Document:

Exhibit 4.13

 

Execution Version

VOTING AGREEMENT

 

THIS VOTING AGREEMENT
is made as of June 22, 2017 (the “Agreement”), by and among Proteon Therapeutics, Inc., a Delaware corporation
(the “Company”), and Prism Venture Partners V, LP (the “Stockholder”). Capitalized terms
used in this Agreement without definition shall have the respective meanings ascribed to such terms in the Purchase Agreement (as
defined below).

 

W I T N E S S E T H

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the Company is entering into (a) a Securities Purchase Agreement, dated as of
the date hereof (as such agreement may hereafter be amended from time to time, the “Purchase Agreement”), with
certain investors (the “Buyers”) that provides for, upon the terms and subject to the conditions set forth therein,
the sale by the Company to the Buyers of shares of the Company’s Series A Convertible Preferred Stock, par value $0.001 (the
“Preferred Stock”), and (b) Voting Agreements, dated as of the date hereof (together with this Agreement, each
a “Voting Agreement” and, collectively, the “Voting Agreements”), with certain of the Company’s
other stockholders, which Voting Agreements contain substantially the same terms as those contained herein; and

 

WHEREAS, pursuant
to the Purchase Agreement, the Company has agreed to call a meeting of its stockholders for the purpose of seeking approval of
the Company’s stockholders for (a) the sale and issuance by the Company of an aggregate of 22,000 shares of Preferred Stock
(the “Preferred Shares”) to the Buyers pursuant to, and in accordance with, the terms of the Purchase Agreement
and (b) the issuance of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
upon conversion of such Preferred Stock in accordance with the terms of the Certificate of Designation, which approval is required
to satisfy the applicable requirements of The NASDAQ Stock Market (the “Proposal”);

 

WHEREAS, as of the
date hereof, the Stockholder beneficially owns the number of shares of Common Stock set forth opposite the Stockholder’s
name on Schedule I hereto (all such shares so beneficially owned and which may hereafter be acquired by such Stockholder
prior to the termination of this Agreement, whether upon the exercise of options, conversion of convertible securities, exercise
of warrants or by means of purchase, dividend, distribution or otherwise, being referred to herein as the “Shares”);
and

 

WHEREAS, in order
to induce the Company and the Buyers to enter into the Purchase Agreement, the Stockholder is willing to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
the Company and the Stockholder hereby agree as follows:

 

     

     

    

ARTICLE I.

 

TRANSFER AND VOTING OF SHARES; AND

OTHER COVENANTS OF THE STOCKHOLDER

 

SECTION 1.1. Voting
of Shares. From the date hereof until termination of this Agreement pursuant to Section 3.1 hereof (the “Term”),
at any meeting of the stockholders of the Company, however called and at any adjournment or postponement thereof, and in any action
by written consent of the stockholders of the Company, in either case at or pursuant to which the Proposal is to be considered
and voted on by the stockholders of the Company, the Stockholder shall (a) appear at such meeting or otherwise cause the Shares
to be counted as present thereat for purposes of establishing a quorum and (b) vote (or cause to be voted) the Shares (i)
in favor of the Proposal and such other matters as may be necessary or advisable to consummate the transactions contemplated by
the Purchase Agreement (the “Transactions”) and (ii) against the approval or adoption of any proposal made in
opposition to, or in competition with, the Proposal or the Transactions, and against any other action that is intended, or could
reasonably be expected, to otherwise materially impede, interfere with, delay, postpone, discourage or adversely affect the consummation
of the Transactions. If the Stockholder is the beneficial owner, but not the record holder, of any of the Shares, the Stockholder
agrees to cause the record holder and any nominees to vote all of such Shares in accordance with this Section 1.1, including by
executing such documentation as shall be requested by the record holder or any such nominee for purposes of giving voting instructions
thereto.

 

SECTION 1.2.
Grant of Irrevocable Proxy.

 

(a)               
The Stockholder hereby irrevocably and unconditionally (to the fullest extent permitted by
law) grants to, and appoints, the Company and each of its executive officers and any of them, in their capacities as officers of
the Company (the “Grantees”), as the Stockholder’s proxy and attorney-in-fact (with full power of substitution
and re-substitution), for and in the name, place and stead of the Stockholder, to vote the Shares, to instruct nominees or record
holders to vote the Shares, or to grant a consent or approval or dissent or disapproval in respect of the Shares, in each case
in accordance with Section 1.1 hereof and, in the discretion of the Grantees, with respect to any proposed adjournments or postponements
of any meeting of stockholders of the Company at which any of the matters described in Section 1.1 hereof are to be considered.

