Document:

LETTER AMENDMENT NO. 2 

Dated as of September 17, 2020

To the banks (collectively, the “Lenders”) parties
to the Credit Agreement referred to
below and to Bank of America, N.A., as administrative agent
(the “Administrative Agent”) for the Lenders

Ladies and Gentlemen:

We refer to the Credit Agreement dated as of October 17, 2018, as amended by Letter Amendment No. 1 dated as of August 26, 2019 (the “Credit Agreement”) among the undersigned and you. Capitalized terms not otherwise defined in this Letter Amendment have the same meanings as specified in the Credit Agreement.

It is hereby agreed by you and us as follows:

The Credit Agreement is, effective as of the date of this Letter Amendment, hereby amended as follows:

(a)               The following definitions of “Bail-In Action”, “Bail-In Legislation”, “Consolidated Total Leverage Ratio” and “Write-Down and Conversion Powers” in Section 1.01 are amended in full to read as follows:

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

“Bail-In Legislation” means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

“Consolidated Total Leverage Ratio” means, as of the last day of each fiscal quarter, the ratio of (i) Consolidated Funded Debt minus Covenant Cash as of such day, to (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters ending as of such day.

“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that Person or any other Person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

	

(b)               Section 1.01 is further amended by adding thereto in appropriate alphabetical order the following new definitions:

“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 

“Covenant Cash” means, as of any day, consolidated unrestricted cash and cash equivalents of EWI and its Subsidiaries on such day, determined in a manner substantially consistent with the determination of the line item “Cash and cash equivalents” presented on the consolidated balance sheet of EWI and its Subsidiaries filed by EWI in its quarterly report on Form 10-Q for the period ended June 30, 2020 and, for the avoidance of doubt, shall not include cash that, substantially consistent with the methodology used to determine such line items in such Form 10-Q, would be reported under the line items “ATM cash”, “Restricted cash” or “Settlement assets” on a consolidated balance sheet of EWI and its Subsidiaries.

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

(c)               Section 8.09(b) is amended in full to read as follows:

(b)        Consolidated Interest Coverage Ratio. As of the end of each fiscal quarter, permit the Consolidated Interest Coverage Ratio to be less than 4.00:1.00; provided that, upon notice (the “Interest Coverage Notice”) from EWI to the Administrative Agent given not more than 30 days after the end of any fiscal quarter, for such fiscal quarter and any specified period of up to two additional consecutive fiscal quarters following such fiscal quarter, the Consolidated Interest Coverage Ratio will be not less than 3.50:1.00 for such fiscal quarter(s); provided, further, that on the 45th day after the end of each fiscal quarter for which the Interest Coverage Notice is applicable, EWI shall pay to the Administrative Agent for the account of each Lender its USD Revolving Commitment Percentage of a fee, in Dollars, equal to 0.05% per annum of the actual daily amount of the Aggregate Master Revolving Committed Amount for each day of such fiscal quarter; and provided still further, the Interest Coverage Notice may be given by EWI no more than once and, if such Interest Coverage Notice specifies a period of more than one fiscal quarter, EWI may, upon notice given not more than 30 days after the end of any fiscal quarter after the initial fiscal quarter for which the Interest Coverage Notice applies, rescind such notice for such fiscal quarter and any subsequent fiscal quarter in the specified period (and shall not be required to pay a fee as set forth in this Section 8.09(b) in respect any fiscal quarter for which the Interest Coverage Notice has been rescinded).

	

(d)               Section 11.20 is amended in full to read as follows:

SECTION 11.20.        Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in this Credit Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising hereunder, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)        the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

(b)        the effects of any Bail-In Action on any such liability, including, if applicable:

(i)         a reduction in full or in part or cancellation of any such liability;

(ii)     a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Credit Agreement; or

(iii)     the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

This Letter Amendment shall become effective as of the date first above written when, and only when the Administrative Agent shall have received (a) counterparts of this Letter Amendment executed by the undersigned and the Required Lenders and (b) for the account of each Lender who has delivered a counterpart to this Letter Amendment, an amendment fee paid by or on behalf of EWI in an amount equal to 0.15% of the USD Revolving Commitment of such Lender.  This Letter Amendment is subject to the provisions of Section 11.01 of the Credit Agreement.

EWI represents and warrants to the Lenders and the Administrative Agent that (a) the execution, delivery and performance by EWI of this Letter Amendment, and the consummation of the transactions contemplated hereby, (i) are within EWI’s powers, (ii) have been duly authorized by all necessary corporate action, (iii) require no consent or approval of or action by or in respect of, or registration or filing with, any Governmental Authority, agency or official, except such as have been obtained or made and are in full force and effect, (iv) do not contravene, or constitute a default under, any provision of applicable law, regulation or order of any Governmental Authority or the Organization Documents of EWI or of any judgment, injunction, order or decree binding upon EWI, (v) do not result in the creation or imposition of any Lien on any asset of EWI except Liens in favor of the Lenders, and (vi) will not violate or result in a default under any indenture, loan agreement or other material agreement or instrument binding upon EWI or its assets, or give rise to a right thereunder to require any payment to be made by EWI, (b) this Letter Amendment has been duly executed and delivered by EWI and is the legal, valid and binding obligation of EWI, enforceable against EWI in accordance with its terms, provided that the enforceability hereof is subject to general principles of equity and to bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights generally, (c) the representations and warranties of each Credit Party contained in Article VI of the Credit Agreement, are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which is true and correct in all respects as so qualified) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects (other than any representation or warranty qualified by materiality or Material Adverse Effect, which are true and correct in all respects as so qualified) as of such earlier date, and except that for purposes of this Letter Amendment, the representations and warranties contained in subsections (a) and (b) of Section 6.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 7.01 of the Credit Agreement and (d) no Default exists or will exist after giving effect to this Letter Amendment.

	

On and after the effectiveness of this Letter Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Letter Amendment.

The Credit Agreement and the Notes, as specifically amended by this Letter Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.  The execution, delivery and effectiveness of this Letter Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement.

