

With a view to making available the benefits of certain rules and regulations of the Canadian Securities Laws that may at any time permit the sale of the Registrable Securities to the public without the filing of a prospectus, if the Corporation becomes a reporting issuer under Canadian Securities Laws and once a public market exists for the Common Shares, the Corporation agrees to use all reasonable efforts to:

 

(a)                                 comply with all applicable requirements under Canadian Securities Laws, at all times after the date the Corporation becomes a reporting issuer under Canadian Securities Laws; and

 

(b)                                 file with the appropriate Canadian Securities Commissions in a timely manner all reports and other documents required of the Corporation under Canadian Securities Laws (at any time after the date that the Corporation becomes a reporting issuer under Canadian Securities Laws).

 

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ARTICLE 10
 MISCELLANEOUS

 

10.1                        Amendment

 

This Agreement may be amended or modified, and any provision of this Agreement may be waived, with the prior written consent of the Corporation and a Preferred Majority.

 

10.2                        Assignment of Rights

 

The Holders may assign their rights to cause the Corporation to register or qualify Registrable Securities pursuant to this Agreement:

 

(a)                                 to an Affiliate, as such term is defined in the Shareholders’ Agreement as if such Holders were “Major Investors” under the Shareholders’ Agreement;

 

(b)                                 to any other permitted transferees of Investors (as provided for in the Shareholders’ Agreement) of Registrable Securities as if such Holders were “Major Investors” under the Shareholders’ Agreement; or

 

(c)                                  without further limitation to any entity who acquires at least 10% of the Registrable Securities (as adjusted for stock splits, stock dividends, recapitalizations, consolidations and the like) then held by the Holder,

 

provided, however, that in each case the Corporation is promptly furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such registration rights are being transferred, and such transferee agrees in writing to be bound by and subject to the terms and conditions of this Agreement. If those conditions are met, Schedule A will be updated by the Corporation to add the name of the transferee and remove the name of the transferor.

 

No rights under this Agreement may be transferred except in connection with a transfer of Registrable Securities and only in proportion to the number of Registrable Securities transferred.

 

10.3                        Benefit of Agreement

 

This Agreement will enure to the benefit of and be binding upon the permitted transferees and assigns of Holders of Registrable Securities, but only if such permitted transferee or assign executes an acknowledgement to be bound by the terms of this Agreement (except for such covenants and agreements contained in Article 8 with respect to Registration Statements previously filed which are not susceptible to transfer or assignment by or on behalf of any of the parties hereto).

 

10.4                        Notices

 

All notices, requests, consents and other communications hereunder shall be in writing and shall be delivered in accordance with the provisions of the Shareholders’ Agreement

 

26

 

as follows:

 

(a)                                 if to the Corporation or the Investors, at the address for notice of such party set forth in the Shareholders’ Agreement;

 

(b)                                 if to any subsequent Holder of Registrable Securities, to it at such address as may have been furnished to the Corporation in writing by such Holder; or

 

(c)                                  in any case, at such other address or addresses furnished in writing to the Corporation (in the case of a Holder of Registrable Securities) or to the Holders of Registrable Securities (in the case of the Corporation) in accordance with the provisions of this Subsection.

 

10.5                        Remedies

 

In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each party is entitled to specific performance of the agreements and obligations of the other parties and to such other injunctive or other equitable relief as may be granted by a court of competent jurisdiction.

 

10.6                        Language

 

The parties hereto confirm that they have agreed that this Agreement and all documents relating hereto be drafted in English. Les parties aux présentes confirment qu’elles ont accepté que la présente convention de même que tous les documents s’y rattachant soient rédigés en anglais. Without limiting the generality of the foregoing, the parties agree that any and all arbitration or litigation proceedings, together with all pleadings and exchanges of documents and all matters ancillary thereto, shall be conducted only in the English language unless otherwise required by law or judicial determination.

 

10.7                        Counterparts

 

This Agreement may be executed by the parties in separate counterparts, each of which, when so executed and delivered, is deemed to constitute an original, but all of which together constitute one agreement.

 

10.8                        Execution by Facsimile and by Electronic Transmission

 

This Agreement may be delivered by fax or by electronic transmission and the delivery by fax or electronic transmission of signed copies of this Agreement is deemed to be delivery of the original signatures of the parties. The parties agree to exchange manually executed originals in due course if requested by any party.