 

(b)              
The Stockholder hereby affirms that the irrevocable proxy set forth in this Section 1.2 is
given in connection with the execution of the Purchase Agreement and the proposed issuance of the Preferred Shares as contemplated
thereby, and that such irrevocable proxy is given to secure the performance of the duties of the Stockholder under this Agreement.
The Stockholder hereby further affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be
revoked, except as otherwise set forth herein. The Stockholder hereby ratifies and confirms all that the Grantees may lawfully
do or cause to be done by virtue hereof. The irrevocable proxy set forth in this Section 1.2 is executed and intended to be irrevocable
in accordance with the provisions of Section 212 of the Delaware General Corporation Law. Notwithstanding this Section 1.2, the
proxy granted by the Stockholder shall be revoked upon termination of this Agreement in accordance with its terms. 

 

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(c)               
The Grantees may not exercise this irrevocable proxy on any other matter except as provided
above. 

 

SECTION 1.3. No Inconsistent
Arrangements. Except as contemplated by this Agreement, from the date hereof until the record date for the Company Stockholders
Meeting, the Stockholder will not (a) directly or indirectly, sell, transfer, assign, pledge, hypothecate, tender, encumber
or otherwise dispose of in any manner any of the Shares, or consent or agree to do any of the foregoing, (b) directly or indirectly,
limit its right to vote in any manner any of the Shares (other than as set forth in this Agreement), including without limitation
by the grant of any proxy, power of attorney or other authorization in or with respect to the Shares (other than any such proxy,
power of attorney or other authorization consistent with, and for purposes of complying with, the provisions of Section 1.1 hereof),
by depositing the Shares into a voting trust, or by entering into a voting agreement, or consent or agree to do any of the foregoing
or (c) take any action which would have the effect of preventing or disabling the Stockholder from performing its obligations
under this Agreement. Notwithstanding the foregoing, the Stockholder may sell or transfer any or all of the Shares to any Person
in a private transaction at any time on or prior to the record date for the Company Stockholders Meeting, provided that the transferee
of such Shares executes and delivers to the Company a Voting Agreement with respect to such transferred Shares containing substantially
the same terms as this Agreement. For purposes of this Section 1.3, the term “sell” or “transfer”
or any derivatives thereof shall include, but not be limited to, (A) a sale, transfer or disposition of record or beneficial
ownership, or both and (B) a short sale with respect to the Shares or substantially identical property, entering into or acquiring
an offsetting derivative contract with respect to the Shares or substantially identical property, entering into or acquiring a
futures or forward contract to deliver the Shares or substantially identical property or entering into any transaction that has
the same effect as any of the foregoing.

 

SECTION 1.4. Stop
Transfer. The Company shall issue stop-transfer instructions to the transfer agent for the Shares instructing the transfer
agent not to register any transfer of Shares during the Term except in compliance with the terms of this Agreement.

 

SECTION 1.5. Additional
Shares. The Stockholder hereby agrees that, while this Agreement is in effect, the Stockholder shall promptly notify the Company
of any new Shares acquired (whether upon the exercise of options, conversion of convertible securities, exercise of warrants or
by means of purchase, dividend, distribution or otherwise) by such Stockholder after the date hereof.

 

SECTION 1.6. Disclosure.
The Stockholder hereby authorizes the Company to publish and disclose in any announcement or disclosure required by the United
States Securities and Exchange Commission (the “SEC”), including in any proxy statement filed with the SEC in
connection with any meeting of stockholders of the Company at which the Proposal is to be considered and all documents and schedules
filed with the SEC in connection with the foregoing, the Stockholder’s identity and ownership of the Shares and the nature
of the Stockholder’s commitments, arrangements and understandings under this Agreement.

 

ARTICLE II.

 

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REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER

 

The Stockholder hereby
represents and warrants to the Company as of the date hereof and as of the date of any stockholder meeting at which the Proposal
is considered, including any adjournment or postponement thereof (or the date of the taking of any action by written consent with
respect to the Proposal) as follows:

 

SECTION 2.1. Due
Authorization, etc. The Stockholder has all requisite power and authority to execute, deliver and perform this Agreement and
to take the actions contemplated hereby (including the granting of the irrevocable proxy pursuant to Section 1.2 hereof), all of
which have been duly authorized by all action necessary on the part of the Stockholder. The execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of the Stockholder. This Agreement has been duly executed and delivered by or on behalf of the Stockholder and constitutes
a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, moratorium or other similar laws and except that the availability of equitable
remedies, including specific performance, is subject to the discretion of the court before which any proceeding for such remedy
may be brought.

