Document:

2003 Equity Incentive Plan and form of stock option agreement

 Exhibit 10.12 
  
 IGNITE LOGIC, INC. 
  
 2003 EQUITY INCENTIVE PLAN 
  
 Adopted April 14, 2003 
 Approved By
Shareholders April 14, 2003 
 Termination Date: April 14, 2013 
  

	1.	PURPOSES. 

  
 (a) Eligible Stock Award Recipients. The persons eligible to receive Stock Awards are the Employees, Directors and Consultants of the
Company and its Affiliates. 
  
 (b) Available Stock
Awards. The purpose of the Plan is to provide a means by which eligible recipients of Stock Awards may be given an opportunity to benefit from increases in value of the Common Stock through the granting of the following Stock Awards: (i)
Incentive Stock Options, (ii) Nonstatutory Stock Options, (iii) stock bonuses and (iv) rights to acquire restricted stock. 
  
 (c) General Purpose. The Company, by means of the Plan, seeks to retain the services of the group of persons eligible to receive Stock
Awards, to secure and retain the services of new members of this group and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Affiliates. 
  

	2.	DEFINITIONS. 

  
 (a) “Affiliate” means any parent corporation or subsidiary corporation of the Company, whether now or hereafter existing,
as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 
  
 (b) “Board” means the Board of Directors of the Company. 
  
 (c) “Change in Control” means any of the following: 
  
 (i) a sale, lease or other disposition of all or substantially all of the assets of the Company, 
  
 (ii) a merger or consolidation in which the Company is not the
surviving corporation, or 
  
 (iii) a reverse merger in
which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise 
  
 (d) “Code” means the Internal Revenue Code of
1986, as amended. 
  
 (e)
“Committee” means a committee of one or more members of the Board appointed by the Board in accordance with subsection 3(c). 
  

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 (f) “Common Stock” means the common stock of the Company. 
  
 (g) “Company” means Ignite Logic, Inc., a
California corporation. 
  
 (h)
“Consultant” means any person, including an advisor, (i) engaged by the Company or an Affiliate to render consulting or advisory services and who is compensated for such services or (ii) who is a member of the Board of
Directors of an Affiliate. However, the term “Consultant” shall not include either Directors who are not compensated by the Company for their services as Directors or Directors who are merely paid a director’s fee by the Company for
their services as Directors. 
  
 (i) “Continuous
Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. The Participant’s Continuous Service shall not be deemed to have
terminated merely because of a change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director or a change in the entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant’s Continuous Service. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or a Director will not constitute an interruption of
Continuous Service. The Board or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service shall be considered interrupted in the case of any leave of absence approved by that party,
including sick leave, military leave or any other personal leave. 
  
 (j) “Director” means a member of the Board of Directors of the Company. 
  
 (k) “Disability” means the inability of a person, in the opinion of a qualified physician acceptable to the Company, to
perform the major duties of that person’s position with the Company or an Affiliate because of the sickness or injury of the person. 
  
 (l) “Employee” means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a
director’s fee by the Company or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate. 
  
 (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (n) “Fair Market Value” means, as of any date,
the value of the Common Stock as determined in good faith by the Board. 
  
 (o) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
  
 (p) “Nonstatutory Stock Option” means an
Option not intended to qualify as an Incentive Stock Option. 
  
 (q) “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  

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 (r) “Option” means an Incentive Stock Option or a Nonstatutory Stock
Option granted pursuant to the Plan. 
  
 (s)
“Option Agreement” means a written agreement between the Company and an Optionholder evidencing the terms and conditions of an individual Option grant. Each Option Agreement shall be subject to the terms and conditions of
the Plan. 
  
 (t) “Optionholder”
means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option. 
  
 (u) “Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable, such other person
who holds an outstanding Stock Award. 
  
 (v)
“Plan” means this Ignite Logic, Inc. 2003 Equity Incentive Plan. 
  
 (w) “Securities Act” means the Securities Act of 1933, as amended. 
  
 (x) “Stock Award” means any right granted under the Plan, including an Option, a stock bonus and a right to acquire
restricted stock. 
  
 (y) “Stock Award
Agreement” means a written agreement between the Company and a holder of a Stock Award evidencing the terms and conditions of an individual Stock Award grant. Each Stock Award Agreement shall be subject to the terms and conditions of
the Plan. 
  
 (z) “Ten Percent Shareholder”
means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

  

	3.	ADMINISTRATION. 

  
 (a) Administration by Board. The Board shall administer the Plan unless and until the Board delegates administration to a Committee, as
provided in subsection 3(c) below. 
  
 (b) Powers of
Board. The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 
  
 (i) To determine from time to time which of the persons eligible under the Plan shall be granted Stock Awards; when and how each Stock Award shall
be granted; what type or combination of types of Stock Award shall be granted; the provisions of each Stock Award granted (which need not be identical), including the time or times when a person shall be permitted to receive Common Stock pursuant to
a Stock Award; and the number of shares of Common Stock with respect to which a Stock Award shall be granted to each such person. 
  
 (ii) To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully
effective. 
  

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 (iii) To amend the Plan or a Stock Award as provided in Section 12. 
  
 (iv) Generally, to exercise such powers and to perform such acts as
the Board deems necessary or expedient to promote the best interests of the Company which are not in conflict with the provisions of the Plan. 
  
 (c) Delegation to Committee. The Board may delegate administration of the Plan to a Committee or Committees of one (1) or more members of
the Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan,
the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board shall thereafter be to the Committee
or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration
of the Plan. 
  
 (d) Effect of Board’s
Decision. All determinations, interpretations and constructions made by the Board in good faith shall not be subject to review by any person and shall be final, binding and conclusive on all persons. 
  

	4.	SHARES SUBJECT TO THE PLAN. 

  
 (a) Share Reserve. Subject to the provisions of Section 11
below relating to adjustments upon changes in Common Stock, the Common Stock that may be issued pursuant to Stock Awards shall not exceed in the aggregate Two Million (2,000,000) shares of Common Stock. 
  
 (b) Reversion of Shares to the Share Reserve. If any Stock
Award shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, the shares of Common Stock not acquired under such Stock Award shall revert to and again become available for issuance under the
Plan. Shares of Common Stock issued pursuant to the exercise of a Stock Awards, that subsequently is repurchased by the Company, shall not again become available for issuance under the Plan. 
  
 (c) Source of Shares. The shares of Common Stock subject to the
Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 
  
 (d) Share Reserve Limitation. The total number of shares of Common Stock issuable upon exercise of all outstanding Options and the total number of shares of Common Stock provided for under any stock
bonus or similar plan of the Company shall not exceed a number of shares which is equal to thirty percent (30%) of the then outstanding shares of the Company (convertible preferred or convertible senior common shares counted on an as if converted
basis), exclusive of shares subject to promotional waivers under Section 260.141 of Title 10 of the California Code of Regulations, unless a percentage higher than thirty percent (30%) is approved by at least two-thirds (2/3) of the outstanding
shares of the Company entitled to vote. 
  

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	5.	ELIGIBILITY. 

  
 (a) Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to Employees. Stock Awards other than Incentive Stock
Options may be granted to Employees, Directors and Consultants. 
  
 (b) Ten Percent Shareholders. 
  
 (i)
A Ten Percent Shareholder shall not be granted an Incentive Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock at the date of grant and the Option is not
exercisable after the expiration of five (5) years from the date of grant. 
  
 (ii) A Ten Percent Shareholder shall not be granted a Nonstatutory Stock Option unless the exercise price of such Option is at least one hundred ten percent (110%) of the Fair Market Value of the Common Stock
at the date of grant. 
  
 (iii) A Ten Percent Shareholder
shall not be granted a restricted stock award unless the purchase price of the restricted stock is at least one hundred percent (100%) of the Fair Market Value of the Common Stock at the date of grant. 
  
 (c) Consultants. 
  
 (i) A Consultant shall not be eligible for the grant of a Stock Award
if, at the time of grant, either the offer or the sale of the Company’s securities to such Consultant is not exempt under Rule 701 of the Securities Act (“Rule 701”) because of the nature of the services that the Consultant is
providing to the Company, or because the Consultant is not a natural person, or as otherwise provided by Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another exemption
under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions. 
  
 (ii) Rule 701 generally is available to consultants and advisors only if (i) they are natural persons; (ii) they provide bona fide services to the
issuer, its parents, its majority-owned subsidiaries or majority-owned subsidiaries of the issuer’s parent; and (iii) the services are not in connection with the offer or sale of securities in a capital-raising transaction, and do not directly
or indirectly promote or maintain a market for the issuer’s securities. 
  

	6.	OPTION PROVISIONS. 

  
 Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option.
The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions: 
  

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 (a) Term. Subject to the provisions of subsection 5(b) above regarding Ten Percent
Shareholders, no Option shall be exercisable after the expiration of ten (10) years from the date it was granted. 
  
 (b) Exercise Price of an Incentive Stock Option. Subject to the provisions of subsection 5(b) above regarding Ten Percent Shareholders, the
exercise price of each Incentive Stock Option shall be not less than one hundred percent (100%) of the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted. Notwithstanding the foregoing, an Incentive Stock
Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the
Code. 
  
 (c) Exercise Price of a Nonstatutory Stock
Option. Subject to the provisions of subsection 5(b) above regarding Ten Percent Shareholders, the exercise price of each Nonstatutory Stock Option shall be not less than eighty-five percent (85%) of the Fair Market Value of the Common Stock
subject to the Option on the date the Option is granted. Notwithstanding the foregoing, a Nonstatutory Stock Option may be granted with an exercise price lower than that set forth in the preceding sentence if such Option is granted pursuant to an
assumption or substitution for another option in a manner satisfying the provisions of Section 424(a) of the Code. 
  
 (d) Consideration. The purchase price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable
statutes and regulations, either (i) in cash at the time the Option is exercised or (ii) at the discretion of the Board at the time of the grant of the Option (or subsequently in the case of a Nonstatutory Stock Option) in any other form of legal
consideration that may be acceptable to the Board. Unless otherwise specifically provided in the Option, the purchase price of Common Stock acquired pursuant to an Option that is paid by delivery to the Company of other Common Stock acquired,
directly or indirectly from the Company, shall be paid only by shares of the Common Stock of the Company that have been held for more than six (6) months (or such longer or shorter period of time required to avoid a charge to earnings for financial
accounting purposes). 
  
