Document:

Tower Bridge International Services L.P. Agreement dated January 9, 2012

 Exhibit 10.65 
 Dated: January 9, 2012 
 ESPEED SUPPORT SERVICES LIMITED 

and 

TOWER BRIDGE INTERNATIONAL SERVICES L.P. 
  

 

ADMINISTRATIVE SERVICES AGREEMENT 
  

 

 CONTENTS 

 

							
	CLAUSE	  	PAGE	 
			
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	3	  
	 2.
	 	SERVICES	  	 	6	  
	 3.
	 	SERVICE LEVELS AND PERSONNEL	  	 	7	  
	 4.
	 	COMMENCEMENT, TERM AND TERMINATION	  	 	9	  
	 5.
	 	POST TERMINATION PAYMENTS AND MATTERS	  	 	10	  
	 6.
	 	FAILURE TO PERFORM THE SERVICES	  	 	11	  
	 7.
	 	STEP-IN RIGHTS	  	 	11	  
	 8.
	 	INSOLVENCY EVENT	  	 	12	  
	 9.
	 	ESPEED’S WARRANTIES	  	 	13	  
	 10.
	 	TBIS’ WARRANTIES	  	 	14	  
	 11.
	 	EXCULPATION AND INDEMNITY; OTHER INTERESTS	  	 	14	  
	 12.
	 	RELATIONSHIP OF THE PARTIES	  	 	16	  
	 13.
	 	AUDIT	  	 	16	  
	 14.
	 	FORCE MAJEURE	  	 	17	  
	 15.
	 	BUSINESS CONTINUITY PLAN	  	 	17	  
	 16.
	 	CO-OPERATION WITH OTHER CONTRACTORS	  	 	18	  
	 17.
	 	ASSIGNMENT	  	 	18	  
	 18.
	 	WAIVER	  	 	19	  
	 19.
	 	CONFIDENTIALITY	  	 	19	  
	 20.
	 	COUNTERPARTS	  	 	20	  
	 21.
	 	CONTRACT RIGHTS OF THIRD PARTIES	  	 	20	  
	 22.
	 	ENTIRE AGREEMENT	  	 	20	  
	 23.
	 	INVALIDITY AND SEVERABILITY	  	 	20	  
	 24.
	 	DATA PROTECTION	  	 	21	  
	 25.
	 	NOTICES	  	 	21	  
	 26.
	 	GOVERNING LAW AND JURISDICTION	  	 	21	  
	 SCHEDULE 1
	  	 	24	  
	 SCHEDULE 2
	  	 	26	  
	 Sharing Office Space
	  	 	26	  
	 SCHEDULE 3
	  	 	29	  
	 Charges for Services
	  	 	29	  
	 SCHEDULE 4
	  	 	30	  
	 Firms
	  	 	30	  

  
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 THIS ADMINISTRATIVE SERVICES AGREEMENT (the “Agreement”) is dated the 9th day of
January and is made BETWEEN: 
  

	(1)	ESPEED SUPPORT SERVICES LIMITED a United Kingdom limited company whose registered office is at One Churchill Place, London E14 5RD, which shall be referred to
herein as “eSpeed”; and 

  

	(2)	TOWER BRIDGE INTERNATIONAL SERVICES L.P. a United Kingdom limited partnership established under the Limited Partnership Act 1907, acting through its General
Partner Tower Bridge GP Limited whose registered office is at One Churchill Place, London E14 5RD, which shall be referred to herein as “TBIS”. 

 WHEREAS: 
  

	(A)	eSpeed has the resources and capacity to provide the Services. 

  

	(B)	TBIS wishes to appoint eSpeed to provide and perform, or arrange for the provision of the Services to TBIS so that TBIS can provide them or cause their provision
directly to each of the firms listed in schedule 4, as may be amended from time to time by notice from TBIS to eSpeed (collectively, the “Firms” and each a “Firm”), as TBIS may reasonably require, and eSpeed wishes
to accept such appointment on the terms and subject to the conditions set forth herein. 

  

	(C)	TBIS and the Firms entered into an Administrative Services Agreement (“ASA”) under which TBIS provides the Services or procures the provision of the
Services to the Firms by its Affiliates or Third Parties. 

  

	(D)	eSpeed shall provide the Services in such a way as to enable TBIS to comply with its obligations under the ASA and to enable the Firms to comply with their regulatory
requirements. 

 NOW IT IS HEREBY AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	In this Agreement, unless the context otherwise requires: 

 “Affiliate” means in relation to eSpeed, BGC Partners, Inc and its Subsidiaries, or any entity over which BGC Partners, Inc or its Subsidiaries has the power, directly or indirectly, to
direct or cause the direction of its management and policies, whether through the ownership of voting securities, partnership interests, by contract or otherwise; 
 “Business Continuity Plan” means the plan which sets out the procedures to be adopted by each of the parties in the case of an Interruption Event as amended from time to time; 

“Charges” has the meaning given in Schedule 3; 

  
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 “Claiming party” has the meaning given in clause 14.1; 

“Confidential Information” means any information, which the party has notified the other party, is of a confidential
nature and has been disclosed by such disclosing party, either directly or indirectly, in writing, electronically, orally or by drawings or inspection of samples, equipment or facilities, relating to: 

 

	 	(a)	the technology and products, including technical data, trade secrets, know-how, research, product plans, ideas or concepts, products, services, Software, inventions,
patent applications, techniques, processes, developments, algorithms, formulas, technology, designs, schematics, drawings, engineering, and hardware configuration information; and 

 

	 	(b)	information relating to the operations and business or financial plans or strategies, including but not limited to customers, customer lists, markets, financial
statements and projections, product pricing and marketing, financial or other strategic business plans or information; 

 “Data Protection Laws” means the Data Protection Act 1998 or any equivalent applicable legislation and regulations which are relevant for purposes of the Agreement; 

“Effective Date” means midnight on 31 December 2011; 

“Events of Force Majeure” has the meaning given in clause 14.1; 

“FSA” means the Financial Services Authority (and includes its successors); 

“Insolvency Event” means any corporate action, legal proceedings or other procedure or step taken in relation to:

  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration (whether out of court or otherwise) or reorganisation arising from
the insolvency of a party (by way of voluntary arrangement, scheme of arrangement or otherwise) (other than for the purpose of a solvent reorganisation or equivalent); 

 

	 	(b)	the appointment of a liquidator (other than in respect of a solvent liquidation), receiver, administrator, administrative receiver, compulsory manager or other similar
officer in respect of the relevant entity or any of its assets (in each case whether out of court or otherwise); or 

  

	 	(c)	enforcement of any security over any assets including a creditor attaching or taking possession of, or distress, execution, sequestration or other process being levied
or enforced upon or sued against all or any part of the assets of the relevant entity. 

 and “Insolvency
Event” includes any event occurring in relation to any party or any of its assets in any country or territory in which it is incorporated or carries on 

  
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business or to the jurisdiction of whose courts it or any of its assets is subject which corresponds in that country or territory with any of those mentioned in (a) to (c) above but
“Insolvency Event” does not include any winding up petition or other action referred to above which is discharged, stayed or dismissed within 30 days of its presentation; 

“Interruption Event” means an incident or event which has a significant impact on the performance of the Services, more
particularly detailed in the Business Continuity Plan as at the Effective Date; 
 “Modifications” means any
material modifications, adaptations, new releases, new versions, upgrades and patches of the relevant software or data and the word “Modify” and all variants thereof, shall be construed accordingly; 

“Non-claiming party” has the meaning given in clause 14.2; 

“Office Space” has the meaning given in Schedule 2; 

“Occupation Documents” has the meaning given in Schedule 2; 

“Records” means financial and other records in whatever media of all costs and other matters relating to the provision of
the Services; 
 “Service Levels” means the performance standards set out in clause 3 in accordance with which
eSpeed is to provide the Services; 
 “Services” has the meaning given in schedule 1 and includes all matters of
any nature ancillary and arising therefrom as amended from time to time by the parties; 
 “TBIS’
Contractors” has the meaning given in clause 16.1; 
 “SYSC” means the rules on Senior Management
Arrangements, Systems and Controls contained in the FSA Handbook; 
 “Software” means any software, including
any Modifications, and all related source codes, irrespective of form or medium; 
 “Subsidiaries” means, as of
the relevant date of determination, with respect to any person, any other person of which 50% or more of the voting power of the outstanding voting securities (which, for the avoidance of doubt, shall include a general partner interest) or 50% or
more of the outstanding economic interest is held, directly or indirectly, by such person; and 
 “Third Party”
means a person or entity who is not eSpeed or its Affiliate. 
  

	1.2	In this Agreement, unless the context otherwise requires: 

  

	 	1.2.1	references to a clause or a schedule are to a clause of, or a schedule to, this Agreement, and references to this Agreement include its schedules and references in the
schedules or part or section of the schedules to a paragraph are to a paragraph of such schedule or that part or section of such schedule; 

  
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	 	1.2.2	references to this Agreement or any other document or to any specified provision of this Agreement or any other document are to this Agreement, that document or that
provision as in force for the time being and as altered from time to time in accordance with the terms of this Agreement or that document or, as the case may be, with the agreement of the relevant parties; 

 

	 	1.2.3	words importing the singular include the plural and vice versa, words importing a gender include every gender and references to persons include corporations;

  

	 	1.2.4	a statute or statutory provision is to be construed as a reference to that statute or statutory provision as the same may have been or may from time to time hereafter
be amended or re-enacted; 

  

	 	1.2.5	the descriptive headings to clauses, the schedules and paragraphs are inserted for convenience only, have no legal effect and shall be ignored in the interpretation of
this Agreement; 

  

	 	1.2.6	“party” means a party to this Agreement and includes its assignees and/or successors in title to substantially the whole of its undertaking;

  

	 	1.2.7	“includes” or “including” shall mean including, without limitation; and 

 

	 	1.2.8	references to writing include any method of reproducing words in a legible and non-transitory form. 

 

	2.	SERVICES 

  

	2.1	For the duration of this Agreement and upon the terms and subject to the conditions set forth herein, eSpeed shall provide the Services to TBIS as are agreed between
the parties from time to time and as set out in schedule 1 in return for payment of the Charges as set out in Schedule 3, so that TBIS can provide or cause the provision of such services to the Firms in accordance with its obligations under the ASA.

  

	2.2	Subject to agreement on the amount of Charges, eSpeed shall provide, or cause to be provided, such additional Services as TBIS may reasonably request.

  

	2.3	eSpeed may at its discretion arrange for Affiliates or Third Parties to provide Services hereunder (whether to TBIS or directly to the Firms on behalf of TBIS). Without
prejudice to the effectiveness of clause 22.1, but subject to clauses 11.4 to 11.6 in respect of Third Parties, the provision of such Services may be subject to separate agreements or arrangements with such Third Parties or Affiliates which shall
govern the provision of such Services by Affiliates or Third Parties. 

  

	2.4	 TBIS may request eSpeed to propose one or more of eSpeed’s employees, consultants or agents to become officers, directors and/or control function
staff or occupy other 

  
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positions of authority in TBIS or Firms (“Senior Personnel”). TBIS and/or the Firms shall provide such information as eSpeed and its prospective Senior Personnel may reasonably
require in relation to such position. Without obligation, eSpeed may propose such persons to be Senior Personnel (and provide such information as TBIS may require), whom TBIS or Firms may in their absolute discretion appoint as Senior Personnel upon
such terms and conditions that TBIS and/or Firms and the Senior Personnel may agree. TBIS and/or Firms may request eSpeed to provide an alternative person to replace such Senior Personnel as and when TBIS in its absolute discretion deems fit.

  

	2.5	The parties shall furnish each other with such information (including management information) as may be reasonably required to fulfil their obligations under this
Agreement and in order for TBIS to comply with its obligations under the ASA and for the Firms to comply with their regulatory obligations. eSpeed shall provide any such information in the form and with such content and frequency as TBIS may
reasonably require. 

  

	2.6	In order for TBIS to comply with its obligations under the ASA and/or for the Firms to comply with their regulatory obligations and for corporate governance purposes,
eSpeed shall design and draft any policies, procedures and reports that TBIS or the Firms may reasonably require (subject to TBIS’s or Firms’ final approval) and also shall implement the policies, procedures and reports again subject
always to TBIS’s or Firms’ approval. 

  

	2.7	Subject to its compliance with the provisions of this Agreement, eSpeed shall in its discretion determine how and in what manner it, inter alia, organises itself and
provides the Services. 

  

	3.	SERVICE LEVELS AND PERSONNEL 

  

	3.1	In order for TBIS to comply with its obligations under the ASA and for the Firms to comply with their regulatory obligations, eSpeed shall use reasonable endeavours to:

  

	 	3.1.1	provide the Services with reasonable skill and care; 

  

	 	3.1.2	employ or engage sufficient suitably qualified individuals to ensure that the Services are provided in all respects in accordance with the terms of this Agreement;

  

	 	3.1.3	employ or engage, in connection with the provision of the Services, only persons who are reasonably experienced, skilled and competent; 

 

	 	3.1.4	ensure that every person from time to time engaged or employed by eSpeed in and about the provision of the Services has satisfactorily passed relevant background
checks; 

  

	 	3.1.5	ensure that every person from time to time engaged or employed by eSpeed in and about the provision of the Services is, and at all times remains, sufficiently trained,
skilled and instructed with regard to the duty or duties which that person has to perform; 

  
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	 	3.1.6	exercise reasonable skill and care in the selection and appointment (if applicable) of any Third Party in relation to the provision of the Services;

  

	 	3.1.7	routinely supervise the performance of the Services to ensure that the Services are provided in all respects in accordance with the terms of this Agreement;

  

	 	3.1.8	adequately manage the risks associated with the Services and ensure that their likelihood of occurrence is brought to the attention of TBIS and/or the Firms in
reasonable time; 

  

	 	3.1.9	disclose to TBIS and/or the Firms any development that may have a material impact, as defined in SYSC 8, on its ability to carry out the Services effectively and in
compliance with the applicable laws and regulatory requirements; 

  

	 	3.1.10	co-operate with the FSA and any other relevant competent authority in connection with the Services; 

 

	 	3.1.11	grant TBIS, the Firms, their auditors, their nominated third parties and the FSA and any other relevant competent authority access to the business premises,
information, systems, employees, agents and sub-contractors for the purpose of examining the operation of the Services (if any) and compliance with the obligations arising under this Agreement provided that TBIS, the Firms, their auditors or
their nominated third parties shall give eSpeed not less than 24 hours’ prior notice (save in the case of emergency); and 

  

	 	3.1.12	continuously provide the Services notwithstanding any currency changes and/or a need to represent values in a different currency. 

 

	3.2	eSpeed shall also use reasonable endeavours to procure that Third Parties and Affiliates who provide Services which constitute material outsourcing under SYSC provide
such Services in accordance with clause 3.1. 

  

	3.3	TBIS and/or the Firms shall arrange and implement a system of assessment, as they deem necessary, in order to assess the standards of performance of the Services
provided by eSpeed on a periodic basis. eSpeed shall co-operate with TBIS or Firms and provide all reasonable assistance to enable TBIS or Firms to make such assessments. 

 

	3.4	eSpeed shall, so far as it is practicable, upon request from time to time (before termination of this Agreement) supply in writing to TBIS or the Firms, to the extent
permissible and reasonably practicable, such information relating to the employees, consultants, or Third Parties employed or engaged, as the case may be, by eSpeed in the provision of the Services as may be reasonably requested.

  
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	3.5	The parties shall have review meetings to discuss amongst other things any actual or potential risks in relation to the Services, held at a frequency to be agreed in
good faith by both eSpeed and TBIS but for the avoidance of doubt, at least annually from the Effective Date. 

  

	3.6	If it appears that eSpeed may not be providing the Services effectively and in compliance with applicable laws and regulatory requirements in accordance with the terms
of this Agreement, TBIS shall notify eSpeed in writing of such concerns and eSpeed shall, upon receipt of such notice, do all such acts and implement measures reasonably necessary, to remedy any defaults and deficiencies and to provide the standard
of Services in accordance with the terms of this Agreement and in compliance with applicable laws and regulatory requirements. 

  

	3.7	Notwithstanding anything to the contrary contained in this clause, eSpeed acknowledges and agrees that it shall provide the Services set forth in clause 2 subject
to the ultimate authority of TBIS to control its own business and affairs. Each Party acknowledges that the Services provided hereunder by eSpeed are intended to be administrative and technical support services and are not intended to set policy for
TBIS. 

  

	4.	COMMENCEMENT, TERM AND TERMINATION 

  

	4.1	The term of this Agreement shall commence on the Effective Date and the Agreement shall remain in effect until terminated in accordance with this clause 4.

  

	4.2	TBIS may terminate this Agreement at any time by written notice to eSpeed, such notice to take effect in accordance with the following terms: 

 

	 	4.2.1	if eSpeed commits a material breach of this Agreement and fails to remedy such breach within 30 days of receiving written notice to do so from TBIS;

  

	 	4.2.2	if there occurs an Insolvency Event in respect of eSpeed; 

  

	 	4.2.3	upon 90 days written notice, provided that TBIS shall (i) pay to eSpeed an amount equal to the costs incurred by eSpeed as a result of such termination, including,
without limitation, any severance or cancellation fees and (ii) still be obliged to pay to eSpeed such proportion of Charges as may be payable by TBIS for such Services (Based upon its usage of such Services) as may be provided by eSpeed’s
Affiliates and/or Third Parties where: 

  

	 	(a)	eSpeed has a reasonable period from receipt of the above notice from TBIS, to take reasonable steps to give notice to terminate relevant agreements and arrangements
which govern the provision of Services by the Affiliate or Third Parties to whom eSpeed has delegated any or all provision of Services in accordance with clause 2.3; and 

  
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	 	(b)	eSpeed is bound under such agreements and arrangements with Affiliates and/or Third Parties to continue to pay for provision of Services for a longer period than the
expiry of the notice period in this clause 4.2.3; and such agreements and arrangements have not yet terminated 

and for the avoidance of doubt the provisions in this clause 4.2.3 shall also apply to the termination of provision of any specific
Services by TBIS as specified in clause 4.3. 
  

	4.3	TBIS may terminate the provision of any specific Service upon 90 days written notice (or such shorter period as the parties may agree) to eSpeed but subject to the
provisions of clause 4.2.3. Further, if the provision of any Service or Services is terminated pursuant to this clause 4.3, the level of Charges provided for in respect of the Service or Services in question shall be reduced by an amount to be
agreed between the parties within 30 days of the termination of the Service(s), or in the absence of agreement, the cost to eSpeed of supplying that Service or those Services. eSpeed’s obligations to provide the remaining Services shall
continue in force. 

  

	4.4	Subject to clause 8, eSpeed may terminate this Agreement at any time by written notice to TBIS such notice to take effect in accordance with the following terms:

  

	 	4.4.1	if TBIS commits a material breach of this Agreement and fails to remedy such breach within 90 days of receiving written notice to do so from eSpeed; or

  

	 	4.4.2	if there is any failure by TBIS or Firms to pay an amount (which is not a disputed amount) 60 days after it has become due and payable; or 

 

	 	4.4.3	by 365 days notice in writing to TBIS. 

  

	4.5	Subject to clause 8.5, eSpeed may only terminate the provision of any specific Service upon 365 days notice by written notice to TBIS (or such shorter period as the
parties may agree). If the provision of any Service or Services is terminated pursuant to this clause 4.5, the level of Charges in respect of the Service or Services in question by reference to Schedule 3 shall be reduced by an amount to be agreed
between the parties within 30 days of the termination of the Service(s), or in the absence of agreement, the cost to eSpeed of supplying that Service or those Services. eSpeed’s obligations to provide the remaining Services shall continue in
force. 

