Document:

EX-10.2

AMENDED AND RESTATED

SENIOR CREDIT FACILITIES

Summary of Terms and Conditions

November 8, 2014

PROJECT HORIZON

I. Parties

	 	 	 	Borrowers: Lionbridge Technologies, Inc. (“Lionbridge”), Lionbridge International (“LII”),
and Lionbridge International Finance Limited (“LIFL”) (collectively, the “Borrowers”).

	 	 	 	Guarantors: Consistent with the Existing Credit Agreement (as defined below).

	 	 	 	Sole Lead Arranger and

	 	 	 	Sole Bookrunner: HSBC Bank USA, National Association shall act as sole lead arranger
and sole bookrunner (“HSBC” and in such capacities, the “Lead Arranger”).

	 	 	 	Administrative Agent: HSBC shall act as sole administrative and collateral agent (in such
capacities, the “Administrative Agent”).

	 	 	 	Lenders: A syndicate of banks, financial institutions and other entities, including HSBC,
arranged by the Lead Arranger and reasonably acceptable to the Borrowers (collectively,
the “Lenders”).

	 	 	 	Senior Credit Facilities: The Senior Credit Facilities (defined below) shall constitute an
amendment and restatement of the revolving loan commitments, loans and other
obligations existing under the Amended and Restated Credit Agreement dated as of
October 30, 2013, by and among the Borrowers, the US Guarantors, the Foreign Guarantors
and the Lenders (in each case, as named therein) (the foregoing, the “Existing Credit
Agreement”).

	 	 	 	Closing Date: The closing date for execution of the definitive Credit Documentation (as
defined below) for the Senior Credit Facilities (the “Closing Date”), to occur no later
than sixty (60) days after the public announcement of the proposed CLS Acquisition.
For avoidance of doubt, the Credit Documentation will be executed on the Closing Date,
but will not become effective until the “Funding Date”, as defined below.

	 	 	 	Funding Date: The Credit Documentation and the Senior Credit Facilities thereunder will
become effective on the date when all of the “Conditions to the Funding Date” (outlined
below under Section VII., Certain Conditions to Closing and Funding) are satisfied, and
the Term Loans used to fund the CLS Acquisition will also be funded on this date (the
“Funding Date”). In addition, Revolving Loans under the Increased Revolving
Commitments (as defined below) may be funded on or after the Funding Date.

	 	 	 	Definitions: Capitalized terms used in this Term Sheet and not otherwise defined herein
shall have the meanings given in the Commitment Letter among the Borrowers and HSBC
dated of even date herewith.

II. Revolving Credit Facility

	 	 	 	Type and Amount of

	 	 	 	Facility: Five-year senior secured revolving credit facility (the “Revolving Credit
Facility”) in an amount of $100,000,000 (the loans thereunder, the “Revolving Loans”),
which will include a $35,000,000 increase over the revolving credit facility in the
Existing Credit Agreement (such increase, the “Increased Revolving Commitments”).

	 	 	 	Availability: The Revolving Credit Facility shall be available on a revolving basis during
the period commencing on the Funding Date and ending on the fifth anniversary thereof
(the “Revolving Credit Termination Date”).

	 	 	 	Letters of Credit: A portion of the Revolving Credit Facility not in excess of $10,000,000
shall be available for the issuance of letters of credit (the “Letters of Credit”) by
HSBC (in such capacity, the “Issuing Lender”). The face amount of any outstanding
Letter of Credit will reduce availability under the Revolving Credit Facility on a
dollar-for-dollar basis. No Letter of Credit shall have an expiration date after the
earlier of (a) one year after the date of issuance and (b) five business days prior to
the Revolving Credit Termination Date, provided that any Letter of Credit with
a one-year tenor may provide for the renewal thereof for additional one-year periods
(which shall in no event extend beyond the date referred to in clause (b)
above).

Drawings under any Letter of Credit shall be reimbursed by
the Borrowers (whether with their own funds or with the
proceeds of Revolving Loans) on the same business day. To
the extent that the Borrowers do not so reimburse the Issuing
Lender, the Lenders under the Revolving Credit Facility shall
be irrevocably and unconditionally obligated to reimburse the
Issuing Lender on a pro rata basis.

	 	 	 	Swing Line Loans: A portion of the Revolving Credit Facility not in excess of
$10,000,000 shall be available for swing line loans (the “Swing Line Loans”) from HSBC
(in such capacity, the “Swing Line Lender”) on same-day notice. Any such Swing Line
Loans will reduce availability under the Revolving Credit Facility on a
dollar-for-dollar basis. Each Lender under the Revolving Credit Facility shall
acquire, under certain circumstances, an irrevocable and unconditional pro rata
participation in each Swing Line Loan. The Swing Line Loans will be made available in
U.S. dollars only.

	 	 	 	Maturity: The Revolving Credit Facility shall mature on the Revolving Credit Termination
Date.

	 	 	 	Purpose: The proceeds of the Revolving Loans shall be used by the Borrowers for other
permitted acquisitions, working capital and general corporate purposes, including
permitted share repurchases.