 

10.9                        Tekla

 

A copy of the Declaration of Trust, as amended and restated, for each of Tekla Healthcare Investors and Tekla Life Sciences Investors (collectively, the “Tekla Funds”) is on file with the Secretary of State of The Commonwealth of Massachusetts, and notice

 

27

 

is hereby given that this Agreement is executed on behalf of the Tekla Funds by an officer or trustee of the Tekla Funds in his or her capacity as an officer or trustee of the Tekla Funds, and not individually and that the obligations of or arising out of this Agreement are not binding upon any of the trustees, officers or shareholders individually but are binding only upon the assets and property of each of the respective Tekla Funds.

 

[Signature Pages Follows]

 

28

 

IN WITNESS OF WHICH the parties have duly executed this Agreement.

 

	
 
    	
MILESTONE   PHARMACEUTICALS INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joseph G.   Oliveto
    
	
 
    	
 
    	
Name:
    	
Joseph G. Oliveto
    
	
 
    	
 
    	
Title:
    	
President and CEO
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
RTW   Master Fund, Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Roderick Wong
    
	
 
    	
 
    	
Name:
    	
Roderick Wong
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
RTW   Innovation Master Fund, Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Roderick Wong
    
	
 
    	
 
    	
Name:
    	
Roderick Wong
    
	
 
    	
 
    	
Title:
    	
Director
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
BOXER   CAPITAL, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher   Fuglesang
    
	
 
    	
 
    	
Name:
    	
Christopher   Fuglesang
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
MVA   INVESTORS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Christopher   Fuglesang
    
	
 
    	
 
    	
Name:
    	
Christopher   Fuglesang
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
VENROCK   HEALTHCARE CAPITAL PARTNERS III, L.P.  
    
	
 
    	
By: VHCP   Management III, LLC, its general partner
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David L. Stepp
    
	
 
    	
 
    	
Name:
    	
David L. Stepp
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
VHCP   CO-INVESTMENT HOLDINGS III, LLC  
    
	
 
    	
By: VHCP   Management III, LLC, its manager
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ David L. Stepp
    
	
 
    	
 
    	
Name:
    	
David L. Stepp
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
TEKLA HEALTHCARE INVESTORS 
    * * The name Tekla Healthcare Investors is the designation   of the Trustees for the time being under an Amended & Restated   Declaration of Trust dated April 21, 1987, as amended, and all persons   dealing with Tekla Healthcare Investors must look solely to the trust   property for the enforcement of any claim against Tekla Healthcare Investors,   as neither the Trustees, officers nor shareholders assume any personal   liability for the obligations entered into on behalf of Tekla Healthcare   Investors.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Daniel R. Omstead
    
	
 
    	
 
    	
Name:
    	
Daniel R. Omstead
    
	
 
    	
 
    	
Title:
    	
President
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
NOVO   HOLDINGS A/S
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas Dyrberg
    
	
 
    	
 
    	
Novo Holdings A/S
    
	
 
    	
 
    	
Thomas Dyrberg MD
    
	
 
    	
 
    	
Managing Partner
    
	
 
    	
 
    	
Novo Ventures
    
	
 
    	
 
    	
Tuborg Havnevej 19
    
	
 
    	
 
    	
DK-2900 Hellerup
    
	
 
    	
 
    	
Denmark
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
PV IV CEO FUND, L.P. 

By: AMP&A   Management IV, LLC 

Its: General   Partner
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Ford S. Worthy
    
	
 
    	
 
    	
Name: 
    	
Ford S. Worthy
    
	
 
    	
 
    	
Title: 
    	
Partner &   CFO
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
DOMAIN PARTNERS VIII, L.P.

By: One Palmer Square Associates VIII, L.L.C.

Its: General Partner
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Lisa A. Kraeutler
    
	
 
    	
 
    	
Name: 
    	
Lisa A. Kraeutler 
    
	
 
    	
 
    	
Title: 
    	
Attorney in Fact
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
FORBION CAPITAL FUND III   COOPERATIEF U.A.

By:  Forbion   III Management B.V.