 (e) Transferability of an
Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the
foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

  
 (f) Transferability of a Nonstatutory Stock
Option. A Nonstatutory Stock Option shall not be transferable except by will, by the laws of descent and distribution, by instrument to an inter vivos or testamentary trust in which such Option is to be passed to beneficiaries upon the death of
the trustor, or by gift to the Optionholder’s “immediate family” within the meaning of Section 260.140.41(d) of Title 10 of the California Code of Regulations, and shall be exercisable during the lifetime of the Optionholder only by
the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering written notice to the Company, in a form 
  

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 satisfactory to the Company, designate a third party who, in the event of the death of the Optionholder, shall thereafter
be entitled to exercise the Option. 
  
 (g) Vesting
Generally. The total number of shares of Common Stock subject to an Option may, but need not, vest and therefore become exercisable in periodic installments that may, but need not, be equal. The Option may be subject to such other terms and
conditions on the time or times when it may be exercised (which may be based on performance or other criteria) as the Board may deem appropriate. The vesting provisions of individual Options may vary. The provisions of this subsection 6(g) are
subject to any Option provisions governing the minimum number of shares of Common Stock as to which an Option may be exercised. 
  
 (h) Minimum Vesting. Notwithstanding the foregoing subsection 6(g): 
  
 (i) Options granted to an Employee who is not an Officer, Director or Consultant shall provide for vesting of the
total number of shares of Common Stock at a rate of at least twenty percent (20%) per year over five (5) years from the date the Option was granted, subject to reasonable conditions such as continued employment; and 
  
 (ii) Options granted to Officers, Directors or Consultants may be made
fully exercisable, subject to reasonable conditions such as continued employment, at any time or during any period established by the Company. 
  
 (i) Termination of Continuous Service. In the event an Optionholder’s Continuous Service terminates (other than upon the
Optionholder’s death or Disability), the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of termination) but only within such period of time ending on the
earlier of (i) the date three (3) months following the termination of the Optionholder’s Continuous Service (or such longer or shorter period specified in the Option Agreement, which period shall not be less than thirty (30) days unless such
termination is for cause), or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified in the Option Agreement, the
Option shall terminate. 
  
 (j) Extension of Termination
Date. An Optionholder’s Option Agreement may also provide that if the exercise of the Option following the termination of the Optionholder’s Continuous Service (other than upon the Optionholder’s death or Disability) would be
prohibited at any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option shall terminate on the earlier of (i) the expiration of the term of the Option set
forth in subsection 6(a) or (ii) the expiration of a period of three (3) months after the termination of the Optionholder’s Continuous Service during which the exercise of the Option would not be in violation of such registration requirements.

  
 (k) Disability of Optionholder. In the event
that an Optionholder’s Continuous Service terminates as a result of the Optionholder’s Disability, the Optionholder may exercise his or her Option (to the extent that the Optionholder was entitled to exercise such Option as of the date of
termination), but only within such period of time ending on the earlier of (i) the date 
  

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 twelve (12) months following such termination (or such longer or shorter period specified in the Option Agreement, which
period shall not be less than six (6) months) or (ii) the expiration of the term of the Option as set forth in the Option Agreement. If, after termination, the Optionholder does not exercise his or her Option within the time specified herein, the
Option shall terminate. 
  
 (l) Death of
Optionholder. In the event (i) an Optionholder’s Continuous Service terminates as a result of the Optionholder’s death or (ii) the Optionholder dies within the period (if any) specified in the Option Agreement after the termination of
the Optionholder’s Continuous Service for a reason other than death, then the Option may be exercised (to the extent the Optionholder was entitled to exercise such Option as of the date of death) by the Optionholder’s estate, by a person
who acquired the right to exercise the Option by bequest or inheritance or by a person designated to exercise the option upon the Optionholder’s death pursuant to subsections 6(e) or 6(f) above, but only within the period ending on the earlier
of (1) the date eighteen (18) months following the date of death (or such longer or shorter period specified in the Option Agreement, which period shall not be less than six (6) months) or (2) the expiration of the term of such Option as set forth
in the Option Agreement. If, after death, the Option is not exercised within the time specified herein, the Option shall terminate. 
  
 (m) Early Exercise. The Option may, but need not, include a provision whereby the Optionholder may elect at any time before the
Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of Common Stock subject to the Option prior to the full vesting of the Option. Subject to the “Repurchase Limitation” in
subsection 10(h) below, any unvested shares of Common Stock so purchased may be subject to a repurchase option in favor of the Company or to any other restriction the Board determines to be appropriate. 
  
 (n) Right of Repurchase. Subject to the “Repurchase
Limitation” in subsection 10(h) below, the Option may, but need not, include a provision whereby the Company may elect to repurchase all or any part of the vested shares of Common Stock acquired by the Optionholder pursuant to the exercise of
the Option. 
  
 (o) Right of First Refusal. The
Option may, but need not, include a provision whereby the Company may elect to exercise a right of first refusal following receipt of notice from the Optionholder of the intent to transfer all or any part of the shares of Common Stock received upon
the exercise of the Option. Any right of first refusal shall terminate the first date upon which any security of the Company (or its successor) is listed (or approved for listing) upon notice of issuance on any securities exchange or designated
interdealer quotation system if such securities exchange or interdealer quotation system has been certified in accordance with the provisions of section 25100(o) of the California Corporate Securities Law of 1968. 
  

	7.	PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS.

  
 (a) Stock Bonus Awards. Each stock
bonus agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The terms and conditions of stock bonus agreements may change from time to time, and the terms and conditions of separate stock
bonus agreements need not be identical, but each stock bonus 
  

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 agreement shall include (through incorporation of provisions hereof by reference in the agreement or otherwise) the
substance of each of the following provisions: 
  
 (i)
Consideration. A stock bonus may be awarded in consideration for past services actually rendered to the Company or an Affiliate for its benefit. 
  
 (ii) Vesting. Subject to the “Repurchase Limitation” in subsection 10(h) below, shares of Common Stock awarded under the stock
bonus agreement may, but need not, be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board. 
  
 (iii) Termination of Participant’s Continuous Service. Subject to the “Repurchase Limitation”
in subsection 10(h) below, in the event a Participant’s Continuous Service terminates, the Company may reacquire any or all of the shares of Common Stock held by the Participant which have not vested as of the date of termination under the
terms of the stock bonus agreement. 
  
 (iv)
Transferability. Rights to acquire shares of Common Stock under the stock bonus agreement shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant
only by the Participant. 
  
 (v) Right of First
Refusal. The stock bonus agreement may, but need not, include a provision whereby the Company may elect to exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares
of Common Stock received pursuant to the stock bonus. 
  
 (b)
Restricted Stock Awards. Each restricted stock purchase agreement shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The terms and conditions of the restricted stock purchase agreements
may change from time to time, and the terms and conditions of separate restricted stock purchase agreements need not be identical, but each restricted stock purchase agreement shall include (through incorporation of provisions hereof by reference in
the agreement or otherwise) the substance of each of the following provisions: 
  
 (i) Purchase Price. Subject to the provisions of subsection 5(b) regarding Ten Percent Shareholders, the purchase price under each restricted stock purchase agreement shall be such amount as the Board
shall determine and designate in such restricted stock purchase agreement. The purchase price shall not be less than eighty-five percent (85%) of the Common Stock’s Fair Market Value on the date such award is made or at the time the purchase is
consummated. 
  
 (ii) Consideration. The purchase
price of Common Stock acquired pursuant to the restricted stock purchase agreement shall be paid either: (i) in cash at the time of purchase; (ii) at the discretion of the Board, according to a deferred payment or other similar arrangement with the
Participant; or (iii) in any other form of legal consideration that may be acceptable to the Board in its discretion. 
  

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 (iii) Vesting. Subject to the “Repurchase Limitation” in subsection 10(h), shares
of Common Stock acquired under the restricted stock purchase agreement may, but need not, be subject to a share repurchase option in favor of the Company in accordance with a vesting schedule to be determined by the Board. 
  
 (iv) Termination of Participant’s Continuous Service.
Subject to the “Repurchase Limitation” in subsection 10(h), in the event a Participant’s Continuous Service terminates, the Company may repurchase or otherwise reacquire any or all of the shares of Common Stock held by the Participant
which have not vested as of the date of termination under the terms of the restricted stock purchase agreement. 
  
 (v) Transferability. Rights to acquire shares of Common Stock under the restricted stock purchase agreement shall not be transferable except
by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. 
  
 (vi) Right of First Refusal. The restricted stock purchase agreement may, but need not, include a provision whereby the Company may elect to
exercise a right of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common Stock received pursuant to the restricted stock purchase agreement. 
  

	8.	COVENANTS OF THE COMPANY. 

  
 (a) Availability of Shares. During the terms of the Stock Awards, the Company shall keep available at all
times the number of shares of Common Stock required to satisfy such Stock Awards. 
  
 (b) Securities Law Compliance. The Company shall seek to obtain from each regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Stock Awards and to
issue and sell shares of Common Stock upon exercise of the Stock Awards; provided, however, that this undertaking shall not require the Company to register under the Securities Act the Plan, any Stock Award or any Common Stock issued or issuable
pursuant to any such Stock Award. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which counsel for the Company deems necessary for the lawful issuance and sale of Common
Stock under the Plan, the Company shall be relieved from any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is obtained. 
  

	9.	USE OF PROCEEDS FROM STOCK. 

  
 Proceeds from the sale of Common Stock pursuant to Stock Awards shall
constitute general funds of the Company. 
  

	10.	MISCELLANEOUS. 

  
 (a) Acceleration of Exercisability and Vesting. The Board shall have the power to accelerate the time at which a Stock Award may first be
exercised or the time during which a Stock Award or any part thereof will vest in accordance with the Plan, notwithstanding the 
  

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 provisions in the Stock Award stating the time at which it may first be exercised or the time during which it will vest.

  
 (b) Shareholder Rights. No Participant shall be
deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Stock Award unless and until such Participant has satisfied all requirements for exercise of the Stock Award pursuant to
its terms. 
  
 (c) No Employment or other Service
Rights. Nothing in the Plan or any instrument executed or Stock Award granted pursuant thereto shall confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was
granted or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s
agreement with the Company or an Affiliate or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is
incorporated, as the case may be. 
  
 (d) Incentive
Stock Option $100,000 Limitation. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during
any calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000), the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as
Nonstatutory Stock Options. 
  