	 	 	 	Multicurrency Option: The entire Revolving Credit Facility shall be available for
multicurrency borrowings and the issuance of Letters of Credit denominated in Euros,
Pounds Sterling, Yen and other freely traded currencies to be agreed upon in the Credit
Documentation.

III. Term Loan Facility

	 	 	 	Type and Amount of

	 	 	 	Facility: Five-year senior secured term loan facility (the “Term Loan Facility”; together
with the Revolving Credit Facility, the “Senior Credit Facilities”) in the amount of
$35,000,000 (the loans thereunder, the “Term Loans”; together with the Revolving Loans,
the “Loans”).

	 	 	 	Availability: The entire Term Loan Facility shall be drawn on the Funding Date.

	 	 	 	Scheduled Amortization: The Term Loans shall amortize in equal quarterly installments in an
aggregate annual amount equal to the percentages set forth below of the original
principal amount of the Term Loan Facility (the “Scheduled Amortization”):

	 	 	 	 	 
	Year 1:
	 	 	5.0	%
	Year 2:
	 	 	12.5	%
	Year 3:
	 	 	15.0	%
	Year 4:
	 	 	20.0	%
	Year 5:
	 	 	20.0	%

All outstanding Term Loans shall be repaid on the fifth
anniversary of the Funding Date (the “Term Loan Maturity
Date”). Term Loans that are repaid may not be reborrowed.

	 	 	 	Maturity: The Term Loan Facility shall be subject to repayment according to the Scheduled
Amortization, with the final payment of all amounts outstanding, plus accrued interest,
being due on the Term Loan Maturity Date.

	 	 	 	Purpose: The proceeds of the Term Loans shall be used by the Borrowers for the CLS
Acquisition. The “CLS Acquisition” means the closing of the acquisition by the
Borrowers, or by Lionbridge International (Ireland) (“LII”), of 100% of the stock or
assets of CLS Corporate Language Services Holding AG, a Swiss company (and including
all of its subsidiaries, “CLS”), in accordance with the conditions set forth in
Exhibit B to the Commitment Letter.

	IV.	 	Expansion Feature After the Closing Date, the Borrowers may on one or more occasions,
at the Borrowers’ option and subject to customary conditions to be mutually agreed upon,
obtain an increase in the amount of the Revolving Credit Facility or obtain incremental term
loans (each such incremental term loan facility or increase to the Revolving Credit Facility,
an “Incremental Facility” and, collectively, “Incremental Facilities”) by an aggregate amount
of up to $65,000,000 without the consent of any Lenders not participating in such increase,
pursuant to documentation reasonably satisfactory to the Borrowers, the Administrative Agent
and the Lenders participating in such increase; provided, that (a) no default or event
of default exists or would exist after giving effect to any such increase, (b) all financial
covenants would be satisfied on a pro forma basis after giving effect to any such increase,
(c) the Administrative Agent consents to any new Lender (such consent not to be unreasonably
withheld), (d) the Swing Line Lender and the Issuing Lender consent to any new Lender
participating in the Revolving Credit Facility, (e) none of the Administrative Agent, the
Lead Arranger or any Lender shall have any obligation or other commitment to provide all or
any portion of any such increase, (f) such Incremental Facilities will share pari passu in the
collateral described below, (g) all fees and expenses owing in respect of such increase to the
Administrative Agent and the Lenders (other than any Defaulting Lender) shall have been paid,
(h) if such Incremental Facility is a term loan facility, (i) the maturity date applicable to
such Incremental Facility will not be earlier than the latest maturity date of the existing
Term Loan Facility, (ii) the weighted average life to maturity of such Incremental Facility
will not be shorter than the weighted average life to maturity of the existing Term Loan
Facility and (iii) all other terms of such Incremental Facility, if not consistent with the
terms of the existing Term Loan Facility, will be as agreed between the Borrower and the
Lenders providing such Incremental Facility and (i) if such Incremental Facility is a
revolving facility, such Incremental Facility will be documented solely as an increase to the
commitments with respect to the Revolving Credit Facility, without any change in terms. The
requested increase may be assumed by one or more existing Lenders and/or by other financial
institutions, as agreed by the Borrowers and the Administrative Agent. Bank fees and legal
costs associated with any such increase will be determined by market conditions in the bank
loan market at the time of the exercise.

	V.	 	Collateral and 

	 	 	 	 	 
	 	 	Guaranties

	 	Consistent with the Existing Credit

Agreement, including (pursuant to the

Existing Credit Agreement), upon the closing

of the Senior Credit Facilities a pledge of

100% of the voting and non-voting capital

stock of CLS (or, if applicable, a pledge of

100% of the voting and non-voting capital

stock of Tuscany Holding AG, which owns

68.8% of the voting and non-voting capital

stock of CLS, and a pledge of the remaining

31.2% of voting and non-voting capital stock

of CLS) as security for the obligations of

LII and LIFL as Foreign Borrowers and/or

such guaranties. In addition, the

Administrative Agent and the Lenders shall

have the right to require after the closing

of the Senior Credit Facilities, subject to

the Borrowers’ consent which shall not be

unreasonably withheld or delayed, guaranties

by CLS of the obligations of LII and LIFL as

Foreign Borrowers, and a pledge or grant of

security interests in the assets of CLS;

provided, however, that such guaranties,

pledges and granting of security interests

in CLS assets may be limited (i) to the

extent they are prohibited or restricted by

applicable law or (ii) would result in

material adverse tax or accounting

consequences to the Borrowers or (iii) would

result in a material burden that would

exceed the benefit to the Lenders that would

be conferred thereby, and provided, however,

that the Borrowers’ shall not be deemed to

have unreasonably withheld consent to the

requested guaranty, pledge or grant of

security interest to the extent that the

requested guaranty, pledge or grant of a

security interest would result in the

negative consequences set forth in any of

the foregoing clauses (i), (ii) or (iii).