If you agree to the terms and provisions hereof, please evidence such agreement by executing and returning at a counterpart of this Letter Amendment to Susan L. Hobart, Shearman & Sterling LLP, 599 Lexington Avenue, New York, New York  10022.

This Letter Amendment may be executed in any number of counterparts (and by different parties hereto in separate counterparts), each of which when so executed shall constitute an original, but all of which taken together shall constitute a single agreement.  Delivery of an executed counterpart of a signature page to this Letter Amendment by telecopy or electronic imaging means shall be effective as delivery of a manually executed counterpart of this Letter Amendment, as more fully described in Section 11.19 of the Credit Agreement.

This Letter Amendment shall be governed by, and construed in accordance with, the law of the State of New York.

Very truly yours,

EURONET WORLDWIDE, INC., as a Borrower and a Guarantor

By /s/ Rick Weller
      Name: Ricky Lee Weller
      Title: EVP/CFO Euronet Worldwide, Inc.

	

Agreed as of the date first above written:

BANK OF AMERICA, N.A.,
            as Administrative Agent 

By /s/ Liliana Claar
      Name: Liliana Claar
      Title: Vice President

BANK OF AMERICA, N.A.,
            as Lender

By /s/ Alok Jain
      Name: Alok Jain
      Title: Senior Vice President

WELLS FARGO BANK, NATIONAL ASSOCIATION

By /s/ Jeremy Schultz
      Name: Jeremy Schultz
      Title: Managing Director

U.S. BANK NATIONAL ASSOCIATION

By /s/ Peter I. Bystol
      Name: Peter I. Bystol
      Title: Senior Vice President

	

BMO HARRIS BANK, N.A. 

By /s/ Andrew Berryman
      Name: Andrew Berryman
      Title: Vice President

BANK OF MONTREAL,

By /s/ Andrew Berryman
      Name: Andrew Berryman
      Title: Vice President

BBVA USA, an Alabama banking corporation f/k/a Compass Bank

By /s/ Jay Tweed
      Name: Jay Tweed
      Title: Senior Vice President

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

By /s/ Gordon Yip
      Name: Gordon Yip
      Title: Director

By /s/ Andrew Sidford
      Name: Andrew Sidford
      Title: Managing Director

FIFTH THIRD BANK, NATIONAL ASSOCIATION

By /s/ Michael Cortese
      Name: Michael Cortese
      Title: Vice President

KEYBANK NATIONAL ASSOCIATION

By /s/ Geoff Smith
      Name: Geoff Smith
      Title: Senior Vice President

LLOYDS BANK CORPORATE MARKETS PLC

By /s/ Kamala Basdeo
      Name: Kamala Basdeo
      Title: Assistant Vice President

	

By /s/ Tina Wong

      Name: Tina Wong
      Title: Assistant Vice President

REGIONS BANK

By /s/ Jason Douglas
      Name: Jason Douglas
      Title: Director

BARCLAYS BANK PLC

By /s/ David Williams                     Executed in New York
      Name: David Williams
      Title: Director

KBC BANK N.V., NEW YORK BRANCH

By /s/ Nicholas A. Fiore
      Name: Nicholas A. Fiore
      Title: Director

By /s/ Susan M. Silver
      Name: Susan M. Silver
      Title: Managing Director

ROYAL BANK OF CANADA

By /s/ Theodore Brown
      Name: Theodore Brown
      Title: Authorized Signatory

BOKF, NA

By /s/ Ryan Humphrey
      Name: Ryan Humphrey
      Title: VP

CITIZENS BANK & TRUST

By /s/ Kenneth A. Robertson
      Name: Kenneth A. Robertson
      Title: Senior Vice PresidentDocument