  

	5.	POST TERMINATION PAYMENTS AND MATTERS 

  

	5.1	All payment obligations herein shall survive the happening of any event causing termination of this Agreement until all amounts due hereunder have been paid.

  
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	5.2	Termination of this Agreement for whatever reason shall be without prejudice to the rights, obligations and liabilities of either party or Affiliates, then accrued or
due at the date of termination, nor shall termination affect the coming into force or the continuation in force of any provision of this Agreement which is expressly or by implication intended to come into or continue in force at or after
termination. 

  

	5.3	Upon termination of this Agreement, TBIS or Firms shall be entitled to continued use of any hardware and equipment that were used prior to the date of termination of
this Agreement for a further 240 days (or such other period as the parties may agree) upon the terms and conditions set forth herein (including the payment terms in Schedule 3) provided that: (1) where such hardware and equipment is supplied by
an Affiliate or Third Party, termination of the relevant agreement or arrangement has not taken place and, without prejudice to eSpeed’s rights under clause 4.2.3 to terminate such agreement or arrangement, and (2) eSpeed shall not be
required to repair or replace any such hardware or equipment and (3) TBIS exercises reasonable endeavours to locate and contract with an alternative supplier of such software and hardware. 

 

	5.4	Upon the reasonable request of TBIS and upon termination of the Agreement or a particular Service pursuant to clause 4, so far as it is practicable, eSpeed shall
provide TBIS and/or Firms with any and all data, information or Records generated with respect to the Services in a format usable by TBIS and/or Firms. TBIS shall pay the cost, if any, of the provision of such data and information and of converting
such data or information into the appropriate format. 

  

	5.5	The parties shall use reasonable endeavours to ensure that any termination of this Agreement or any termination of a Service provided by eSpeed shall not detrimentally
affect the continuity and quality of the provision of the Services to the Firms’ clients. 

  

	6.	FAILURE TO PERFORM THE SERVICES 

 In the event of any breach of this Agreement by eSpeed, with respect to any error or defect in providing any Service, eSpeed shall, at TBIS’s and/or Firms’ request, use its reasonable efforts to
correct or cause to be corrected such error or defect or re-perform or cause to be re-performed such Service, as promptly as practicable. 
  

	7.	STEP-IN RIGHTS 

  

	7.1	If: 

  

	 	7.1.1	there occurs an Insolvency Event in relation to eSpeed; or 

  

	 	7.1.2	there is any material breach, default or non-performance by eSpeed under this Agreement; 

which substantially prevents, hinders, degrades or delays the performance of any Services, whether directly provided by eSpeed, its
Affiliate or Third Parties, 

  
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necessary for the performance of its (or a Firm’s) business in relation to any function which TBIS or a Firm reasonably believes to be critical (“Affected Function”), at
TBIS’s or a Firm’s option and without limiting any other rights of TBIS or a Firm (whether in law or under this Agreement), TBIS or a Firm may, upon prior written notice, take control of any part of the Services that impacts on the
Affected Function and, in doing so, may take such other action as is reasonably necessary to restore the Affected Function. 
  

	7.2	eSpeed shall co-operate fully with TBIS and the Firms and TBIS’s or the Firms’ Contractors, and provide all reasonable assistance to restore the Affected
Function as soon as possible, including giving TBIS and/or the Firms, their agents and contractors reasonable access to eSpeed’s facilities, systems and all other equipment and Software and materials used by or on behalf of eSpeed in connection
with the Services. 

  

	7.3	TBIS shall co-operate with eSpeed or the Firms to the extent reasonably necessary in respect of any shared services environment of eSpeed or Firm and, where possible,
shall follow eSpeed’s or the Firms’ then current procedures and processes, so far as applicable to the delivery of the Services. 

  

	7.4	Subject to clause 16, TBIS or the Firms shall cease their control of the Services when eSpeed is able to provide the Services in accordance with this Agreement and the
parties shall work together to ensure an orderly handover. 

  

	7.5	Nothing in this clause 7 shall limit eSpeed’s liability to TBIS or the Firms with respect to any default or non-performance by eSpeed under this Agreement,
provided that eSpeed shall not be liable for any further failure or deterioration in the Services which is a direct result of TBIS or the Firms exercising the step-in rights set out in clause 7.1. 

 

	7.6	For purposes of this clause and where otherwise applicable, TBIS and eSpeed acknowledge and agree to use reasonable endeavours to ensure that a Firm only takes control
of the Services or that part of the Services that is provided to that Firm, and such Firm shall not take control of, or interfere with the Services provided by eSpeed to other Firms, or do anything which may affect the Services provided to other
Firms, without those Firms’ prior written consent. 

  

	8.	INSOLVENCY EVENT 

  

	8.1	An Insolvency Event occurring in relation to TBIS or a Firm shall not give eSpeed the right to terminate this Agreement unless one of the circumstances set out in
clause 8.2 below has arisen. 

  

	8.2	The circumstances referred to in clause 8.1 are: 

  

	 	8.2.1	 TBIS has not, within 5 days of the occurrence of an Insolvency Event, notified eSpeed of the Insolvency Event and/or has not paid eSpeed all Charges
for that 5 day period, (or a Firm has not paid eSpeed for all 

  
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Charges for that 5 day period if applicable) calculated on a pro-rata basis based upon the average daily rate over the 3 months preceding the Insolvency Event; 

 

	 	8.2.2	TBIS or Firm does not pay, daily in advance, calculated on the basis set out in 8.2.1 above, for Services to be provided after the expiry of the 5 day period referred
to in 8.2.1 above; 

  

	 	8.2.3	TBIS has given or gives notice of the termination of this Agreement under clause 4 and the relevant notice period has expired; 

 

	 	8.2.4	a period of 90 days from the date of the Insolvency Event has elapsed, and eSpeed has given 5 days written notice in advance of its intention to terminate this
Agreement. 

  

	8.3	eSpeed shall have no claim in damages for the early termination of this Agreement other than in relation to any non-payment of Charges that are due to be paid under
this Agreement. 

  

	8.4	In the event of an Insolvency Event occurring in relation to TBIS or Firm, TBIS will pay (to the extent permitted by law or regulation) or, where applicable, cause the
Firm to pay any outstanding Charges in respect of the provision of all or any of the Services provided by eSpeed before the occurrence of the Insolvency Event. Following an Insolvency Event in relation to TBIS or Firm, TBIS will pay (or cause the
Firm to pay, if applicable) eSpeed any Charges for Services performed after the occurrence of the Insolvency Event daily in advance, calculated on the basis set out in 8.2.1 above. Nothing in this clause 8 shall affect eSpeed’s right to submit
a proof of debt in an insolvency of TBIS or Firm. 

  

	8.5	eSpeed will have a right to terminate this Agreement in whole or in part in respect of the Services provided by an Affiliate or Third Party if such Affiliate or Third
Party terminates its agreement with eSpeed to provide such Services to TBIS or Firm upon the occurrence of an Insolvency Event in relation to TBIS or Firm. 

 

	9.	ESPEED’S WARRANTIES 

  

	9.1	eSpeed warrants and represents to TBIS, as at the Effective Date and for the duration of this Agreement that: 

 

	 	9.1.1	it has full capacity and authority to enter into and to perform this Agreement and the Services; and 

 

	 	9.1.2	it, its employees and its consultants have, or have made arrangements to ensure that they shall have, all necessary consents, licences and permissions to enable them to
carry out the Services lawfully and without infringing any rights of any Third Party and they shall throughout the term of the Agreement obtain and maintain any further and other consents, licences and permissions necessary for this purpose.

  
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	10.	TBIS’ WARRANTIES 

TBIS warrants and represents to eSpeed that it has full power and authority to enter into and carry out the provisions of this Agreement.

  

	11.	EXCULPATION AND INDEMNITY; OTHER INTERESTS 

  

	11.1	Notwithstanding any provision of this Agreement to the contrary, eSpeed (including its partners, officers, directors and employees) shall not be liable to TBIS or the
shareholders of TBIS for any acts or omissions taken or not taken in good faith on behalf of any of them and in a manner reasonably believed by eSpeed to be within the scope of the authority granted to it by this Agreement and in the best interests
of TBIS, except for acts or omissions constituting fraud or wilful misconduct in the performance of eSpeed’s duties under this Agreement. 

  

	11.2	Notwithstanding any provision of this Agreement to the contrary, TBIS (including its partners, officers, directors and employees) shall not be liable to eSpeed or the
shareholders of eSpeed for any acts or omissions taken or not taken in good faith on behalf of any of them and in a manner reasonably believed by TBIS to be within the scope of its authority, except for acts or omissions constituting fraud or wilful
misconduct in the performance of TBIS’ duties under this Agreement. 

  

	11.3	Subject to clauses 11.4 to 11.6 save in the case of (1) personal injury or death caused by a party’s negligence, (2) fraud or wilful misconduct of a
party, or (3) for payment of the Charges due by TBIS to eSpeed, the aggregate of each party’s liability to the other under this Agreement in each 12 calendar month period commencing on the Effective Date, whether for negligence, breach of
contract or otherwise, shall, be limited to the total aggregate Charges rendered by eSpeed to the TBIS over the preceding 12 calendar months (including 12 months prior to the Effective Date where applicable). 

 

	11.4	Where an Affiliate provides Services to eSpeed who then provides such Services to TBIS, eSpeed’s liability to TBIS shall be limited to the amount recovered by
eSpeed from the Affiliate and subject to any exclusions or limitations of liability in the agreement or arrangement between eSpeed and such Affiliate. 

  

	11.5	Where an Affiliate provides Services directly to TBIS whether on behalf of eSpeed or otherwise, the aggregate of the Affiliate’s liability to TBIS or vice versa in
each 12 calendar month period commencing on the Effective Date, whether for negligence, breach of contract or otherwise, shall, be limited to the equivalent of the total aggregate Charges rendered by the Affiliate to TBIS over the preceding 12
calendar months (including (including 12 months prior to the Effective Date where applicable) save where such liability is governed by a separate agreement between the Affiliate and TBIS. 

  
 Page 14 of 30

	11.6	Save in the case of (1) personal injury or death caused by a party’s (or eSpeed’s Affiliates’) negligence, (2) fraud or wilful misconduct of a
party, or (3) for payment of the Charges due by TBIS to eSpeed, each party (and eSpeed’s Affiliates) shall not be liable for any loss of profits, revenue, opportunity, business or goodwill (whether direct or indirect) or any indirect,
special or consequential loss which the other party may incur. 

  

	11.7	Subject always to the monetary and other limitations of liability set out in clauses 11.3 to 11.5 and notwithstanding clause 11.6, a party (the “First
Party”) shall indemnify, defend and hold harmless the other party (and their shareholders, partners, officers, directors and employees) (“the “Second Party”) from and against any and all third party claims or
liabilities of any nature (including reasonable legal fees) made against the First Party arising under or otherwise in respect of this Agreement and caused by the Second Party’s (or its Affiliates) breach of this Agreement or a third party
agreement or arrangement or its negligence, wilful misconduct (except where attributable to the fraud or wilful misconduct of the Second Party) provided always that: 

 

	 	11.7.1	the Second Party shall have the exclusive right to control the defence of such claim or action; and 

 

	 	11.7.2	the First Party provides the Second Party with all reasonable assistance in connection with such defence. 

 

	 	11.7.3	The provision of any Services by a Third Party provider (regardless of whether they are contracted by TBIS or eSpeed in the first instance), shall be subject to the
terms and conditions agreed with such Third Party or applicable to the provision of such Third Party Services (including as to warranties, representations, undertakings, obligations, exclusions and liabilities). TBIS and eSpeed shall to the extent
applicable comply with the terms and conditions agreed with such Third Party. 

  

	11.8	No Third Party may benefit from the exclusions and limitations in this clause 6. The warranties, undertakings, representations and obligations of the eSpeed shall not
apply to such Third Party services (other than a duty of eSpeed to exercise reasonable skill and care in the selection and appointment (if applicable) of such Third Party). For the avoidance of doubt: (1) the limitations and exclusions of
liability of eSpeed set out in this Agreement hereof shall not apply to or limit the liability of any such Third Party to eSpeed or TBIS as the case may be and (2) save to the extent that eSpeed or TBIS is able to claim against a Third Party
whether in contract, tort or otherwise for any loss or damage suffered by the TBIS of any nature, eSpeed shall not be liable to TBIS in relation to such Third Party. This clause shall apply whether the Third Party provides the Services directly to
TBIS or provides the Services on behalf of eSpeed or its Affiliates. 

  
 Page 15 of 30

	11.9	In accordance with clause 11.7, the provision of any Services by a Third Party shall be subject to the terms and conditions agreed with such Third Party provided that
in the case of eSpeed: 

  

	 	11.9.1	contracting in its own name or in the name of an Affiliate, eSpeed shall provide to TBIS the terms and conditions agreed with such Third Party upon request by the TBIS
and no later than ten days upon receiving such request; or 

  

	 	11.9.2	contracting in the name of or directly on behalf of TBIS, eSpeed shall provide TBIS with the terms and conditions agreed with such Third Party and shall require prior
consent from TBIS to contract with such Third Party on such terms and conditions. 

  

	11.10	The Services shall be provided by eSpeed to TBIS on a non-exclusive basis. Further, nothing in this Agreement shall prevent the eSpeed, TBIS or any of their Affiliates
from engaging in or possessing an interest in other business ventures of any nature or description, independently or with others, whether currently existing or hereafter created, and any party hereto who is not a party to such arrangements shall
have any rights in or to such independent ventures or to the income or profits derived therefrom. 

  

	11.11	Save as provided for in any other agreement, TBIS shall not bring any proceedings arising out of or in connection with this Agreement against any of the eSpeed’s
or its Affiliates’ employees, staff, officers or directors in relation to the Services, save in relation to: 

  

	 	11.11.1	personal injury or death caused by negligence; or 

  

	 	11.11.2	fraud or fraudulent misrepresentation. 

  

	11.12	eSpeed its Affiliates, and employees, staff, officers and directors of eSpeed and its Affiliates shall have the express benefit of this clause and shall have the right
to rely on and enforce any of its terms. This clause is not intended to benefit any Third Parties who may be involved in the performance of the Services or otherwise. 

 

	12.	RELATIONSHIP OF THE PARTIES 

 No partnership, joint venture or other arrangement shall be deemed to be created by this Agreement. Except as expressly provided in this Agreement, none of eSpeed or TBIS nor their respective Affiliates
shall have any claim against any of the others or rights of contribution by virtue of this Agreement with respect to any uninsured loss incurred by any of the others, nor shall either of them have a claim or right against any of the others by virtue
of this Agreement with respect to any loss that is deemed to be included within the deductible, retention or self insured portion of any insured risk. 
  

	13.	AUDIT 

  

	13.1	Both parties shall maintain, or cause to be maintained, appropriate Records. 

  
 Page 16 of 30

	13.2	eSpeed shall retain copies of the Records for such period as may be required by law or regulation, or such longer period as may be agreed by the parties and shall
permit TBIS, its nominated consultants and the certified public accountants approved by the parties or other third parties nominated by TBIS or Firm, to take copies of the same. 

 

	13.3	Any party hereto or a Firm may request a review, by those certified public accountants who examine eSpeed’s or TBIS’s books and records, of the other
party’s cost allocation to the requesting party to determine whether such allocation is proper under the procedures set forth herein. Such a review is to be conducted at the requesting party’s expense. 

 

	13.4	The requesting party shall use its reasonable endeavours to ensure that the conduct of each audit does not unreasonably disrupt the other party.

  

	13.5	Subject to each party’s obligations of confidentiality, the other party shall provide the requesting party (and its auditors and other advisers) with all
reasonable co-operation, access and assistance in relation to each audit. 

  

	14.	FORCE MAJEURE 

  

	14.1	“Event of Force Majeure” means, in relation to either party, an event or circumstance beyond the reasonable control of that party (the
“Claiming party”) including, (whether or not by the Claiming party,) strikes, accidents, lock-outs, inability to obtain Third Party co-operation or services, other industrial disputes or other causes beyond its respective control
(in each case, whether or not relating to the Claiming party’s workforce). 

  

	14.2	The Claiming party shall not be deemed to be in breach of this Agreement or otherwise liable to the other party (the “Non-claiming party”) for any
delay in, any performance or any non-performance of any obligations under this Agreement (and the time for performance shall be extended accordingly) if and to the extent that the delay or non-performance is due to an Event of Force Majeure.

  

	14.3	The Claiming party shall, so far as is reasonably practicable, promptly notify the Non-claiming party of the nature and extent of the circumstances giving rise to the
Event of Force Majeure. The Claiming party and the Non-claiming party shall then discuss and make alternative arrangements. 

  

	15.	BUSINESS CONTINUITY PLAN 

  

	15.1	eSpeed acknowledges the need for the continuity of the Services and shall maintain throughout the term of the Agreement a Business Continuity Plan and implement, on
each Interruption Event and otherwise as necessary, all business continuity, disaster recovery and back-up facilities necessary for this purpose and accordingly undertake, without limitation, the following actions: 

 

	 	15.1.1	routinely test the backup facilities where necessary having regard to the Services provided; 

  
 Page 17 of 30

	 	15.1.2	take all reasonable action, as is required, to provide recovery of the Services in the case of any Interruption Event; and 

 

	 	15.1.3	make copies of all data and Software and store copies securely at a location other than where such data and Software are normally held. 

 

	15.2	In the event of an Interruption Event the Services shall be recovered by eSpeed as soon as reasonably practicable following the declaration of the Interruption Event.

  

	15.3	During an Interruption Event eSpeed shall act in accordance with TBIS’s reasonable directions in order that any interruption to TBIS’s businesses is kept to a
minimum. 

  

	15.4	Without prejudice to clause 15.1.3, in the event of a loss or destruction of data attributable to eSpeed or eSpeed’s failure to comply with any agreed security
procedures, eSpeed shall reconstruct, as soon as possible, any such lost or destroyed data without charge to TBIS. Without prejudice to any other remedy of TBIS under this Agreement, eSpeed shall reimburse to TBIS its proper costs and expenses
incurred by it in the recreation or attempted recreation of such data if eSpeed is unable to recreate such data. 

  

	16.	CO-OPERATION WITH OTHER CONTRACTORS 

  

	16.1	TBIS may, at any time, perform itself, or retain other providers of services of goods or services (“TBIS’ Contractors”) to perform, any services,
including any services related to the Services. 

  

	16.2	eSpeed shall co-operate with and co-ordinate its provision of the Services with the performance of services by TBIS and TBIS’s Contractors.

  

	16.3	eSpeed shall supply relevant correspondence, access to systems and facilities and such information as TBIS and TBIS’s Contractors may reasonably require in order
to enable them to provide their goods or services. 

  

	16.4	The parties agree that any obligation imposed on TBIS pursuant to the provisions of this Agreement shall be deemed to have been fulfilled by TBIS to the extent that
such obligations have been fulfilled by TBIS’s Contractor. 

  

	17.	ASSIGNMENT 

 This
Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, and assigns. Neither eSpeed on the one hand nor TBIS on the other hand shall have the right to assign all or any portion of its
rights under and the benefits of this Agreement without the prior written consent of the other, save that eSpeed may without the consent of TBIS, assign its rights under and the benefits under this Agreement in whole or in part hereunder to an
Affiliate upon prior written notice to TBIS and provided that this does not cause any diminution in the Services provided. 