 

SECTION 2.2. No
Violation. Neither the execution and delivery of this Agreement nor the performance of this Agreement by the Stockholder will
(a) require the Stockholder to file or register with, or obtain any material permit, authorization, consent or approval of,
any governmental agency, authority, administrative or regulatory body, court or other tribunal, foreign or domestic, or any other
entity, or (b) violate, or cause a breach of or default under, or conflict with any contract, agreement or understanding,
any statute or law, or any judgment, decree, order, regulation or rule of any governmental agency, authority, administrative or
regulatory body, court or other tribunal, foreign or domestic, or any other entity or any arbitration award binding upon the Stockholder,
except for such violations, breaches, defaults or conflicts which would not, individually or in the aggregate, be reasonably likely
to impair or have an adverse effect on the Stockholder’s ability to satisfy its obligations under this Agreement or render
inaccurate any of the other representations made by the Stockholder in this Agreement. No proceedings are pending which, if adversely
determined, will have an adverse effect on the Stockholder’s ability to vote any of the Shares.

 

SECTION 2.3. Ownership
of Shares. The Stockholder has good and marketable title to, and is the sole legal and beneficial owner (determined in accordance
with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, the “Exchange Act”) of the Shares set
forth opposite its name on Schedule I hereto, in each case free and clear of all liabilities, claims, liens, options,
security interests, proxies, voting trusts, voting agreements, charges, participations and encumbrances of any kind or character
whatsoever, except as may be imposed by federal, state or foreign securities laws and this Agreement. The Stockholder has not previously
assigned or sold any of the Shares to any third party. On the date hereof, the Shares set forth opposite the Stockholder’s
name on Schedule I hereto constitute all of the Shares owned of record or beneficially by the Stockholder. The Stockholder
has sole voting power and sole power of disposition with respect to the Shares with no restrictions on its voting rights or rights
of disposition pertaining thereto.

 

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SECTION 2.4. Voting
Authority. The Stockholder has full legal power, authority and right to vote all of the Shares owned of record and/or beneficially
by the Stockholder in favor of the Proposal and the approval and authorization of the Transactions without the consent or approval
of, or any other action on the part of, any other Person. Without limiting the generality of the foregoing, the Stockholder has
not entered into any voting agreement (other than this Agreement) with any Person with respect to any of the Shares, granted any
Person any proxy (revocable or irrevocable) or power of attorney with respect to any of the Shares, deposited any of the Shares
in a voting trust or entered into any arrangement or agreement with any Person limiting or affecting Stockholder’s legal
power, authority or right to vote the Shares on any matter. For purpose hereof, “Person” means any individual,
corporation, limited or general partnership, limited liability company, limited liability partnership, trust, association, joint
venture, governmental entity or any other entity or group (as such term is defined in Section 13(d)(3) of the Exchange Act).

 

SECTION 2.5. Reliance
by the Company. The Stockholder understands and acknowledges that the Company is entering into the Purchase Agreement in reliance
upon the Stockholder’s execution and delivery of this Agreement and the representations and warranties of the Stockholder
contained herein.

 

 

 

ARTICLE III.

 

MISCELLANEOUS

 

SECTION 3.1. Termination.
This Agreement shall terminate and be of no further force and effect upon the earliest of (i) immediately following a meeting
of the Company’s stockholders at which the Proposal is voted upon and approved by the Company’s stockholders, which
meeting is duly called and held for such purpose and at which a quorum was present and acting throughout, and (ii) the termination
of the Purchase Agreement at any time prior to the consummation of the Closing contemplated under the Purchase Agreement. No such
termination of this Agreement shall relieve any party hereto from any liability for any breach of this Agreement prior to such
termination.

 

SECTION 3.2. Further
Assurances. From time to time at the request of the Company and without further consideration, the Stockholder will execute
and deliver to the Company such documents and take such action as the Company may reasonably deem to be necessary or desirable
to carry out the provisions hereof.

 

SECTION 3.3. No
Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this agreement or otherwise available
in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, or
any custom or practice of the parties at variance with the terms hereof shall not constitute a waiver by such party of its right
to exercise any such or other right, power or remedy or to demand such compliance.