Exhibit 4.2
Execution Version

KRONOS BIO, INC.
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT
THIS AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”), is made as of July 1, 2019, by and among Kronos Bio, Inc., a Delaware corporation (the “Company”), the holders of the Company’s Series Seed Preferred Stock, par value $0.001 per share (the “Series Seed Preferred Stock”), listed on Schedule A hereto (the “Series Seed Holders”), and the holders of the Company’s Series A Preferred Stock, par value$0.001 per share (the “Series A Preferred Stock,” and together with the Series Seed Preferred Stock, the “Preferred Stock”), listed on Schedule A hereto (the “Series A Holders,” and together with the Series Seed Holders, the “Investors”) and any Additional Purchaser (as defined in the Purchase Agreement) that becomes a party to this Agreement in accordance with Section 6.9 hereof.
RECITALS
WHEREAS, the Company and the Series Seed Holders are parties to that certain Investors’ Rights Agreement dated as of May 22, 2018 (the “Prior Agreement”);
WHEREAS, in accordance with Section 6.6 of the Prior Agreement, amendment of the Prior Agreement requires the written consent of the Company and the holders of at least sixty percent (60%) of the Registrable Securities (as defined  in the Prior Agreement) then outstanding;
WHEREAS, the Company and the Series A Holders are parties to the Series A Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”); and
WHEREAS, the Company and the undersigned Series Seed Holders desire to amend and restate the Prior Agreement in accordance with Section 6.6 thereof in order to induce the Series A Holders to invest funds in the Company pursuant to the Purchase Agreement, and the Investors and the Company hereby agree that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern certain other matters as set forth in this Agreement.
NOW, THEREFORE, the parties hereby agree as follows:
1.Definitions. For purposes of this Agreement:
1.1“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For the avoidance of doubt, Polaris Growth Fund  I,  L.P. and its respective Affiliates shall each be deemed to be an Affiliate of LS Polaris Innovation Fund, L.P., Polaris Partners VIII, L.P. and Polaris Entrepreneurs’ Fund VIII, L.P.
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1.2“Common Stock” means shares of the Company’s common stock, par value $0.001 per share.
1.3“Competitor” means a Person engaged, directly or indirectly (including through any partnership, limited liability company, corporation, joint venture or similar arrangement (whether now existing or formed hereafter)), in the business of discovering and developing cancer therapies, including the screening of chemical libraries to identify binders or inhibitors of complex protein interactions, but shall not include (a) any financial investment firm or collective investment vehicle that, together with its Affiliates, holds less than twenty percent (20)% of the outstanding equity of any Competitor and does not, nor do any of its Affiliates, have a right to designate any members of the Board of Directors of any Competitor, (b) Two River Consulting, LLC (including its partners, officers and Affiliates), (c) Vida Ventures, LLC and its Affiliates, (d) GV 2019, L.P. and its Affiliates, (e) LS Polaris Innovation Fund, L.P., Polaris Partners VIII, L.P. and Polaris Entrepreneurs’ Fund VIII, L.P. (including their respective partners, officers, investment firms, investment vehicles, and Affiliates), (f) Bonderman Family Limited Partnership and its Affiliates, (g) Artal Treasury Ltd. and its Affiliates, (h) any then current officer or director of the Company, or (i) any other Person that the Board determines, in its sole discretion, shall not be deemed to be a Competitor for purposes of this Agreement.
1.4“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary  to  make  the  statements  therein  not  misleading;  or  (iii)  any  violation  or  alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange  Act,  any  state  securities  law,  or  any  rule  or  regulation  promulgated  under  the Securities Act, the Exchange Act, or any state securities law.
1.5“Derivative Securities” means any securities or rights convertible into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants.
1.6“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
1.7“Excluded Registration” means (i) a registration relating to the sale of securities  to  employees  of  the  Company  or  a  subsidiary  pursuant  to  a  stock  option,  stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also being registered.
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1.8"FOIA Party” means a Person that, in the reasonable determination of the Board of Directors of the Company (the “Board”), may be subject to, and thereby required to disclose non-public information furnished by or relating to the Company under, the Freedom of Information Act, 5 U.S.C. 552 (“FOIA”), any state public records access law, any state or other jurisdiction’s laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement.
1.9“Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC.
1.10“Form S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC.
1.11“GAAP” means generally accepted accounting principles in the United States.
1.12“Holder” means any holder of Registrable Securities who is a party to this Agreement.
1.13“Immediate Family Member” means a 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, including, adoptive relationships, of a natural person referred to herein.
1.14“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.
1.15“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.
1.16“Key Employee” means  any  executive-level  employee  (including, division director and vice president-level positions) as well as any employee who, either alone or in concert  with others, develops, invents,  programs, or designs any Company Intellectual Property (as defined in the Purchase Agreement).
1.17“Major Investor” means an Investor holding at least one million (1,000,000) shares of Preferred Stock (or Common Stock issued upon conversion of Preferred Stock).
1.18“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.
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1.19"Person"  means any individual,  corporation, partnership, trust,  limited liability company, association or other entity.
1.20"Preferred  Director"  means each of the Series A Directors  and the Series Seed Directors.
1.21"Preferred  Stock"  means,  collectively,  shares  of the  Company's  Series Seed Preferred Stock and Series A Preferred Stock.
1.22"Qualified IPO"   means  the  closing   of a  public  offering  of shares   of Common  Stock that would  result  in an automatic conversion of the Preferred Stock  pursuant  to Section 5.1 of Article  Fourth of the Restated  Certificate.
1.23"Registrable Securities" means  (i) the Common  Stock issuable or  issued upon conversion  of the  Preferred  Stock;  and (ii) any Common  Stock  issued as (or issuable  upon the conversion or exercise of any warrant, right, or other  security that  is  issued  as) a dividend  or other distribution  with respect  to, or in exchange for or  in  replacement of,  the  shares  referenced in  clause  (i) above;  excluding in  all cases,  however,  any Registrable  Securities  sold  by a Person in a transaction in which  the applicable rights under  this Agreement  are  not assigned  pursuant  to Subsection  6.1,  and excluding for purposes  of Section  2 any shares  for which  registration rights have terminated pursuant  to Subsection  2.13 of this Agreement.
1.24"Registrable Securities then  outstanding" means  the  number of shares determined by adding  the number of shares  of outstanding Common  Stock  that are  Registrable Securities and  the  number of shares  of Common  Stock issuable  (directly  or indirectly)  pursuant to then exercisable and/or  convertible securities that  are Registrable Securities.
1.25"Restated Certificate" means the Company's third amended and restated  certificate  of incorporation  filed with the  Secretary  of State of Delaware  on or about  the date  hereof, as may be amended  and/or  restated  from time to time.
1.26"Restricted Securities"  means  the  securities  of the  Company  required  to be notated with the  legend set forth in Subsection  2. l 2(b) hereof.
1.27"SEC" means the  Securities and Exchange  Commission.
1.28"SEC Rule 144"  means  Rule   144  promulgated  by  the  SEC  under  the Securities Act.
1.29"SEC  Rule  145"  means  Rule   145  promulgated  by  the  SEC  under  the Securities Act.
1.30"Securities Act" means  the  Securities  Act  of 1933,  as amended,  and  the rules and regulations promulgated thereunder.
1.31"Selling Expenses" means all underwriting discounts, selling commissions,  and  stock  transfer  taxes  applicable to  the  sale of Registrable  Securities, and  fees
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and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection 2.6.
1.32“Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock, par value $0.001 per share.
1.33“Series  A  Directors”  means  any  directors  of  the  Company  that  the holders of record of the Series A Preferred Stock are entitled to elect pursuant to the Restated Certificate.
1.34“Series Seed Directors” means any directors of the Company that the holders of record of the Series Seed Preferred Stock are entitled to elect pursuant to the Restated Certificate.
1.35“Series Seed Preferred Stock” means shares of the Company’s Series Seed Preferred Stock, par value $0.001 per share.
2.Registration Rights. The Company covenants and agrees as follows:
2.1Demand Registration.
(a)Form S-1 Demand.  If at any time one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company receives a request from Holders of at least sixty percent (60%) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to the Registrable Securities then outstanding with an anticipated aggregate offering price, net of Selling Expenses, of at least $15 million, then the Company shall (x) within ten (10) days after the date such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.
(b)Form S-3 Demand.  If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at  least twenty percent (20%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $3 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given
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by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections 2.1(c) and 2.3.
(c)Notwithstanding   the   foregoing   obligations,   if   the   Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board it would be  materially detrimental to  the Company and  its  stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be  required to  remain effective, because  such action would (i)  materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period; and provided further that the Company shall not register any securities for its own account or that of any other stockholder during such one hundred twenty (120) day period other than an Excluded Registration.
(d)The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a): (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; (ii) after the Company has effected two (2) registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b).  The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(b) (i) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two (2) registrations pursuant to Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request.  A registration shall not be counted as “effected” for purposes of this  Subsection 2.1(d)  until such time  as  the  applicable  registration statement  has  been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d).
2.2Company Registration.   If the Company proposes to register (including, for this purpose, a registration effected by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such
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securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give each Holder notice of such registration.  Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration.  The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration.  The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.
2.3Underwriting Requirements.
(a)If,  pursuant to  Subsection 2.1, the  Initiating  Holders  intend  to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice.   The underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority in interest of the Initiating Holders.  In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.   All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting   agreement   in   customary  form   with   the   underwriter(s)  selected   for   such underwriting.   Notwithstanding any other provision of this Subsection 2.3, if the managing underwriter(s)  advise(s)  the  Initiating  Holders  in  writing  that  marketing  factors  require  a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.
(b)In  connection  with  any  offering  involving  an  underwriting  of shares of the Company’s capital stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by stockholders to  be  included  in  such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the