	VI.
	 	Certain Payment Provisions
	 	

	 	 	 
	 	

	 	 	Fees and Interest Rates:
	 	As set forth on Annex I.

	 	 	 	 	 

	 	 	 	Optional Prepayments and

	 	 	 	Commitment Reductions: The Borrowers may prepay the Senior Credit Facilities in whole or in
part at any time without premium or penalty, subject to reimbursement of the Lenders’
breakage and redeployment costs in the case of prepayment of LIBOR Rate borrowings.
Each such prepayment of the Term Loan Facility shall be applied as directed by the
Borrowers. The unutilized portion of the commitments under the Revolving Credit
Facility may be irrevocably reduced or terminated by the Borrowers at any time without
penalty.

	 	 	 
	VII.
	 	Certain Conditions to Closing

	 	 	 

	 	 	and Funding

	 	 	 

	 	 	 	Conditions to the

	 	 	 	Closing Date: The obligation of the Administrative Agent and the Lenders to execute the
Credit Documentation on the Closing Date shall be subject to the satisfaction of the
conditions expressly set forth in paragraphs 2, 7 and 11 of Exhibit B to the
Commitment Letter.

	 	 	 	Conditions to the

	 	 	 	Funding Date: Notwithstanding anything to the contrary in this Summary of Terms and
Conditions, the availability of, and the obligation of each Lender to make and fund
initial Loans under the Senior Credit Facilities, and the effectiveness of the Credit
Documentation, will be subject only to the satisfaction, on or before the “Long Stop
Date” as defined in the Acquisition Agreement (or such later date as may be agreed to
by the Administrative Agent, the “Expiration Date”), of the conditions expressly set
forth in Exhibit B to the Commitment Letter. For the avoidance of doubt, the
date of effectiveness of the Credit Documentation and date for funding the initial
Loans thereunder (including the $35 million Term Loan) is the “Funding Date”.

	 	 	 	Conditions to Subsequent

	 	 	 	Extensions of Credit: The making of each Revolving Loan and other extension of credit on any
date after the Funding Date shall be conditioned upon (a) the accuracy of all
representations and warranties in the Credit Documentation (including, without
limitation, the Material Adverse Effect and litigation representations) and (b) there
being no default or event of default in existence at the time of, or after giving
effect to the making of, such extension of credit.

VIII. Certain Documentation Matters

The Credit Documentation shall contain representations,
warranties, covenants and events of default customary for
financings of this type and other terms deemed appropriate by
the Administrative Agent and the Lenders, including, without
limitation the provisions described below. For the avoidance
of doubt, the availability of the Senior Credit Facilities
and the commitment of each Lender set forth above in Section
VII. Certain Conditions to Closing and Funding, are not
subject to the provisions outlined below:

	 	 	 	Representations and

	 	 	 	Warranties: The representations and warranties to be made by the Borrowers shall be
consistent with those made in the Existing Credit Agreement and other loan documents
delivered in connection therewith, with such changes or additions thereto as shall, in
the reasonable judgment of the Administrative Agent, be required to implement the terms
of this Term Sheet and the CLS Acquisition.

	 	 	 	Affirmative Covenants: The affirmative covenants of the Borrowers shall be consistent with
those made in the Existing Credit Agreement and other loan documents delivered in
connection therewith, with such changes or additions thereto as shall, in the
reasonable judgment of the Administrative Agent, be required to implement the terms of
this Term Sheet and the CLS Acquisition. Such changes will include updated financial
reporting covenants, including new financial statements and projections for the
Borrowers with the target CLS on a pro forma basis and showing pro forma financial
covenant compliance after giving effect to the CLS Acquisition. In addition, (a) the
Borrowers shall conduct any interest rate hedging and swap transactions with one or
more Lenders or other counterparties reasonably acceptable to the Administrative Agent,
and (b) the Borrowers shall continue to maintain their primary cash operating accounts
with HSBC as provided in the Existing Credit Agreement.

	 	 	 	Financial Covenants: Financial covenants will be the following:

	 	1.	 	Minimum Fixed
Charge Coverage Ratio (EBITDA less capital expenditures
less Restricted Payments to the extent paid in cash
during the applicable period less mandatory prepayments
of the Loans to Fixed Charges (as defined in the Credit
Documentation)) of:

	 	(a)	 	1.05x
during initial 24-month period following the Funding
Date; and

	 	(b)	 	1.25x at
24 months following the Funding Date, and all
periods thereafter.