 

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SECTION 3.4. Specific
Performance. The Stockholder acknowledges that the Company will be irreparably harmed and that there will be no adequate remedy
at law for a violation of any of the covenants or agreements of the Stockholder that are contained in this Agreement. It is accordingly
agreed that, in addition to any other remedies which may be available to the Company upon the breach by the Stockholder of such
covenants and agreements, the Company will have the right without the posting of a bond or other security to obtain injunctive
relief to restrain any breach or threatened breach of such covenants or agreements or otherwise to obtain specific performance
of any of such covenants or agreements. Accordingly, should the Company institute an action or proceeding seeking specific enforcement
of the provisions hereof, the Stockholder hereby waives the claim or defense that the Company has an adequate remedy at law and
hereby agrees not to assert in any such action or proceeding the claim or defense that such a remedy at law exists.

 

SECTION 3.5. Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt,
when sent by facsimile (except notice may not be delivered to the Company via facsimile) or e-mail (provided confirmation of transmission
is mechanically or electronically generated and, in the case of an email, a read receipt is received, and in each case kept on
file by the sending party); or (c) upon receipt, when delivered by a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall
be:

 

(i)       if
to the Company, to:

 

Proteon Therapeutics, Inc.

200 West Street

Waltham, Massachusetts 02451

Attention: Chief Executive Officer

Email: SeriesA@Proteontx.com

with a copy to:

 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110-1726

Attn: Julio E. Vega, Esq.

Fax No.: (617) 341-7701

Email: julio.vega@morganlewis.com

 

(ii)       if
to the Stockholder, as set forth in Schedule I hereto

 

 

 

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SECTION 3.6. Capacity.
Notwithstanding anything in this Agreement to the contrary, the Stockholder makes no agreement or understanding herein in any capacity
other than in the Stockholder’s capacity as a record holder and beneficial owner of the Shares.

 

SECTION 3.7. Expenses.
Each of the parties hereto will pay its own expenses incurred in connection with this Agreement.

 

SECTION 3.8. Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

SECTION 3.9. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner to the end that obligations hereunder are fulfilled to the maximum extent possible.

 

SECTION 3.10. Entire
Agreement. This Agreement constitutes the entire agreement and supersedes any and all other prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof.

 

SECTION 3.11. Successors
and Assigns. Except as otherwise expressly provided herein, this Agreement shall inure to the benefit of, and be binding upon,
the successors, assigns, heirs, executors, administrators and permitted assigns of the parties hereto. No assignment or delegation
by any party to this Agreement of any obligations of such party under this Agreement shall operate to relieve or release such party
from such obligations or from any liability hereunder for failure of such obligations to be performed in accordance with their
respective terms.

 

SECTION 3.12. Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement will be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without regard to its principles of conflicts of laws. Each party hereby irrevocably submits
to the non-exclusive jurisdiction of the state and federal courts sitting in Delaware for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY
IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

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SECTION 3.13. Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and the Stockholder. If any
material amendment or waiver is proposed to be made with respect to any other Voting Agreement, the Company hereby covenants and
agrees that the Stockholder shall be afforded the opportunity to enter into or receive (as applicable) a comparable amendment or
waiver with respect to this Agreement.

 

SECTION 3.14. Remedies
Not Exclusive. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law
or in equity will be cumulative and not alternative, and the exercise of any thereof by any party will not preclude the simultaneous
or later exercise of any other such right, power or remedy by such party.

 

SECTION 3.15. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or
“.pdf” signature were the original thereof.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above.

 

	 	PROTEON THERAPEUTICS, INC.
	 	 	 
	 	By: 	/s/ Timothy Noyes
	 	Name:	Timothy Noyes
	 	Title:	President and Chief Executive Officer

 

 

 

 

 

    
Signature Page to Voting Agreement

     

    
	 	NAME OF STOCKHOLDER
	 	 
	 	PRISM VENTURE PARTNERS V, LP
	 	 
	 	By:	Prism Investment Partners V, L.P. its
General Partner
	 	 	 
	 	By:	Prism Venture Partners V, L.L.C. its
General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Brendan M. O’Leary
	 	 	Name:Brendan M. O’Leary
	 	 	Title:Managing Director

 

 

 

 

 

    
Signature Page to Voting Agreement

     

    

Schedule I

 

	Name of Stockholder	 	
        Number of Shares

        Beneficially Owned

	 	 	 
	Prism Venture Partners V, LP	 	918,971

117 Kendrick Street, #200

Needham, MA 02494

 

	Telephone No.:		781-302-4000

 

	Facsimile No.:		781-302-0404

 

	Email Address:		boleary@prismventure.comExhibit 4.14

 

Execution Version

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT
is made as of June 22, 2017 (the “Agreement”), by and among Proteon Therapeutics, Inc., a Delaware corporation
(the “Company”), and Prism Venture Partners V-A, LP (the “Stockholder”). Capitalized terms
used in this Agreement without definition shall have the respective meanings ascribed to such terms in the Purchase Agreement (as
defined below).