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Company shall be required to  include  in the offering only that  number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering.  If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling  Holders.    To  facilitate  the  allocation of shares  in  accordance with the  above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares.  Notwithstanding the foregoing, in no event shall (i) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for  any selling  Holder  that  is  a  partnership,  limited  liability company, or  corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be  based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence.
(c)For purposes of Subsection 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such registration statement are actually included.
2.4Obligations of the Company.  Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible:
(a)prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one hundred twenty (120) day
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period shall be extended by up to an additional one hundred twenty (120) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold;
(b)prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with such registration statement,  as  may  be  necessary to  comply with the  Securities  Act  in order  to  enable  the disposition of all securities covered by such registration statement;
(c)furnish  to  the  selling  Holders  such  numbers  of  copies  of  a prospectus, including a preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities;
(d)use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;
(e)in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;
(f)use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;
(g)provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration;
(h)promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the  information in  such registration statement  and  to  conduct  appropriate due  diligence  in connection therewith;
(i)notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and
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(j)after  such registration statement  becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus.
In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act.
2.5Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2  with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities.
2.6Expenses of Registration. All expenses (other than Selling Expenses) incurred  in  connection  with  registrations,  filings,  or  qualifications  pursuant  to  Section  2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements, not to exceed $10,000, of one counsel for the selling Holders (“Selling Holder Counsel”), shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro  rata  based  upon the  number  of Registrable  Securities that  were to  be  included  in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such information then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b).   All Selling Expenses relating to Registrable Securities registered pursuant to this Section 2  shall be  borne and paid  by the Holders pro  rata on the basis of the number of Registrable Securities registered on their behalf.
2.7Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.
2.8Indemnification. If any Registrable Securities are included in a registration statement under this Section 2:
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(a)To the extent permitted by law, the Company will indemnify and hold  harmless  each  selling  Holder,  and  the  partners,  members,  officers,  directors,  and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration.
(b)To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who  has  signed  the  registration statement,  each Person (if  any),  who  controls the Company within the  meaning of the  Securities  Act,  legal counsel and  accountants  for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such  registration; and  each  such  selling  Holder  will  pay  to  the  Company  and  each  other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; and  provided  further  that  in  no  event  shall the  aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder.
(c)Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will,  if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified
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parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action.  The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall  relieve  such  indemnifying  party of any  liability  to  the  indemnified  party  under  this Subsection 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action.  The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Subsection 2.8.
(d)To  provide for  just  and equitable contribution to  joint  liability under the Securities Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act maybe required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others)  in  such  proportion  as  is  appropriate  to  reflect  the  relative  fault  of  each  of  the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations.  The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative  intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder  (net  of any  Selling  Expenses  paid  by  such  Holder),  except  in  the  case  of willful misconduct or fraud by such Holder 
(e)Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.
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(f)Unless   otherwise   superseded   by   an   underwriting  agreement entered into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this Agreement 
2.9Reports Under Exchange Act  With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall:
(a)make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO;
(b)use  commercially reasonable efforts to  file  with the  SEC 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 the Company has become subject to such reporting requirements); and
(c)furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form) 
2.10Limitations on Subsequent Registration Rights.  From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of sixty- seven percent (67%) of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that (i) would allow such holder or prospective holder (i) to include such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number of the Registrable Securities of the Holders that are included; or (ii) allow such holder or prospective holder to initiate a demand for registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 6.9.
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2.11“Market Stand-off” Agreement.    Each Holder hereby agrees that it will not,  without  the  prior  written  consent  of  the  managing  underwriter,  during  the  period commencing on the date of the final prospectus relating to the registration by the Company of shares of its  Common Stock  or  any other  equity securities under  the  Securities  Act  on a registration statement  on Form S-1 or Form S-3, and ending on the date specified  by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the IPO, plus up to eighteen (18) additional days as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to  another,  in whole or  in part,  any of the  economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise   The foregoing provisions of this Subsection 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer of any shares to any trust for the direct or indirect benefit of the Holder or the immediate family of the Holder, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein, and provided further that any such transfer shall not involve a disposition for value, and shall be applicable to the Holders only if all officers and directors are subject to the same restrictions and the  Company uses commercially reasonable efforts to obtain a  similar  agreement  from all stockholders individually owning more than five percent (5%) of the Company’s outstanding Common  Stock  (after  giving  effect  to  conversion  into  Common  Stock  of  all  outstanding Preferred Stock).  The underwriters in connection with such registration are intended third-party beneficiaries of this Subsection 2.11 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Subsection 2.11 or that are necessary to give further effect thereto.  Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements.
2.12Restrictions on Transfer.
(a)The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act.   A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities 
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held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement.
(b)Each  certificate,  instrument, or  book  entry representing (i)  the Preferred Stock, (ii) the Registrable Securities, and (iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form:
THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. SUCH SECURITIES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.
THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY  IN  ACCORDANCE  WITH  THE  TERMS  OF  AN  INVESTORS’ RIGHTS AGREEMENT, AS  AMENDED, AMONG THE COMPANY, THE STOCKHOLDER AND THE OTHER PARTIES THERETO, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.
The  Holders  consent  to  the  Company making  a  notation  in  its  records  and  giving instructions  to  any  transfer  agent  of  the  Restricted  Securities  in  order  to  implement  the restrictions on transfer set forth in this Subsection 2.12.
(c)The  holder  of  such  Restricted  Securities,  by  acceptance  of ownership thereof, agrees to comply in all respects with the provisions of this Section 2.  Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer.  Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed  sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the Company.  The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no consideration;
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provided that each transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act.
2.13Termination of Registration Rights.   The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earlier to occur of:
(a)the closing of a Deemed Liquidation Event, as such term is defined in the Restated Certificate;
(b)following the date on which the Company is subject to the periodic reporting requirements under Section 13 or 15(d) of the Exchange Act, such time as SEC Rule 144 or another similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; or
(c)the fifth anniversary of the IPO.
3.3Information Rights.
3.1Delivery of Financial Statements.   The Company shall deliver to each Major Investor, provided that the Board has not reasonably determined that such Major Investor is a Competitor:
(a)as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company (i) a balance sheet as of the end of such fiscal year, (ii) statements of income and of cash flows for such fiscal year, and (iii) a statement of stockholders’ equity as of the end of such fiscal year; all such financial statements will be prepared in accordance with GAAP, and may be audited or unaudited as determined by the Board;
(b)as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments; and (ii) not contain all notes thereto that may be required in accordance with GAAP);
(c)as soon as practicable, but in any event thirty (30) days before the end of each fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board and prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and
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(d)within thirty (30) days following a request by the Major Investor, (i) an unaudited income statement for a given month, and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (x) be subject to normal year-end audit adjustments and (y) not contain all notes thereto that may be required in accordance with GAAP), and (ii) a summary capitalization table as of a given month that  will  enable  such  Major  Investor  to  determine  its  percentage  ownership  in  the Company’s outstanding capital stock.
If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries.
Notwithstanding anything else in this Subsection 3.1 to the contrary, the Company may cease providing the information set forth in this Subsection 3.1 during the period starting with the date sixty (60) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided  that the Company’s covenants under this Subsection 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective.
3.2Inspection.   The Company shall permit each Investor (provided that the Board has not reasonably determined that such Investor is a Competitor), at such Investor’s expense, to  visit  and  inspect  the Company’s properties; examine  its  books of account  and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal  business  hours  of  the  Company  as  may  be  reasonably requested  by  the  Investor; provided, however, that the Company shall not be obligated pursuant to this Subsection 3.2 to provide access to any information that it reasonably and in good faith considers to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel.
3.3Termination of Information.   The covenants set forth in Subsection 3.1 and Subsection 3.2 shall terminate and be of no further force or effect upon the earliest to occur of: (i) immediately before the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate.
3.4Confidentiality.   Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Subsection 3.4 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s
17

confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Subsection 3.4; (iii) to any existing or prospective Affiliate, partner, member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such information; or (iv) as may otherwise be required by law, provided that the Investor promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure.
4.Rights to Future Stock Issuances.
4.1.Right of First Offer. Subject to the terms and conditions of this Subsection 4.1 and applicable securities laws, if the Company proposes to offer or sell any New Securities, the Company shall first offer such New Securities to each Investor. An Investor shall be entitled to apportion the right of first offer hereby granted to it in such proportions as it deems appropriate, among (i) itself and (ii) its Affiliates; provided that each such Affiliate (x) is not a Competitor or FOIA  Party, unless such party’s purchase of  New Securities is otherwise consented to by the  Board, (y) agrees to enter into this Agreement and the  Amended and Restated Voting Agreement of even date herewith among the Company, the Investors and the other parties named therein (the “Voting Agreement”), as an “Investor” under each such agreement (provided that any Competitor or FOIA Party shall not be entitled to any rights as an Investor under Subsections 3.1, 3.2 and 4.1 hereof).
(a)The Company shall give notice (the “Offer Notice”) to each Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities.
(b)By notification to the Company within twenty (20) days after the Offer Notice is given, each Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Registrable Securities then held by such Investor bears to the total number of Registrable Securities then outstanding. At the expiration of such twenty (20) day period, the Company shall promptly notify each Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Investor’s failure to do likewise. During the ten (10) day period commencing after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Investors were entitled to subscribe but that were not subscribed for by the Investors which is equal to the proportion that the Registrable Securities then held, by such Fully Exercising Investor bears to the Registrable Securities then held by all Fully Exercising Investors
18