  
 Page 18 of 30

	18.	WAIVER 

  

	18.1	No waiver by any party hereto of any of its rights under this Agreement shall be effective unless in writing and signed by a duly authorised person, director or
Services Manager of the party waiving such right. 

  

	18.2	No waiver of any breach of this Agreement shall constitute a waiver of any subsequent breach, whether or not of the same nature. 

 

	18.3	This Agreement may not be modified or amended except in writing signed by a duly authorised person, officer or director of TBIS and eSpeed or the relevant parties as
the case may be; and approved by their respective Board of Directors, save that schedule 4 may be modified or amended by TBIS by notice to eSpeed. 

  

	18.4	In the event of any conflict between the administrative services agreement, dated 6 March 2008, between Cantor Fitzgerald, LP and BGC Partners, Inc. and this
Agreement, this Agreement shall govern. 

  

	18.5	This Agreement shall be strictly construed as independent from any other agreement or relationship between the parties. 

 

	18.6	Any notice, request or other communication required or permitted in this Agreement shall be in writing and shall be sufficiently given if personally delivered or if
sent by registered mail, postage prepaid, to the addresses of the entities shown on page 3 of this Agreement or to the entity’s registered office. The address of any party hereto may be changed on notice to the other duly served in accordance
with the foregoing provisions. 

  

	18.7	The parties to this Agreement understand and agree that any or all of the obligations of eSpeed set forth herein may be performed by any Affiliate of eSpeed.

  

	18.8	No breach of any provision of this Agreement shall be waived or discharged except with the express written consent of the parties. 

 

	19.	CONFIDENTIALITY 

 Except
as otherwise provided in this Agreement or where prior written consent is obtained either party shall use reasonable endeavours to, and shall endeavour to cause its Affiliates, to keep Confidential Information confidential in its possession that in
any way relates to the other party. The provisions of this clause do not apply to the disclosure by either party hereto or their respective Affiliates of any information, documents or materials: 

 

	 	(a)	which are, or become, publicly available, other than by reason of a breach of this clause, by the disclosing party or any Affiliate of the disclosing party;

  

	 	(b)	was independently developed by such party or its Affiliates without any use of the Confidential Information; 

  
 Page 19 of 30

	 	(c)	received from a third party not bound by any confidentiality agreement with the other party hereto; 

 

	 	(d)	required by applicable law, judicial body or regulation to be disclosed by that party; or 

 

	 	(e)	necessary to establish such party’s rights under this Agreement, 

 provided that in the case of clause 19(d) the person intending to make disclosure of Confidential Information will, so far as it is practicable, notify the party to whom it is obligated to keep such
information confidential. 
  

	20.	COUNTERPARTS 

 This
Agreement may be executed in counterparts. 
  

	21.	CONTRACT RIGHTS OF THIRD PARTIES 

 Unless otherwise stated in this Agreement, no term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement (excluding
Affiliates and the Firms). 
  

	22.	ENTIRE AGREEMENT 

  

	22.1	This Agreement supersedes and extinguishes any prior drafts, agreements, undertakings, representations, warranties and arrangements of any nature whatsoever, whether or
not in writing, relating to or in connection with this Agreement. 

  

	22.2	Each party acknowledges that it has not been induced to enter into this Agreement in reliance upon, nor has it been given, any warranty, representation, statement,
assurance, covenant, agreement, undertaking, indemnity or commitment of any nature whatsoever other than as expressly set out in this Agreement and, to the extent it has been, it unconditionally and irrevocably waives any claims, rights and remedies
which it might otherwise have had in relation thereto. 

  

	22.3	The provisions of this clause shall not exclude any liability which any of the parties would otherwise have to the other or any right which either of them may have to
rescind this Agreement in respect of any statements made fraudulently by the other prior to the execution of this Agreement or any rights which either of them may have in respect of fraudulent concealment by the other. 

 

	23.	INVALIDITY AND SEVERABILITY 

  

	23.1	If any provision of this Agreement shall be found by any court or administrative body of competent jurisdiction to be invalid, illegal or unenforceable in any respect
under the law of any jurisdiction: 

  

	 	23.1.1	the validity, legality and enforceability under the law of that jurisdiction of any other provision; and 

  
 Page 20 of 30

	 	23.1.2	the validity, legality and enforceability under the law of any other jurisdiction of that or any other provision, shall not be affected or impaired in any way thereby.

  

	23.2	If any provision of this Agreement shall be held to be void or declared illegal, invalid or unenforceable for any reason whatsoever, such provision shall be divisible
from this Agreement and shall be deemed to be deleted from this Agreement and the validity of the remaining provisions shall not be affected. If such deletion materially affects the interpretation of this Agreement then the parties shall negotiate
in good faith with a view to agreeing a substitute provision which as closely as possible reflects the commercial intention of the parties. 

  

	24.	DATA PROTECTION 

 Each
party warrants, represents and undertakes to the other that, during the term of this Agreement, it shall comply with requirements of the Data Protection Laws. 
  

	25.	NOTICES 

 All notices must
be in writing and any notice, information, instruction or other communication should be sent to: 
  

	 	25.1.1	in the case of TBIS: the chief operating officer at the time; and 

  

	 	25.1.2	in the case of eSpeed: the company secretary at the time. 

 Any such notice, information, instruction or other communication will be distributed or communicated to the relevant Board of Directors of TBIS or eSpeed, as the case may be. 

 

	26.	GOVERNING LAW AND JURISDICTION 

  

	26.1	This Agreement (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Agreement or its formation) shall be
governed by and construed in accordance with English law. 

  

	26.2	Each of the parties to this Agreement irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to hear and decide any suit, action or
proceedings, and/or to settle any disputes, which may arise out of or in connection with this Agreement and, for these purposes, each party irrevocably submits to the jurisdiction of the courts of England and Wales. 

 

	26.3	Without prejudice to TBIS’s right to seek redress in court, eSpeed shall continue to provide the Services and to perform its obligations under this Agreement
notwithstanding any dispute or the implementation of the procedures set out in this clause 26, but subject to the terms in clause 8 as if an Insolvency Event in relation to TBIS has occurred. 

  
 Page 21 of 30

 IN WITNESS whereof this Agreement has been entered into the day and year first written above.

  
 Page 22 of 30

					
	SIGNED on behalf of	 		 	
	ESPEED SUPPORT SERVICES LIMITED	 		 	
			
		 		 	 /s/ Anthony Graham Sadler

		 		 	Name: Anthony Graham Sadler
		 		 	Title: Director
			
	SIGNED on behalf of	 		 	
	TOWER BRIDGE INTERNATIONAL SERVICES L.P.	 		 	
			
		 		 	 /s/ Anthony Graham Sadler

		 		 	Name: Anthony Graham Sadler
		 		 	Title: Director

  
 Page 23 of 30

 SCHEDULE 1 
 “Services” shall include but shall not be limited to: 
 INFRASTRUCTURE

 Responsibilities include the design, management and operation of the global voice and data network, data centres and all systems upon
which business is conducted. The global Infrastructure Team is comprised of the following groups: 
 MARKET DATA

  

	 	•	 	 The Market Data team support and administer all Market Data and Financial exchange connectivity used by the businesses. 

INFRASTUCTURE DESIGN AND SECURITY 
  

	 	•	 	 Infrastructure Design and Security are responsible for Information Security, Network Architecture and Engineering, Systems Monitoring and Enterprise
Architecture. 

 VOICE 
  

	 	•	 	 The Voice Group is responsible for all Voice and Video services used by the businesses. 

OPERATIONS 
  

	 	•	 	 The Operations team are responsible for the monitoring of all systems. 

WINTEL 
  

	 	•	 	 The Wintel group is responsible for the engineering and support of all Microsoft based servers and desktop applications. 

UNIX 
  

	 	•	 	 The Unix group is responsible for the engineering and support of all Unix based systems and applications. 

STORAGE AREA NETWORK 
  

	 	•	 	 The Storage Area Network Team is responsible for the design, engineering and management of information storage. 

DATA CENTER MANAGEMENT 
  

	 	•	 	 The Data Centre Teams are responsible for the management of the global Data Centres, which house all of the systems that run the business.

 DATABASE ADMINISTRATION 

 

	 	•	 	 The Database Administration Team is responsible for the engineering and support of all databases used by the businesses. 

  
 Page 24 of 30

	 	•	 	 CLIENT SERVICES 

  

	 	•	 	 The Client Services and Deployment Teams work with customers to connect front and back office electronic systems. 

CORPORATE GOVERNANCE AND MANAGEMENT INFORMATION SERVICES 
  

	 	•	 	 Evaluate corporate governance systems and practices; 

  

	 	•	 	 Develop corporate governance policies, procedures and standards of business conduct for corporate governance purposes; 

 

	 	•	 	 Source and collate relevant management information to ensure compliance with applicable laws, regulations and corporate governance policies and
procedures; 

  

	 	•	 	 Provide delineated descriptions of services for management information and costing allocation purposes in relation to the Firms.

  
 Page 25 of 30

 SCHEDULE 2 
 Sharing Office Space 
  

	1.	Licence to share Office Space 

  

	 	(a)	During the term of this Agreement, TBIS or Firm may share with eSpeed the occupation of the whole or any part of eSpeed’s or its Affiliates’ offices (the
“Office Space”) for the purposes permitted under this Agreement, subject to the terms set out in this schedule. 

  

	 	(b)	Such sharing shall only subsist if and to the extent that (and only for as long as) it is permitted by the terms of the relevant lease, licence or other arrangement
pursuant to which eSpeed or its Affiliates are permitted to occupy the relevant Office Space (the “Occupation Document”). 

  

	 	(c)	The space to be provided to TBIS or Firm by eSpeed or its Affiliates has been agreed between them but may be expanded or contracted if and as agreed by the parties from
time to time. At the request of eSpeed or its Affiliates, TBIS or Firm shall vacate the relevant Office Space immediately if such sharing of occupation of the Office Space is no longer permitted by the Occupation Document. 

 

	2.	Consideration 

  

	 	(a)	So long as TBIS shares any part of the Office Space, TBIS or a Firm shall pay to eSpeed or its Affiliates in accordance with clause 2.1 of this Agreement an amount
calculated on the basis agreed between them which as at the date of this Agreement is an amount equal to the product of (X) the rate per square unit of measurement then being paid by eSpeed or its Affiliates for the Office Space (such amount to
include, if applicable, rent and any service charge, insurance charge, rates and other outgoings multiplied by (Y) the number of square feet that TBIS or Firm is entitled to occupy pursuant to this Agreement. 

 

	 	(b)	In addition, TBIS or Firm shall pay to eSpeed or its Affiliates in accordance with clause 2.1 of this Agreement an amount calculated on the basis agreed between them
which as at the date of this Agreement is an amount equal to the sum of the allocated costs (including leasehold amortization expenses, depreciation, overhead, taxes and repairs) in respect of the Office Space. 

 

	3.	Compliance with lease licence or other arrangement 

  

	 	(a)	TBIS hereby agrees not to take any action or fail to take any action in connection with its sharing of any part of the Office Space as a result of which eSpeed or its
Affiliates would be in breach of any of the terms and conditions of the relevant Occupation Document or other restriction or obligation affecting eSpeed’s or its Affiliates’ use of such Office Space. 

  
 Page 26 of 30

	 	(b)	TBIS agrees to comply with the terms and provisions of the relevant Occupation Document insofar as they relate to the Office Space being shared with eSpeed or its
Affiliates. 

  

	 	(c)	There is no intention to create between eSpeed (or its Affiliates) and TBIS the relationship of lessor and lessee (or equivalent relationship) in relation to the Office
Space other than may be specifically set out in a separate agreement between eSpeed, its Affiliates and TBIS or Firm. 

  

	 	(d)	Any sharing of space, sublease or other arrangement shall be subject to any third party consents, including any relevant landlord’s. 

 

	 	(e)	TBIS will indemnify and keep indemnified eSpeed and its Affiliates against all losses, costs, claims, charges, damages and fees whatsoever suffered or incurred by
eSpeed or its Affiliates directly or indirectly as a result of or arising from a breach by TBIS’s of the terms this schedule 2 or TBIS’s or |Firm’s use and/or occupation of the Office Space. 

 

	4.	Office Space used 

 The initial
square unit of measurement of Office Space, to be used by TBIS or Firm is set out in the appendix attached to this schedule as amended from time to time. 

  
 Page 27 of 30

 APPENDIX 1 
 Particulars of the Office Space provided by eSpeed or its Affiliates to TBIS or Firms as at the Effective Date. The particulars of the Office Space may be subject to change, as may be agreed by the
parties from time to time. 
  

									
	 Premises
	  	 Lessee
	  	 Occupiers (Current)
	  	 Term
	  	Square
Footage
	 Levels 18, 19 and 20
 1
Churchill Place
 Canary Wharf, E14 5RD
	  	Tower Bridge International Services LP	  	 1.      Tower Bridge International Services LP

2.      BGC Brokers LP

3.      BGC International LP

4.      Cantor Index Ltd

5.      Cantor Fitzgerald Europe

6.      eSpeed International Ltd

7.      eSpeed Support Services Ltd
	  	13 years and 9 months	  	101,462
					
	 Level 1
 40 Bank
Street
 Canary Wharf, E14 5DW
	  	Tower Bridge International Services LP	  	 1.      eSpeed International Ltd

2.      eSpeed Support Services Ltd
	  	 25 years
 (Break option at July
2019)
	  	19,773
					
	 Samson House
 64 Hopton
Street
 Southwark
	  	BGC International	  	Data centre for all entities.	  	3 months rolling	  	1,900
					
	 3 King George Close

Romford
	  	Tower Bridge International Services LP	  	Data centre for all entities.	  	11 years	  	6,100

  
 Page 28 of 30

 SCHEDULE 3 
 Charges for Services 
  

	1.1	In consideration for the provision of Services under clause 2, eSpeed shall charge TBIS (including any applicable taxes, in connection with the provision of such
services) in accordance with the terms set out in this Schedule (the “Charges”) based upon: 

  

	(a)	an amount equal to the direct cost that eSpeed reasonably estimate it will incur or actually incurs in performing those Services including Third Party charges incurred
in providing Services pursuant to clause 2 (and Office Space shall be charged in accordance with the terms in schedule 2); plus 

  

	(b)	a reasonable allocation of other costs (including, without limitation, any irrecoverable value added tax or similar tax eSpeed estimates it will incur or actually
incurs in connection with such Services, depreciation and amortization) determined in a consistent and fair manner so as to cover eSpeed’s appropriate costs or in such other manner as the parties shall agree. eSpeed shall pass on to TBIS any
rebate or credit of any portion of tax received by eSpeed or any rebate or credit to which eSpeed is entitled, 

together with an appropriate transfer pricing mark up (at the Effective Date, 7.5 per cent for non-development Services and 11% for
development Services) of the value of the estimate provided in paragraph 1.1(a) of this schedule, as may be agreed by the parties from time to time. 
  

	1.2	In addition, eSpeed shall charge TBIS a monthly cost of carry recharge for net un-depreciated fixed assets held on the balance sheets of eSpeed and purchased for use by
TBIS. The rate of charge calculated on the asset net book values shall be three month LIBOR plus 450bps as determined by the Treasury Department of TBIS (currently 5% as at the Effective Date) and as agreed by the parties from time to time.

  

	1.3	Any value added or other turnover taxes required to be charged in respect of Services provided hereunder shall be separately charged in addition to any charges
otherwise due hereunder. 

  

	1.4	TBIS shall pay to eSpeed the aggregate charge for Services provided under this Agreement in arrears no later than every 30 days. Amounts due by TBIS to eSpeed under
this Agreement shall be set off against amounts due by the second party to the first under this or any other agreement. 

  

	1.5	eSpeed may be entitled to charge the Firms directly for the Services and in such case, TBIS agrees that the Firms may be entitled to pay eSpeed directly, as may be
agreed between the parties from time to time. 

  
 Page 29 of 30

 SCHEDULE 4 
 Firms 
 1. Cantor Fitzgerald Europe 

2. Cantor Index Limited 
 3. BGC Brokers LP

  
 Page 30 of 30<![CDATA[Amended & Restated Shareholders' Agreement ]]>

 Exhibit 4.2 
 BIOAMBER INC. 
 AMENDED AND
RESTATED SHAREHOLDERS’ AGREEMENT 
 THIS AMENDED AND RESTATED SHAREHOLDERS’
AGREEMENT (this “Agreement”), entered into as of April 15, 2011, by and among BIOAMBER INC., a Delaware corporation formerly known as DNP Green Technology, Inc. (the “Corporation”), and the
undersigned Security Holders (as defined below) listed on Schedule A attached hereto. 
 R E C
I T A L S 
 WHEREAS the Corporation and certain parties identified on the signature pages thereto
(“Existing Security Holders”) are parties to that certain Shareholders Agreement dated as of October 15, 2009 (as amended by First Amendment dated as of September 24, 2010, the “Original Agreement”);

 WHEREAS, effective as of the date of this Agreement, certain of the Existing Security Holders, Mitsui & Co. and Naxamber
S.A., a Luxembourg Societe Anonyme (“Naxos”) are purchasing shares of the Corporation’s Common Stock pursuant to that certain Stock Purchase Agreement dated on or about April 15, 2011 (the “Purchase
Agreement”) (the “Financing”); 
 WHEREAS the Purchase Agreement provides that, as a condition to Naxos’
and the others’ purchase of shares of Common Stock of the Corporation thereunder, the Corporation and the Existing Security Holders will amend and restate the Original Agreement by entering into this Agreement, which will replace and supersede
the Original Agreement in its entirety; 
 WHEREAS, pursuant to Section 1.2.3 of the Original Agreement, such agreement may be
amended or otherwise modified by an instrument in writing executed by the Corporation with the consent of parties to the Original Agreement holding in the aggregate at least two thirds (2/3) of the Corporation’s aggregate Shares and
Convertible Securities then outstanding at the time of such proposed amendment or modification (the “Requisite Consent”); 

WHEREAS, upon execution of this Agreement, the Requisite Consent shall have been received, and this Agreement shall be binding upon the
Corporation and all Existing Security Holders who were parties to the Original Agreement; 
 WHEREAS the Security Holders who are parties
to this Agreement believe that it is in their best interests to set out their respective rights, restrictions and obligations as Security Holders in this Agreement; and 
 WHEREAS the Corporation has agreed to be a party to this Agreement in order to acknowledge certain rights conferred upon the Security Holders, to fulfil certain obligations and to respect the
rights and obligations of the Security Holders in accordance with the terms of this Agreement. 

 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth herein, it is
mutually agreed by and among the parties as follows: 
 A G R E E M E
N T 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions. Unless incompatible with the context, the following words and expressions, when used in this Agreement, shall have the following meanings:

 “Acquisition” means any business acquisition by the Corporation, whether by merger,
consolidation, sale of assets, sale or exchange of capital stock or otherwise. 
 “Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by or under common control with such Person; provided, that, for purposes of this definition and in this Agreement, “control” (including with
correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person through (i) equity ownership of a majority of voting securities, or (ii) common managerial control of such Person’s board of directors or equivalent. 

“Agreement” means this Shareholders’ Agreement, as it may be amended from time to time. 