 

W I T N E S S E T H

 

WHEREAS, contemporaneously
with the execution and delivery of this Agreement, the Company is entering into (a) a Securities Purchase Agreement, dated as of
the date hereof (as such agreement may hereafter be amended from time to time, the “Purchase Agreement”), with
certain investors (the “Buyers”) that provides for, upon the terms and subject to the conditions set forth therein,
the sale by the Company to the Buyers of shares of the Company’s Series A Convertible Preferred Stock, par value $0.001 (the
“Preferred Stock”), and (b) Voting Agreements, dated as of the date hereof (together with this Agreement, each
a “Voting Agreement” and, collectively, the “Voting Agreements”), with certain of the Company’s
other stockholders, which Voting Agreements contain substantially the same terms as those contained herein; and

 

WHEREAS, pursuant
to the Purchase Agreement, the Company has agreed to call a meeting of its stockholders for the purpose of seeking approval of
the Company’s stockholders for (a) the sale and issuance by the Company of an aggregate of 22,000 shares of Preferred Stock
(the “Preferred Shares”) to the Buyers pursuant to, and in accordance with, the terms of the Purchase Agreement
and (b) the issuance of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
upon conversion of such Preferred Stock in accordance with the terms of the Certificate of Designation, which approval is required
to satisfy the applicable requirements of The NASDAQ Stock Market (the “Proposal”);

 

WHEREAS, as of the
date hereof, the Stockholder beneficially owns the number of shares of Common Stock set forth opposite the Stockholder’s
name on Schedule I hereto (all such shares so beneficially owned and which may hereafter be acquired by such Stockholder
prior to the termination of this Agreement, whether upon the exercise of options, conversion of convertible securities, exercise
of warrants or by means of purchase, dividend, distribution or otherwise, being referred to herein as the “Shares”);
and

 

WHEREAS, in order
to induce the Company and the Buyers to enter into the Purchase Agreement, the Stockholder is willing to enter into this Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual covenants and agreements herein contained, and intending to be legally bound hereby,
the Company and the Stockholder hereby agree as follows:

 

     

     

    

ARTICLE I.

 

TRANSFER AND VOTING OF SHARES; AND

OTHER COVENANTS OF THE STOCKHOLDER

 

SECTION 1.1. Voting
of Shares. From the date hereof until termination of this Agreement pursuant to Section 3.1 hereof (the “Term”),
at any meeting of the stockholders of the Company, however called and at any adjournment or postponement thereof, and in any action
by written consent of the stockholders of the Company, in either case at or pursuant to which the Proposal is to be considered
and voted on by the stockholders of the Company, the Stockholder shall (a) appear at such meeting or otherwise cause the Shares
to be counted as present thereat for purposes of establishing a quorum and (b) vote (or cause to be voted) the Shares (i)
in favor of the Proposal and such other matters as may be necessary or advisable to consummate the transactions contemplated by
the Purchase Agreement (the “Transactions”) and (ii) against the approval or adoption of any proposal made in
opposition to, or in competition with, the Proposal or the Transactions, and against any other action that is intended, or could
reasonably be expected, to otherwise materially impede, interfere with, delay, postpone, discourage or adversely affect the consummation
of the Transactions. If the Stockholder is the beneficial owner, but not the record holder, of any of the Shares, the Stockholder
agrees to cause the record holder and any nominees to vote all of such Shares in accordance with this Section 1.1, including by
executing such documentation as shall be requested by the record holder or any such nominee for purposes of giving voting instructions
thereto.

 

SECTION 1.2.
Grant of Irrevocable Proxy.

 

(a)               
The Stockholder hereby irrevocably and unconditionally (to the fullest extent permitted by
law) grants to, and appoints, the Company and each of its executive officers and any of them, in their capacities as officers of
the Company (the “Grantees”), as the Stockholder’s proxy and attorney-in-fact (with full power of substitution
and re-substitution), for and in the name, place and stead of the Stockholder, to vote the Shares, to instruct nominees or record
holders to vote the Shares, or to grant a consent or approval or dissent or disapproval in respect of the Shares, in each case
in accordance with Section 1.1 hereof and, in the discretion of the Grantees, with respect to any proposed adjournments or postponements
of any meeting of stockholders of the Company at which any of the matters described in Section 1.1 hereof are to be considered.