	 	2.	 	Maximum Leverage
Ratio (Total Debt to EBITDA) of:

	 	(a)	 	3.25x
during initial 24-month period following the Funding
Date; and

	 	(b)	 	3.00x at
24 months following the Funding Date, and all
periods thereafter.

Financial covenants shall be tested quarterly on a trailing
twelve month basis. EBITDA shall be determined in a manner
substantially consistent with the Existing Credit Agreement
and shall be defined to include (i) non-cash charges
associated with employee stock and option plans; (ii)
amortization or write-down of intangibles (including, but not
limited to, goodwill); (iii) up to $2,500,000 of realized
foreign exchange charges related to hedging agreements; (iv)
other non-cash charges not to exceed $1,000,000 for such
period; (v) for any period ending on or before June 30, 2016,
non-recurring cash and non-cash charges not to exceed
$15,000,000 annually; and (vi) for any period ending
subsequent to June 30, 2016, non-recurring cash and non-cash
charges not to exceed $7,000,000 annually, provided,
however, that such non-recurring cash and non-cash
charges in clauses (v) and (vi) do not exceed, without
duplication, $26,700,000 in the aggregate during the term of
the Senior Credit Facilities; minus (c) any non-cash charge
(other than non-cash charges reflected in clauses (v) and
(vi)) previously added back to Consolidated Net Income in the
calculation of Consolidated EBITDA to the extent such
non-cash charge becomes a cash charge plus realized
foreign exchange gains related to hedging agreements, all as
determined in accordance with GAAP. In the event of a change
in GAAP treatment of operating leases, the financial
covenants will be calculated using a consistent treatment as
the now current GAAP rules adjusted for the new regulations.

	 	 	 	Negative Covenants: Consistent with those made in the Existing Credit Agreement and other
loan documents delivered in connection therewith, with such changes or additions
thereto as shall, in the reasonable judgment of the Administrative Agent, be required
to implement the terms of this Term Sheet and the CLS Acquisition (and to include a
negative pledge with respect to CLS and its subsidiaries).

	 	 	 	Permitted Acquisitions: Notwithstanding anything to the contrary contained in the Existing
Credit Agreement, the CLS Acquisition is deemed to be a Permitted Acquisition,
provided that it is consummated substantially on the terms set forth in (i) the
draft Share Purchase Agreement reviewed and approved by HSBC and (ii) the Acquisition
Agreement (which shall implement the terms set forth in the draft Share Purchase
Agreement approved by HSBC and shall not contain any changes or other terms that are
materially adverse to the Administrative Agent or the Lenders).

In addition, other acquisitions of companies or divisions in
a related line of business are permitted subject to
maintaining a cushion with respect to pro forma financial
covenant compliance and subject to other customary
limitations. Any acquisition funded with cash shall also (i)
allow for minimum post-acquisition Liquidity of $20,000,000
and (ii) not exceed $40,000,000 for any single acquisition
(or series of related acquisitions) or $75,000,000 in the
aggregate for all acquisitions consummated over the term of
the Senior Credit Facilities. Acquisitions falling outside
the conditions outlined above shall be subject to consent of
majority Lenders.

	 	 	 	Permitted Share Repurchases: Lionbridge shall be able to make share repurchases subject to
terms and conditions to be agreed to in the Credit Documentation.

	 	 	 	Events of Default: Nonpayment of principal when due; nonpayment of interest, fees or other
amounts; material inaccuracy of representations and warranties; violation of covenants;
cross-default; bankruptcy and insolvency events; certain ERISA events; material
judgments; change of control; invalidity of guaranty, Credit Documentation or
subordination provisions.

	 	 	 	Voting: Amendments and waivers with respect to the Credit Documentation shall require the
approval of two or more Lenders holding more than 50% of the aggregate amount of the
Loans, participations in Letters of Credit and Swing Line Loans and unused commitments
under the Revolving Credit Facility, except that (a) the consent of each Lender
directly affected thereby shall be required with respect to (i) reductions in the
amount or extensions of the scheduled date of amortization or final maturity of any
Loan, (ii) reductions in the rate of interest or any fee or extensions of any due date
thereof and (iii) increases in the amount or extensions of the expiry date of any
Lender’s commitment, (b) the written consent of Lenders representing a majority in
interest of each affected class shall be required with respect to certain changes to
the Credit Documentation in a manner that by their terms adversely affect the rights in
respect of payments due to Lenders holding Loans of any class differently than those
holding Loans of any other class, and (c) the consent of 100% of the Lenders shall be
required with respect to (i) modifications to any of the voting percentages and
(ii) releases of all or substantially all of the Collateral. The Credit Documentation
shall contain provisions addressing replacement of non-consenting Lenders.

	 	 	 	Defaulting Lender: The Credit Documentation shall contain defaulting Lender provisions
addressing, among other things, voting rights, reallocation of credit exposure among
non-defaulting Lenders and to the extent applicable, cash collateralization of the
Issuing Lender’s and the Swing Line Lender’s exposure to defaulting Lenders.