Its:   Director
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ H.A Slootwag
    
	
 
    	
 
    	
Name: 
    	
H.A Slootwag
    
	
 
    	
 
    	
Title: 
    	
Partner
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ G. J. Mulder
    
	
 
    	
 
    	
Name: 
    	
G. J. Mulder
    
	
 
    	
 
    	
Title: 
    	
Partner
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
TEKLA LIFE SCIENCES INVESTORS

* * The name   Tekla Life Sciences Investors is the designation of the Trustees for the time   being under a Declaration of Trust dated February 20, 1992, as amended,   and all persons dealing with Tekla Life Sciences Investors must look solely   to the trust property for the enforcement of any claim against Tekla Life   Sciences Investors, as neither the Trustees, officers nor shareholders assume   any personal liability for the obligations entered into on behalf of Tekla   Life Sciences Investors.
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Daniel R. Omstead
    
	
 
    	
 
    	
Name: 
    	
Daniel R. Omstead
    
	
 
    	
 
    	
Title: 
    	
President
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
BDC   CAPITAL INC.
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Dion Madsen
    
	
 
    	
 
    	
Name: 
    	
Dion Madsen
    
	
 
    	
 
    	
Title: 
    	
Partner, Amplitude Venture Capital
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jean-Francois Pariseau
    
	
 
    	
 
    	
Name: 
    	
Jean-Francois Pariseau
    
	
 
    	
 
    	
Title: 
    	
Partner, Amplitude Ventures
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
A.M. PAPPAS   LIFE SCIENCE VENTURES IV, L.P.

By:         AMP&A Management IV, LLC

Its:          General Partner
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Ford S. Worthy
    
	
 
    	
 
    	
Name: 
    	
Ford S. Worthy
    
	
 
    	
 
    	
Title: 
    	
Partner &   CFO
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
GO   CAPITAL L.P.

By: Business   Development Bank of Canada

Its:  General Partner
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Dominique Bélanger
    
	
 
    	
 
    	
Name: 
    	
Dominique Bélanger
    
	
 
    	
 
    	
Title: 
    	
Managing Partner
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
FONDS   DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Didier Leconte
    
	
 
    	
 
    	
Name: 
    	
Didier Leconte
    
	
 
    	
 
    	
Title: 
    	
Vice   President, Investments Life Sciences
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
TOWNSHEND/LAMARRE FAMILY TRUST UDT DATED 7/25/2001, by its trustee
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Brent Townshend
    
	
 
    	
 
    	
Name: 
    	
Brent Townshend
    
	
 
    	
 
    	
Title: 
    	
Trustee
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

	
 
    	
MSBi   INVESTMENT FUND, LIMITED PARTNERSHIP, herein represented hereby by its general partner, MSBi Management, Limited Partnership, itself represented   by its general partner, iNovia Capital Inc.
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ Chris   Arsenault
    
	
 
    	
 
    	
Name: 
    	
Chris Arsenault 
    
	
 
    	
 
    	
Title: 
    	
President &   CEO
    
	
 
    	
 
    
	
 
    	
By:  
    	
/s/ François   Gauvin
    
	
 
    	
 
    	
Name: 
    	
François Gauvin
    
	
 
    	
 
    	
Title: 
    	
Vice-President and   Chief Financial Officer
    

 

Signature Page to Third Amended and Restated Registration Rights Agreement

 

 

SCHEDULE A

 

INVESTORS

 

RTW MASTER FUND, LTD.

 

RTW INNOVATION MASTER FUND LTD

 

BOXER CAPITAL, LLC

 

MVA INVESTORS, LLC

 

VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.

 

VHCP CO-INVESTMENT HOLDINGS III, LLC

 

NOVO HOLDINGS A/S

 

FORBION CAPITAL FUND III COOPERATIEF U.A.

 

TEKLA HEALTHCARE INVESTORS

 

TEKLA LIFE SCIENCES INVESTORS

 

DOMAIN PARTNERS VIII, L.P.

 

A.M. PAPPAS LIFE SCIENCE VENTURES IV, L.P.

 

PV IV CEO FUND, L.P.

 

BDC CAPITAL INC.

 

GO CAPITAL, L.P.

 

FONDS DE SOLIDARITÉ DES TRAVAILLEURS DU QUÉBEC (F.T.Q.)

 

MSBi INVESTMENT FUND, L.P.

 

MSBi VALORISATION INC.

 

TOWNSHEND/LAMARRE FAMILY TRUST UDT DATED 7/25/2001

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