“Assign” means to sell, exchange, donate, assign, delegate, dispose of, alienate or otherwise transfer in any manner
whatsoever. 
 “Assignment” means a sale, exchange, donation, assignment, delegation, disposition, alienation,
hypothecation or other transfer of any nature whatsoever. 
 “Audited Financial Statements” means, in respect of
a Person, the balance sheet, the income statement, the statement of retained earnings, the statement of the source and application of funds, and the notes pertaining to a given fiscal period as well as the auditors’ report relating thereto,
such Audited Financial Statements being comparative and, as the case may be, consolidated or not. 
 “Board”
means the board of directors of the Corporation. 
 “Bona Fide Offer” means a written offer from a financially
responsible Person or Persons (i) identified therein by name and address, (ii) reasonably appearing able to comply with the terms of such offer and (iii) unaffiliated with the Investors. 

“Business Day” means any day excluding Saturdays, Sundays and any other day that is, in New York, New York, a holiday or
a day on which banks are authorized by law or required to close. 
 “Bylaws” shall mean the bylaws of the
Corporation (as the same may be amended, modified or supplemented from time to time after the date hereof). 

  
 2 

 “Cause” means any of the following grounds for termination of a
person’s employment with the Corporation or a Subsidiary: (i) conviction of such person of a felony; act of embezzlement, fraud or similar conduct involving the Corporation (or any Subsidiary); or crime of moral turpitude;
(ii) failure to follow a lawful direction of the Board; (iii) persistent negligence towards the Corporation (or any Subsidiary) after having received a ten (10) days’ written notice requesting that such negligence cease; and
(iv) any grounds for termination designated as for “cause” in any employment or services agreement between the Corporation (or any Subsidiary) and such person. 
 “Certificate” means the Certificate of Incorporation of the Corporation, as the same may be amended, restated or otherwise modified from time to time. 

“Common Stock” means the Corporation’s common stock, par value $0.01 per share. 

“Confidential Information” means any trade secrets or proprietary information of the Corporation and its Subsidiaries,
including the existence of this Agreement and the terms and conditions of this Agreement, except information which (a) was already in the receiving party’s possession free of restriction prior to the time of disclosure, (b) was or
becomes generally available to the public other than as a result of a disclosure by the receiving party, or (c) is disclosed on a non-confidential basis from a source other than the Corporation or its Subsidiaries and such source is not bound
by a confidentiality agreement with the Corporation or its Subsidiaries. 
 “Convertible Securities” means any
securities issued or which may be issued by the Corporation, including stock options and warrants, which may be converted or exchanged into shares of the capital stock of the Corporation. 

“Encumber” means to assign in guarantee, to hypothecate, to encumber or affect with a charge or otherwise to charge as
security all or part of the Shares or Convertible Securities. 
 “Encumbrance” means an assignment in guarantee,
a hypothecation, a security or any other charge which may Encumber or affect all or part of the Shares or Convertible Securities. 
 “Financing Round” means the closing by the Corporation of a bona fide sale of securities in a single transaction or a series of related transactions in conformity with the terms of this
Agreement and the Certificate (including receipt of any required approvals of the Investors provided for herein and/or therein) and which results in gross proceeds to the Corporation of at least $25,000,000. 

“Fiscal Year” means the twelve month period ending each year, as it will be determined by the Board. 

“Founder” means any employee of the Corporation holding in the aggregate more than 1,000 Shares and Convertible
Securities at the time of any application of the provisions of Section 10 concerning such employee. 

  
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 “Investor” means each of (i) Sofinnova, so long as it or its
Affiliates hold at least 30,000 Shares (ii) Naxos, so long as it or its Affiliates hold at least 30,000 Shares (iii) Mitsui CVP and Mitsui & Co., so long as they and their respective Affiliates collectively hold at least 20,000
Shares, and (iv) Cliffton Equities Inc., so long as it holds at least 6,000 Shares. 
 “Investor
Super-Majority” means the approval of Investors holding, in the aggregate, greater than seventy-five percent (75%) of the total number of Shares held by the Investors. 

“Involuntary Transfer” means any involuntary transfer, transaction, proceeding or action by or under which any Security
Holder shall be deprived of any right, title or interest in or to any of such Security Holder’s Shares (or voting rights relating thereto) or Convertible Securities, including, without limitation, seizure under levy of attachment or execution
or transfer in connection with bankruptcy or other court process to a trustee in bankruptcy, receiver or other officer or agent. 

“IPO” means a firm commitment underwritten public offering pursuant to an effective registration statement filed under
the Securities Act covering the offer and sale of Common Stock for the account of the Corporation in which the aggregate public offering price (before deduction of underwriters’ discounts and commissions) equals or exceeds Fifty Million Dollars
($50,000,000). 
 “Mitsui CVP” means MCVP Technology Fund I, LLC, a Delaware LLC. 

“Mitsui & Co.” means Mitsui & Co., Ltd., Japan-based company, through its Cleantech and Healthcare
Investment Dept. 
 “Naxos” is defined in the Recitals. 

“Notice of Offer” means the notice of a Security Holder’s intention to Assign any of his Shares or Convertible
Securities and which sets forth the name of the proposed assignee, the number of Shares or Convertible Securities to be Assigned and the terms and conditions of the proposed Assignment, including a proposed closing date for such Assignment that is
not less than ninety (90) days following the date of said notice. Such notice shall be accompanied by a copy of a Bona Fide Offer received in connection with such proposed Assignment. 

“Person” means any individual, or any U.S. or non-U.S. corporation, partnership, joint venture, estate, trust, company
(including limited liability company and joint stock company), association, organization, firm, enterprise or other entity. 

“Principal Stockholders” means, from time to time, (i) the Investors, and (ii) all other Security Holders
holding more Five Hundred (500) Shares. 
 “Securities Act” means the Securities Act of 1933, as amended
from time to time, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. 

  
 4 

 “Security Holder” means a holder of Shares or Convertible Securities who is
a party to this Agreement, as well as any Person who, following the date hereof, becomes a party to this Agreement as a registered holder or authorised assignee of Shares or of Convertible Securities. 

“Shareholder” means a holder of Shares who is a party to this Agreement, as well as any Person who, after the date
hereof, becomes a party to this Agreement as a registered holder or authorized assignee of Shares. For the avoidance of doubt, a Shareholder shall include a Security Holder who becomes a holder of Shares subsequent to the date of this Agreement.

 “Shares” means any shares of capital stock of the Corporation. 

“Sofinnova” – means Sofinnova Capital VI, a French fonds commun de placement á risques. 

“Subsidiary” – means any partnership, limited liability company, corporation, company or other entity, wherever or
however incorporated, under the control of the Corporation. As of the date hereof, (i) BioAmber Canada Inc., a Delaware corporation, (ii) BioAmber S.A.S., a Société par Actions Simplifiée, (iii) BioAmber
USA Inc., a Delaware corporation, (iv) Sinoven Biopolymers, Inc., a Delaware corporation, and (v) Sinoven Biopolymers Trading (Shanghai), LLC, a Chinese limited liability company are the only Subsidiaries of the Corporation. 

 

	1.2	Interpretation. The construction and interpretation of this Agreement shall also be governed by the following provisions: 

 

	 	1.2.1	Assignment. Except as provided herein, the rights and obligations conferred by this Agreement cannot be Assigned in whole or in part. Any Assignment or attempted
Assignment in violation of this Agreement shall not be recognized by the Corporation and shall be void and of no force or effect whatsoever. Any Assignment of Shares or Convertible Securities concluded in accordance with the provisions of this
Agreement constitutes an Assignment of all the rights and obligations of the assignor under this Agreement related to the Shares or Convertible Securities so Assigned; 

 

	 	1.2.2	Deadlines. Time is of the essence; any deadlines specified in this Agreement are absolute, including without limitation those established for the consideration
of an offer to purchase or sell Shares or Convertible Securities, and the offeror shall be only bound by a formal acceptance of the offer within the strict deadlines specified herein; in determining any deadline stipulated herein, the date as of
which the period begins is not counted, but the date on which such period ends is; unless otherwise specified, when the last day of a period is not a Business Day, the deadline is extended to the next Business Day; 

 

	 	1.2.3	Entire Agreement. This Agreement contains the entire understanding and agreement between the parties hereto and supersedes any prior agreements among the parties
pertaining to the Shares and Convertible Securities, including but not limited to the Original Agreement. 

  
 5 

	 	1.2.4	Waiver. No waiver of any provision of this Agreement in any instance shall be or for any purpose be deemed to be a waiver of the right of any party hereto to
enforce strict compliance with the provisions hereof in any subsequent instance; 

  

	 	1.2.5	Preamble and Schedules. The preamble and the schedules hereto are an integral part of this Agreement and are incorporated by reference herein;

  

	 	1.2.6	Headings. The headings herein are for reference purposes only and have no effect on the meaning or interpretation of the provisions of this Agreement;

  

	 	1.2.7	Severability. Each provision of this Agreement is distinct, such that any decision of a court or tribunal to the effect that any of the provisions of this
Agreement is null or unenforceable shall in no way affect the validity or enforceability of the other provisions hereof; 

  

	 	1.2.8	Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware without giving effect to its conflict of
laws principles; 

  

	 	1.2.9	Currency. Unless otherwise indicated, all amounts mentioned in dollars herein are in United States currency; 

 

	 	1.2.10	Construction. The use in this Agreement of the masculine pronoun in reference to a party hereto shall be deemed to include the feminine or neuter pronoun, as the
context may require. Any capitalized terms used in any Schedule or Exhibit attached hereto and not otherwise defined therein shall have the meanings set forth in this Agreement. Each defined term used in this Agreement shall have a comparable
meaning when used in its plural or singular form. The use of the word “including” herein shall mean “including without limitation” and, unless the context otherwise requires, “neither,” “nor,” “any,”
“either” and “or” shall not be exclusive. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

 

	 	1.2.11	Voting Provisions. Notwithstanding any other agreement entered into between the Security Holders, the voting provisions contained herein apply to a Security
Holder solely in such Security Holder’s capacity as such and not in such Security Holder’s capacity as a director of the Corporation or otherwise. 

 

	 	1.2.12	 Interest in Shares Created by Law. By operation of law, a community property, dower, courtesy, or like interest (“Marital
Interest”) may be created in the spouse of a Security Holder. Such Marital Interest shall be subject to the provisions of this Agreement as provided herein. If applicable, the term Security

  
 6 

	 	
Holder includes the Security Holder’s spouse with respect to the spouse’s Marital Interest, and reference to the Shares of a Security Holder shall include the Marital Interest of the
Security Holder’s spouse therein. 

  

	2.	GENERAL UNDERTAKINGS 

  

	2.1	Shares. The Shareholders expressly agree that the terms and restrictions of this Agreement shall apply to all shares of capital stock (including, but without
limitation, all shares of Common Stock) of the Corporation which any of them (a) now owns or holds or hereafter acquires or holds, including without limitation by purchase, assignment, the exercise, conversion or exchange of shares, options,
warrants or the Convertible Securities or by operation of law, or as a result of any stock dividend, stock split, reorganization, reclassification, whether voluntary or involuntary, or other similar transaction, or (b) now exercises voting
control with respect to or hereafter acquires voting control of by any means. As used in this Agreement, any and all references to a particular number of Shares shall be proportionately adjusted in the event of any stock splits, combinations,
reclassifications or similar events. 

  

	2.2	Fulfilment of Undertakings. The parties agree, reciprocally and irrevocably, for the entire term of this Agreement, to perform all acts and to govern themselves
in all respects so that the provisions of this Agreement are given full effect. More particularly, the Shareholders undertake to such end to exercise the voting rights attached to their Shares, or to ensure that such voting rights are exercised, in
accordance with the foregoing undertaking. The Corporation agrees to use its best efforts, within the requirements of applicable law, to ensure that the rights granted under this Agreement are effective and that the parties enjoy the benefits of
this Agreement. Such actions include, without limitation, the use of the Corporation’s best efforts to cause the nomination and election to the Board of the designees as provided in this Agreement. 

 

	2.3	Subsequent Security Holders. The Corporation hereby covenants to require any purchaser of Shares or Convertible Securities becoming a holder of such security
after the date hereof to become a party to this Agreement and to meet the requirements set forth in this Agreement, including but not limited to Sections 6.2.1, 6.2.2, 6.2.3 and 6.2.4. The Corporation hereby further covenants to use its best efforts
to cause all other holders of Shares or Convertible Securities to become a party to this Agreement and to meet the requirements set forth in this Agreement, including but not limited to Sections 6.2.1, 6.2.2, 6.2.3 and 6.2.4.

  

	2.4	Registration Rights. The Investors shall have the registration rights set forth on Exhibit A hereto, which Exhibit A is incorporated herein by
reference and made a part of this Agreement. 

  
 7 

	3.	VOTING WITH RESPECT TO ADMINISTRATION AND MANAGEMENT OF THE BUSINESS OF THE CORPORATION 

 

	3.1	Size of the Board. Each Shareholder agrees to vote, or cause to be voted, all Shares (as defined below) owned by such Shareholder, or over which such
Shareholder has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that the size of the Board shall be set and remain at five (5) directors. 

 

	3.2	Board Composition. Each Shareholder agrees to vote, or cause to be voted, all Shares owned by such Shareholder, or over which such Shareholder has voting
control, from time to time and at all times, in whatever manner as shall be necessary to ensure that at each annual or special meeting of shareholders at which an election of directors is held or pursuant to any written consent of the shareholders,
the following persons shall be elected to the Board: 

  

	 	a.	one (1) director designated by the Chief Executive Officer of the Corporation, who shall initially be Jean-François Huc; 

 

	 	b.	one (1) director designated by Sofinnova (the “Sofinnova Nominee”), who shall initially be Denis Luquin, for so long as Sofinnova or its
Affiliates continue to collectively own beneficially at least 30,000 shares of Common Stock of the Corporation, which number is subject to appropriate adjustment for all stock splits, dividends, combinations, recapitalizations and the like;

  

	 	c.	one (1) director designated by Mitsui & Co. (the “Mitsui Nominee”), who shall initially be Mr. Taro Inaba, for so long as
Mitsui & Co. and Mitsui CVP and their respective Affiliates, continue to collectively own beneficially at least 20,000 shares of Common Stock of the Corporation, which number is subject to appropriate adjustment for all stock splits,
dividends, combinations, recapitalizations and the like; 

  

	 	d.	one (1) director designated by Naxos (the “Naxos Nominee”), who shall initially be Mrs. Carole Piwnica and who shall also serve as
vice-chairman of the Board, for so long as Naxos and its Affiliates continue to collectively own beneficially at least 30,000 shares of Common Stock of the Corporation, which number is subject to appropriate adjustment for all stock splits,
dividends, combinations, recapitalizations and the like; and 

  

	 	e.	one (1) director nominated by the other members of the Board, who shall initially be Mr. Kurt Briner. 

To the extent that any of clauses (b) through (d) above shall not be applicable, any member of the Board who would otherwise have been
designated in accordance with the terms thereof shall instead be designated by holders of a majority of the shares of Common Stock of the Corporation then owned by Investors, voting as a separate class. Each Shareholder agrees that, if at any time
the Shareholder is entitled to vote for the election of directors to the Board, the Shareholder shall vote all of the Shareholder’s Shares that are entitled to vote or execute proxies or written consents, as the case may be, and take all other
necessary action (including causing the 

  
 8 

 
Corporation to call a special meeting of shareholders) in order to ensure that the composition of the Board is as set forth in this Section 3.2. If a Shareholder (a “Removing
Party”) elects to seek to remove, with or without cause and in their sole, subjective discretion, a director designated by the Removing Party pursuant to either this Section 3.2 or Section 3.3 below, the Removing Party shall give
written notice to all the Shareholders, who shall either execute a written consent of the shareholders prepared and circulated by the Removing Party or vote their Shares in favor of removing such director at a special meeting of the Shareholders
called by the Removing Party. In the event of the resignation, death, removal or disqualification of a director designated pursuant to Section 3.2 above, the party who designated the director (the “Proposing Party”) shall
promptly designate a new proposed director. Upon such designation, the Proposing Party shall give written notice of the designation to all the Shareholders, who shall either execute a written consent of the Shareholders, prepared and circulated by
the Proposing Party, or vote their Shares to elect such person to the Board of Directors at a special meeting of the Shareholders called by the Proposing Party. 
 3.3 Expenses Reimbursement; Conflicts of Interest. The Corporation shall pay the reasonable out-of-pocket expenses (including business class air fare and other travel expenses) incurred by each
director and Observer in connection with attending the meetings of the Board and any committee thereof (including with respect to any Subsidiary). Each of the members of the Board of the Corporation that are not employees of the Corporation (the
“Non-Employee Directors”) shall be treated equally with respect to all matters, including without limitation, expense reimbursement, share options or share grants, benefits and access to Corporation information and management;
provided, however, that nothing herein shall be deemed to waive or modify any information or other rights that any Investor may have pursuant to the terms of this or any other agreement with the Corporation. The parties acknowledge
that one or more of the Investors (including, for the avoidance of doubt, Naxos) entitled to designate a director pursuant to Section 3.2 above may also be an Affiliate of an entity that is engaged in the business of investing and reinvesting
in other entities (each such entity, a “Fund”). As such, the Fund, and by extension the Investor and any director designated by such Investor, may acquire knowledge of competitors, potential transactions or other matters
which may present a corporate opportunity for both the Corporation and such Fund. In such circumstances, the director-designee shall, to the fullest extent permitted by law, have fully satisfied and fulfilled such director’s fiduciary duty to
the Corporation and its Security Holders with respect to such corporate opportunity, and the Corporation, to the fullest extent permitted by law, waives any claim that such business opportunity constituted a corporate opportunity that should have
been presented to the Corporation or any of its Affiliates, if such director acts in good faith in a manner consistent with the following policy: “A corporate opportunity offered to any person who is a director of the Corporation, and who is
also a partner or employee of a Fund shall belong to such Fund, unless such opportunity was expressly offered to such person solely in his or her capacity as a director of the Corporation.” Notwithstanding the foregoing, absent the express
written consent of the applicable Investor, no other Conflict of Interest Policy or other policy enacted by Corporation or the Board, including but not limited to the that certain Directors Code of Conduct and Conflict of Interest Policy, shall be
binding on such Investor’s designated-director. 
 3.4 Cumulative Voting. All Shareholders agree to execute any written consents
required to perform the obligations of this Agreement, and the Corporation agrees at the request of any party 

  
 9 

 
entitled to designate directors to call a special meeting of shareholders for the purpose of electing directors. So long as the stockholders of the Corporation are entitled to cumulative voting,
if less than the entire Board is to be removed, no director may be removed without cause if the votes cast against his or her removal would be sufficient to elect such director if then cumulatively voted at an election of the entire Board.