	 	 	 	Assignments and

	 	 	 	Participations: Without derogating from the commitment made by HSBC in the Commitment
Letter, (i) prior to or simultaneously with the closing of the CLS Acquisition, HSBC
shall be permitted to assign all or a portion of its loans and commitments, with the
consent of the Borrowers, not to be unreasonably withheld, and (ii) following the
closing of the CLS Acquisition, the Lenders shall be permitted to assign all or a
portion of their loans and commitments, with the consent, not to be unreasonably
withheld, of (a) the Borrowers, unless (i) the assignee is a Lender, an affiliate of a
Lender or an approved fund or (ii) an event of default has occurred and is continuing,
and (b) the Administrative Agent, the Issuing Lender and the Swing Line Lender, unless
and to the extent a Term Loan is being assigned to a Lender, an affiliate of a Lender
or an approved fund. In addition, each Lender may, without the need for any consent of
the Borrowers, the Administrative Agent or the Issuing Bank, pledge or assign any of
its rights under the Senior Credit Facilities (including, without limitation, any right
to payment of principal and interest under any Note) to secure obligations of such
Lender to a Federal Reserve Bank. In the case of partial assignments (other than to
another Lender, to an affiliate of a Lender or an approved fund), the minimum
assignment amount shall be $5,000,000, in the case of the Revolving Credit Facility,
and $1,000,000, in the case of the Term Loan Facility, unless otherwise agreed by the
Borrowers and the Administrative Agent. In each case, the assignee shall pay to the
Administrative Agent a processing fee in the amount of $3,500.

The Lenders shall also be permitted to sell participations in
their Loans. Participants shall have the same benefits as
the Lenders with respect to yield protection and increased
cost provisions (provided that no participant shall be
entitled to receive any greater amount under such provisions
than the transferor Lender would have been entitled to
receive in respect of the participation amount transferred).
Voting rights of participants shall be limited to those
matters with respect to which the affirmative vote of the
Lender from which it purchased its participation would be
required as described under “Voting” above. Pledges of Loans
in accordance with applicable law shall be permitted without
restriction.

No assignments or participations shall be permitted to be
made to natural persons.

	 	 	 	Yield Protection: The Credit Documentation shall contain customary provisions (a)
protecting the Lenders against increased costs or loss of yield resulting from changes
in reserve, tax, capital adequacy and other requirements of law and from the imposition
of or changes in withholding or other taxes and (b) indemnifying the Lenders for
“breakage costs” incurred in connection with, among other things, any prepayment of a
LIBOR Rate Loan on a day other than the last day of an interest period with respect
thereto. The Dodd-Frank Wall Street Reform and Consumer Protection Act and Basel III
(and all requests, rules, guidelines or directives relating to each of the foregoing or
issued in connection therewith) shall be deemed to be changes in law after the Closing
Date regardless of the date enacted, adopted or issued.

	 	 	 	Expenses and

	 	 	 	Indemnification: The Borrowers shall pay (a) all reasonable out-of-pocket expenses of the
Administrative Agent and the Lead Arranger associated with the syndication of the
Senior Credit Facilities and the preparation, execution, delivery and administration of
the Credit Documentation and any amendment or waiver with respect thereto (including
the reasonable fees, disbursements and other charges of counsel) and (b) all
out-of-pocket expenses of the Administrative Agent and the Lenders (including the fees,
disbursements and other charges of counsel) in connection with the enforcement of the
Credit Documentation or in any bankruptcy case or insolvency proceeding.

The Administrative Agent, the Lead Arranger and the Lenders
(and their affiliates and their respective officers,
directors, employees, advisors and agents) will have no
liability to the Borrowers, and will be indemnified and held
harmless against, any loss, liability, cost or expense
incurred in respect of the financing contemplated hereby or
the use or the proposed use of proceeds thereof (except to
the extent resulting from the gross negligence or willful
misconduct of the indemnified party).

	 	 	 
	Governing Law and Forum:

	 	State of New York.
	Counsel to the

Administrative Agent

and Lead Arranger:

	 	

Goulston & Storrs PC.

1

Annex I

Interest and Certain Fees

	 	 	 
	Interest Rate Options:
	 	The Borrowers may elect that the Loans comprising

each borrowing bear interest at a rate per annum

equal to:

	 	 	the Alternate Base Rate (as defined in the

Credit Documentation) plus the Applicable Margin; or

	 	 	the LIBOR Rate (as defined in the Credit

Documentation) plus the Applicable Margin.

	 	 	provided, that (i) all Swing Line Loans shall bear

interest based upon the Alternate Base Rate, and (ii)

all Loans denominated in a currency other than U.S.

dollars shall bear interest based upon the LIBOR

Rate.

	 	 	As used herein, “Applicable Margin” means a

percentage determined in accordance with the pricing

grid attached hereto as Annex I-A.

	Interest Payment Dates:
	 	In the case of Loans bearing interest based upon the

Alternate Base Rate (“Alternate Base Rate Loans”),

quarterly in arrears.

	 	 	In the case of Loans bearing interest based upon the

LIBOR Rate (“LIBOR Rate Loans”), on the last day of

each relevant interest period and, in the case of any

interest period longer than three months, on each

successive date three months after the first day of

such interest period.