who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this Subsection 4.1(b) shall occur within the later of one hundred and twenty (120) days of the date that the Offer Notice is given and  the  date  of  initial  sale  of New  Securities  pursuant  to Subsection 4.1(c).
(c)If all New Securities referred to in the Offer Notice are not elected to be purchased or acquired as provided in Subsection 4.1(b), the Company may, during the one hundred  and  twenty (120)  day period  following the  expiration of the  periods  provided  in Subsection 4.1(b), offer and sell the remaining unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice.  If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Investors in accordance with this Subsection 4.1.
(d)The right of first offer in this Subsection 4.1 shall not be applicable to (i) Exempted Securities (as defined in the Restated Certificate); (ii) shares of Common Stock issued in the IPO; and (iii) the issuance of shares of Preferred Stock pursuant to the Purchase Agreement.
4.2.Termination.   The covenants set forth in Subsection 4.1 shall terminate and be of no further force or effect (i) immediately before the consummation of the IPO, or (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) a Deemed Liquidation Event, as such term is defined in the Restated Certificate, whichever event occurs first.
5.5Additional Covenants.
5.1Insurance.  The Company shall use its commercially reasonable efforts to obtain, within ninety (90) days of the date hereof, from financially sound and reputable insurers Directors and Officers liability insurance, each  in an amount and on terms and  conditions satisfactory to the Board of Directors (including at least a majority of the Preferred Directors then in office), and will use commercially reasonable efforts to cause such insurance policies to be maintained until such time as the Board of Directors (including at least a majority of the Preferred  Directors then  in  office)  determines  that  such  insurance  should  be  discontinued. Notwithstanding any other provision of this Section 5.1 to the contrary, for so long as a Preferred Director (as  defined  in  the  Restated  Certificate)  is  serving on the  Board of Directors, the Company shall not cease to maintain a Directors and Officers liability insurance policy unless approved by such Preferred Director, and the Company shall annually, within one hundred twenty (120) days after the end of each fiscal year of the Company, deliver to the Preferred Directors a certification that such a Directors and Officers liability insurance policy remains in effect.
5.2Employee Agreements.   The Company will cause each person now or hereafter employed by it or by any subsidiary (or engaged by the Company or any subsidiary as 
19

a consultant/independent contractor) with access to confidential information and/or trade secrets to enter  into  a  nondisclosure  and  proprietary rights  assignment  agreement.    In  addition,  the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any employee, without the approval of a majority of the Board of Directors (including at least a majority of the Preferred Directors then in office).
5.3Employee Stock.  Unless otherwise approved by the Board (including at least a majority of the Preferred Directors then in office) all future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four (4) year period, with the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued  employment  or  service,  and  the  remaining  shares  vesting  in  equal  monthly installments over the following three (3) years, (ii) the immediate expiration of all unvested options upon an employee’s or consultant’s, as applicable, termination or resignation from the Company, (iii) a ninety (90) day exercise period for an employee or consultant, as applicable, to exercise vested options upon an employee’s or consultant’s, as applicable, termination or resignation, and (iv) a market stand-off provision substantially similar to that in Subsection 2.11. Without the prior approval of the Board (including at least a majority of the Preferred Directors then in office), the Company shall not amend, modify, terminate, waive or otherwise alter, in whole or in part, any stock purchase, stock restriction or option agreement with any existing employee or service provider if such amendment would cause it to be inconsistent with this Subsection 5.3.  In addition,  unless otherwise approved by the  Board  (including  at  least  a majority of the Preferred Directors then in office) the Company shall retain a “right of first refusal” on employee transfers until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock.
5.4Board Matters.  Unless otherwise determined by the vote of a majority of the directors then in office, the Board shall meet at least quarterly in accordance with an agreed- upon schedule.  The Company shall reimburse the directors for all reasonable and documented out-of-pocket expenses (consistent with Company policies) incurred in connection with attending meetings of the Board. Each Preferred Director shall be entitled in such person’s discretion to be a member of any committee of the Board of Directors.
5.5Successor Indemnification.   If the Company or any of its successors or assignees consolidates with or  merges  into  any  other  Person and  is  not  the  continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, the Restated Certificate, or elsewhere, as the case may be.
5.6Indemnification Matters.   The Company hereby acknowledges that one (1)  or more of the directors nominated to serve on the Board by the Investors (each a “Fund Director”)  may  have  certain  rights  to  indemnification,  advancement  of  expenses   and/or
20

insurance provided by one or more of the Investors and certain of their affiliates (collectively, the “Fund Indemnitors”).  The Company hereby agrees (a) that it is the indemnitor of first resort (i.e., its obligations to any such Fund Director are primary and any obligation of the Fund Indemnitors to  advance  expenses  or  to  provide  indemnification  for  the  same  expenses  or liabilities incurred by such Fund Director are secondary), (b) that it shall be required to advance the full amount of expenses incurred by such Fund Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such Fund Director to the extent legally permitted and as required by the Restated Certificate or Bylaws of the Company (or any agreement between the Company and such Fund Director), without regard to any rights such Fund Director may have against the Fund Indemnitors, and, (c) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of any such Fund Director with respect to any claim for which such Fund Director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Director against the Company
5.7Additional Approvals.  Without the approval of the Board (including the affirmative vote or consent of a majority of the Preferred Directors then in office), the Company shall not, either directly or indirectly by amendment, merger, consolidation or otherwise (i) consummate a “Deemed Liquidation Event” as defined in the Restated Certificate, (ii) issue or obligate itself to issue any New Securities (other than Exempted Securities, shares of Common Stock issued in the IPO, or shares of Preferred Stock issued pursuant to the Purchase Agreement) or (iii) sell, assign, license, pledge, or encumber any material intellectual property assets, other than non-exclusive licenses granted in the ordinary course of business.
5.8CFIUS Matters.  To the extent that the Company engages in the design, fabrication, development, testing, production or manufacture of critical technologies within the meaning of the  Defense Production Act  of 1950,  as  amended,  including  all  implementing regulations thereof, whether because of a new categorization of technology by the U.S. government or otherwise, the Company shall promptly provide notice to Omega Fund V, L.P. (“Omega”).
5.9Termination of Covenants.   The covenants set forth in this Section 5, except for Subsections 5.5 and 5.6, shall terminate and be of no further force or effect upon the earliest to occur of: (i) immediately before the consummation of the IPO; (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act; or (iii) upon a Deemed Liquidation Event, as such term is defined in the Restated Certificate.
6.Miscellaneous.
6.1Successors  and  Assigns.    The  rights  under  this  Agreement  may  be assigned (but  only with all related obligations) by a  Holder to  a transferee of Registrable
21