 (e) Investment
Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience in
financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable and experienced in financial and business matters and that he or she is capable of evaluating, alone or together
with the purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the
Participant’s own account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements, and any assurances given pursuant to such requirements, shall be inoperative if (1) the issuance of
the shares of Common Stock upon the exercise or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement under the Securities Act or (2) as to any particular requirement, a
determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel to the Company, place legends on stock certificates issued
under the Plan as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock. 
  
 (f) Withholding Obligations. To the extent provided by the
terms of a Stock Award Agreement, the Participant may satisfy any federal, state or local tax withholding obligation 
  

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 relating to the exercise or acquisition of Common Stock under a Stock Award by any of the following means (in addition to
the Company’s right to withhold from any compensation paid to the Participant by the Company) or by a combination of such means: (i) tendering a cash payment; (ii) authorizing the Company to withhold shares of Common Stock from the shares of
Common Stock otherwise issuable to the Participant as a result of the exercise or acquisition of Common Stock under the Stock Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax
required to be withheld by law; or (iii) delivering to the Company owned and unencumbered shares of Common Stock. 
  
 (g) Information Obligation. The Company shall deliver financial statements to Participants at least annually. This subsection 10(g) shall
not apply to key Employees whose duties in connection with the Company assure them access to equivalent information. 
  
 (h) Repurchase Limitation. The terms of any repurchase option shall be specified in the Stock Award and may be either at Fair Market Value
at the time of repurchase or at not less than the original purchase price. Any repurchase option contained in a Stock Award granted to a person who is not an Officer, Director or Consultant shall be upon the terms described below: 
  
 (i) Fair Market Value. If the repurchase option gives the
Company the right to repurchase the shares of Common Stock upon termination of Continuous Service at not less than the Fair Market Value of the shares of Common Stock to be purchased on the date of termination of Continuous Service, then (i) the
right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness for the shares of Common Stock within ninety (90) days of termination of Continuous Service (or in the case of shares of Common Stock issued upon exercise
of Stock Awards after such date of termination, within ninety (90) days after the date of the exercise) or such longer period as may be agreed to by the Company and the Participant (for example, for purposes of satisfying the requirements of Section
1202(c)(3) of the Code regarding “qualified small business stock”) and (ii) the right terminates when the shares of Common Stock become publicly traded. 
  
 (ii) Original Purchase Price. If the repurchase option gives the Company the right to repurchase the shares of
Common Stock upon termination of Continuous Service at the original purchase price, then (i) the right to repurchase at the original purchase price shall lapse at the rate of at least twenty percent (20%) of the shares of Common Stock per year over
five (5) years from the date the Stock Award is granted (without respect to the date the Stock Award was exercised or became exercisable) and (ii) the right to repurchase shall be exercised for cash or cancellation of purchase money indebtedness for
the shares of Common Stock within ninety (90) days of termination of Continuous Service (or in the case of shares of Common Stock issued upon exercise of Options after such date of termination, within ninety (90) days after the date of the exercise)
or such longer period as may be agreed to by the Company and the Participant (for example, for purposes of satisfying the requirements of Section 1202(c)(3) of the Code regarding “qualified small business stock”). 
  

 12 

	11.	Adjustments Upon Changes In Stock. 

  
 (a) Capitalization Adjustments. If any change is made in the Common Stock subject to the Plan, or subject to any Stock Award, without the
receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of
shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company), the Plan will be appropriately adjusted in the class(es) and maximum number of securities subject to the Plan pursuant to
subsection 4(a) above, and the outstanding Stock Awards will be appropriately adjusted in the class(es) and number of securities and price per share of Common Stock subject to such outstanding Stock Awards. The Board shall make such adjustments, and
its determination shall be final, binding and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a transaction “without receipt of consideration” by the Company.) 
  
 (b) Dissolution or Liquidation. In the event of a dissolution
or liquidation of the Company, then all outstanding Stock Awards shall terminate immediately prior to such event. 
  
 (c) Change in Control. In the event of a Change in Control, then any surviving corporation or acquiring corporation shall assume any Stock
Awards outstanding under the Plan or shall substitute similar stock awards (including an award to acquire the same consideration paid to the shareholders in the transaction described in this subsection 11(c) for those outstanding under the Plan). In
the event any surviving corporation or acquiring corporation refuses to assume such Stock Awards or to substitute similar stock awards for those outstanding under the Plan, then with respect to Stock Awards held by Participants whose Continuous
Service has not terminated, the vesting of such Stock Awards (and, if applicable, the time during which such Stock Awards may be exercised) shall be accelerated in full, and the Stock Awards shall terminate if not exercised (if applicable) at or
prior to such event. With respect to any other Stock Awards outstanding under the Plan, such Stock Awards shall terminate if not exercised (if applicable) prior to such event. 
  

	12.	AMENDMENT OF THE PLAN AND STOCK AWARDS. 

  
 (a) Amendment of Plan. The Board at any time, and from time to
time, may amend the Plan. However, except as provided in Section 11 above relating to adjustments upon changes in Common Stock, no amendment shall be effective unless approved by the shareholders of the Company to the extent shareholder approval is
necessary to satisfy the requirements of Section 422 of the Code or otherwise required by law or regulation. 
  
 (b) Shareholder Approval. The Board may, in its sole discretion, submit any other amendment to the Plan for shareholder approval.

  
 (c) Amendments. The Board may amend the Plan in
any respect the Board deems necessary or advisable to provide eligible Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder relating to Incentive Stock Options
and/or to bring the Plan and/or Incentive Stock Options granted under it into compliance therewith. 
  

 13 

 (d) No Impairment of Rights. Rights under any Stock Award granted before amendment of the
Plan shall not be impaired by any amendment of the Plan unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing. 
  
 (e) Amendment of Stock Awards. The Board at any time, and from time to time, may amend the terms of any one or
more Stock Awards; provided, however, that the rights under any Stock Award shall not be impaired by any such amendment unless (i) the Company requests the consent of the Participant and (ii) the Participant consents in writing. 
  

	13.	TERMINATION OR SUSPENSION OF THE PLAN. 

  
 (a) Plan Term. The Board may suspend or terminate the Plan at
any time. Unless sooner terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is adopted by the Board or approved by the shareholders of the Company, whichever is earlier. No Stock Awards may be
granted under the Plan while the Plan is suspended or after it is terminated. 
  
 (b) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Stock Award granted while the Plan is in effect except with the written consent of the
Participant. 
  

	14.	EFFECTIVE DATE OF PLAN. 

  
 The Plan shall become effective as determined by the Board, but no Stock Award shall be exercised (or, in the case of a
stock bonus, shall be granted) unless and until the Plan has been approved by the shareholders of the Company, which approval shall be within twelve (12) months before or after the date the Plan is adopted by the Board. 
  

	15.	CHOICE OF LAW. 

  
 The law of the State of California shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to
such state’s conflict of laws rules. 
  

 14 

 IGNITE LOGIC, INC. 
 2003 EQUITY INCENTIVE PLAN 
  
 STOCK OPTION AGREEMENT 
 (INCENTIVE AND NONSTATUTORY STOCK OPTIONS) 
  
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and
this Stock Option Agreement, Ignite Logic, Inc. (the “Company”) has granted you an option under its 2003 Equity Incentive Plan (the “Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your
Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 
  
 The details of your option are as follows: 
  
 1. VESTING. Subject to the limitations contained
herein, your option will vest as provided in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. 
  
 2. NUMBER OF SHARES AND EXERCISE PRICE. The number
of shares of Common Stock subject to your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments, as provided in Section 11(a) of the Plan. 
  
 3. METHOD OF
PAYMENT. Payment of the exercise price is due in full upon exercise of all or any part of your option. You may elect to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant
Notice, which may include one or more of the following: 
  
 (a) In the Company’s sole discretion at the time your option is exercised and provided that at the time of exercise the Common Stock is listed on any established stock exchange or traded on the Nasdaq National Market or the
Nasdaq SmallCap Market, pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. 
  
 (b) In the Company’s sole discretion at the time your option is exercised and provided that at the time of exercise the Common Stock is listed
on any established stock exchange or traded on the Nasdaq National Market or the Nasdaq SmallCap Market, by delivery of already-owned shares of Common Stock either that you have held for the period required to avoid a charge to the Company’s
reported earnings (generally six months) or that you did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the
date of exercise. “Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option, shall include delivery to the Company of your attestation of ownership of 
  

 1 

 such shares of Common Stock in a form approved by the Company. Notwithstanding the foregoing, you may not exercise your
option by tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the redemption of the Company’s stock. 
  
 (c) Any other form of legal consideration acceptable to the Board.

  
 4. WHOLE SHARES.
You may exercise your option only for whole shares of Common Stock. 
  
 5. Securities Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act or,
if such shares of Common Stock are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your option must also comply with other
applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 
  
 6. TERM. You may not exercise your option before
the commencement of its term or after its term expires. The term of your option commences on the Date of Grant and expires upon the earliest of the following: 
  

(a) immediately upon the termination of your Continuous Service for Cause; 
  
 (b) three (3) months after the termination of your Continuous Service for any reason other than Cause, Disability or
death, provided that if during any part of such three- (3-) month period you may not exercise your option solely because of the condition set forth in the preceding paragraph relating to “Securities Law Compliance,” your option shall not
expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of three (3) months after the termination of your Continuous Service; 
  
 (c) twelve (12) months after the termination of your Continuous Service due to your Disability; 
  
 (d) eighteen (18) months after your death if you die either during
your Continuous Service or within three (3) months after your Continuous Service terminates for reason other than Cause; 
  
 (e) the Expiration Date indicated in your Grant Notice; or 
  

(f) the day before the tenth (10th) anniversary of the Date of Grant. 
  
 For purposes of your option, “Cause” means your misconduct, including but not limited to: (i) your conviction of
any felony or any crime involving moral turpitude or dishonesty, (ii) your participation in a fraud or act of dishonesty against the Company, (iii) your conduct that, based upon a good faith and reasonable factual investigation and determination by
the Board, 
  

 2 

 demonstrates your gross unfitness to serve, or (iv) your intentional, material violation of any contract between the
Company and you or any statutory duty of yours to the Company that you do not correct within thirty (30) days after written notice to you thereof. Your physical or mental disability shall not constitute “Cause.” 
  
 7. EXERCISE. 
  
 (a) You may exercise the vested portion of your option (and the
unvested portion of your option if your Grant Notice so permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Secretary of the Company, or to such other person as
the Company may designate, during regular business hours, together with such additional documents as the Company may then require. 
  