 3.5 No Revocation. The voting agreements contained herein are coupled with an interest and may not be revoked during the term of this
Agreement. 
 3.6 Quorum; Notice. The provisions in the Bylaws shall govern the Quorum and Notice provisions with respect to Board or
Committee meetings. 
 3.7 Electronic Participation. Any meeting of the Board may be held by telephone, videoconference or any other
means of telecommunication. To the extent that the Naxos Nominee or the Sofinnova Nominee or the Mitsui Nominee or any Observer (as defined below) is unable to attend any meetings of the Board in person, the Corporation agrees to allow any such
nominee that is unable to attend in person to participate to such meetings via telephone conference call, videoconference, or some combination of the foregoing. 
 3.8 Committees. 
 (a) Audit Committee. The Corporation agrees that
the Board at all times shall maintain an audit committee (the “Audit Committee”) comprised of three (3) directors, one (1) of which shall be the Naxos Nominee (for so long as Naxos has the right under this Agreement to
designate the Naxos Nominee for election as a Director), if requested by Sofinnova, one (1) of which shall be the Sofinnova Nominee (for so long as Sofinnova has the right under this Agreement to designate the Sofinnova Nominee for election as
a Director) and if requested by Mitsui & Co., one (1) of which shall be the Mitsui Nominee (for so long as Mitsui & Co. has the right under this Agreement to designate the Mitsui Nominee for election as a Director), and none
of which shall be an employee of the Corporation. No Investor shall have more than one representative on the Audit Committee. The Audit Committee’s authority and duties shall be as set forth in the Board’s enabling resolutions adopted in
connection with the establishment of such committee, and shall include selection of the Corporation’s independent accountants and approval of the Corporation’s accounting and internal reporting policies. Actions of the Audit Committee
shall require the approval of a majority of the members of the Audit Committee. 
 (b) Compensation Committee. The
Corporation agrees that the Board at all times shall maintain a compensation committee (the “Compensation Committee”) comprised of three (3) directors, one (1) of which shall be the Naxos Nominee (for so long as Naxos has
the right under this Agreement to designate the Naxos Nominee for election as a Director), if requested by Sofinnova, one (1) of which shall be the Sofinnova Nominee (for so long as Sofinnova has the right under this Agreement to designate the
Sofinnova Nominee for election as a Director) and if requested by Mitsui & Co., one (1) of which shall be the Mitsui Nominee (for so long as Mitsui & Co. has the right under this Agreement to designate the Mitsui Nominee for
election as a Director), and none of which shall be an employee of the Corporation. No Investor shall have more than one representative on the Compensation Committee. For so long as Naxos has the right under this Agreement to designate a nominee for
election as a Director, the Naxos Nominee who shall have the right (but not the obligation) to serve as the chairperson of the 

  
 10 

 
Compensation Committee and of any search committee of the Board (or subcommittee of the Compensation Committee) to recruit senior management hires. The Compensation Committee’s authority and
duties shall include (a) determining the total compensation (including salary, bonuses and other forms of compensation) to be paid to each of the Corporation’s directors, executive officers and key employees, (b) the administration of
(and exercise of any rights or powers under) any stock option or other equity incentive plan maintained by the Corporation (including grants or awards, exercise prices, vesting conditions and other terms of grants or awards), (c) evaluation of
succession plans for senior management and any compensation to be paid in connection with any succession plan, (d) the development of any bonus program(s) for Corporation employees, and (e) any management restructuring or change in the
organization structure of executive management of the Corporation. Actions of the Compensation Committee shall require the approval of a majority of the members of the Compensation Committee, it being understood that no employee of the Corporation
or any of its Subsidiaries shall participate in Compensation Committee discussions pertaining to his or her own compensation. 

(c) Additional Committees. The Board shall establish such additional committees as it deems appropriate from time to time, each of
which shall include the Naxos Nominee, if requested by Sofinnova, the Sofinnova Nominee and if requested by Mitsui & Co., the Mitsui Nominee as members. 
 3.9 Financial Reporting. The Corporation shall provide each director and each of the Investors with the following documents and financial information with respect to the Corporation and each
Subsidiary, as the case may be: 
 (a) the Audited Financial Statements within ninety (90) days following the end of each
Fiscal Year; 
 (b) within thirty (30) days preceding the end of each Fiscal Year, an annual operating plan and budget for
the next Fiscal Year (the “Annual Budget”); 
 (c) monthly management financial reports compared to the plan,
within twenty (20) days following the end of each month, such reports to be comprised of profit and loss and cash flow statements and, after the Corporation receives funds received from any governmental authority, management report of actual
use of such funds. 
 3.10 Access. The Corporation and its Subsidiaries shall allow any representative of any Investor to visit and to
inspect their respective properties and examine their corporate records and accounting registers, at their respective places of business during normal business hours, upon forty-eight (48) hours prior written notice. 

 

	3.11	Observers. 

 (a) In
addition to its other rights under this Agreement, Naxos shall be entitled to designate one (1) non-voting observer, who is initially expected to be Mr. Robert Frost (the “Naxos Observer”) and Mitsui CVP shall be entitled
to designate one (1) non-voting observer (the “Mitsui Observer”). The Board may allow for one (1) additional non-voting observer, acting as representative of an Investor other than Naxos and Mitsui CVP or of other group(s)
of Shareholders (the “Other Observer”, and collectively with the Naxos Observer and the Mitsui Observer, the “Observers”). 

  
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 (b) The Observers shall be entitled to be present at all meetings of the Board (and each
committee thereof) (each, a “Corporation Governing Body”), as well as at all meetings of the board of directors (or similar governing body) of all direct and indirect Subsidiaries of the Corporation (and each committee thereof)
(each, a “Subsidiary Governing Body”). The Corporation shall notify the Observers of each meeting of each Corporation Governing Body and each meeting of each Subsidiary Governing Body, including the time and place of such meeting,
in the same manner and at the same times as the members of such Corporation Governing Body or Subsidiary Governing Body, as the case may be, are notified. 
 (c) Each Observer shall (i) have the same access to information concerning the business and operations of the Corporation and its Subsidiaries, including, but not limited to, notes, minutes and
consents, at the same times as the members of each Corporation Governing Body or Subsidiary Governing Body may receive access to such information, (ii) be entitled to participate in discussions of the affairs, finances and accounts of, and
consult with, and make proposals and furnish advice to, the Corporation Governing Bodies and the Subsidiary Governing Bodies, and the members of the Corporation Governing Bodies and the Subsidiary Governing Bodies and the Corporation shall use its
best efforts to cause the officers of the Corporation and its Subsidiaries to take such proposals or advice seriously and give due consideration thereto, provided, that nothing herein is intended to require compliance with any such proposal
or advice or to impose liability for any failure so to comply, and (iii) be provided with copies of all notices, minutes, consents, and forms of consents in lieu of meetings of the Corporation Governing Bodies and the Subsidiary Governing
Bodies and all other material that the Corporation or any of its Subsidiaries provides to members of any Corporation Governing Body or Subsidiary Governing Body as such, in each case at the same time or times as such notices, minutes, consents or
forms are issued or circulated by or to, or such other material is provided to, such members. 
 3.12 Investors’ Approval. For so
long as the Investors and their respective Affiliates hold at least 25% of the issued and outstanding Shares, the Corporation and the Shareholders hereby agree to restrict the rights and powers of the Board to manage the affairs, both commercial and
internal, of the Corporation (and its subsidiaries), such that the Corporation shall not take any of the following actions without the prior written approval of Investors representing: 
 In the case of the following items an Investor Super-Majority: 
  

	 	(i)	Owning or acquiring stock or other securities of any entity which is not wholly owned by the Corporation. 

  
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	 	(ii)	Entering into new agreements, contracts or transactions, directly or indirectly, with any officers, employees, stockholders, or directors of the Corporation, or any
Affiliate(s) thereof, other than Board-approved employment or other compensation arrangements (including the issuance of options or other equity-based compensation pursuant to any equity compensation plan approved in accordance with the terms of
this Agreement). 

  

	 	(iii)	The sale, assignment or grant of an exclusive license of any of the Corporation’s or any of its Subsidiaries’ intellectual property or material technology
that materially impairs the Corporation’s or such Subsidiary’s ability to engage in commercial use or exploitation of its intellectual property. 

  

	 	(iv)	The appointment or termination of any Person as the Chief Executive Officer, Chief Operating Officer, President, Chief Technical Officer, Chief Sales Officer, or Chief
Financial Officer of the Corporation or any subsidiary thereof (or any Person serving a similar role or having a similar authority) or the entry into or the modification of any written agreement or other material arrangement with any such Person.

  

	 	(v)	The making of any capital expenditure or group of capital expenditures in excess of $250,000 in any calendar year (except as provided for in the Corporation’s
Annual Budget as approved according to the provisions of this Section 3.12). 

  

	 	(vi)	The Corporation’s Annual Budget. 

  

	 	(vii)	Incurring additional debt (other than ordinary course payables or similar items reflected in the Corporation’s Annual Budget). 

 

	 	(viii)	The retention of any investment bank or similar advisor in connection with any proposed sale of any equity interests in the Corporation or its Subsidiaries or any of
their assets, or the entry into a letter of intent (whether binding or non-binding) with respect to the same. 

  

	 	(ix)	any material asset transfer or acquisition, or any merger, or any voluntary dissolution or liquidation of the Corporation or any of its Subsidiaries.

 In the case of the following items, an Investor Super-Majority, except that solely for the purposes of the following items, the
definition of Investor Super-Majority shall mean the approval of Investors holding, in the aggregate, greater than eighty percent (80%) of the total number of Shares held by the Investors: 

 

	 	(x)	Amending the Bylaws or Certificate of the Corporation. 

  

	 	(xi)	Guaranteeing any indebtedness outside the ordinary course of business. 

  

	 	(xii)	Issuing any additional shares of capital stock (regardless of seniority) or the creation of any equity compensation plan or arrangement. 

 

	 	(xiii)	Changing the principal business/location of the Corporation or its Subsidiaries or the Corporation’s or any Subsidiary’s line of business.

  

	 	(xiv)	The Encumbrance or grant of a security interest in a material portion of the assets of the Corporation or any Subsidiary or in any material portion of its intellectual
property of the Corporation or any Subsidiary. 

  
 13 

	 	(xv)	the redemption or repurchase of stock or options to purchase stock by the Corporation (other than the redemption, if any, of Shares from Investors specifically
contemplated by this Agreement and the repurchase of Shares from any Founders upon the termination of their employment pursuant to Section 10 of this Agreement). 

 

	 	(xvi)	the declaration, payment or distribution of dividends or distributions on any Shares or Convertible Securities of the Corporation. 

 

	 	(xvii)	any increase or decrease the size of the Board. 

In order to obtain the required approval from the Investors pursuant to the provisions of this Section 3.12, the Corporation shall either:

  

	(a)	obtain the required approval from Investors representing the required Investor Super-Majority; or 

 

	(b)	send a notice summarizing the transaction or the action for which the consent is required to all Investors from whom the consent is requested under this
Section 3.12. The Investors will then have a period of ten (10) days from their receipt of such notice to notify the Corporation that they do not agree with the proposed transaction or action. If Investors holding, in the aggregate, a
number of Shares representing an Investor Super-Majority fail to notify the Corporation that they do not agree with the proposed transaction or action, the Investors will be deemed to have approved the proposed transaction or action.

 As an example of the application of this paragraph (b), if the required Investor Super-Majority is of 75% and
Investors representing 25 % or more of the Shares held by the Investors notify the Corporation of their disagreement with the proposed transaction or action, then the proposed transaction or action would not be approved by the Investors.

 3.13 Governance. At all times while this Agreement is in effect, the Corporation covenants to: 

 

	 	(i)	hold at least four (4) regular Board meetings per year; 

  

	 	(ii)	provide all directors and Observers with reporting information at least five (5) Business Days prior to each regularly scheduled Board meeting (the format of the
reporting information will be agreed at the first Board meeting after the date hereof and amended with the consent of the Board) and use its best efforts to provide similar information as soon as practical in advance of any special meetings;

  

	 	(iii)	subscribe for “key-man” insurance policies on the person of the Chief Executive Officer to the benefit of the Corporation and in such amounts as the Board may
reasonably determine, such policies to be contracted and maintained in force with a reputable firm approved by the then constituted Board; 

  
 14 

	 	(iv)	subscribe for Directors Insurance policies covering each director and in such amounts as the Board (including the Naxos Nominee, the Sofinnova Nominee and the Mitsui
Nominee) may reasonably determine, such policies to be contracted with a reputable firm approved by the then constituted Board and shall provide for coverage of no less than $5 million; 

 

	 	(v)	pay the reasonable travel expenses of the directors and Observers (including business class airfare) to attend meetings or other Corporation or Subsidiary functions;

  

	 	(vi)	obtain approval from the Board prior to undertaking (or allowing any Subsidiary of the Corporation to undertake) any of the following actions, unless already authorized
in the Annual Budget: 

  

	 	a.	purchase or sell key assets, or any non-budgeted expense over $100,000; 

  

	 	b.	open or close Subsidiaries; 

  

	 	c.	change executive compensation; 

  

	 	d.	grant stock options; 

  

	 	e.	hire/dismiss any employee of the Corporation with a gross salary equal to or exceeding $200,000 or reporting directly to the CEO; 

 

	 	f.	agree or commit to credit lines and leases exceeding $100,000; 

  

	 	g.	any transaction involving an investment with an outside investor or a merger with a third Person or any sale of assets; 

 

	 	h.	any material deviation from the Annual Budget, which shall include be deemed material if such deviation is greater than the budgeted amount by more than $250,000.

  

	4.	PRE-EMPTIVE RIGHT 

  

	4.1	 Subject to Section 4.6, upon any proposed issuance of Shares or Convertible Securities by the Corporation (“New Shares”), each of
the Investors may subscribe, if it so decides, in preference to any Person who is not an Investor, for a number of New Shares equal to such Investor’s pro rata share of the aggregate Shares and Convertible Securities, on an as-converted into
Common Stock basis, then outstanding in the capital stock of the Corporation on the date immediately preceding the proposed issuance of the New Shares (by way of example, if Investors in the aggregate hold 40 % of all outstanding Shares and
Convertible Securities of the Corporation, they shall, collectively, have the right to purchase 40 % of the New Shares), at the same price and on the same terms and conditions as those of the proposed issuance. The Corporation shall notify the
Investors in writing of the proposed issuance of New Shares (a “Notice of Issue”), including the number of New Shares to be issued, the price and the terms and conditions for their issuance, and inform the Investors of the number of
New Shares that each has the right to subscribe in accordance with the provisions of this Section (for the purpose of this 

  
 15 

	 	
Section 4, the “Offer”). The Corporation shall also provide to the Investors a certified copy of the resolution adopted by the Board of Directors and, to the extent
required, any consent or approval of Investors or other shareholders, regarding such proposed issuance and any other information as any Investor may reasonably request in order to determine whether to exercise their rights under this Section 4.

  

	4.2	If an Investor wishes to exercise its pre-emptive right and accept the Offer, it shall so advise the Corporation within thirty (30) days of receipt of the Notice
of Issue by written notice addressed to the Board, to the attention of the Secretary of the Corporation and specifying the number or portion of the New Shares that may be purchased that the Investor wishes to purchase. 

 

	4.3	If, upon the expiry of such thirty (30)-day period, an Investor has not so notified the Corporation of its intention to accept the Offer in whole or in part, it shall
be deemed to have waived its pre-emptive right under this Section 4. 

  

	4.4	If any Investor does not exercise its pre-emptive right in whole or in part and other Investors have accepted the Offer in full (individually, an “Accepting
Investor” and collectively, the “Accepting Investors”), the Corporation shall then give each of the Accepting Investors a second notice (the “Second Notice of Issue”) within 10 days following the expiry of
the 30-day period provided in Section 4.2 informing the Accepting Investors that they may, if they so wish, acquire the balance of the New Shares subject to the Offer on a pro-rata basis based on the number of Shares and Convertible Securities
owned by the Accepting Investors relative to the total number of Shares and Convertible Securities owned by all Accepting Investors, such number of Shares being calculated at the date of the Notice of Issue, such Second Notice of Issue indicating
the number and value of the available New Shares. 

  

	4.5	The provisions of Section 4.2 shall then apply mutatis mutandis to the exercise by the Accepting Investors their right under Section 4.4, except for
the reply period which shall be of ten (10) days. Each Accepting Investor who accepts the offer contained in the Second Notice of Issue shall indicate the additional number New Shares it is willing to acquire. 

 

	4.6	This Section 4 shall not apply to the issuance of Shares in the following circumstances: 

 

	 	(i)	the issuance of stock options pursuant to any stock option or other equity incentive plan approved by the Board and the Investors and/or shareholders in accordance with
this Agreement or the Certificate, or Shares upon the exercise of such stock options; 

  

	 	(ii)	the issuance of Shares upon the exercise of warrants issued by the Corporation prior to the date hereof; 

 

	 	(iii)	the issuance of Shares to the Investors pursuant to Section 5; 

  

	 	(iv)	the issuance of Shares in connection with a IPO; and 

  

	 	(v)	the issuance of Shares in connection with any Acquisition or any other strategic partnership that does not include the sale of Shares for cash which has been approved
by the Board, subject to the Investors’ approval rights provided in Section 3.12 of this Agreement. 

  
 16 

	5.	ANTI-DILUTION 

  

	5.1	Subject to Section 5.2, if at any time after the date of this Agreement and prior to completion of a Financing Round, the Corporation issues (i) any Shares at
a price per Share of less than $369.14 (subject to proportionate adjustment in the event of any stock splits, combinations, reclassifications or similar events), or (ii) any Convertible Securities which, if exercised, would result in the
issuance of Shares at a price per Share of less than $369.14 (subject to proportionate adjustment in the event of any stock splits, combinations, reclassifications or similar events) (each a “Dilutive Issuance”), each of the
Investors will be entitled to receive, upon closing of any such Dilutive Issuance (which Dilutive Issuance shall include the first $25 million of Shares sold in a Financing Round if the price per Share is less than $369.14), for no additional
consideration, a number of Shares equal to the result of the following formula: 

  

					
		  		  	(369.14 x A / B ) – A
			
		  	Where:	  	“A” is the number of Shares held by the Investor immediately preceding the closing of the Dilutive Issuance in question; and
			
		  		  	“B” is the issue price per Share of the Dilutive Issuance.

  

	5.2	This Section 5 does not apply (i) to any issuance of stock options pursuant to any stock option or other equity incentive plan approved by the Board and the
Investors and/or shareholders in accordance with this Agreement or the Certificate, or Shares upon the exercise of such stock options, (ii) to any issuance of Shares resulting from the exercise of any Convertible Securities issued on or prior
to the date hereof, or (iii) to Shares issued in connection with any Acquisition or any other strategic transaction approved by greater than two thirds (2/3) of the members of the Board (including, in all cases, the Naxos and Sofinnova
Nominees), and subject to the Investors’ approval rights provided in Section 3.2 of this Agreement. 

  

	6.	RESTRICTIONS ON ASSIGNMENT OF SHARES 

  

	6.1	 General. No Security Holder shall Assign any Shares or Convertible Securities that such Security Holder may now or hereafter hold, nor shall any
such Shares or Convertible Securities be transferable except in compliance with the terms of this Agreement. No Assignment of Shares or Convertible Securities will be recognized by the Corporation unless a registration statement relating thereto has
been declared effective under the Securities Act or the Security Holder wishing to Assign establishes to the satisfaction of the Corporation that such Assignment of Shares or Convertible Securities is exempt from registration under the Securities
Act and applicable state securities laws. Each Security Holder hereby covenants and agrees to take such steps as may be necessary under the circumstances to avoid any Involuntary Transfer of Shares or Convertible Securities or

  
 17 

	 	
Assignment of Shares or Convertible Securities. However, the granting by a Shareholder, at any time or from time to time, of a proxy to vote at any Shareholders’ meeting of the Corporation
shall not constitute a breach of the obligations set forth above. Any Assignment or attempted Assignment in violation of this Agreement shall not be recognized by the Corporation and shall be void and of no force or effect whatsoever.