	Unused Fees:
	 	The Borrowers shall pay an unused fee calculated at a

rate per annum determined in accordance with the

pricing grid attached hereto as Annex I-A on the

average daily undrawn amount of the Revolving Credit

Facility, payable quarterly in arrears. Swing Line

Loans will not be considered utilization of the

Revolving Credit Facility for purposes of this

calculation.

	Letter of Credit Fees:
	 	The Borrowers shall pay a commission on all

outstanding Letters of Credit at a per annum rate

equal to the Applicable Margin then in effect with

respect to LIBOR Rate Loans on the face amount of

each such Letter of Credit. Such commission shall be

shared ratably among the Lenders and shall be payable

quarterly in arrears.

	 	 	In addition, customary administrative, issuance,

amendment, payment and negotiation charges shall be

payable to the Issuing Lender for its own account.

	Default Rate:
	 	At any time when the Borrowers are in default in the

payment of any amount of principal due under the

Revolving Credit Facility, such amount shall bear

interest at 2% above the rate otherwise applicable

thereto. Overdue interest, fees and other amounts

shall bear interest at 2% above the rate applicable

to Alternate Base Rate Loans.

	Rate and Fee Basis:
	 	All per annum rates shall be calculated on the basis

of a year of 360 days (or 365/366 days, in the case

of Alternate Base Rate Loans the interest rate

payable on which is then based on the prime rate) for

actual days elapsed.

Annex I-A

Pricing Grid

	 	 	 	 	 	 	 	 	 	 	 
	Leverage Ratio
	 	LIBOR Rate Margin
	 	Alternate Base Rate

Margin

	 	Unused Fee

	 
	 	 	 	 	 	 

	 	 	 	 
	> 2.50x
	 	 	2.000	%	 	1.000%

	 	 	0.400	%
	 
	 	 	 	 	 	 

	 	 	 	 
	> 1.50x <2.50x
	 	 	1.750	%	 	0.750%

	 	 	0.350	%
	 
	 	 	 	 	 	 

	 	 	 	 
	> 1.00x <1.50x
	 	 	1.500	%	 	0.500%

	 	 	0.300	%
	 
	 	 	 	 	 	 

	 	 	 	 
	< 1.00x
	 	 	1.250	%	 	0.250%

	 	 	0.250	%
	 
	 	 	 	 	 	 

	 	 	 	 

2

EXHIBIT B

Conditions Precedent to Closing and Funding of the Senior Credit Facilities

The following shall have occurred concurrently with or prior to the Closing Date and the making of
the initial Loans on the Funding Date under the Senior Credit Facilities, in each case as indicated
in Section VII, “Certain Conditions to Closing and Funding” in the Term Sheet:

	1.	 	Acquisition Agreement. The Administrative Agent shall be reasonably satisfied that
the CLS Acquisition has been or will be consummated (substantially simultaneously with the
funding of the Term Loans) pursuant to the definitive documents negotiated between the
Borrowers, CLS and the applicable Sellers party thereto, as follows: (i) delivery of the
definitive Share Purchase Agreement (the “Acquisition Agreement”) and related documentation
governing the terms of the CLS Acquisition, which shall be consistent with the terms and
conditions, including the purchase price, set forth in the Offer Letter and draft Share
Purchase Agreement reviewed and approved by HSBC, (ii) receipt of all material consents and
approvals and the making of all filings and registrations required by Swiss, U.S. federal,
state or local governmental authority to the extent required by the Acquisition Agreement, and
(iii) the CLS Acquisition Reps (as defined below) shall be true and correct in all material
respects (or, if any such representations and warranties are already qualified by concepts of
materiality, in all respects) as of the Funding Date, but only to the extent required under
paragraph 3 below.

	2.	 	Credit Documentation; Customary Closing Conditions. The Administrative Agent and the
Lenders shall have received: (i) satisfactory definitive documentation with respect to the
Senior Credit Facilities (the “Credit Documentation”), substantially consistent with the terms
set forth in the Commitment Letter, including, without limitation, execution and delivery of
all security documents including stock and equity pledges, and the filing of UCC financing
statements, intellectual property security agreements or other similar filings to the extent
necessary to perfect the Administrative Agent’s first priority security interests (subject to
permitted encumbrances to be agreed upon in the Credit Documentation) in the Collateral
required pursuant to the Existing Credit Agreement; (ii) satisfactory opinions of counsel to
the Loan Parties (substantially in the form of the legal opinions delivered in connection with
the Existing Credit Agreement) and of appropriate local counsel, corporate and other
organizational and governing documents, good standing certificates, officers’ certificates,
corporate resolutions, and a solvency certificate from the chief financial officer of
Borrowers, all in form and substance reasonably satisfactory to the Administrative Agent, and
such other documents as the Administrative Agent and Lenders shall reasonably require; and
(iii) satisfactory evidence that the Administrative Agent, on behalf of the Lenders, shall
have valid and perfected first priority security interests in the Collateral required pursuant
to the Existing Credit Agreement.