 (b) By exercising your option you agree that, as a condition to any exercise of your option, the Company may require you to enter into an
arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise of your option, (2) the lapse of any substantial risk of forfeiture to which the shares of Common
Stock are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such exercise. 
  
 (c) If your option is an Incentive Stock Option, by exercising your option you agree that you will notify the Company in writing within fifteen
(15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the date of your option grant or within one (1) year after such shares of Common Stock
are transferred upon exercise of your option. 
  
 (d) By
exercising your option you agree that the Company (or a representative of the underwriter(s)) may, in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, require that you not
sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by
you, for a period of time specified by the underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act. You further agree to execute and
deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the
Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. 
  
 8. TranSFERABILITY. 
  
 (a) If your option is an Incentive Stock Option, your option is not transferable, except by will or by the laws of descent and distribution, and is
exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be
entitled to exercise your option. 
  

 3 

 (b) If your option is a Nonstatutory Stock Option, your option is not transferable, except (i) by
will or by the laws of descent and distribution, (ii) with the prior written approval of the Company, by instrument to an inter vivos or testamentary trust, in a form accepted by the Company, in which the option is to be passed to beneficiaries upon
the death of the trustor (settlor) and (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to your “immediate family” as that term is defined in 17 C.F.R. 240.16a-l(e). The term “immediate
family” is defined in 17 C.F.R. 240.16a-l(e) to mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes
adoptive relationships. Your option is exercisable during your life only by you or a transferee satisfying the above-stated conditions. The right of a transferee to exercise the transferred portion of your option after termination of your Continuous
Service shall terminate in accordance with your right to exercise your option as specified in your option. In the event that your Continuous Service terminates due to your death, your transferee will be treated as a person who acquired the right to
exercise your option by bequest or inheritance. In addition to the foregoing, the Company may require, as a condition of the transfer of your option to a trust or by gift, that your transferee enter into an option transfer agreement provided by, or
acceptable to, the Company. The terms of your option shall be binding upon your transferees, executors, administrators, heirs, successors, and assigns. Notwithstanding the foregoing, by delivering written notice to the Company, in a form
satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 
  
 9. Share Repurchase Option 
  
 (a) Repurchase Option. In the event your Continuous Service terminates, then the Company shall have an irrevocable option (the
“Repurchase Option”) for a period of ninety (90) days after said termination (or in the case of shares issued upon exercise of your option after such date of termination, within ninety (90) days after the date of the exercise) to
repurchase from you or your personal representative, as the case may be, those shares that you have acquired pursuant to the exercise of your option (the “Shares”) at a price equal to the then Fair Market Value for such Shares. The
Repurchase Option shall be subject to the Repurchase Limitation set forth in Section 10(h) of the Plan. 
  
 (b) Exercise Of Repurchase Option. The Repurchase Option shall be exercised by written notice signed by an Officer of the Company and
delivered or mailed as provided herein. Such notice shall identify the number of shares of Common Stock to be purchased and shall notify you of the time, place and date for settlement of such purchase, which shall be scheduled by the Company within
the term of the Repurchase Option set forth above. The Company shall be entitled to pay for any shares of Common Stock purchased pursuant to its Repurchase Option at the Company’s option in cash or by offset against any indebtedness owed to the
Company by you (including without limitation any note given in payment for the Common Stock), or by a combination of both. Upon delivery of such notice and payment of the purchase price in any of the ways described above, the Company shall become
the legal and beneficial owner of the Common Stock being repurchased and all rights and interest therein or related thereto, and the Company shall have the right to transfer to its own name the Common Stock being repurchased by the Company, without
further action by you. 
  

 4 

 (c) Early Exercise. In the event you acquire Shares pursuant to an Early Exercise, any such
Shares shall be subject to the repurchase option set forth in your Early Exercise Stock Purchase Agreement, and not this Section 9. 
  
 10. RIGHT OF FIRST REFUSAL. Before any Shares held by you or any transferee may
be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase such Shares on the terms and conditions set forth in this Section 10 (the “Right
of First Refusal”). 
  
 (a) Notice of Proposed
Transfer. You shall deliver to the Company a written notice (the “Notice”) stating: (i) your bona fide intention to sell or otherwise transfer Shares; (ii) the name of each proposed purchaser or other transferee; (iii) the number of
Shares to be transferred to each proposed transferee; and (iv) the bona fide cash price or other consideration for which you propose to transfer the Shares (the “Offered Price”), and you shall offer the Shares at the Offered Price to the
Company or its assignee(s). 
  
 (b) Exercise of Right of
First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to you, elect to purchase all, but not less than all, of the Shares proposed to be transferred to
any one or more proposed transferees, at the purchase price determined in accordance with subsection (c) below. 
  
 (c) Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this
Section 10 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good faith. 
  
 (d) Payment. Payment of the Purchase Price shall be made, at
the option of the Company or its assignee(s), in cash (by check), by cancellation of all or a portion of your indebtedness to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within thirty
(30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 
  
 (e) Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given proposed transferee are not purchased by the
Company and/or its assignee(s) as provided in this Section 10, then you may sell or otherwise transfer such Shares to that proposed transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within
one-hundred twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the proposed transferee agrees in writing that the provisions of this Section 10
shall continue to apply to the Shares in the hands of such proposed transferee. If the Shares described in the Notice are not transferred to the proposed transferee within such period, a new Notice shall be given to the Company, and the Company
and/or its assignees shall again be offered the Right of First Refusal before any Shares held by you may be sold or otherwise transferred. 
  

 5 

 (f) Exception for Certain Family Transfers. Nowithstanding anything in this Section 10 to
the contrary, the transfer of any or all of the Shares during your lifetime or on your death by will or intestacy to a Family Member shall be exempt from the provisions of this Section 10. “Family Member” as used herein shall include any
child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person
sharing the employee’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent (50%) of the beneficial interest, a foundation in which these persons (or the employee) control the management of
assets, and any other entity in which these persons (or the employee) own more than fifty percent (50%) of the voting interest. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the
provisions of this Section 10, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 10. 
  
 (g) Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares the first date upon which any
security of the Company (or its successor) is listed (or approved for listing) upon notice of issuance on any securities exchange or designated interdealer quotation system if such securities exchange or interdealer quotation system has been
certified in accordance with the provisions of section 25100(o) of the California Corporate Securities Law of 1968. 
  
 11. OPTION NOT A SERVICE CONTRACT. Your option is not an
employment or service contract, and nothing in your option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an Affiliate to continue your
employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective shareholders, Board, Officers or Employees to continue any relationship that you might have as a Director or Consultant for the Company or
an Affiliate. 
  
 12. WITHHOLDING
OBLIGATIONS. 
  
 (a) At the time you
exercise your option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for, any sums
required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with your, option. 
  
 (b) Upon your request and subject to approval by the Company, in its sole discretion, and compliance with any
applicable conditions or restrictions of law, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole shares of Common Stock having a Fair Market Value,
determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law. If the date of determination of any tax withholding obligation is deferred to a date later than the date of exercise of
your option, share withholding pursuant to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate number of shares of Common Stock acquired 
  

 6 

 upon such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of
such tax withholding obligation to the date of exercise of your option. Notwithstanding the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of
your option that are otherwise issuable to you upon such exercise. Any adverse consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 
  
 (c) You may not exercise your option unless the tax withholding
obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares
of Common Stock or release such shares of Common Stock from any escrow provided for herein. 
  
 13. NOTICES. Any notices provided for in your option or the Plan shall be given in writing and shall be deemed effectively given upon personal delivery or sent by telegram or fax or upon
deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to the other party hereto at such party’s address hereinafter shown below its signature or at such other address as such party
may designate by ten (10) days’ advance written notice to the other party hereto. 
  
 14. GOVERNING PLAN DOCUMENT. Your option is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further
subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the Plan, the provisions
of the Plan shall control. 
  

 7EXHIBIT 4.1

 REGISTRATION RIGHTS AGREEMENT 
  
 THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of
            , 2004 by and among Educate, Inc., a Delaware corporation (the “Company”), Apollo Sylvan, LLC, a Delaware limited liability company (“Apollo Sylvan”),
Apollo Sylvan II, LLC, a Delaware limited liability company (“Apollo Sylvan II” and, together with Apollo Sylvan and Affiliates (defined below) of Apollo Sylvan and Apollo Sylvan II, “Apollo”), and the other persons
listed on Schedule I attached hereto (collectively, the “Stockholders”). 
  
 The Stockholders are the beneficial owners of certain Registrable Securities (as defined below) issued by the Company. The Company and the Stockholders deem it to be in their respective best interests to set forth the rights
and certain obligations of the Stockholders or other Holders in connection with public offerings and sales of the Registrable Securities. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations hereinafter set forth, the Company and the Stockholders, intending to be
legally bound hereby, agree as follows. 
  
 Section
1.    Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Affiliate” of any Person shall mean any other Person who either directly or indirectly through one or more intermediaries is in control of, is controlled
by, or is under common control with, such Person. For purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise. 
  
 “Business Day” shall mean any Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in The City of New York are authorized or required by law, regulation or executive order to close.

  
 “Capital Stock” shall mean all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock. 
  
 “Common Stock” shall mean the common stock, par value $0.01 per share, of the Company. 
  
 “Company Registration” has the meaning set forth in Section 4(a) hereof. 
  
 “Demanding Holder” shall mean each Holder holding 10% or more of the outstanding Common Stock at the time of determination.
As of the date hereof, Apollo shall constitute a Demanding Holder. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended (or any similar successor federal statute), and the rules and regulations thereunder, as the same are in effect from time to time. 
  

 1 

 “Holder” shall mean each Stockholder, any Affiliate of a Stockholder that holds Registrable Securities
and any Person that acquires from a Stockholder Registrable Securities constituting 10% or more of the then-outstanding shares of Common Stock. For purposes of this Agreement, the Company may deem the registered holder of a Registrable Security as
the Holder thereof. 
  
 “IPO” shall have the meaning set forth in
Section 2(a). 
  
 “Person” shall mean an individual, partnership,
corporation, limited liability company, joint venture, trust or unincorporated organization, governmental or regulatory body or subdivision thereof or any other entity. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement, as amended or supplemented by a prospectus
supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement, and by all other amendments and supplements to the prospectus, including post-effective amendments and all
material incorporated by reference or deemed to be incorporated by reference in such prospectus. 
  