  

	6.2	Certain Permitted Transfers. Notwithstanding any other provisions of this Agreement, a Security Holder may at any time Assign all or part of the Shares or
Convertible Securities he or she holds, without having to first offer the same to the other Security Holders in accordance with the terms hereof, and the Board shall authorize such Assignment, the whole without prior authorization from the other
Shareholders, provided that such Assignment be made to, or in favour of, such Security Holder’s estate or a company or other entity controlled by such Security Holder (and whose only other shareholders are such Security Holder’s immediate
family or a trust whose sole beneficiaries are such Security Holder and/or his or her immediate family), and subject to the following conditions: 

  

	 	6.2.1	that the assignee (i) execute an instrument acceptable to the Corporation acknowledging the terms and restrictions of this Agreement and the assignee’s
obligation to be bound hereby (ii) succeed the assigning Security Holder in all its rights, benefits, obligations and responsibilities under this Agreement, (iii) be substituted for the assigning Security Holder as completely as if the
assignee were named in each provision of this Agreement, and (iv) undertake to act in order that the assigning Security Holder controls at all time the assignee; 

 

	 	6.2.2	that the Shares or Convertible Securities thus Assigned remain subject to the provisions of this Agreement in the hands of the said assignee; 

 

	 	6.2.3	that the operations and activities of the assignee consist solely of holding all of the Shares or Convertible Securities thus Assigned, as the case may be, and of
securities negotiable on the stock market or other investments in which the assigning Security Holder has not an active involvement; and 

  

	 	6.2.4	that the Security Holder remain bound by the Agreement and undertake not to Assign all or any part of the shares of the capital stock of assignee that it will hold if,
following such assignment, the assigning Security Holder would not control the assignee, without having obtained the prior written consent of holders of the majority of the Shares owned by the other Shareholders, which consent may be given or
refused at their entire discretion. 

  

	6.3	Affiliate Assignments. Notwithstanding anything to the contrary provided in this Agreement, 

 

	 	6.3.1	 any Investor may Assign all or any part of the Shares or Convertible Securities it holds to any Affiliate of such Investor without regard to the
provisions of Section 6.2 above so long as (i) the assigning Investor and Affiliate comply with the provisions of Section 6.2.1 and 6.2.2, and (ii) the assignment by Investor shall not

  
 18 

	 	
be effective for these purposes until the assigning Investor provides five (5) days’ prior written notice of such Assignment to the Corporation, and (iii) the Affiliate to which
the Investor intends to Assign its Shares and/or its Convertible Securities shall not be a Person having operational activities similar to those of the Corporation, that is to say a Person having operational activities in the field of green
chemistry or being an industrial biotech, and 

  

	 	6.3.2	At any time on or after May 15, 2011, Agro-Industrie Recherches et Développements, S.A. (“ARD”) or its permitted assignees may transfer, without
restriction, in one (1) or more transactions, any of its Shares to SICLAÉ, a French entity (“SICLAÉ”), or to any entity controlled by SICLAÉ (a “Controlled Entity”), provided that (i) any such
Controlled Entity shall meet the requirements set forth in Sections 6.2.1 (i), (ii) and (iii) and 6.2.2 of this Agreement, and (ii) ARD and its permitted assignees shall remain liable for any breach of the terms of this Agreement by
such Controlled Entity. 

 For the purposes of this Agreement, an entity will be deemed to be a Controlled Entity
solely: 
  

	 	(i)	If SICLAÉ directly or indirectly holds a fraction of the capital of the Controlled Entity that gives SICLAÉ a majority of the voting rights at the
Controlled Entity’s general meetings; 

  

	 	(ii)	If SICLAÉ alone holds a majority of the voting rights in the Controlled Entity by virtue of an agreement entered into with other partners or shareholders and
this is not contrary to the Controlled Entity’s interests; 

  

	 	(iii)	If SICLAÉ effectively determines the decisions taken at the Controlled Entity’s general meetings through the voting rights SICLAÉ holds;

  

	 	(iv)	If SICLAÉ is a partner in, or shareholder of, the Controlled Entity and has the power to appoint or dismiss the majority of the members of that Controlled
Entity’s administrative, management or supervisory structures; 

  

	 	(v)	If SICLAÉ directly or indirectly holds a fraction of the voting rights of such Controlled Entity above 40% and no other partner or shareholder directly or
indirectly holds a fraction larger than SICLAÉ’s fraction of the voting rights of the Controlled Entity; or 

  

	 	(vi)	If SICLAÉ acting jointly with one company effectively determine the decisions taken at the Controlled Entity’s general meetings. 

 

	6.4	 Purchase and Sale of Shares in connection with the upcoming Secondary Offering Transaction. Notwithstanding any other provisions of this
Agreement, none of the provisions of this Agreement shall apply or be deemed to apply to the sale of Shares by 

  
 19 

	 	
certain Shareholders of the Corporation to Investors at a price of US$369.14 per share for an aggregate total proceeds of up to US$9,000,000, to be agreed upon and completed at the latest on
May 15, 2011. Each Investor shall have the right to purchase such Shares on a pro rata basis in accordance with their total Share ownership, calculated after giving effect to the issuance of Shares in connection with the Financing which closed
on the date hereof, or in any other manner as may be agreed upon between the Investors. 

  

	6.5	Legend. Each certificate evidencing Shares or Convertible Securities and each certificate issued in exchange for or upon the transfer of Shares or Convertible
Securities shall be stamped or otherwise imprinted with a legend in substantially the following form (in addition to any other legends required by applicable law or other agreements to which such securities are subject): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT DATED AS OF APRIL
15, 2011 BY AND AMONG BIOAMBER INC. (THE “CORPORATION”) AND CERTAIN OF THE CORPORATION’S SHAREHOLDERS. THE TERMS OF SUCH SHAREHOLDERS’ AGREEMENT INCLUDE, AMONG OTHER THINGS, A VOTING AGREEMENT AMONG CERTAIN OF THE
CORPORATION’S SHAREHOLDERS AND CONTRACTUAL PREEMPTIVE RIGHTS, IN FAVOR OF THE HOLDER HEREOF AND THE OTHER HOLDERS OF SHARES (AS SUCH TERM IS DEFINED THEREIN), ON CERTAIN ISSUANCES BY THE CORPORATION. A COPY OF SUCH SHAREHOLDERS’ AGREEMENT
WILL BE FURNISHED WITHOUT CHARGE BY THE CORPORATION TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 The legend set forth
above shall be removed from the certificates evidencing any shares which cease to be governed by this Agreement. 
  

	7.	RIGHT OF FIRST REFUSAL 

 Subject to Sections 6.2, 6.3, 6.4, 8, 9, and 10 and public offerings made pursuant to the provisions of Exhibit A, a Security Holder may only Assign all or part of the Shares or Convertible
Securities it holds by complying with all of the following provisions: 
  

	7.1	No less than 90 days prior to any Assignment, a Security Holder wishing to Assign Shares or Convertible Securities (a “Selling Holder”) shall furnish a
Notice of Offer to the Corporation and to each of the Investors. 

  

	7.2	For a period of 30 days after the receipt of the Notice of Offer, the Corporation may purchase all the Shares and/or Convertible Securities offered for Assignment by
the Selling Holder on the same terms and conditions as set forth in the Notice of Offer (the “Corporation’s right to purchase”). The Board shall determine in good faith the value of any non cash consideration received in
connection with such Corporation’s right to purchase. If the Corporation elects to exercise its right to purchase, it must do so by delivering to the Selling Holder a notice to such effect within 30 days of the receipt of the Notice of Offer.

  

	7.3	 If the Corporation has not elected to exercise its Corporation’s right to purchase within the 30 days of the receipt of the Notice of Offer (the
“Expiry Date”), then for a period of 

  
 20 

	 	
30 days after the Expiry Date, the Investors may purchase all or any portion of the Shares or Convertible Securities offered for Assignment by the Selling Holder on the same terms and conditions
as set forth in the Notice of Offer (the “Right of First Refusal”). The Board shall determine in good faith the value of any non cash consideration received in connection with any such Right of First Refusal. If an Investor elects
to exercise its Right of First Refusal, it must do so by delivering to the Selling Holder a notice to such effect (the “Notice of Exercise”) within 30 days of the Expiry Date. If more than one Investor exercises its Right of First
Refusal, then each such Investor shall have the right to purchase Shares of the Selling Holder on a pro rata basis based on the number of Shares owned by the Investors, such number of Shares being calculated at the Expiry Date.

  

	7.4	If any Investor does not exercise its Right of First Refusal in whole or in part and other Investors have exercised their Right of First Refusal in full (individually,
a “Beneficiary Buyer” and collectively, the “Beneficiary Buyers”), the Selling Holder shall then give each of the Beneficiary Buyers and the Corporation a new notice (the “Second Notice”) within 10
days following the expiry of the 30-day period provided in Section 7.3 informing the Beneficiary Buyers that they may, if they so wish, acquire the balance of the Shares or Convertible Securities offered for Assignment on a pro rata basis based
on the number of Shares owned by the Beneficiary Buyers, such number of Shares being calculated 30 days after the Expiry date of the Corporation’s right to purchase, such Second Notice indicating the number and value of the available Shares or
Convertible Securities. 

  

	7.5	The provisions of Section 7.3 shall then apply mutatis mutandis to the exercise of the Right of First Refusal of the Beneficiary Buyers, except for the
reply period which shall be of 10 days. Each Beneficiary Buyer who accepts the offer contained in the Second Notice shall indicate the additional number Shares or Convertible Securities offered for Assignment it is willing to acquire.

  

	7.6	If the Investors or the Beneficiary Buyers do not exercise their respective Rights of First Refusal such that all and not less than all the Shares or Convertible
Securities offered for Assignment by the Selling Holder are taken up by them, the Selling Holder, at its option, may (i) withdraw the Notice of Offer and decline to Assign any Shares or Convertible Securities, or (ii) Assign the portion of
the Shares and/or Convertible Securities with respect to which the Rights of First Refusal have not been exercised to the assignee having made the Bona Fide Offer, provided such Shares or Convertible Securities are Assigned on terms and conditions
no less favourable to the Selling Holder as those set forth in the Bona Fide Offer contained in the Notice of Offer and in full compliance with the terms of this Agreement. 

 

	7.7	Any assignee shall, as a condition to the recognition by the Corporation of such Assignment, meet those conditions set forth in Section 6.2 hereof.

  

	7.8	If the Selling Holder does not Assign the Shares or Convertible Securities within 90 days of the receipt by the Corporation and the Investors of the Notice of Offer,
then such Shares or Convertible Securities shall again become subject to the restrictions of this Agreement. 

  
 21 

	8.	DRAG ALONG AND FORCED SALE 

  

	8.1	Drag Along. Notwithstanding Section 7 and subject to Section 8.4, in the event (i) a Bona Fide Offer is made for at least 90% of the then
outstanding Shares of the Corporation, (ii) the holders of 70% or more of the Corporation’s then issued Shares and Convertible Securities, on an as-converted into Common Stock basis (but excluding any Convertible Securities having an
exercise price above the price per share reflected in the Bona Fide Offer), have indicated to the Corporation that they wish to accept such Bona Fide Offer (collectively, the “Electing Holders”), (iii) the liability of each
Shareholder pursuant to such Bona Fide Offer is several and not joint, and (iv) if the Bona Fide Offer is based on a valuation of the Corporation that is lower than the valuation at which Naxos purchased its Shares in the Financing, Naxos is
one of the Electing Holders, then: 

  

	 	8.1.1	the Corporation shall notify all Security Holders (i) of such Bona Fide Offer, and (ii) that the Bona Fide offer has been accepted by the Electing Holders;

  

	 	8.1.2	Security Holders holding Convertible Securities shall undertake to either (i) convert all their Convertible Securities into (or exercise their Convertible
Securities for) Shares and Assign the same upon the terms and conditions set out in the Bona Fide Offer immediately prior to the consummation of the transaction contemplated by the Bona Fide Offer, or (ii) acknowledge and agree that such
Convertible Securities will be terminated and become null and void upon the consummation of the transaction contemplated by the Bona Fide Offer; and 

  

	 	8.1.3	all Shareholders, including those of the holders of Convertible Securities having converted the same into Shares (each a “Sale Shareholder” and
collectively, “Sale Shareholders”), shall undertake to Assign their Shares upon the terms and conditions set out in the Bona Fide Offer. 

  

	8.2	Forced Sale. Notwithstanding Section 7 and subject to Section 8.4, from and after April 15, 2016, provided (i) the Corporation has not
completed an IPO or has not filed a registration statement for an IPO which remains pending, (ii) the Shares then held by the Investors represent at least 25% of the total number of Shares then issued, and (iii) Investors representing an
Investor Super-Majority have approved, the Investors may notify the other Sale Shareholders that they are required to Assign, upon the same terms and conditions as the Investors and in the same proportion as the Investors, using the applicable
procedures and restrictions set forth in Section 8.1 (but without regard to the provisions of clauses (i) and (ii) of Section 8.1 above), all or any portion of the Shares they hold to any assignee designated by the Investors. All
Sale Shareholders undertake to Assign their Shares or Convertible Securities upon the terms and conditions required by the Investors and/or to vote their Shares in order to cause the Corporation to effect an IPO or a Sale of the Corporation (as
defined below), as directed by the Investors, provided that such terms and conditions are no less favourable than those upon which the Investors are selling their Shares. 

  
 22 

	8.3	Actions to be Taken. In the event of a transaction covered by Section 8.1 or Section 8.2 hereof (collectively, a “Sale of the
Corporation”), each Sale Shareholder hereby agrees: 

  

	 	8.3.1	to execute and deliver all related documentation and take such other action in support of such transaction as shall reasonably be requested by the Corporation or the
Investors in order to carry out the terms and provisions of this Section 8, including without limitation executing and delivering instruments of conveyance and transfer, and any purchase agreement, merger agreement, escrow agreement, consent,
waiver, proxy, governmental filing, share certificates duly endorsed for transfer (free and clear of impermissible liens, claims and Encumbrances) and any similar or related documents; 

 

	 	8.3.2	not to deposit, and to cause any Affiliate of such Sale Shareholder not to deposit, except as provided in this Agreement, any Shares legally or beneficially owned by
such party or company or entity in a voting trust or subject any Shares to any arrangement or agreement with respect to the voting of such Shares, unless specifically requested to do so by the acquiror in connection with a Sale of the Corporation;
and 

  

	 	8.3.3	to waive and refrain from exercising any dissenters’ rights or rights of appraisal or similar rights under applicable law at any time with respect to such Sale of
the Corporation; and to raise no objections against the Sale of the Corporation or the process pursuant to which the Sale of the Corporation was approved. 

  

	8.4	Exceptions. Notwithstanding the foregoing, a Sale Shareholder will not be required to comply with Section 8.3 above in connection with any proposed Sale of
the Corporation (the “Proposed Sale”) unless: 

  

	 	8.4.1	the written offer relating to such Proposed Sale shall (i) be entirely in cash or in securities freely tradeable in an established public market, and
(ii) except as contemplated by Section 8.4.3 below, not impose any obligations on the Investors other than to sell their Shares and Convertible Securities; 

 

	 	8.4.2	any representations and warranties to be made by such Sale Shareholder in connection with the Proposed Sale are limited to representations and warranties related to
authority, ownership and the ability to convey title to such Shares, including but not limited to representations and warranties that (i) the Sale Shareholder holds all right, title and interest in and to the Shares such Sale Shareholder
purports to hold, free and clear of all liens and Encumbrances, (ii) the obligations of the Sale Shareholder in connection with the Proposed Sale have been duly authorized, if applicable, (iii) the documents to be entered into by the Sale
Shareholder have been duly executed by the Sale Shareholder and delivered to the acquiror and are enforceable against the Sale Shareholder in accordance with their respective terms and (iv) neither the execution and delivery of documents to be
entered into in connection with the Proposed Sale, nor the performance of the Sale Shareholder’s obligations thereunder, will cause a breach or violation of the terms of any agreement, law or judgment, order or decree of any court or
governmental agency; 

  
 23 

	 	8.4.3	the liability for indemnification, if any, of the Sale Shareholder in the Proposed Sale and for the inaccuracy of any representations and warranties made by the
Corporation or its shareholders in connection with such Proposed Sale, is several and not joint with any other Person (except to the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and
covenants of the Corporation as well as breach by any Sale Stockholder of any of substantively identical representations, warranties and covenants provided by all shareholders), and is pro rata in proportion to, and does not exceed, the amount of
consideration paid or payable (such as payments subject to escrows, earn-outs or other holdback mechanisms) to such Sale Shareholder in connection with such Proposed Sale; 

 

	 	8.4.4	liability shall be limited to such Sale Shareholder’s applicable share (determined based on the respective proceeds payable to each Sale Shareholder in connection
with such Proposed Sale in accordance with the provisions of the Certificate of Incorporation) of a negotiated aggregate indemnification amount that applies equally to all shareholders but that in no event exceeds the amount of consideration
otherwise payable to such Sale Shareholder in connection with such Proposed Sale. 

  

	8.5	Corporation’s Obligations. In order to facilitate a Proposed Sale, the Corporation shall take all necessary or desirable actions reasonably requested by the
Sale Shareholders in connection with the consummation of the Proposed Sale including (x) executing all documents reasonably requested by the Sale Shareholders to be executed by the Corporation such as letters of intent, non-disclosure
agreements, the applicable purchase or merger or comparable agreement, escrow agreement and similar documents and (y) providing potential purchasers with reasonable due diligence access to the books and records, personnel and facilities of the
Corporation and its Subsidiaries (subject to customary confidentiality provisions). 

  

	9.	CO-SALE 

  

	9.1	If, after having complied with the terms and conditions of Section 7, a Principal Stockholder is authorized and intends to Assign Five Hundred (500) or more
Shares to one or more Assignees (other than assignments permitted pursuant to Sections 6.2 or 6.3 of this Agreement), whether or not such Assignees are currently parties to this Agreement, such Principal Stockholder shall promptly give written
notice to the Corporation and to each of the Investors at least 20 days prior to the closing of such Assignment setting out the number of Shares to be Assigned (the “Co-Sale Notice”). Solely for the purposes of this Section 9,
each of Agro Industrie Recherches & Développements, S.A., SVIC No. 16 New Technology Business Investment L.L.P. and CJA Pan-Pacific Rainbow No1 Investment Partnership, provided it has signed a counterpart of this Agreement and
delivered it to the secretary of the Company on or before April 15, 2011, shall be deemed to be an Investor. 

  
 24 

	9.2	Each of the Investors shall have the right, acting individually, exercisable upon written notice to such Principal Stockholder within 10 days after receipt of the
Co-Sale Notice set out in Section 9.1, to participate in such Assignment on the same terms and conditions specified in the Co-Sale Notice in ratable amounts as in Section 9.3. To the extent that one or more of the Investors exercise such
right of participation, the number of Shares that the Principal Stockholder may sell in the transaction shall be correspondingly reduced. 

  

	9.3	Each Investor may sell all or any part of that number of Shares it holds equal to the product obtained by multiplying (i) the aggregate number of Shares to be sold
by the Principal Stockholder by (ii) a fraction, the numerator of which is the number of Shares owned by the Investor at the time of the Assignment and the denominator of which is the total number of Shares owned by the Investors and the
Principal Stockholder at the time of the Assignment. 

  

	9.4	If an Investor fails to elect to fully participate in such Principal Stockholder’s Assignment pursuant to this Section 9, the Principal Stockholder shall give
notice of such failure to the Investor who did so elect, who shall have five (5) days from the date such notice was given to agree to Assign a number of Shares equal to the number that the non-participating Investor was entitled to Assign.

  

	9.5	This Section 9 does not apply to any Assignment of Shares or Convertible Securities made in accordance with the provisions of Sections 6.2, 6.3 or 6.4.