 

(b)              
The Stockholder hereby affirms that the irrevocable proxy set forth in this Section 1.2 is
given in connection with the execution of the Purchase Agreement and the proposed issuance of the Preferred Shares as contemplated
thereby, and that such irrevocable proxy is given to secure the performance of the duties of the Stockholder under this Agreement.
The Stockholder hereby further affirms that the irrevocable proxy is coupled with an interest and may under no circumstances be
revoked, except as otherwise set forth herein. The Stockholder hereby ratifies and confirms all that the Grantees may lawfully
do or cause to be done by virtue hereof. The irrevocable proxy set forth in this Section 1.2 is executed and intended to be irrevocable
in accordance with the provisions of Section 212 of the Delaware General Corporation Law. Notwithstanding this Section 1.2, the
proxy granted by the Stockholder shall be revoked upon termination of this Agreement in accordance with its terms. 

 

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(c)               
The Grantees may not exercise this irrevocable proxy on any other matter except as provided
above. 

 

SECTION 1.3. No Inconsistent
Arrangements. Except as contemplated by this Agreement, from the date hereof until the record date for the Company Stockholders
Meeting, the Stockholder will not (a) directly or indirectly, sell, transfer, assign, pledge, hypothecate, tender, encumber
or otherwise dispose of in any manner any of the Shares, or consent or agree to do any of the foregoing, (b) directly or indirectly,
limit its right to vote in any manner any of the Shares (other than as set forth in this Agreement), including without limitation
by the grant of any proxy, power of attorney or other authorization in or with respect to the Shares (other than any such proxy,
power of attorney or other authorization consistent with, and for purposes of complying with, the provisions of Section 1.1 hereof),
by depositing the Shares into a voting trust, or by entering into a voting agreement, or consent or agree to do any of the foregoing
or (c) take any action which would have the effect of preventing or disabling the Stockholder from performing its obligations
under this Agreement. Notwithstanding the foregoing, the Stockholder may sell or transfer any or all of the Shares to any Person
in a private transaction at any time on or prior to the record date for the Company Stockholders Meeting, provided that the transferee
of such Shares executes and delivers to the Company a Voting Agreement with respect to such transferred Shares containing substantially
the same terms as this Agreement. For purposes of this Section 1.3, the term “sell” or “transfer”
or any derivatives thereof shall include, but not be limited to, (A) a sale, transfer or disposition of record or beneficial
ownership, or both and (B) a short sale with respect to the Shares or substantially identical property, entering into or acquiring
an offsetting derivative contract with respect to the Shares or substantially identical property, entering into or acquiring a
futures or forward contract to deliver the Shares or substantially identical property or entering into any transaction that has
the same effect as any of the foregoing.

 

SECTION 1.4. Stop
Transfer. The Company shall issue stop-transfer instructions to the transfer agent for the Shares instructing the transfer
agent not to register any transfer of Shares during the Term except in compliance with the terms of this Agreement.

 

SECTION 1.5. Additional
Shares. The Stockholder hereby agrees that, while this Agreement is in effect, the Stockholder shall promptly notify the Company
of any new Shares acquired (whether upon the exercise of options, conversion of convertible securities, exercise of warrants or
by means of purchase, dividend, distribution or otherwise) by such Stockholder after the date hereof.

 

SECTION 1.6. Disclosure.
The Stockholder hereby authorizes the Company to publish and disclose in any announcement or disclosure required by the United
States Securities and Exchange Commission (the “SEC”), including in any proxy statement filed with the SEC in
connection with any meeting of stockholders of the Company at which the Proposal is to be considered and all documents and schedules
filed with the SEC in connection with the foregoing, the Stockholder’s identity and ownership of the Shares and the nature
of the Stockholder’s commitments, arrangements and understandings under this Agreement.

 

ARTICLE II.

 

    -3-

     

    

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER

 

The Stockholder hereby
represents and warrants to the Company as of the date hereof and as of the date of any stockholder meeting at which the Proposal
is considered, including any adjournment or postponement thereof (or the date of the taking of any action by written consent with
respect to the Proposal) as follows:

 

SECTION 2.1. Due
Authorization, etc. The Stockholder has all requisite power and authority to execute, deliver and perform this Agreement and
to take the actions contemplated hereby (including the granting of the irrevocable proxy pursuant to Section 1.2 hereof), all of
which have been duly authorized by all action necessary on the part of the Stockholder. The execution, delivery and performance
of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary action
on the part of the Stockholder. This Agreement has been duly executed and delivered by or on behalf of the Stockholder and constitutes
a legal, valid and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except
as enforcement may be limited by bankruptcy, insolvency, moratorium or other similar laws and except that the availability of equitable
remedies, including specific performance, is subject to the discretion of the court before which any proceeding for such remedy
may be brought.