 “Registrable Securities” shall mean the shares of Common Stock held by the Stockholders as of the date hereof, as well as shares of Common Stock acquired
by the Stockholders after the date hereof, and any other securities issued or issuable as a result of or in connection with any stock dividend, stock split or reverse stock split, reclassification, merger, consolidation or similar transaction in
respect of such shares of Common Stock; provided, however, that any shares of Common Stock shall cease to be Registrable Securities upon the earliest of the following: (i) a Registration Statement registering such shares of Common
Stock under the Securities Act having been declared or become effective and such shares of Common Stock having been sold or otherwise transferred by the Holder or owner thereof pursuant to such effective Registration Statement; (ii) such shares of
Common Stock are sold or otherwise transferred to the public pursuant to Rule 144; or (iii) all such shares of Common Stock held by the Holder may be sold in a single transaction without registration in compliance with Rule 144(k). 
  
 “Registration Expenses” shall have the meaning set forth in Section 7 hereof.

  
 “Registration Statement” shall mean any registration statement
which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included therein, all amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all material incorporated or deemed to be incorporated by reference in such Registration Statement. 
  
 “Requesting Stockholder Registration” has the meaning set forth in Section 4(a) hereof. 
  
 “Rule 144” or “Rule 144(k)” shall mean Rule 144 or Rule 144(k), as the case may be, promulgated under the
Securities Act, as amended from time to time, or any similar successor rule thereto that may be promulgated by the SEC. 
  

 2 

 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as amended from time to time, or any
similar successor rule thereto that may be promulgated by the SEC. 
  
 “SEC” shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act or the Exchange Act. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended (or any similar successor federal statute), and the rules
and regulations thereunder, as the same are in effect from time to time. 
  
 “Shelf Demanding Holder” shall mean any Holder that was a Demanding Holder as of the date hereof that owns at least 5% of the outstanding shares of Common Stock on the date a request is made by such Person pursuant to Section 3
hereof. As of the date hereof, Apollo shall constitute a Shelf Demanding Holder. 
  
 “Shelf Registration” has the meaning set forth in Section 3(c) hereof. 
  
 “Underwritten Offering” shall mean a registered offering in which shares of Common Stock are sold to an underwriter for reoffering to the public. 
  
 Section 2. Form S-1 Registration. 
  
 (a) Demand. At any time commencing on the earlier of (i) 180 days following the first Underwritten Offering by the Company resulting in gross proceeds to the
Company of at least $75 million (the “IPO”) and (ii) the first anniversary of the date of this Agreement, upon the written request of a Demanding Holder that the Company effect an Underwritten Offering of Registrable Securities on a
long-form Registration Statement (Form S-1 or any similar successor form) under the Securities Act and specifying the aggregate number of Registrable Securities to be registered and the intended method of disposition thereof, the Company shall,
subject to Section 6(b) hereof, use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities which the Company has been so requested to register as soon as practicable; provided,
however, that the Company shall not be obligated to effect a registration pursuant to this Section 2 unless the Registrable Securities requested to be included therein have an anticipated aggregate price to the public of at least $50 million.
In addition, the Company shall not be obligated to effect, or to take any action to effect, any such registration pursuant to this Section 2(a): (w) after the Company has effected one (1) such registration; (x) within 180 days following the last
date on which a Registration Statement filed in respect of a registration hereunder, if any, was effective; (y) during the period commencing with the date thirty (30) days prior to the Company’s good faith estimate of the date of filing of, and
ending on a date ninety (90) days after the effective date of, a Company Registration, provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; provided,
that if the Company abandons such Company Registration, the Company shall promptly so notify any Demanding Holder that was unable to effect a registration under this Section 2 as a result of this clause (y); or (z) if the Demanding Holder proposes
to dispose of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made under Section 3 hereof; and provided, further, that no more than two (2) 
  

 3 

 
registrations under this Section 2(a) and Section 3 may become effective during any 12 month period. 
  
 Upon receipt of any request for registration pursuant to this Section 2 from a Demanding Holder, the Company shall promptly give
written notice of such request to the other Holders. The Company shall include in the requested registration all Registrable Securities requested to be included by such Holders who shall make such request by written notice (specifying the aggregate
number of Registrable Securities to be included) to the Company delivered within ten (10) days after their receipt of the Company’s notice. If the Company shall receive a request for inclusion in the registration of the Registrable Securities
of Holders other than the Demanding Holder initiating the registration, it shall promptly so inform the Demanding Holder that made the initial request for registration. 
  
 Holders of a majority of the Registrable Securities to be included in such registration pursuant to this Section 2 may, at any time
prior to the effective date of the Registration Statement relating to such registration, revoke such request by providing a written notice to the Company revoking such request and, if applicable, request withdrawal of any Registration Statement
filed with the SEC and the Company shall use its reasonable best efforts to so withdraw such Registration Statement. A registration requested pursuant to this Section 2(a) shall not be deemed to have been effected unless a Registration Statement
with respect thereto has become effective and the Registrable Securities registered thereunder for sale are sold thereunder or are not so sold solely by reason of an act or omission by any Demanding Holder whose Registrable Securities are included
therein; provided, however, that if such registration does not become effective after the Company has filed it solely by reason of a Demanding Holder’s revocation of its registration request or refusal to proceed (other than a
refusal to proceed based upon the advice of counsel relating to a matter with respect to the Company), then such registration shall be deemed to have been effected unless the requesting Demanding Holder shall have elected to pay all Registration
Expenses and any out-of-pocket expenses of any party required to be borne by the Company pursuant hereto. 
  
 (b) Effectiveness of Registration Statement. Subject to Section 6(b), the Company agrees to use its reasonable best efforts to (x) cause the Registration
Statement relating to any demand registration pursuant to this Section 2 to become effective as promptly as practicable following a request for registration under Section 2(a), and (y) thereafter keep such Registration Statement effective
continuously for the period specified in the next succeeding paragraph. 
  
 Except as provided in the last paragraph of Section 2(a) above, a demand registration requested pursuant to this Section 2 will not be deemed to have been effected (w) unless the Registration Statement relating thereto has become effective
under the Securities Act and remained continuously effective (except as otherwise permitted under this Agreement) for a period ending on the earlier of (i) the date which is ninety (90) days after the effective date of such Registration Statement
(subject to extension as provided in Sections 5(b) and 6(b)) and (ii) the date on which all Registrable Securities covered by such Registration Statement have been sold and the distribution contemplated thereby has been completed; provided,
however, that with respect to a demand registration that is a Shelf Registration, the Registration Statement related thereto shall remain continuously effective for the period provided in Section 3(c) below, (x) if, after it has become
effective, such registration is interfered with for any reason by any stop order, 

  

 4 

 
injunction or other order or requirement of the SEC or any other governmental authority, or as a result of the initiation of any proceeding for such a stop order by
the SEC through no fault of the Demanding Holder, and the result of such interference is to prevent the Demanding Holder from disposing of such Registrable Securities proposed to be sold in accordance with the intended methods of disposition, or (y)
if the conditions to closing specified in the purchase agreement or underwriting agreement entered into in connection with any Underwritten Offering shall not be satisfied or waived with the consent of the Demanding Holder, other than as a result of
any breach by the Demanding Holder or any underwriter of its obligations thereunder or hereunder. 
  
 (c) Inclusion of Other Securities; Cutback. The Company, and any other holder of the Company’s securities who has existing registration rights or is
granted subsequent registration rights in accordance with Section 10 hereof, may include its securities in any demand registration effected pursuant to this Section 2 on a basis no less favorable to the Demanding Holders than that of any other
holder of the Common Stock of the Company; provided, however, that if the managing or lead underwriter or underwriters of a proposed Underwritten Offering contemplated thereby advise the Demanding Holders in writing that the total
number of securities to be included in such proposed public offering exceeds the number that can be sold in such offering within a price range acceptable to the selling Holders holding a majority of the Registrable Securities included in the demand
registration, then the amount or kind of securities offered for the account of the following groups of holders shall be reduced pro rata among members of such group (or in such other manner as any agreement among them may provide) in accordance with
such managing underwriter’s recommendation in the following order of priority (with the securities to be reduced first listed first): (i) securities other than Registrable Securities offered by Persons other than the Company; (ii) securities
offered by the Company; and (iii) Registrable Securities; and provided, further, that no Registrable Securities shall be reduced until all securities other than Registrable Securities are entirely excluded from the underwriting.

  
 Section 3. Form S-3 and Shelf Registration. 
  
 (a) After the Company has qualified for the use of Form S-3 under the Securities Act
(or any successor or substantially similar form) for sales of Registrable Securities by selling stockholders, in addition to the rights contained in Section 2, the Demanding Holders shall have the right to request an unlimited number of
registrations on Form S-3 (such requests shall be in writing and shall state the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such shares by such Demanding Holders, including whether such
offering is requested to be an Underwritten Offering), and, upon such request, the Company shall, subject to Section 6(b) hereof, use its reasonable best efforts to effect the registration under the Securities Act of the Registrable Securities,
which the Company has been so requested to register by such Demanding Holders; provided, however, that the Company shall not be obligated to effect a registration pursuant to this Section 3(a): (x) unless the Registrable Securities
requested to be included therein have an anticipated aggregate price to the public of at least $20 million, (y) in the circumstances described in clause (y) of Section 2(a), or (z) within 180 days following the last date on which a Registration
Statement filed in respect of a registration hereunder, if any, was effective. Any registration under this Section 3(a) shall be underwritten at the request of Holders holding a majority of the Registrable Securities to be included therein.

  

 5 

 (b) If a request complying with the requirements of Section 3(a) hereof is delivered to the Company, the provisions
set forth in the second and third paragraphs of Section 2(a) and the provisions of Sections 2(b) and (c) shall apply to such registration; provided, that if such request is for an offering other than an Underwritten Offering, the portions of
Sections 2(a) through (c) applying to an Underwritten Offering shall not apply. 
  