  

	10.	FORCED WITHDRAWAL FROM THE CORPORATION 

  

	10.1	In the event the employment of a Founder is terminated by the Corporation for Cause, then such Founder shall be deemed to have offered to sell his Shares to the
Investors, on a pro rata basis based on the then number of Shares owned by each Investor and the Investors shall have the option to acquire all or a portion of same. 

 

	10.2	The Corporation shall notify the Investors in writing of the termination for Cause of the employment of a Founder (the “Termination Notice”) within 3
days of such termination. The Investors must exercise their option to acquire such Founder’s Shares by giving the Corporation notice to such effect within 10 days following receipt of the Termination Notice. 

 

	10.3	Any Investor who has not notified the Corporation of its intent to exercise its right to acquire its pro-rata share of the Founder’s Shares shall be deemed to have
waived its right to do so and the participating Investors shall have the right (on a pro rata basis in accordance with their relative ownership percentages) to acquire any Founder’s Shares with respect to which any Investor has not exercised
its right. 

  
 25 

	10.4	The sale price per Share for the Shares of the Founder shall be higher of: 

 

	 	10.4.1	50% of fair market value on the date immediately preceding the date of termination, meaning the price per Share in the most recent sale of Shares by the Company in a
bona fide financing unless a clear and demonstrable increase or decrease in the Corporation’s value has been determined in good faith by the Board, including any Naxos Nominee, any Sofinnova Nominee and any Mitsui Nominee; and

  

	 	10.4.2	the consideration paid therefor. 

  

	10.5	 Should the Founder and the Investors having exercised their right to purchase the Founder’s Shares fail to agree on the time and place of closing,
the sale of the Founder’s Shares shall take place at the head office of the Corporation at 11:00 a.m. Eastern Standard Time on the 30th day following the expiration of the 10-day period set out in Section 10.2 whereupon the purchase price for the
Founder’s Shares shall be paid in full by certified cheque or bank draft. 

  

	11.	GENERAL PROVISIONS REGARDING THE CAPITAL STOCK OF THE CORPORATION 

 

	11.1	Nullity. Without prejudice to any other right or remedy that may be exercised in such circumstances, any Encumbrance created or any Assignment of Shares or
Convertible Securities made, directly or indirectly, in contravention of this Agreement shall, in all cases, vis-à-vis the other Security Holders and the Corporation, be null and void and may not be registered in the books of the
Corporation, and any such registration shall be of no effect. 

  

	11.2	Intervention. A signed original of this Agreement shall be inserted in the minute book of the Corporation. The Corporation agrees by its intervention herein, to
diligently conform with all provisions of this Agreement that concern it and to perform all acts necessary to give effect hereto. 

  

	12.	FINAL PROVISIONS 

  

	12.1	 Proxy; Attorney-in-Fact. To secure the parties’ obligations to vote their Shares of the Corporation in accordance with this Agreement, each
of the Shareholders hereby appoints the Chief Executive Officer of the Corporation, or his or her designees, as such Shareholder’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote all
of such Shareholder’s Shares as required by the terms of this Agreement and to execute all appropriate instruments consistent with this Agreement on behalf of such Shareholder if, and only if, such Shareholder fails to vote all of such
Shareholder’s Shares or execute such other instruments in accordance with the provisions of this Agreement within two (2) days of the Corporation’s or any other party’s written request for such Shareholder’s vote, written
consent or signature. The proxy and power granted by each Shareholder pursuant to this section are coupled with an interest and are given to secure the performance of such party’s duties under this

  
 26 

	 	
Agreement. Each such proxy and power will be irrevocable for the term hereof. The proxy and power, so long as any party hereto is an individual, will survive the death, incompetency and
disability of such party or any other individual Shareholder of the Shares and so long as any party hereto is an entity, will survive the merger, consolidation or reorganization of such party or any other entity holding any Shares of such
Shareholder. 

  

	12.2	Notice. All notices, requests and other communications hereunder shall be in writing and shall be delivered by courier or other means of personal service,
national overnight delivery service, e-mail, first class U.S. mail, postage prepaid, or certified U.S. mail, return receipt requested, addressed (i) to the Corporation at 1250 Rene-Levesque West, Suite 4110, Montreal, Quebec, Canada, H3B 4W8,
to the attention of the President, or (ii) to a Security Holder at the address set forth in Schedule A hereto or at such other address as may be provided by a Security Holder. All such notices shall be deemed to have been delivered on
the date personally delivered or sent by e-mail or faxed, one Business Day after being delivered to a national overnight delivery service or five (5) Business Days after being deposited in the U.S. Mail. 

 

	12.3	Conflict. The parties agree that where a mechanism for the exercise of a pre-emptive right, right of first refusal, co-sale or drag along right or option is
triggered pursuant to this Agreement, such mechanism shall have priority among the parties concerned over any other mechanism which may subsequently be triggered; the implementation of such other mechanism shall be delayed until the transaction is
completed with respect to the triggered mechanism for the exercise of such pre-emptive right, right of first refusal, co-sale or drag along right or option. 

 

	12.4	Confidential Information. Each Security Holder including the Investors (who may also be subject to or enter into separate confidentiality or non-disclosure
agreements with the Corporation) covenants that such Security Holder shall not disclose, divulge, or use for any purpose (other than to monitor its investment in the Corporation) any Confidential Information unless such Security Holder is required
to disclose such information by a governmental authority; provided, however, that a Security Holder may disclose any Confidential Information with its Affiliates and their respective officers, directors and advisors as long as such Affiliates and
their respective officers, directors and advisors are (A) bound by confidentiality provisions at least as constraining as those set forth in this Section 12.4, and (B) not competitors of the Corporation, and further provided that such
disclosing Security Holder shall be liable for any breach of this Agreement by such Affiliate, officer, director or advisor. Upon the termination of any Security Holder’s status as a Security Holder for any reason, such Security Holder shall
promptly surrender to the Corporation all Confidential Information in such Security Holder’s possession or control, and exercise the same degree of care with respect to any Confidential Information as it exercises with respect to its own
Confidential Information, but in any event not less than reasonable care. A Security Holder’s obligations under this Section 12.4 shall survive the termination of this Agreement and such Security Holder ceasing to be a Security Holder.
Anything in this Agreement to the contrary notwithstanding, no Shareholder shall, solely by reason of being a party to this Agreement, have access to any Confidential Information. 

  
 27 

	12.5	Termination; Amendment. This Agreement may be amended (including without limitation an amendment which effects the termination of this Agreement), and the
provisions hereof may be waived, only by a written instrument executed by each of (i) the Corporation, (ii) the Shareholders holding a majority of the then outstanding Shares of the Corporation, and (iii) the Investors representing an
Investor Super-Majority. This Agreement shall remain in full force and effect unless terminated pursuant to the preceding sentence or until the first to occur of (i) completion of an offering of Shares by the Corporation pursuant to a
registration statement effective under the Securities Act which results in the Corporation becoming a reporting company under the Securities Exchange Act of 1934, as amended; (ii) immediately prior to consummation of an IPO, (iii) the date
of closing of a sale, lease, or other disposition of all or substantially all of the Corporation’s assets or the Corporation’s merger with or into or consolidation with any other corporation or other entity, or any other corporate
reorganization, in which the holders of the Corporation’s outstanding voting securities immediately prior to such transaction own, immediately after such transaction, securities representing less than a majority of the voting power of the
corporation or other entity surviving or resulting from such transaction, or (iv) the dissolution, bankruptcy or receivership of the Corporation; provided, however, that the rights of (i) Naxos hereunder to designate and/or
remove the Naxos Nominee and the Naxos Observer, any other approval or consent rights of Naxos or the Naxos Nominee, or any other right or obligations of Naxos under this Agreement, may not be amended, modified or waived (for so long as Naxos is
entitled to designate the Naxos Nominee pursuant to the terms of this Agreement) without the consent of Naxos, and (ii) Sofinnova hereunder to designate and/or remove the Sofinnova Nominee, any other approval or consent rights of Sofinnova or
the Sofinnova Nominee, or any other right or obligations of Sofinnova under this Agreement, may not be amended, modified or waived (for so long as Sofinnova is entitled to designate the Sofinnova Nominee pursuant to the terms of this Agreement)
without the consent of Sofinnova, and (iii) Mitsui & Co. and Mitsui CVP hereunder to designate and/or remove the Mitsui Nominee and the Mitsui Observer, any other approval or consent rights of Mitsui & Co. and Mitsui CVP or
the Mitsui Nominee, or any other right or obligations of Mitsui & Co. and Mitsui CVP under this Agreement, may not be amended, modified or waived (for so long as Mitsui & Co. is entitled to designate the Mitsui Nominee pursuant to
the terms of this Agreement) without the consent of Mitsui & Co. 

  

	12.6	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and the same instrument. 

  

	12.7	Violations. Each of the parties hereto acknowledge and agree that the Corporation and the Shareholders will be irreparably damaged if this Agreement is not
specifically enforced. Upon a breach or threatened breach of the terms, covenants and/or conditions of this Agreement by the Corporation and/or each of the Shareholders (as applicable), the non-breaching party shall, in addition to all other
remedies, be entitled to a temporary or permanent injunction, without showing any actual damage, and/or a decree for specific performance, in accordance with the provisions hereof. 

  
 28 

	12.8	Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other
party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to
otherwise carry out the intent of the parties hereunder. 

  

	12.9	Additional Parties. With the approval of the Corporation, any Person in whose name or Convertible Securities are registered may become a party to this Agreement
by executing a duplicate copy hereof. The addition of any such party shall not be deemed an amendment to this Agreement and shall not require the consent of any party hereto; provided, however, that, no party shall become an
“Investor” under this Agreement without the express written consent of an Investor Super-Majority. 

  

	12.10	Dispute Resolution. 

12.10.1 With respect to any claims, counterclaims, demands, causes of action, disputes, controversies, and other matters in question
arising out of or relating to this Agreement, including any questions regarding its existence, validity or termination, any provision hereof, the alleged breach thereof, or in any way relating to the subject matter of this Agreement or the
relationship between the parties hereto created by this Agreement (referred to herein as a “Dispute”), any party hereto may initiate the dispute resolution procedures set forth in Sections 12.10.1(b) though 12.10.1(e)
hereof; provided, however, that the following dispute resolution procedures shall not apply to any Dispute which arises from the registration rights provisions set forth on Exhibit A. Except as provided in Section 12.10.1(e), such
procedures shall be the sole and exclusive procedures for the resolution of any such Dispute. 
 (a) Initiation of
Procedures. Any party wishing to initiate the dispute resolution procedures set forth herein with respect to a Dispute not resolved in the ordinary course of business, shall give written notice of the Dispute to the other parties and of its
initiation of the negotiation procedure set forth in Section 12.10.1(c) below (the “Dispute Notice”). The Dispute Notice shall include (a) a statement of that party’s position and a summary of arguments
supporting that position, and (b) the name and title of the executive who will represent that party, and of any other Person who will accompany the executive, in the negotiations under Section 12.10.1(c) below. 

(b) Negotiation Between Executives. If one party has given a Dispute Notice pursuant to Section 12.10.1(b) above, the
parties shall promptly attempt in good faith to resolve the Dispute by negotiations between executives who have authority to settle the controversy and who are at a higher level of management than those directly involved in the Dispute. 

(c) Arbitration. If the Dispute has not been resolved by negotiation under Section 12.10.1(b) within thirty
(30) days of the Dispute Notice (or such longer period agreed to by the executives), and only in such event, any party may initiate the arbitration 

  
 29 

 
procedure of this Section 12.10.1(d) with respect to such Dispute and only with respect to such Dispute by giving written notice thereof to the other parties (the “Arbitration
Notice”). Such Dispute shall be finally determined and resolved by binding arbitration in accordance with the procedures in this document and the Commercial Arbitration Rules of the American Arbitration Association (“AAA
Rules”) as in effect on the date such Dispute arises. In the event of a conflict, the provisions of this document will control. 
 (i) Any arbitration will be conducted at the Los Angeles, California office of the AAA. The arbitration will be conducted before a panel of three arbitrators, regardless of the size of the Dispute, to be
selected as provided in the AAA Rules; provided, however, that no more than one of the three arbitrators shall be a full-time accounting professional. Any issue concerning the extent to which any Dispute is subject to arbitration, or concerning the
applicability, interpretation or enforceability of these procedures, including any contention that all or part of these procedures are invalid or unenforceable, shall be governed by the Federal Arbitration Act and resolved by the arbitrators. No
potential arbitrator may serve on the panel unless he or she has agreed in writing to abide and be bound by these procedures. 

(ii) The arbitrators may not award non-monetary or injunctive relief of any sort. The arbitrators shall have no power to award punitive
damages or any other indirect damages, and the parties expressly waive their right to obtain such damages in arbitration or in any other forum. In no event, even if any other portion of these provisions is held to be invalid or unenforceable, shall
the arbitrators have power to make an award or impose a remedy that could not be made or imposed by a federal court deciding the matter in the same jurisdiction. The arbitrator shall determine the allocation of the costs and expenses of the
arbitration, including the arbitrator’s fee and the parties’ attorneys’ fees and expenses, based upon the extent to which each party prevailed in the arbitration. 

(iii) No discovery will be permitted in connection with the arbitration unless expressly authorized by the arbitration panel upon a
showing of substantial need by the party seeking discovery. 
 (iv) All aspects of the arbitration shall be treated as
confidential. Neither the parties nor the arbitrators may disclose the existence, content or results of the arbitration, except as necessary to comply with legal or regulatory requirements. Before making any such disclosure, a party shall give
written notice to all other parties and shall afford such parties a reasonable opportunity to protect their interests. 
 (v)
The arbitrators shall render a written decision stating specifically the reasons of the fact and law on which the decision is based. 
 (vi) The result of the arbitration will be binding on the parties, and judgment on the arbitrators’ award may be entered in any court having jurisdiction. Any party may contest the Arbitrators’
decision and seek to have the award vacated, modified or corrected in a court of competent jurisdiction based only on the grounds that: (i) the decision is not in conformity with The Federal Arbitration Act (9 USC Sections 10-11); or
(ii) where the arbitrators’ findings of fact are not supported by substantial evidence; or (iii) the decision was based on an erroneous conclusion of law. 

  
 30 

 12.10.2 Injunctive Relief. Notwithstanding anything to the contrary in this Agreement
including the foregoing Dispute Resolution provisions, any party may seek injunctive relief, including specific performance, in a court of law or equity for matters arising out of or relating to this Agreement. For purposes of this Section only, the
parties stipulate and agree to the sole and exclusive jurisdiction of the United States District Court for the Central District of California located in Los Angeles, California, to consider and hear any request by a party seeking injunctive relief.
In the event that the aforementioned United States District Court lacks jurisdiction or venue to hear such a request for injunctive relief, the parties stipulate and agree to the sole and exclusive jurisdiction of the California State Court, Los
Angeles County, to consider and hear such a request for injunctive relief. 
 12.11 Costs and Attorneys’ Fees. In the event that any
action, suit or other proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated hereunder, the prevailing party shall recover all of such party’s costs and attorneys’ fees incurred in each such
action, suit or other proceeding, including any and all appeals or petitions therefrom. 
 12.12 No Liability for Election of Recommended
Directors. No Investor, nor any Affiliate of any Investor, shall have any liability as a result of designating a person for election as a director for any act or omission by such designated person in his or her capacity as a director of
the Corporation, nor shall any Investor, nor any Affiliate of any Investor, have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement. Neither the Corporation, the Investors, an Affiliate of
any Investor nor any officer, director, founder, partner, employee or agent of any such party to this Agreement, makes any representation or warranty as to the fitness or competence of any nominee or designee to serve on the Corporation’s Board
by virtue of such party’s execution of this Agreement or by the act of such party in voting for such nominee or designee pursuant to this Agreement. 
 (signatures on next pages) 

  
 31 

 IN WITNESS WHEREOF the parties have signed this Agreement at the place and as of the
date first mentioned above. 
  

			
	BioAmber, Inc.
		
	By:	 	 /s/ Jean-François Huc

	Name: Jean-François Huc
	Title: President
	
	FCPR Sofinnova Capital VI
		
	By:	 	 /s/ Denis Lucquin

	Name: Denis Lucquin
	Title: Managing Director
	
	 Agro Industrie Recherches et
 Développements, S.A.

		
	By:	 	 /s/ Dutartre

	Name: D. Dutartre
	Title: President
	
	 /s/ Jean-François Huc

	Jean-François Huc
	
	MCVP Technology Fund I, LLC, by Mitsui & Co. Global Investment, Inc., its manager
		
	By:	 	 /s/ Kenichi Kimura

	Name: Kenichi Kimura
	Title: President & CEO
	
	 /s/ Mike Hartmann

	Mike Hartmann

  
 32 

 
			
	 /s/ Roger Laurent Bernier

	Roger Laurent Bernier
	
	Cliffton Equities Inc.
		
	By:	 	 /s/ Joanne Peluso

	Name: Joanne Peluso
	Title: President
	
	 /s/ Paul Jacobson

	Paul Jacobson
	
	 /s/ Dilum Dunuwila

	Dilum Dunuwila
	
	 /s/ Jonathan L. Coull

	Jonathan L. Coull
	
	 /s/ James R. Millis

	James R. Millis
	
	 /s/ Thomas Desbiens

	Thomas Desbiens
	
	 /s/ Kurt Briner

	Kurt Briner
	
	 /s/ Robert J. Coull

	Robert J. Coull
	
	 /s/ Patrick Piot

	Patrick Piot

  
 33 

 
			
	NAXAMBER S.A.
		
	By:	 	 /s/ Henri Reiter

		 	Henri Reiter, Director
	
	and
		
	By:	 	 /s/ Christoph Piel

		 	Christoph Piel, Director
	
	Mitsui & Co., Ltd., Principal Investment Div.
		
	By:	 	 /s/ Osamu Nagao

	Name: Osamu Nagao
	Title: General Manager
	
	 CJA Pan-Pacific Rainbow No1
 Investment Partnership

		
	By:	 	 /s/ Yoshihiko Takamiya

	Name: Takamiya Yoshihiko
	 Title: President General Partner
           Aqua RIMCO Co., Ltd.

  
 34 

 EXHIBIT A 
 REGISTRATION RIGHTS 
 1. Definitions. As used in this Exhibit
A, the following terms shall have the following respective meanings: 
 1.1 “Damages” means any loss,
damage, or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of
or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Corporation, including any preliminary prospectus or final prospectus contained therein or any amendments or
supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation by the
indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

1.2 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.3 “Form F-3” means such form under the Securities Act as in effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Corporation with the SEC. 

1.4 “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other documents filed by the Corporation with the SEC. 

1.5 “Holder” means any Person owning of record Registrable Securities or any assignee of record of such Registrable
Securities in accordance with Section 10 of this Exhibit A. 
 1.6 “Initial Public Offering” means
a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act, covering the offer and sale of Common Stock for the account of the Corporation in which the aggregate public offering
price (before deduction of underwriters’ discounts and commissions) equals or exceeds Fifty Million Dollars ($50,000,000). 

1.7 “Register,” “registered,” and “registration” refer to a registration effected by
preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

1.8 “Registrable Securities” means the shares of Common Stock, and shares of Common Stock issuable upon conversion,
exercise and/or exchange of any other securities, held by an Investor and all and any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other

 
distribution with respect to, or in exchange for or in replacement of, such securities. Notwithstanding the foregoing, Registrable Securities shall not include (i) any securities sold by a
Person to the public either pursuant to a registration statement or Rule 144, or (ii) any securities sold in a private transaction in which the transferor’s rights under this Exhibit A are not assigned. 