 

SECTION 2.2. No
Violation. Neither the execution and delivery of this Agreement nor the performance of this Agreement by the Stockholder will
(a) require the Stockholder to file or register with, or obtain any material permit, authorization, consent or approval of,
any governmental agency, authority, administrative or regulatory body, court or other tribunal, foreign or domestic, or any other
entity, or (b) violate, or cause a breach of or default under, or conflict with any contract, agreement or understanding,
any statute or law, or any judgment, decree, order, regulation or rule of any governmental agency, authority, administrative or
regulatory body, court or other tribunal, foreign or domestic, or any other entity or any arbitration award binding upon the Stockholder,
except for such violations, breaches, defaults or conflicts which would not, individually or in the aggregate, be reasonably likely
to impair or have an adverse effect on the Stockholder’s ability to satisfy its obligations under this Agreement or render
inaccurate any of the other representations made by the Stockholder in this Agreement. No proceedings are pending which, if adversely
determined, will have an adverse effect on the Stockholder’s ability to vote any of the Shares.

 

SECTION 2.3. Ownership
of Shares. The Stockholder has good and marketable title to, and is the sole legal and beneficial owner (determined in accordance
with Rule 13d-3 under the Securities Exchange Act of 1934, as amended, the “Exchange Act”) of the Shares set
forth opposite its name on Schedule I hereto, in each case free and clear of all liabilities, claims, liens, options,
security interests, proxies, voting trusts, voting agreements, charges, participations and encumbrances of any kind or character
whatsoever, except as may be imposed by federal, state or foreign securities laws and this Agreement. The Stockholder has not previously
assigned or sold any of the Shares to any third party. On the date hereof, the Shares set forth opposite the Stockholder’s
name on Schedule I hereto constitute all of the Shares owned of record or beneficially by the Stockholder. The Stockholder
has sole voting power and sole power of disposition with respect to the Shares with no restrictions on its voting rights or rights
of disposition pertaining thereto.

 

    -4-

     

    

SECTION 2.4. Voting
Authority. The Stockholder has full legal power, authority and right to vote all of the Shares owned of record and/or beneficially
by the Stockholder in favor of the Proposal and the approval and authorization of the Transactions without the consent or approval
of, or any other action on the part of, any other Person. Without limiting the generality of the foregoing, the Stockholder has
not entered into any voting agreement (other than this Agreement) with any Person with respect to any of the Shares, granted any
Person any proxy (revocable or irrevocable) or power of attorney with respect to any of the Shares, deposited any of the Shares
in a voting trust or entered into any arrangement or agreement with any Person limiting or affecting Stockholder’s legal
power, authority or right to vote the Shares on any matter. For purpose hereof, “Person” means any individual,
corporation, limited or general partnership, limited liability company, limited liability partnership, trust, association, joint
venture, governmental entity or any other entity or group (as such term is defined in Section 13(d)(3) of the Exchange Act).

 

SECTION 2.5. Reliance
by the Company. The Stockholder understands and acknowledges that the Company is entering into the Purchase Agreement in reliance
upon the Stockholder’s execution and delivery of this Agreement and the representations and warranties of the Stockholder
contained herein.

 

 

 

ARTICLE III.

 

MISCELLANEOUS

 

SECTION 3.1. Termination.
This Agreement shall terminate and be of no further force and effect upon the earliest of (i) immediately following a meeting
of the Company’s stockholders at which the Proposal is voted upon and approved by the Company’s stockholders, which
meeting is duly called and held for such purpose and at which a quorum was present and acting throughout, and (ii) the termination
of the Purchase Agreement at any time prior to the consummation of the Closing contemplated under the Purchase Agreement. No such
termination of this Agreement shall relieve any party hereto from any liability for any breach of this Agreement prior to such
termination.

 

SECTION 3.2. Further
Assurances. From time to time at the request of the Company and without further consideration, the Stockholder will execute
and deliver to the Company such documents and take such action as the Company may reasonably deem to be necessary or desirable
to carry out the provisions hereof.

 

SECTION 3.3. No
Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this agreement or otherwise available
in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, or
any custom or practice of the parties at variance with the terms hereof shall not constitute a waiver by such party of its right
to exercise any such or other right, power or remedy or to demand such compliance.