 (c) The Shelf Demanding Holders shall have the right to request two (2) “shelf” registrations that constitute offerings of Registrable Securities under the Securities Act in a manner that permits sales on a continuous or delayed
basis pursuant to Rule 415 under the Securities Act (or any successor provision) (the “Shelf Registration”). Each request for and initial filing of a Shelf Registration shall be made in compliance with Section 3(a); provided, that
clause (x) of such section shall be inapplicable to such request. The Company shall, subject to Section 6(b), use its reasonable best efforts to cause the Registration Statement relating to the Shelf Registration to become effective as promptly as
practicable and maintain the effectiveness of such Registration Statement for a period ending on the earliest of (i) two years following the date on which such Registration Statement first becomes effective, and (ii) the date on which all
Registrable Securities covered by such Registration Statement have been sold and the distribution contemplated thereby has been completed or have become freely tradeable pursuant to Rule 144 without regard to volume. Any “takedown” under
the Shelf Registration shall be underwritten at the request of Holders holding a majority of the Registrable Securities to be included therein. Any such “takedown” that is intended to be an Underwritten Offering shall be made pursuant to
Section 3(a) such that the provisions relating to effecting a Registration Statement thereunder apply to effecting the takedown under the Shelf Registration. Any sales made on a delayed or continuous basis under the Shelf Registration that do not
constitute an Underwritten Offering shall not be required to comply with Section 3(a). 
  
 Section 4. Piggyback Registration. 
  
 (a) If the
Company at any time proposes to file a registration statement with respect to any of its equity securities, whether for its own account (other than a registration statement on Form S-4 or S-8 (or any successor or substantially similar form), or in
connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, or (B) a dividend reinvestment plan) (any of the foregoing, a “Company Registration”) or for the
account of any holder of securities of the Company pursuant to demand registration rights granted by the Company (a “Requesting Stockholder” and, such registration, a “Requesting Stockholder Registration”), then the Company shall
in each case give written notice of such proposed filing to all Holders of Registrable Securities at least twenty (20) days before the anticipated filing date of any such registration statement by the Company. Such notice shall offer to all Holders
the opportunity to have any or all of the Registrable Securities held by such Holders included in such registration statement and shall include the number of shares proposed to be registered, the proposed filing date, the intended method of
distribution of such shares and the proposed managing underwriter, if any. Each Holder of Registrable Securities desiring to have its Registrable Securities registered under this Section 4 shall so advise the Company in writing within ten (10) days
after the date of receipt of such notice (which request shall set forth the amount of Registrable Securities for which registration is requested), and the Company shall include in such Registration Statement all such Registrable Securities so
requested to be included therein. If the Registration Statement relates to an 

  

 6 

 
Underwritten Offering, such Registrable Securities shall be included in the underwriting on the same terms and conditions as the securities otherwise being sold
through the underwriters, as provided herein. Any Holder shall have the right to withdraw a request to include its Registrable Securities in any public offering pursuant to this Section 4 by giving written notice to the Company of its election to
withdraw such request at least ten (10) Business Days prior to the proposed effective date of such Registration Statement. Notwithstanding the foregoing, if the managing or lead underwriter or underwriters of any such proposed Underwritten Offering
advise the Company in writing that the total number of securities which the Holders of Registrable Securities, the Company and any other persons or entities intended to be included in such proposed Underwritten Offering exceeds the number that can
be sold in such offering within a price range acceptable to the Company (in the case of a Company Registration) or to the Requesting Stockholders holding a majority of the securities included in a Requesting Stockholder Registration (in the case of
a Requesting Stockholder Registration), then the amount or kind of securities offered for the account of the following groups of holders shall be reduced pro rata among members of such group in accordance with such managing underwriter’s
recommendation in the following order of priority: (i) if a registration under this Section 4 is a Company Registration, then the order of priority shall be (with the securities to be reduced first listed first) (A) securities other than Registrable
Securities offered by Persons other than the Company, (B) the Registrable Securities and (C) securities offered by the Company; (ii) if a registration under this Section 4 is a Requesting Stockholder Registration (and the Requesting Stockholder is
not a Demanding Holder or a Shelf Demanding Holder), then the order of priority shall be (with the securities to be reduced first listed first) (A) securities offered by the Company, (B) securities other than Registrable Securities (other than
securities of the Requesting Stockholder) and (C) the Registrable Securities and securities of the Requesting Stockholder on a pro rata basis; and (iii) if a registration under this Section 4 is a Requesting Stockholder Registration made pursuant to
Section 2 or 3 hereof, then the order of priority shall be as set forth in Section 2(c). The Company may withdraw or postpone a registration statement referred to in this Section 4 at any time before it becomes effective or withdraw, postpone or
terminate the offering after it becomes effective, without obligation to any Holder of Registrable Securities, unless such registration statement was filed pursuant to Section 2 or 3 hereof. Notwithstanding anything in this Section 4 to the
contrary, the Holders shall be granted priority over any holders of shares of Common Stock in connection with exercising rights under this Section 4. 
  
 (b) Notwithstanding anything herein to the contrary, the Holders shall be entitled to exercise the registration rights provided in Section 4(a) with respect to any
registration statement relating to the IPO, and such Holders and the Company hereby waive any requirement for delivery of notice by any party as provided in Section 4(a). In such event, all rights and obligations set forth in this Agreement shall
apply to such registration. 
  
 Section 5. Registration Procedures.

  
 (a) General. In connection with the Company’s
registration obligations pursuant to Sections 2, 3 and 4 hereof, at its expense, except as provided in Section 8, the Company will, as expeditiously as possible: 
  

 7 

 (i) prepare and file with the SEC a Registration Statement with respect to such Registrable
Securities as described in Sections 2, 3 and 4 on a form permitted by Section 2, 3 or 4 and available for the sale of the Registrable Securities by the Holders thereof in accordance with the intended method or methods of distribution thereof or such
amendments and post-effective amendments to an existing Registration Statement as may be necessary to keep such Registration Statement effective for the time periods set forth in Sections 2(b) or 3(c) (if applicable); provided, that no
Registration Statement shall be required to remain in effect after all Registrable Securities covered by such Registration Statement have been sold and distributed as contemplated by such Registration Statement; 
  
 (ii) take such reasonable action as may be necessary so that: (i) any
Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto (and each report or other document incorporated therein by reference) complies in all material respects with the
Securities Act and the Exchange Act and the respective rules and regulations thereunder, (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an 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, and (iii) any Prospectus forming part of any Registration Statement, and any amendment or supplement to such Prospectus, does not, as of such
date, include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (iii) notify the selling Holders of Registrable Securities and the
managing underwriters, if any, promptly and, if requested, by the Holders, confirm such notice in writing (1) when a new Registration Statement, Prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to
any new Registration Statement or post-effective amendment, when it has become effective, (2) of any request by the SEC for amendments or supplements to any Registration Statement or Prospectus or for additional information, (3) of the issuance by
the SEC of any comments with respect to any filing and of the Company’s responses thereto, (4) of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose, (5) of any
suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose and (6) of the happening of any event which makes any statement of a material fact made in
any Registration Statement, Prospectus or any document incorporated therein by reference untrue or which requires the making of any changes in any Registration Statement, Prospectus or any document incorporated therein by reference in order to make
the statements therein (in the case of any Prospectus, in 

  

 8 

 
the light of the circumstances under which they were made) not misleading (which notice shall be accompanied by an instruction to suspend the use of the Prospectus
relating to such Registrable Securities until the requisite changes have been made); 
  
 (iv) furnish to each selling Holder of Registrable Securities prior to the filing thereof with the SEC, a copy of any Registration Statement, and
each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein and afford such Holder, the managing underwriter and their respective counsel a reasonable opportunity within a reasonable period to review and
comment on copies of all such documents (including a reasonable opportunity to review copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed; 
  
 (v) furnish to each selling Holder of Registrable Securities, without
charge, as many conformed copies as may reasonably be requested, of the then effective Registration Statement and any post-effective amendments thereto, including financial statements and schedules, all documents incorporated therein by reference
and all exhibits (including those incorporated by reference); 
  
 (vi) deliver to each selling Holder of Registrable Securities, without charge, as many copies of the then effective Prospectus (including each prospectus subject to completion) and any amendments or supplements thereto as such Persons may
reasonably request in order to permit the offering and sale of the shares of such Registrable Securities to be offered and sold, but only while the Company shall be required under the provisions hereof to cause the Registration Statement to remain
effective, and the Company consents (except during a suspension period permitted by this Agreement) to the use of the Prospectus or any amendment or supplement thereto by the selling Holder in connection with the offering and sale of the Registrable
Securities covered by the Prospectus or any amendment or supplement thereto in accordance with the terms hereof; 
  
 (vii) use its reasonable best efforts to prevent the issuance, and if issued to obtain the withdrawal, of any order suspending the effectiveness of
the Registration Statement relating to such Registrable Securities; 
  
 (viii) prior to any offering of Registrable Securities pursuant to any Registration Statement, use reasonable best efforts to register or qualify or cooperate with the selling Holders of Registrable Securities and their
respective counsel in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or blue sky laws of such jurisdictions as any selling Holder of Registrable Securities or underwriter
reasonably requests in writing and to keep such registration or qualification (or exemption therefrom) effective during the period such 

  

 9 

 
Registration Statement is required to be kept effective and to do all other acts or things reasonably necessary or advisable to enable the disposition in such
distributions of the securities covered by the applicable Registration Statement; provided, however, that the Company will not be required to (1) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify, but for this paragraph (viii), (2) subject itself to general taxation in any such jurisdiction or (3) file a general consent to service of process in any such jurisdiction; 
  
 (ix) cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation of, and furnish
the selling Holders or the managing underwriters, at the Company’s expense, certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations
and registered in such names as the selling Holders or managing underwriters, if any, may reasonably request at least two Business Days prior to any sale of Registrable Securities to any underwriters and instruct the transfer agent and registrar of
the Registrable Securities to release any stop transfer orders with respect to the Registrable Securities; 
  
 (x) cause all Registrable Securities covered by the Registration Statement to be listed on each securities exchange (or quotation system operated by
a national securities association) on which identical securities issued by the Company are then listed on or prior to the effective date of any Registration Statement filed hereunder and enter into customary agreements including, if necessary, a
listing application and indemnification agreement in customary form; 
  
 (xi) provide the Holders, the transfer agent and registrar a CUSIP number for the Registrable Securities no later than the effective date of such Registration Statement; 
  
 (xii) use its best efforts to comply with all applicable rules and
regulations of the SEC relating to such registration and the distribution of the securities being offered and make generally available to its securities holders, as soon as reasonably practicable, earnings statements satisfying the provisions of
Section 11(a) of the Securities Act; 
  
 (xiii) cooperate
and assist in any filings required to be made with the National Association of Securities Dealers, Inc.; 
  
 (xiv) if requested, include or incorporate in a Prospectus supplement or post-effective amendment to a Registration Statement, such information as
the managing underwriters administering an Underwritten Offering of the Registrable Securities registered thereunder reasonably request to be included therein and to which the Company does not reasonably object and make all required filings of such
Prospectus supplement or post- 