1.9 “Registrable Securities then outstanding” shall be the number of shares of Common Stock determined by calculating
the total number of shares of Common Stock that are Registrable Securities and which are either (i) then issued and outstanding or (ii) issuable upon conversion, exercise and/or exchange of any other outstanding securities. 

1.10 “Registration Expenses” shall mean all registration and filing fees, printing expenses, fees and disbursements of
counsel for the Corporation, reasonable fees and disbursements of a single special counsel for the Holders (as set forth in Section 5(a) of this Exhibit A), blue sky fees and expenses and the expense of any special audits incident to or
required by any such registration. 
 1.11 “SEC” or “Commission” means the Securities and
Exchange Commission. 
 1.12 “Securities Act” means the Securities Act of 1933, as amended. 

1.13 “Selling Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale of
Registrable Securities. 
 1.14 “Special Registration Statement” shall mean a registration statement relating
to any employee benefit plan or with respect to any corporate reorganization or other transaction under Rule 145 under the Securities Act. 
 2. Demand Registration. 
 2.1 Subject to the conditions of this Exhibit
A, at any time after the earlier of the date that is 180 days after the Corporation’s Initial Public Offering, the Holders of a majority of the Registrable Securities then outstanding (the “Initiating Holders”) may request
in writing (the “Demand Request”) that the Corporation file a registration statement under the Securities Act covering the registration of at least 10% of the Registrable Securities then outstanding and having an aggregate price to
the public of not less than $15,000,000. The Demand Request shall set forth the number of Registrable Securities owned by the Initiating Holders to be included in the registration statement. In such event, the Corporation shall: 

(a) as promptly as practicable but in any event within five days of the receipt of the Demand Request, give written notice of such
request to all Holders (the “Demand Notice”); 
 (b) subject to the limitations set forth in this Exhibit
A, file, as expeditiously as reasonably possible, and in any event within 75 days of receipt of such request, a registration statement under the Securities Act covering the Registrable Securities specified by the Initiating Holders in the Demand
Request and such other Registrable Securities with respect to which the Corporation has received written requests for inclusion within such registration statement within 15 days after the Corporation has given the Demand Notice; and 

  
 36 

 (c) use its best efforts to cause the registration statement to be declared effective.

 2.2 If the Initiating Holders intend to distribute the Registrable Securities covered by their Demand Request by means of an
underwritten offering, they shall so advise the Corporation in the Demand Request, and the Corporation shall include such information in the Demand Notice. In such event, the right of any Holder to include its Registrable Securities in such
registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering to the extent provided herein. All Holders proposing to
distribute their securities by means of such underwritten offering shall enter into an underwriting agreement in customary form with an underwriter or underwriters selected for such underwriting by the Initiating Holders. Notwithstanding any other
provision of this Section 2, if the underwriter advises the Corporation that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities), then the Corporation shall so advise all
Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of securities that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based
on the number of Registrable Securities held by all such Holders; provided, however, that the Corporation shall first exclude all other securities from the underwriting and registration before it reduces the number of Registrable
Securities requested by the Holders. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 2.3 The Corporation shall not be required to effect a registration pursuant to this Section 2: 
 (a) after the Corporation has effected three registrations pursuant to this Section 2, and, subject to Section 5 of Exhibit A, such registrations have been declared or ordered effective
and have remained effective until the Holder or Holders have completed the distribution related thereto; provided, however, that a registration shall not be counted as “effected” for purposes of this Subsection 2.3(a) until such
time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, in which case such withdrawn registration statement shall be counted as
“effected” for purposes of this Subsection 2.3(a); 
 (b) if the Corporation shall furnish to the Holders
requesting a registration statement pursuant to this Section 2, a certificate signed by the Chief Executive Officer of the Corporation stating that in the reasonable judgment of the Board of Directors of the Corporation, it would be detrimental
to the Corporation and its stockholders for such registration statement to be effected at such time, in which event the Corporation shall have the right to defer such filing for a period of not more than 90 days after receipt of the request of the
Initiating Holders; provided, however, that the Corporation may not utilize this right more than once in any 12 month period; 
 (c) if (i) the Initiating Holders propose to dispose of Registrable Securities that may be immediately registered on Form S-3 or Form F-3, as applicable, pursuant to a request made pursuant to
Section 4 of this Exhibit A, and (ii) the Corporation promptly notifies the Initiating Holders of its intention to register the shares on Form S-3 or F-3, as applicable, and otherwise complies with the provisions of Section 4.

  
 37 

 3. Company Registration. 

3.1 If, at any time, the Corporation proposes to file a registration statement under the Securities Act for purposes of a public offering
of securities of the Corporation (including for this purpose a registration statement covering shares owned by stockholders other than the Holders but excluding Special Registration Statements), it shall notify all Holders of Registrable Securities
in writing (the “Company Notice”). Each Holder shall have the right (the “Piggyback Right”), subject to the limitations set forth in Section 3.2 of this Exhibit A, to include in any such registration
statement all or any part of the Registrable Securities then held by such Holder. In order to exercise the Piggyback Right, a Holder shall give written notice to the Corporation (the “Piggyback Notice”) no later than 20 days
following the date on which the Corporation gives the Corporation Notice. The Piggyback Notice shall set forth the number of Registrable Securities that such Holder desires to include in the registration statement. 

3.2 If the registration statement under which the Corporation gives notice under this Section 3 is for an underwritten offering, the
Corporation shall so advise the Holders of Registrable Securities in the Corporation Notice. In such event, the right of any such Holder to be included in a registration pursuant to this Section 3 shall be conditioned upon such Holder’s
participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering to the extent provided herein. All Holders proposing to distribute their Registrable Securities by means of such
underwritten offering shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Corporation. Notwithstanding any other provision of the Agreement, if the underwriter
determines in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated in the following manner: first, to the Corporation, all
securities proposed to be registered by the Corporation for its own account; second, to the Holders, up to the full number of Registrable Securities requested to be included in such registration on a pro rata basis based on the total number of
Registrable Securities requested to be included in such registration by the Holders; and third, to any other holders, the number of securities requested to be included by any other holders, in proportion as nearly as practicable, to the respective
amounts of securities of the Corporation owned by them; provided, however, in no event shall the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities
included in such offering, unless such offering is the Initial Public Offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Corporation and the underwriter,
delivered at least 10 business days prior to the effective date of the registration statement. 
 3.3 The Corporation shall have
the right to terminate or withdraw any registration initiated by it under this Section 3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses
of such withdrawn registration shall be borne by the Corporation in accordance with Section 5 hereof. 

  
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 4. Form S-3 and Form F-3 Registration. 

4.1 Subject to the conditions of this Section 4, any Holder or Holders (the “Form S-3/F-3 Initiating Holder(s)”) may
request in writing that the Corporation effect a registration on Form S-3 or Form F-3 (or any successor to Form S-3 or Form F-3) covering the registration of all or a part of the Registrable Securities owned by such Holder or Holders and
having an aggregate price to the public of not less than $1,000,000 (the “Form S-3/F-3 Request”); provided, however, that the Corporation shall not be required to effect more than two registrations pursuant to this
Section 4 within any 12 month period. The Form S-3/F-3 Request shall set forth the number of Registrable Securities owned by the Form S-3/F-3 Initiating Holders to be included in the Form S-3 or Form F-3 registration statement, as applicable.
In such event, the Corporation will: 
 (a) as promptly as practicable but in any event within five days of the receipt of the
Form S-3/F-3 Request, give written notice of the proposed registration (the “Form S-3/F-3 Notice”) to all other Holders of Registrable Securities; and 
 (b) as expeditiously as reasonably possible, file and use its best efforts to cause to be declared effective, a registration statement covering the Registrable Securities specified by the Form S-3/F-3
Initiating Holder(s) in the Form S-3/F-3 Request, together with the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request received by the Corporation within 10 days after the Corporation
has given the Form S-3/F-3 Notice. 
 4.2 The Corporation shall not be obligated to effect any registration pursuant to
Section 4(a) of this Exhibit A: 
 (a) if Form S-3 or Form F-3, as applicable, is not available for such
offering by the Holder or Holders; 
 (b) if the Corporation shall furnish to the Holders a certificate signed by the Chief
Executive Officer of the Corporation stating that in the reasonable judgment of the Board of Directors of the Corporation, it would be detrimental to the Corporation and its stockholders for such Form S-3 or Form F-3 registration, as
applicable, to be effected at such time, in which event the Corporation shall have the right to defer the filing of the Form S-3 or Form F-3 registration statement, as applicable for a period of not more than 90 days after receipt of the Form
S-3/F-3 Request from the Holder or Holders under this Section 3; provided, however, that the Corporation may not utilize this right more than once in any 12 month period; or 

(c) in any particular jurisdiction 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. 
 4.3 If the Form S-3/F-3 Initiating
Holder(s) intend to distribute the Registrable Securities covered by their Form S-3/F-3 Request by means of an underwritten offering, they shall so advise the Corporation in the Form S-3/F-3 Request, and the Corporation shall include such
information in the Form S-3/F-3 Notice. In such event, the right of any Holder to include 

  
 39 

 
its Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable
Securities in the underwritten offering to the extent provided herein. All Holders proposing to distribute their securities by means of such underwritten offering shall enter into an underwriting agreement in customary form with an underwriter or
underwriters selected for such underwriting by a majority in interest of the Initiating Holders. Notwithstanding any other provision of this Section 4, if the underwriter advises the Corporation that marketing factors require a limitation of
the number of securities to be underwritten (including Registrable Securities), then the Corporation shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of securities that may
be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders; provided, however, that the number of
Registrable Securities to be included in such underwriting and registration shall not be reduced unless all other securities of the Corporation are first entirely excluded from the underwriting and registration. Any Registrable Securities excluded
or withdrawn from such underwriting shall be withdrawn from the registration. 
 5. Registration Expenses. 

5.1 Subject to Section 5(b) of this Exhibit A, all Registration Expenses incurred in connection with any registration pursuant
to Section 2, Section 3, or Section 4 of this Exhibit A shall be borne by the Corporation, including the expense of a single special counsel to the Holders for each registration not to exceed Seventy Five Thousand Dollars
($75,000) per registration. All Selling Expenses incurred in connection with any such registration shall be borne by the Holders pro rata based on the number of Registrable Securities registered on behalf of each such Holder. 

5.2 Notwithstanding the foregoing, the Corporation shall not be required to pay for any expenses of any Holder with respect to any
registration proceeding begun pursuant to Section 2 or 4 of this Exhibit A if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case
all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration); unless (i) the withdrawal is based upon material adverse information concerning the
Corporation (including but not limited to any material adverse change in the condition, business, or prospects of the Corporation) which was not available to the Initiating Holders or Form S-3/F-3 Initiating Holders at the time of such request or
(ii) the Holders of 75% of the Registrable Securities then outstanding agree to forfeit their right to one requested registration pursuant to Section 2 or Section 4 of this Exhibit A, as applicable (in which event such right
shall be forfeited by all Holders). If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities) requesting such registration in proportion to the number
of securities for which registration was requested. If the Corporation is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (i) above, then the Holders shall not forfeit their rights to a registration pursuant
to Section 2 or Section 4 of this Exhibit A, as applicable. 

  
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 6. Obligations of the Corporation. Whenever required to effect the registration of
any Registrable Securities, the Corporation shall, as expeditiously as reasonably possible: 
 6.1 prepare and file with the SEC
a registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective, and keep such registration statement effective for up to 90 days or, if earlier, until the Holder
or Holders have completed the distribution related thereto; provided, however, that: 
 (a) such 90 day period
shall be extended for a period of time equal to the period the Holder agrees to refrain from selling any securities included in such registration at the request of the Corporation or an underwriter of Common Stock of the Corporation; and 

(b) in the case of any registration of Registrable Securities on Form S-3 or Form F-3, as applicable, which are intended to be offered
on a continuous or delayed basis, such 90 day period shall be extended, if necessary, to keep the registration statement effective until all such Registrable Securities are sold, provided that Rule 415, or any successor rule under the
Securities Act, permits an offering on a continuous or delayed basis, and provided further that applicable rules under the Securities Act governing the obligation to file a post-effective amendment permit, in lieu of filing a
post-effective amendment which (I) includes any prospectus required by Section 10(a)(3) of the Securities Act or (II) reflects facts or events representing a material or fundamental change in the information set forth in the registration
statement, the incorporation by reference in the registration statement of information required to be included in (I) and (II) above from periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act; 

6.2 prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in paragraph (a) above;

 6.3 furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, and any amendments or
supplements thereto in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

6.4 use its best efforts to register and qualify the securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided that the Corporation shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions; 
 6.5 in the event of any underwritten public offering,
enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations
under such an agreement; 

  
 41 

 6.6 notify each Holder of Registrable Securities covered by such registration statement at
any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue
statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Corporation will as expeditiously as
reasonably possible amend or supplement such prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; 
 6.7 cause all such Registrable Securities registered
pursuant hereunder to be listed on each securities exchange or nationally recognized quotation system on which similar securities issued by the Corporation are then listed; 
 6.8 provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective
date of such registration; and 
 6.9 furnish at the request of the Holders requesting registration of Registrable Securities
pursuant to this Section 2, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 2, if such securities are being sold through underwriters, or,
if such securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Corporation for the
purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and
(ii) a letter dated such date, from the independent certified public accountants of the Corporation, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 
 7.
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Corporation shall not, without the prior written consent of the Holders of at least seventy five percent (75%) of the Registrable Securities
then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Corporation which would allow such holder or prospective holder (a) to include such securities in any registration filed under
Section 2, 3 or 4 of this Exhibit A, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce
the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration which could result in such registration statement being declared effective prior to the earlier of either of the dates set forth in
Section 2(a) of this Exhibit A or within 120 days of the effective date of any registration effected pursuant to Section 2 or 4 of this Exhibit A. 

  
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 8. Obligations of Holders. Each selling Holder pursuant to a registration effected
pursuant to this Agreement shall: 
 8.1 use its reasonable efforts to provide all such information and material concerning such
Holder as may reasonably be requested by the Corporation in order to enable the Corporation to comply with applicable requirements of the SEC; 
 8.2 not deliver any form of prospectus in connection with the sale of any Registrable Securities as to which the Corporation has advised the selling Holders in writing that it is preparing an amendment or
supplement; and 
 8.3 not have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Exhibit A. 
 9. Indemnification. In the event any Registrable Securities are included in a registration statement under Sections 2, 3 or 4 of this Exhibit A: 

9.1 To the maximum extent permitted by law, the Corporation will indemnify and hold harmless each Holder, and the partners, members,
officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter
within the meaning of the Securities Act or the Exchange Act, against any Damages (joint or several), and the Corporation will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses
reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 9.1
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Corporation, which consent shall not be unreasonably withheld, nor shall the Corporation be
liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or
other aforementioned Person expressly for use in connection with such registration. 
 9.2 To the maximum extent permitted by
law, each selling Holder, severally and not jointly, will, if Registrable Securities held by such Holder are included in the securities which are being registered, indemnify and hold harmless the Corporation, and each of its directors, each of its
officers who has signed the registration statement, each Person (if any), who controls the Corporation within the meaning of the Securities Act, legal counsel and accountants for the Corporation, any underwriter (as defined in the Securities Act),
any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or
omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; provided, however, that the indemnity agreement contained in this
Section 9.2 or 9.4 shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or 

  
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action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts
payable by any Holder by way of indemnity or contribution under Section 9.2 exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by
such Holder. 
 9.3 Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of
any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 9, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel of its choice;
provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by
the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying
party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 9 if, and solely to the extent that, such failure materially prejudices the
ability of the indemnifying party to defend such action; provided that the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than
under this Section 9. 
 9.4 To provide for just and equitable contribution to joint liability under the Securities Act in
any case in which either (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 9.4 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 Section 9.4provides for indemnification in
such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 9.4 then, and in each such case, such parties will contribute to the
aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect 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, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the
indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case, (x) no
Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent 

  
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misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 9.4, when combined with the amounts paid or payable by such Holder
pursuant to Section 9.4 exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

The obligations of the Corporation and Holders under this Section 9 shall survive completion of any offering of Registrable
Securities in a registration statement and the termination of this agreement. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter
into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

10. Assignment of Registration Rights. The rights to cause the Corporation to register Registrable Securities pursuant to this
Exhibit A may be assigned by a Holder to a transferee or assignee of Registrable Securities which (a) is a subsidiary, parent, general partner, limited partner, retired partner, member or retired member of a Holder, (b) is a
Holder’s family member or trust for the benefit of an individual Holder or a family member of such Holder, or (c) acquires shares (or all of the transferring shares) of Registrable Securities (as adjusted for stock splits, stock dividends,
reverse stock splits, stock combinations or other similar capitalization changes); provided, however, the transferor shall furnish to the Corporation written notice of the name and address of such transferee or assignee and the
securities with respect to which such registration rights are being assigned and such transferee shall furnish to the Corporation its agreement in writing to be subject to all obligations of a Holder set forth in this Agreement. 

11. “Market Stand-Off” Agreement. Each Holder hereby agrees that such Holder shall not sell or enter into any
hedging or similar transaction with the same economic effect as a sale, transfer, make any short sale, or grant any option for the purchase, of any Common Stock (or other securities) of the Corporation held by such Holder (other than those included
in the registration) for a period specified by the Corporation or representative of the underwriters of Common Stock (or other securities) of the Corporation not to exceed 180 days following the effective date of a registration statement of the
Corporation filed under the Securities Act with respect to an Initial Public Offering; provided, however, that such agreement shall only be applicable if all officers, directors and one percent stockholders of the Corporation enter
into similar agreements; provided, further, if the Corporation or the underwriters shall release any Registrable Securities or any other securities (the “Released Securities”) from the requirements of this
Section 11 before the end of the period set by the Corporation or the underwriters, then the Registrable Securities of each Holder shall be released from the provisions of this Section 11 in the same proportion as the Released Securities
bear to the total number of securities held by such Holder which were subject to this Section 11. Each Holder agrees to execute and deliver such other agreements as may be reasonably requested by the Corporation or the underwriters which are
consistent with the foregoing or which are necessary to give further effect thereto. The obligations described in this Section 11 shall not apply to a Special Registration Statement. The Corporation may impose stop-transfer instructions with
respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said 180 day period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by this
Section 11. 

  
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 12. Reports Under the Exchange Act. With a view to making available to the Holders
the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Corporation to the public without registration or pursuant to a registration on Form S-3 or Form F-3, as
applicable, the Corporation agrees to: 
 12.1 make and keep public information available, as those terms are understood and
defined in Rule 144, at all times after the effective date of the Initial Public Offering; 
 12.2 file with the SEC in a
timely manner all reports and other documents required of the Corporation under the Securities Act and the Exchange Act; and 

12.3 furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by
the Corporation that it has complied with the reporting requirements of Rule 144 (at any time after the effective date of the first registration statement filed by the Corporation), the Securities Act and the Exchange Act (at any time after it has
become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 or Form F-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly report
of the Corporation and such other reports and documents so filed by the Corporation, (iii) such legal opinions of counsel to the Corporation as are requested by the transfer agent of the Corporation in connection with the sale of any
Registrable Securities, and (iv) such other information as may be reasonably requested to avail any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form.

  
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