Securities that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 100,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection 2.11.  For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement.  The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.  Nothing in this Agreement, express or implied, is intended to confer upon  any  party other  than  the  parties  hereto  or  their  respective  successors  and  permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.
6.2Governing Law.   This Agreement and any controversy arising out of or relating to this Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware to the extent applicable, and to the extent the General Corporation Law of the State of Delaware is not applicable, the laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than such laws.
6.3Counterparts.    This  Agreement  may  be  executed  in  two  (2) or  more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.   Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
6.4Titles and Subtitles.  The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement.
22

6.5Notices.
(a)All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 6.5.  If notice is  given to  the Company, a copy (which shall not  constitute notice) shall also  be  sent  to Fredrikson & Byron, P.A., 200 South Sixth Street, Suite 4000, Minneapolis, MN 55402-1425, Attn: Christopher J. Melsha, Esq., email: .
(b)Each Investor consents to the delivery of any stockholder notice pursuant to the Delaware General Corporation Law (the “DGCL”), as amended or superseded from time to time, by electronic transmission pursuant to Section 232 of the DGCL (or any successor thereto) at the electronic mail address or the facsimile number set forth below such Investor’s  name  on  the  Schedules  hereto,  as  updated  from time  to  time  by  notice  to  the Company, or as on the books of the Company.  To the extent that any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed to have been revoked until a new or corrected electronic mail address has been provided, and such attempted Electronic Notice shall be ineffective and deemed to not have been given. Each Investor agrees to promptly notify the Company of any change in such stockholder’s electronic mail address, and that failure to do so shall not affect the foregoing.
6.6Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of sixty-seven percent (67%) of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party. In addition, any amendment or waiver of (i) Section 5.7 shall require the approval of the Board (including the affirmative vote or consent of a majority of the Preferred Directors then in office), and (ii) Section 5.8 shall require the consent of Omega. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all
23

Investors in the same fashion if such waiver does so by its terms, notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction). The Company shall give prompt notice of any amendment or termination hereof or waiver  hereunder  to  any party hereto  that  did  not  consent  in writing  to  such amendment, termination, or waiver.  Any amendment, termination, or waiver effected in accordance with this Subsection 6.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto.   No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.
6.7Severability.  In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.
6.8Aggregation  of  Stock.    All  shares  of  Registrable  Securities  held  or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.
6.9Additional Investors.  Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s Preferred Stock after the date hereof, any purchaser of such shares of Preferred Stock  shall, as a condition to such issuance, become  a  party  to  this  Agreement  by  executing  and  delivering  an  additional  counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder.   No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder.
6.10Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the  full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Prior Agreement shall terminate and be of no further force and effect and shall be superseded and replaced in its entirety by this Agreement.
6.11Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
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from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.
WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF.   THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON  LAW  AND  STATUTORY CLAIMS.    THIS  SECTION  HAS  BEEN  FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES  ITS  JURY  TRIAL  RIGHTS  FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
6.12Delays or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.   All remedies, whether under this  Agreement or by law  or otherwise afforded to any party, shall be cumulative and not alternative.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS  WHEREOF,  the parties hereto have executed  this Agreement  as of the date first written above.
															
	KRONOS BIO, INC.				
					
	By:	/s/ Norbert W. Bischofberger			
					
	Name:				Norbert W. Bischofberger
	Title:				President and Chief Executive Officer
					
	Address:				1300 S. El Camino Real
					Suite 300
					San Mateo, CA 94402

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	SEAVIEW TRUST	
		
	By:	/s/ Hannah Ackerman
	Name:	Hannah Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	BELLCO CAPITAL, LLC	
		
	By:	/s/ Joshua Bradley
	Name:	Joshua Bradley
	Title:	Executive Officer

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	VECCHIA PARTNERS, LTD.	
		
	By:	/s/ Rebecka Belldegrun
	Name:	Rebecka Belldegrun
	Title:	Director

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Tampere Trust
	By:	/s/ Mark Lewis & Karen Oliver		
	Name:	Mark Lewis & Karen Oliver		
			(signature)	
	Title:	Directors of Novatrust Limited as		
		trustee of the Tampere Trust		
				
	This Agreement is entered into by Novatrust
Limited in its capacity as trustee only of the
Tampere Trust and its
liability hereunder is limited to the property
held by it from time to time as trustee only of
that Trust			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Adrenalin Properties Limited
	By:	/s/ Mark Lewis & Karen Oliver		
			(signature)	
	Name:	Chaumont (Directors) limited		
	Title:	Sole Corporate Director		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	Ron-BCT	
		
	By:	/s/ Hanna Ackerman
	Name:	Hanna Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	Mia-BCT	
		
	By:	/s/ Hanna Ackerman
	Name:	Hanna Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	Daniel-BCT	
		
	By:	/s/ Hanna Ackerman
	Name:	Hanna Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	PZS-MIA GCT	
		
	By:	/s/ Hanna Ackerman
	Name:	Hanna Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	PZS-Ben BCT	
		
	By:	/s/ Hanna Ackerman
	Name:	Hanna Ackerman
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
			
	INVESTORS:
	
	JOSHUA A. KAZAM AND JOIA KAZAM,
JTWROS
	
	/s/ Joshua A. Kazam
	Joshua A. Kazam
	
	/s/ Joia Kazam
	Joia Kazam

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			David Tanen Revocable Grantor Trust
	By:	/s/ Gregory Kiernan		
			(signature)	
	Name:	Gregory Kiernan		
	Title:	Trustee		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Sonostar Ventures LLC
	By:	/s/ Gregory Kiernan		
			(signature)	
	Name:	Gregory Kiernan		
	Title:	Pres. & CEO		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Gregory Kiernan			
	(signature)			
				
	Gregory Kiernan			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Kiernan Family Trust
	By:	/s/ Vera H. Kiernan		
			(signature)	
	Name:	Vera H. Kiernan		
	Title:	Trustee		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Owen Witte			
	(signature)			
				