	3.	 	Representations. Notwithstanding anything to the contrary in the Commitment Letter,
the Term Sheet, the Fee Letter or the Credit Documentation, (a) the only representations the
accuracy of which shall be a condition to availability of the Senior Credit Facilities on the
Funding Date shall be (i) such of the representations made by or on behalf of the Sellers in
relation to CLS in the Acquisition Agreement (as defined in the Term Sheet) as are material to
the interests of the Lenders, but only to the extent that Borrowers have the right to
terminate their (or their affiliates’) obligations under the Acquisition Agreement or decline
to consummate the CLS Acquisition as a result of a breach of such representations in the
Acquisition Agreement (the “CLS Acquisition Reps”) and (ii) the Specified Representations (as
defined below), (b) the terms of the Credit Documentation shall be in a form such that they do
not impair availability of the Senior Credit Facilities on the Funding Date if the conditions
set forth in the Commitment Letter and the Term Sheet are satisfied (it being understood that,
to the extent any of the Collateral referred to in the Term Sheet is not or cannot be provided
on the Funding Date (other than the pledge of Collateral with respect to which a security
interest may be granted and perfected (if perfection is applicable) by means of (x) filing UCC
financing statements or other similar filings, if applicable, and (y) delivery of stock
certificates, equity certificates (or equivalent) and other certificated securities (to the
extent they are available on the Funding Date and, if not, then promptly thereafter)), after
Borrowers’ use of commercially reasonable efforts to do so, the perfection (if applicable) or
completion of such security interests in such Collateral shall not constitute a condition to
the availability of the Senior Credit Facilities on the Funding Date but shall be required to
be provided within forty-five (45) days (or such longer period as the Administrative Agent may
agree) after the Funding Date pursuant to arrangements to be mutually agreed), and (c) the
terms of the Credit Documentation shall be substantially the same as those of Borrowers’
existing senior credit facilities under the Existing Credit Agreement with HSBC and the other
Lenders party thereto, with such changes as shall be necessary to incorporate the changes to
such terms required by the Commitment Letter and Term Sheet as well as changes to incorporate
market updates to HSBC’s standard forms of credit documentation, including with respect to
matters such as the Foreign Corrupt Practices Act, OFAC, sanctions and the like. For
purposes hereof, “Specified Representations” means the representations and warranties of the
Borrowers and the US Guarantors set forth in the Credit Documentation relating to corporate
existence; power and authority to enter into the Credit Documentation; due authorization,
execution, delivery and enforceability of such loan documents; Federal Reserve margin
regulations; no conflicts of the loan documents with organizational documents or material
applicable law; the Investment Company Act of 1940; the USA PATRIOT Act; OFAC and other
anti-terrorism laws; FCPA; solvency of the Borrowers and their subsidiaries on a consolidated
basis after giving effect to the transactions contemplated hereby; use of proceeds; and the
creation, continued validity, perfection and priority of security interests in the Collateral
(subject to the limitations in clause (b) of this paragraph 3).

	4.	 	No Event of Default. There will not have occurred and be continuing any Event of
Default under the Credit Documentation arising on account of insolvency or bankruptcy with
respect to any of the Borrowers, or on account of illegality of the CLS Acquisition, the
Senior Credit Facilities or the Loans to be extended.

	5.	 	Financial Statements of CLS. No later than 5 days prior to the Funding Date, the
Borrowers shall have provided promptly to the Administrative Agent and the Lenders the most
recent financial statements of CLS and its subsidiaries as are required to be delivered by CLS
and available to the Buyer pursuant to the Acquisition Agreement, and there shall not have
occurred, or be reasonably expected to occur, a “Material Adverse Effect,” as defined in the
Acquisition Agreement (to the extent such Material Adverse Effect shall provide the Borrowers
with the right to terminate the Acquisition Agreement or decline to consummate the CLS
Acquisition).

	6.	 	Financial Statements of Borrowers. The Lenders and the Administrative Agent shall
have received the most recently available unaudited quarterly financial statements of the
Borrowers.

	7.	 	Fees and Expenses. The Administrative Agent, Lead Arranger and Lenders shall have
received all fees required to be paid in the Fee Letter and the Commitment Letter, and all
expenses (including legal fees and expenses) for which invoices have been presented.

	8.	 	Indebtedness. The Existing Credit Agreement shall be amended and restated in
accordance with the terms of the Commitment Letter and Term Sheet, to be effective on the
Funding Date and, after giving effect to the Senior Credit Facilities, the initial Loans
thereunder and closing of the CLS Acquisition, Borrowers and their subsidiaries (including CLS
and its affiliates acquired in the CLS Acquisition) shall have outstanding no indebtedness
other than (a) the Loans and other extensions of credit under the Senior Credit Facilities and
(b) any other indebtedness permitted under the Credit Documentation (including other
indebtedness currently permitted under the Existing Credit Agreement).

	9.	 	Marketing Period. The Lead Arranger shall have been afforded a period of at least 45
days prior to the closing of the CLS Acquisition, in which to syndicate the Senior Credit
Facilities. In addition, after the date of the Borrower’s acceptance of the Commitment
Letter, there shall have been no competing offering, placement or arrangement of any debt
securities or bank financing by or on behalf of the Borrowers or any of their subsidiaries.