  

 10 

 
effective amendment as soon as reasonably practicable after they are notified of the matters to be included or incorporated in such Prospectus supplement or
post-effective amendment; 
  
 (xv) upon the occurrence of
any event contemplated by clauses (4) (5) or (6) of Section 5(a)(iii) above, as soon as reasonably practicable prepare a post-effective amendment to any Registration Statement or an amendment or supplement to the related Prospectus or file any other
required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the Prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; 
  
 (xvi) subject to the proviso in paragraph (xv) above, cause the Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Registrable Securities (other than as may be required by the governmental agencies or
authorities of any foreign jurisdiction and other than as may be required by a law applicable to a selling Holder by reason of its own activities or business other than the sale of Registrable Securities); 
  
 (xvii) if such offering is an Underwritten Offering, enter into an
underwriting agreement with an investment banking firm selected in accordance with Section 5(c) of this Agreement containing representations, warranties, indemnities and agreements then customarily included by an issuer in underwriting agreements
with respect to secondary underwritten distributions and take all such other actions as are reasonably requested by the managing underwriters for such underwritten offering in order to facilitate the registration or the disposition of such
Registrable Securities; 
  
 (xviii) if such offering is an
Underwritten Offering, (a) make reasonably available for inspection by each selling Holder of Registrable Securities and any managing or lead underwriter in such Underwritten Offering, and any attorney, accountant or other agent retained by such
selling Holder or any such underwriter, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries as shall be reasonably necessary to enable them to conduct a “reasonable”
investigation for purposes of Section 11(a) of the Securities Act; (b) cause the Company’s officers, directors and employees to make reasonably available for inspection all relevant information reasonably requested by the selling Holder or any
such underwriter, attorney, accountant or agent in connection with any such Registration Statement, in each case, as is customary for similar due diligence examinations; provided, that any information that is designated by the Company as
confidential at the time 

  

 11 

 
of delivery of such information shall be kept confidential by the selling Holder, such underwriter, or any such, attorney, accountant or agent, unless such disclosure
is required by law, or such information becomes available to the public generally or through a third-party without an accompanying obligation of confidentiality; and (c) deliver such documents and certificates as may be reasonably requested by the
selling Holder and the managing underwriters, if any, including customary opinions of counsel and “cold comfort” letters as may be reasonably required pursuant to the underwriting agreement relating thereto. 
  
 (xix) in connection with an Underwritten Offering requested pursuant
to Section 2 or 3, the Company will participate, to the extent reasonably requested by the managing underwriter for the offering or the Demanding Holder or Shelf Demanding Holder participating therein, in customary efforts to sell the securities
under the Underwritten Offering, including, without limitation, participating in “road shows” or other investor meetings, and the Company shall secure the reasonable participation of its senior management for such purposes; and 

 
 (xx) use its reasonable best efforts to take all other reasonable
steps necessary to effect the registration, offering and sale of the Registrable Securities covered by the Registration Statement contemplated hereby. 
  
 The Company may require each seller of Registrable Securities, prior to inclusion of its Registrable Securities in a Registration Statement as to which any
registration is being effected, to furnish to the Company such information regarding such seller and the distribution of such Registrable Securities as the Company may from time to time reasonably request and as shall be required in connection with
any registration referred to herein. No Holder may include Registrable Securities in any Registration Statement pursuant to this Agreement unless and until such Holder has furnished to the Company such information. Each Holder further agrees to
furnish as soon as reasonably practicable to the Company all information required to be disclosed in order to make information previously furnished to the Company by such Holder not materially misleading. 
  
 (b) Each Holder of Registrable Securities agrees that, upon receipt of any written
notice from the Company of the happening of any event of the kind described in clause (4), (5) or (6) of Section 5(a)(iii) or in Section 6(b), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the then current
Prospectus until (1) such Holder is advised in writing by the Company that a new Registration Statement covering the offer of Registrable Securities has become effective under the Securities Act or (2) such Holder receives copies of a supplemented
or amended Prospectus contemplated by this Section 5(b), or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed. If the Company shall have given any such notice during a period when a demand
registration is in effect, the Company shall extend the period described in Section 2(b) or 3(c) (as applicable) by the number of days during which any such disposition of Registrable Securities is discontinued pursuant to this paragraph. If so
directed by the Company, on the happening of such event, the Holder will deliver to the Company (at the Company’s expense) all copies, other than permanent 

  

 12 

 
file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. 
  
 (c) Selection of Underwriters. With respect to any Underwritten Offering, the
Company shall be entitled to select the managing underwriter; provided, that if the Underwritten Offering is undertaken pursuant to Section 2 or 3 hereof, such managing underwriter shall be selected by the Holders of a majority of the
Registrable Securities included in such registration, subject to approval of the Company, which approval shall not be unreasonably withheld. 
  
 Section 6.     Other Agreements. 
  
 (a) “Market Stand-Off” Election. In the case of any Underwritten Offering, upon the request of the managing underwriter, each Holder agrees not to
effect any public sale or distribution of Registrable Securities, except as part of such Underwritten Offering pursuant to the terms hereof, during the period beginning fifteen (15) days prior to the closing date of such Underwritten Offering and
during the period ending ninety (90) days after such closing date (or such longer period, not to exceed 180 days, as may be reasonably requested by the Company or by the managing underwriter or underwriters). 
  
 (b) Material Development Condition. With respect to any Registration Statement
filed or to be filed pursuant to Section 2 or 3, if the Company determines that, in its good faith judgment, (i) filing a Registration Statement or maintaining effectiveness of a current Registration Statement would have a material adverse effect on
the Company or its stockholders in relation to any material financing, acquisition or other corporate transaction, and the Company has determined that disclosure of any such transaction is not in the best interests of the Company and its
stockholders, or (ii) the filing or maintaining effectiveness of a current Registration Statement would require disclosure of material information that the Company has a valid business purpose of retaining as confidential, upon the giving of a
written notice (a “Delay Notice”) to such effect, signed by the Chairman of the Board of Directors, Chief Executive Officer, President or Chief Financial Officer of the Company, to any Holder of Registrable Securities included or to be
included in such Registration Statement, the Company shall be entitled to postpone filing or suspend the use by the Holders of the Registration Statement for a reasonable period of time, provided that the Company may not postpone the filing or
suspend any such sales for a period of more than sixty (60) consecutive days; provided, that the Company shall not be entitled to exercise any such right more than two times in any calendar year or less than 30 days from the prior suspension
period; and provided further, that such exercise shall not prevent the Holders from being entitled to at least 240 days of effective registration per calendar year. 
  
 (c) Limitation on Demand, Shelf and Piggyback Registration Rights. Anything to the contrary contained in this Agreement
notwithstanding, when upon the written opinion of counsel for the Company (which may be in-house counsel) delivered to a Holder requesting registration hereunder that the Registrable Securities held by such Holder are not Registrable Securities as
defined in clause (iii) of the definition thereof and the Company has agreed to remove all restrictive securities law legends with respect to such Registrable Securities, such Holder shall have no rights, pursuant to Sections 2, 3 or 4 hereof, to
request a registration in connection with such proposed sale; provided, however, if counsel for such Holder of Registrable Securities 

  

 13 

 reasonably disagrees in a written opinion delivered to the Company with such written opinion of counsel for the Company, the
foregoing limitation on registration rights shall be of no force or effect. 
  
 Section
7. Registration Expenses. 
  
 All expenses incident to the
Company’s performance of or compliance with this Agreement, including without limitation all registration and filing fees, listing fees, fees and expenses of compliance with securities or blue sky laws (including reasonable fees and
disbursements of counsel in connection with blue sky qualifications or registrations (or the obtaining of exemptions therefrom) of the Registrable Securities), fees of the National Association of Securities Dealers, Inc. transfer and registration
fees of transfer agents and registrars, printing expenses (including expenses of printing Prospectuses), messenger and delivery expenses, internal expenses (including, without limitation, all salaries and expenses of its officers and employees
performing legal or accounting duties), fees and disbursements of its counsel and its independent certified public accountants (including expenses of any special audit or accounting review), securities acts liability insurance (if the Company elects
to obtain such insurance), fees and expenses of any special experts retained by the Company in connection with any registration hereunder, reasonable fees and expenses, not to exceed $20,000 per registration hereunder (or $50,000 in connection with
an IPO), of one counsel for the Holders (and any necessary local counsel), fees and expenses of other Persons retained by the Company, fees and expenses of one law firm chosen by the holders of a majority of Registrable Securities included in a
registration pursuant hereto and all out-of-pocket fees and expenses incurred by any Holder in connection with the IPO (all such expenses being referred to as “Registration Expenses”), shall be borne by the Company; provided, that
Registration Expenses shall not include out-of-pocket expenses incurred by the Holders (except out-of-pocket expenses set forth in this Section 7) and underwriting discounts, commissions or fees attributable to the sale of the Registrable
Securities, which shall be paid by the Holders pro rata on the basis of the number of shares of Common Stock registered on their behalf. 
  
 Section 8. Indemnification. 
  
 (a) Indemnification by the Company. The Company, without limitation as to time agrees to indemnify and hold harmless, to the fullest extent permitted by law,
but without duplication, each Holder of Registrable Securities included in a Registration Statement, its officers, directors, employees, partners, principals, equityholders, managed or advised accounts, advisors and agents, and each Person who
controls such Holder within the meaning of Section 15 of the Securities Act, and, unless indemnification of such Persons is otherwise provided for in the applicable underwriting agreement, each underwriter, its partners, members, directors and
officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act (individually, an “Indemnified Person”), from and against all losses, claims, damages, liabilities and expenses
(including reasonable costs of investigation and reasonable legal fees and expenses and including expenses incurred and amounts paid in settlement of any litigation, commenced or threatened) arising out of or based upon any untrue statement (or
alleged untrue statement) of a material fact in, or any omission (or alleged omission) of a material fact required to be stated in, such Registration Statement or Prospectus or necessary to make the statements therein (in the case of a Prospectus in
light of the 
  

 14 

 circumstances under which they were made) not misleading, as such expenses are incurred, except insofar as the same are caused by
or contained in any information furnished in writing to the Company by any Indemnified Person or any underwriter expressly for use therein. 
  