	Owen Witte			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Chang 2006 Family Trust
	By:	/s/ David D Chang & Jane Chang		
			(signature)	
	Name:	David D Chang & Jane Chang		
	Title:	co-Trustees		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Julia Chang 2018 Irrevocanle Trust
	By:	/s/ David D Chang		
			(signature)	
	Name:	David Chang		
	Title:	Trustee		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Robert Chang 2018 Irrevocanle Trust
	By:	/s/ David D Chang		
			(signature)	
	Name:	David Chang		
	Title:	Trustee		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Christopher M. Wilfong			
	(signature)			
				
	Christopher M. Wilfong			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	OMEGA FUND V, L.P.	
	By:	OMEGA FUND V GP, L.P.
its General Partner
	By:	OMEGA FUND V GP MANAGER, LTD.
its General Partner
		
		
		
	By:	/s/ A-M Paster
	Name:	A-M Paster
	Title:	

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Linda C. Barnes, Trustee of the
				Linda C. Barnes Living Trust, dated 11/8/18
	By:	/s/ Linda C. Barnes		
			(signature)	
	Name:	Linda C. Barnes		
	Title:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Navins Living Trust UAD 1/14/16
	By:	/s/ Scott Navins		
			(signature)	
	Name:	Scott Navins		
	Title:	Trustee		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Veer Bhavnagri			
	(signature)			
				
	Veer Bhavnagri			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Steven Blum			
	(signature)			
				
	Steven Blum			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Marius Pop			
	(signature)			
				
	Marius Pop			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	NORBERT W & INGER A	
	BISCHOFBERGER REVOCABLE INTER	
	VIVOS TRUST, DTD AUGUST 29, 1994	
		
		/s/ Norbert Bischofberger

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Nexus Development PA, LLC
	By:	/s/ John C. Martin		
			(signature)	
	Name:	John C. Martin		
	Title:	President		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Vida Ventures
	By:	/s/ Stefan Vitorovic		
			(signature)	
	Name:	Stefan Vitorovic		
	Title:	Managing Director		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	LG LANGE III TRUST DTD 10/12/16	
		
	By:	/s/ Louis Lange
	Name:	Louis Lange
	Title:	Trustee

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			GV 2019, L.P.
By: GV 2019 GP, L.O., its General Partner
By: GV 2019 GP, L.L.C., its General Partner
	By:	/s/ Daphne Chang		
			(signature)	
	Name:	Daphne M Chang		
	Title:	Authorized Signatory		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Perceptive Life Sciences Master Fund, LTD.
	By:	/s/ James H Mannix		
			(signature)	
	Name:	James H Mannix		
	Title:	COO		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Nextech V Oncology SCS, SICAV - SIF
	By:	/s/ James Pledger		
			(signature)	
	Name:	James Pledger		
	Title:	Manager		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	POLARIS PARTNERS VIII, L.P.	
	By:	POLARIS PARTNERS GP VIII, L.L.C.
		Its: GENERAL PARTNER
		
	By:	/s/ Lauren Crockett
		Lauren Crockett
		Attorney-in-fact
		
	POLARIS ENTREPERNEURS’ FUND VIII, L.P.	
	By:	POLARIS PARTNERS GP VIII, L.L.C.
		Its: GENERAL PARTNER
		
	By:	/s/ Lauren Crockett
		Lauren Crockett
		Attorney-in-fact
		
	LS POLARIS INNOVATION FUND, L.P.	
	By:	LS POLARIS INNOVATION GP, L.L.C
		Its: GENERAL PARTNER
		
	By:	/s/ Lauren Crockett
		Lauren Crockett
		Attorney-in-fact

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Joshua Bradley			
	(signature)			
				
	Joshua Bradley			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Andrew Riley			
	(signature)			
				
	Andrew Riley			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Jerry I. Speyer			
	(signature)			
				
	Jerry I. Speyer			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Robert J. Speyer			
	(signature)			
				
	Robert J. Speyer			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	BROTHERS EQUITIES LLC	
		
	By:	/s/ Jeffrey V. Mandel
		Jeffrey V. Mandel
		Authorized Signatory

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
						
	INVESTORS:	
		
	BROTHERS EQUITIES LLC	
		
	By:	/s/ Paul Galiano
		Paul Galiano
		Managing Member

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Aaron Kazam/ Samantha Kazam			
	(signature)			
				
	Aaron Kazam & Samantha Kazam			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Philip P. Gutry			
	(signature)			
				
	Philip P. Gutry			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			The Carrithers Family Trust DTD 3/8/2017
	By:	/s/ Traci L Carrithers		
			(signature)	
	Name:	Traci L Carrithers		
	Title:	Exec Coordinator/Operations Manager		
		/s/ Shannon F Carrithers		
	Name:	Shannon F Carrithers		
	Title:	RN		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Ronald I Dozoretz			
	(signature)			
				
	Ronald I Dozoretz			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Bonderman Family Limited Partnership
	By:	/s/ Clive Bode		
			(signature)	
	Name:	Clive Bode		
	Title:	President		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
	/s/ Tatiana Kedel			
	(signature)			
				
	Tatiana Kedel			
	(print name)			
				
	If an Entity (Including a trust):			
	Entity Name:			
	By:			
			(signature)	
	Name:			
	Title:			
				
	Address:			
				
				
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			KBV LLC.
	By:	Kingsbrook Opportunities GP LLC, its manager		
	By:	/s/ Scott M Walker		
			(signature)	
	Name:	Scott M Walker		
	Title:	Managing Member		

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

IN  WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of the date first written above.
												
	INVESTORS:			
				
	If an Individual:			
				
				
	(signature)			
				
				
	(print name)			
				
	Address:			
				
				
				
	Email:			
				
				
	If an Entity (Including a trust):			
	Entity Name:			Artal Treasury Ltd.
	By:	/s/ Kirsty Philippe		
			(signature)	
	Name:	Kirsty Philippe		
	Title:	Director		
				
	Email:			

SIGNATURE PAGE TO INVESTORS’ RIGHTS AGREEMENTS

SCHEDULE A
List of Investor
A-1

11.Holders of Series A Preferred Stock
A-2

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