 

    -5-

     

    

SECTION 3.4. Specific
Performance. The Stockholder acknowledges that the Company will be irreparably harmed and that there will be no adequate remedy
at law for a violation of any of the covenants or agreements of the Stockholder that are contained in this Agreement. It is accordingly
agreed that, in addition to any other remedies which may be available to the Company upon the breach by the Stockholder of such
covenants and agreements, the Company will have the right without the posting of a bond or other security to obtain injunctive
relief to restrain any breach or threatened breach of such covenants or agreements or otherwise to obtain specific performance
of any of such covenants or agreements. Accordingly, should the Company institute an action or proceeding seeking specific enforcement
of the provisions hereof, the Stockholder hereby waives the claim or defense that the Company has an adequate remedy at law and
hereby agrees not to assert in any such action or proceeding the claim or defense that such a remedy at law exists.

 

SECTION 3.5. Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt,
when sent by facsimile (except notice may not be delivered to the Company via facsimile) or e-mail (provided confirmation of transmission
is mechanically or electronically generated and, in the case of an email, a read receipt is received, and in each case kept on
file by the sending party); or (c) upon receipt, when delivered by a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall
be:

 

(i)       if
to the Company, to:

 

Proteon Therapeutics, Inc.

200 West Street

Waltham, Massachusetts 02451

Attention: Chief Executive Officer

Email: SeriesA@Proteontx.com

with a copy to:

 

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, Massachusetts 02110-1726

Attn: Julio E. Vega, Esq.

Fax No.: (617) 341-7701

Email: julio.vega@morganlewis.com

 

(ii)       if
to the Stockholder, as set forth in Schedule I hereto

 

 

 

    -6-

     

    

SECTION 3.6. Capacity.
Notwithstanding anything in this Agreement to the contrary, the Stockholder makes no agreement or understanding herein in any capacity
other than in the Stockholder’s capacity as a record holder and beneficial owner of the Shares.

 

SECTION 3.7. Expenses.
Each of the parties hereto will pay its own expenses incurred in connection with this Agreement.

 

SECTION 3.8. Headings.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

SECTION 3.9. Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner to the end that obligations hereunder are fulfilled to the maximum extent possible.

 

SECTION 3.10. Entire
Agreement. This Agreement constitutes the entire agreement and supersedes any and all other prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the subject matter hereof.

 

SECTION 3.11. Successors
and Assigns. Except as otherwise expressly provided herein, this Agreement shall inure to the benefit of, and be binding upon,
the successors, assigns, heirs, executors, administrators and permitted assigns of the parties hereto. No assignment or delegation
by any party to this Agreement of any obligations of such party under this Agreement shall operate to relieve or release such party
from such obligations or from any liability hereunder for failure of such obligations to be performed in accordance with their
respective terms.

 

SECTION 3.12. Governing
Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement will be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without regard to its principles of conflicts of laws. Each party hereby irrevocably submits
to the non-exclusive jurisdiction of the state and federal courts sitting in Delaware for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it
is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY
IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

 

    -7-

     

    

SECTION 3.13. Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of the Company and the Stockholder. If any
material amendment or waiver is proposed to be made with respect to any other Voting Agreement, the Company hereby covenants and
agrees that the Stockholder shall be afforded the opportunity to enter into or receive (as applicable) a comparable amendment or
waiver with respect to this Agreement.

 

SECTION 3.14. Remedies
Not Exclusive. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law
or in equity will be cumulative and not alternative, and the exercise of any thereof by any party will not preclude the simultaneous
or later exercise of any other such right, power or remedy by such party.

 

SECTION 3.15. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed
by each party hereto and delivered to the other parties. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile or
“.pdf” signature were the original thereof.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]

 

    -8-

     

    

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed as of the date first written above.

 

	 	PROTEON THERAPEUTICS, INC.
	 	 	 
	 	By: 	/s/ Timothy Noyes
	 	Name:	Timothy Noyes
	 	Title:	President and Chief Executive Officer

 

 

 

 

 

 

 

    
Signature Page to Voting Agreement

     

    

	 	NAME OF STOCKHOLDER
	 	 
	 	PRISM VENTURE PARTNERS V-A, LP
	 	 
	 	By:	Prism Investment Partners V, L.P. its
General Partner
	 	 	 
	 	By:	Prism Venture Partners V, L.L.C. its
General Partner
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Brendan M. O’Leary
	 	 	Name:Brendan M. O’Leary
	 	 	Title:Managing Director

 

 

 

 

 

 

 

 

 

 

 

    
Signature Page to Voting Agreement

     

    

Schedule I

 

	Name of Stockholder	 	
        Number of Shares

        Beneficially Owned

	 	 	 
	 	 	 
	Prism Venture Partners V-A, LP	 	418,491

117 Kendrick Street, #200

Needham, MA 02494

 

	Telephone No.:		781-302-4000

 

	Facsimile No.:		781-302-0404

 

	Email Address:		boleary@prismventure.com

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