 (b) Indemnification by Holders of Registrable Securities. In connection with any Registration Statement in which a Holder of Registrable Securities is
participating, each such Holder will furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and agrees to indemnify and hold
harmless, to the fullest extent permitted by law, severally but not jointly with any other Holder, but without duplication, and without limitation as to time, the Company, its officers, directors, shareholders, employees, advisors and agents, and
each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including reasonable costs of investigation and reasonable legal fees and expenses and including expenses
incurred in settlement of any litigation, commenced or threatened) arising out of or based upon any untrue statement (or alleged untrue statement) of material fact in, or any omission (or alleged omission) of a material fact required to be stated
in, the Registration Statement or Prospectus or necessary to make the statements therein (in the case of a Prospectus in light of the circumstances under which they were made) not misleading, as such expenses are incurred, to the extent, but only to
the extent, that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder to the Company specifically for inclusion therein. In no event shall any participating Holder be liable for any
amount in excess of the proceeds (net of payment of all expenses (excluding underwriting discounts and commissions paid or payable by such Holder)) received by such Holder upon the sale of the Registrable Securities offered and sold by such Holder
pursuant to such Registration Statement. 
  
 (c) Conduct of
Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) permit such indemnifying party to assume the
defense of such claim with counsel of such indemnifying party’s choice; provided, however, that any Person entitled to indemnification hereunder shall have the right to employ separate counsel and to participate in the defense of
such claim, but the fees and expenses of such counsel shall be at the expense of such indemnified Person unless (A) the indemnifying party shall have agreed in writing to pay them, (B) the indemnifying party shall have failed to assume the defense
of such claim and employ counsel reasonably satisfactory to the indemnified party in a timely manner or (C) the named parties to an action, claim or proceeding (including any impleaded parties) include any indemnified party and the indemnifying
party or any of its Affiliates and in the reasonable judgment of any such Person, based upon advice of its counsel, (1) a conflict of interest may exist between such person and the indemnifying party with respect to such claims (in which case, if
the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such
person) or (2) there may be one or more legal defenses available to it which are different from or in addition to those available to the indemnifying party; provided, that such counsel only be hired to the extent necessary for such defense or
defenses; and provided, further, that the indemnifying party shall be responsible to pay the fees and expenses of only one law firm plus one local counsel in each necessary jurisdiction pursuant to these clauses (A), (B) and (C). The
indemnifying party will not be 
  

 15 

 
subject to any liability for any settlement made without its written consent (which consent shall not be unreasonably withheld). No indemnified party will be required
to 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 of such claim or
litigation. An indemnifying party who is not entitled to, or elects not to, assume the defense of the claim will not be obligated to pay the fees and expenses of more than one counsel (plus one local counsel if required in a specific instance) for
all parties indemnified by such indemnifying party with respect to such claim. The failure by an indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 9, except to the
extent the failure to give such notice is materially prejudicial to the indemnifying party’s ability to defend such action. 
  
 (d) Contribution. If for any reason the indemnification provided for in Section 8(a) or Section 8(b) is unavailable to an indemnified party or insufficient
to hold it harmless as contemplated by Section 8(a) and Section 8(b), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement or the omission or alleged omission relates to information supplied by the indemnifying party or parties on the one hand or the indemnified party on the other and the parties, relative intent, knowledge, access to
information and opportunity to correct or prevent such untrue statement or omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who
was not guilty of such fraudulent misrepresentations. The amount paid or payable by a party as a result of any losses shall be deemed to include any legal or other fees or expenses incurred by such part in connection with any proceeding, to the
extent such party would have been indemnified for such expenses if the indemnification provided for in Section 8(a) or Section 8(b) were available to such party. In no event shall any participating Holder be liable for any amount in excess of the
proceeds (net of payment of all expenses (excluding underwriting discounts and commissions paid or payable by such Holder)) received by such Holder upon the sale of the Registrable Securities offered and sold by such Holder pursuant to such
Registration Statement. 
  
 (e) Remedies Cumulative. The indemnity,
contribution and expense reimbursement obligations under this Section 8 shall be in addition to any liability each indemnifying person may otherwise have and shall remain operative and in full force and effect regardless of any investigation made by
or on behalf of any indemnified party. 
  
 Section 9. Participation in Underwritten
Registrations. 
  
 No Person may participate in any Underwritten
Offering hereunder unless such Person (i) agrees to sell such Person’s Registrable Securities on the basis provided in any underwriting arrangements related thereto and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. Nothing in this Section 9 shall be construed to 

  

 16 

 
create any additional rights regarding the registration of Registrable Securities in any Person otherwise than as set forth herein. 
  
 Section 10. Subsequent Registration Rights. 
  
 The Company shall not grant any Person any registration rights with respect to shares
of Common Stock other than registration rights that expressly permit the Holders to participate in the registration at least pro rata with the Person being granted registration rights based on the number of shares requested to be included (and on a
basis no less favorable to the Holders than that of the Person being granted registration rights). Notwithstanding anything herein to the contrary, the Company may grant registration rights with respect to shares of Common Stock issued in connection
with an acquisition of stock or assets of another company so long as the registration rights would not be in conflict with or inconsistent with the rights of the Holders hereunder in any material respect. 
  
 Section 11. Rule 144 Reporting. 
  
 With a view to making available the benefits of certain rules and regulations of the
SEC that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its reasonable best efforts to: 
  
 (a) make and keep public information regarding the Company available as those terms are understood and defined in and interpreted under Rule 144 under the
Securities Act, at all times from and after ninety (90) days following the effective date of an IPO registration statement; 
  
 (b) file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time
after it has become and remains subject to such reporting requirements; and 
  
 (c) so long as a Holder owns any Restricted Securities, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after
ninety (90) days following the effective date of an IPO registration statement), and of the Securities Act and the Exchange Act (at any time after it has become and remains subject to such reporting requirements), a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself to any rule or regulation of the SEC allowing a Holder to sell any such securities without registration. 

 
 Section 12. Amendments and Waivers. 
  
 The provisions of this Agreement, including the provisions of this Section 12, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless (a) with respect to a particular offering hereunder, the Company has obtained the written consent of Holders of a majority
of the Registrable Securities included in such offering or (b) in any other event, the Company has obtained the written consent of Holders of a majority of the Registrable Securities then outstanding as determined by the Company and so long as the
effect thereof will be that the consenting Holders will not be treated 

  

 17 

 
more favorably than all other Holders. Whenever the consent or approval of Holders of a specified number of Registrable Securities is required hereunder, Registrable
Securities held by the Company shall not be counted in determining whether such consent or approval was given by the Holders of such required number. 
  
 Section 13.     Notices. 
  
 All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or
air-courier guaranteeing overnight delivery: 
  
 (a) If to a Holder of
Registrable Securities, initially at the address set forth below such Holder’s signature page hereto, and thereafter at such other address as may be designated from time to time by notice given in accordance with the provisions of this Section
13. 
  
 (b) If to the Company, initially at 1001 Fleet Street, Baltimore,
Maryland 21202, Attention: Chief Financial Officer; telecopier no. (410) 843-2139, with a copy to Skadden, Arps, Slate, Meagher & Flom LLP, 300 South Grand Avenue, Suite 3400, Los Angeles, California 90071, Attention: Jeffrey H. Cohen, Esq.,
Facsimile: (213) 687-5600, and thereafter at such other address as may be designated from time to time by notice given in accordance with the provisions of this Section 13. 
  
 (c) All such notices and other communications shall be deemed to have been delivered and received (i) in the case of personal
delivery, telecopier or telegram, on the date of such delivery, (ii) in the case of overnight air courier, on the Business Day after the date when sent and (iii) in the case of mailing, on the third Business Day following such mailing. 

 
 Section 14.     Successors and Assigns. 
  
 This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto, including without limitation and without the need for an express assignment to subsequent Holders of the Registrable Securities who acquire their shares in transactions not involving a registration under the
Securities Act or a sale of shares in the public markets; provided, that the transferee or assignee of such rights assumes in writing the obligations of such transferor under this Agreement and shall be added to Schedule I attached hereto as
a result and provided, further, that no successor or assign shall be deemed a Holder or entitled to the rights of a Holder unless such successor or assign (a) is an Affiliate of a Stockholder or (b) acquires from a Stockholder
Registrable Securities constituting 10% or more of the then-outstanding shares of Common Stock. 
  
 Section 15.     Counterparts. 
  
 This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the
same agreement. 
  
 Section 16.     Headings. 

 

 18 

 The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
  
 Section 17. Governing Law. 
  
 THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 
  
 Section 18. Jurisdiction; Forum. 
  
 Each party hereto consents and submits to the jurisdiction of any state court sitting in the County of New York or federal court sitting in the Southern District of
the State of New York in connection with any dispute arising out of or relating to this Agreement. Each party hereto waives any objection to the laying of venue in such courts and any claim that any such action has been brought in an inconvenient
forum. To the extent permitted by law, any judgment in respect of a dispute arising out of or relating to this Agreement may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified copy of such
judgment being conclusive evidence of the fact and amount of such judgment. Each party hereto agrees that personal service of process may be effected by any of the means specified in Section 13, addressed to such party. The foregoing shall not limit
the rights of any party to serve process in any other manner permitted by law. 
  
 Section 19. Severability. 
  
 In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
  
 Section 20.
Termination Of Registration Rights. 
  
 All rights granted under
this Agreement shall terminate with respect to any Holder at such time as such Holder ceases to own Registrable Securities. 
  
 Section 21. Remedies. 
  
 In the event of a breach by any party of any of its obligations under this Agreement, the other parties, in addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, will be entitled to specific performance of their rights under this Agreement. The Company and the Stockholders agree that monetary damages would not be adequate compensation for any
loss incurred by reason of a breach by the Company or the Stockholders, as the case may be, of any of the provisions of this Agreement and hereby further agree that, in the event of any action for specific performance in respect of such breach, the
Company or the Stockholders, as the case may be, shall waive the defense that a remedy at law would be adequate. No failure or delay on the part of the Company or the Stockholders in 

  

 19 

 
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude
any other or further exercise thereof or the exercise of any other right, power or remedy. 
  
 Section 22. Entire Agreement. 
  
 This Agreement is
intended by the parties as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. This Agreement
supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 20 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written. 
  

			
	EDUCATE, INC.
		
	 By:
	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	APOLLO SYLVAN, LLC
		
	 By:
	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 Address: c/o Apollo Advisors, L.P.
Two Manhattanville Road
Purchase, New York 10577

	 
	APOLLO SYLVAN II, LLC
		
	 By:
	 	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 Address: c/o Apollo Advisors, L.P.
Two Manhattanville Road
Purchase, New York 10577

  

 i

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