	10.	 	Governmental and Third Party Approvals. All governmental and third party approvals
necessary in connection with the financing contemplated hereby and the continuing operations
of the Borrowers and their subsidiaries shall have been obtained and be in full force and
effect.

	11.	 	KYC and Patriot Act. At least 5 business days prior to the Closing Date, each
Lender, the Administrative Agent and the Lead Arranger shall have received all documentation
and other information as is reasonably requested by the Administrative Agent and the Lenders
under applicable “know your customer” and anti-money laundering rules and regulations,
including the USA Patriot Act, to the extent requested by each Lender at least 10 business
days prior to the Closing Date.

3EX-4.5

 Exhibit 4.5 

COHBAR, INC. 
 INVESTOR
RIGHTS AGREEMENT 
 This Investor Rights Agreement (this “Agreement”) is entered into as of April 11, 2014, by and
among CohBar, Inc., a Delaware corporation (the “Company”), the investors listed on Schedule A hereto (the “Investors”), and the individuals listed on Schedule B hereto (each, a
“Founder” and collectively, the “Founders”). Unless otherwise defined herein, capitalized terms used in this Agreement have the meanings ascribed to them in Section 1.1 below. 

RECITALS 
 A. The Company
and the Investors are parties to that certain Series B Preferred Stock Purchase Agreement dated as of the date hereof (the “Series B Purchase Agreement”), pursuant to which the Company is selling and the Investors are purchasing
shares of the Company’s Series B Preferred Stock, $0.001 par value per share (the “Series B Preferred Stock”); and 

B. The Company and the Investors desire to enter into this Agreement to provide certain registration and other rights with respect to the
shares held by the Investors. 
 AGREEMENTS 
  

	1.	Registration Rights. 

  

	 	1.1	Definitions. 

 As used in this Agreement, the following terms shall have the meanings set
forth below: 
 (a) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(b) The term “Act” means the Securities Act of 1933, as amended. 

(c) The term “Common Stock” means the Company’s common stock, $0.001 par value per share. 

(d) The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act
subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

(e) The term “Founder Registrable Securities” means (i) the shares of the Company’s capital stock held by the
Founders, 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
such shares. 

 (f) The term “Holder” means any person owning or having the right to acquire
Registrable Securities or any assignee thereof who acquires registration rights under this Agreement with respect to such securities in accordance with Section 1.11 hereof. 

(g) The term “IPO” means the Company’s initial public offering of Common Stock pursuant to an effective Registration
Statement under the Act. 
 (h) The term “Put Agreement” means the Put Agreement entered into between the Company and each
purchaser of Series B Preferred stock in connection with the original issuance of the Series B Preferred Stock. 
 (i) The term “Put
Securities” has the meaning ascribed to such term in the Put Agreement. 
 The term “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of
such registration statement or document. 
 (j) The term “Registrable Securities” means (i) the Common Stock issuable
or issued upon conversion of the Series B Preferred Stock, (ii) the Common Stock issuable or issued pursuant to a Put Agreement, or issuable upon exercise of Put Securities, (iii) the Founder Registrable Securities, provided,
however, that such Founder Registrable Securities shall not be deemed Registrable Securities and no Founder shall be deemed a Holder for the purposes of Sections 1.2, 1.4, 3, 4.1 or 5.7(b) and
(iv) any Common Stock of the Company 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 (i) above, excluding in all cases, however, (x) any Registrable Securities sold by a person in a transaction in which his, her or its rights under this Section 1 are not assigned. In addition, Common
Stock or other securities shall only be treated as Registrable Securities if and so long as they have not been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, including sales
made pursuant to Rule 144 promulgated under the Act, or (B) sold in a transaction exempt from the registration and prospectus delivery requirements of the Act under Section 4(1) thereof so that all transfer restrictions, and
restrictive legends with respect thereto, if any, are removed upon the consummation of such sale. The number of shares of Registrable Securities deemed to be outstanding at any given time shall be the sum of the number of shares of Common Stock
outstanding that are Registrable Securities plus the number of shares of Common Stock issuable pursuant to then outstanding shares of Series B Preferred Stock or other convertible securities that are Registrable Securities hereunder. 

(k) The term “Restated Certificate” means the Company’s Second Amended and Restated Certificate of Incorporation, as
amended from time to time. 
 (l) The term “Sale of the Company” shall have the same meaning as the term “Deemed
Liquidation” defined in the Restated Certificate. 
 (m) The term “SEC” shall mean the Securities and Exchange
Commission. 

  
 -2- 

	 	1.2	Registration Rights. 

 (a) Mandatory Registration following IPO. 

(i) On or prior to the date specified for expiration of the market standoff pursuant to Section 1.12 (the “Filing
Date”), the Company shall prepare and file with the SEC a registration statement covering the resale of all of the Registrable Securities that are not then registered on an effective registration statement for an offering to be made on a
continuous basis pursuant to Rule 415 of the Act. Each registration statement filed hereunder shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case such
registration shall be on another appropriate form in accordance herewith, subject to the provisions of Section 1.2(a)(iii)). The Company shall use its best efforts to cause a registration statement filed under this Agreement to be
declared effective as promptly as practicable, and shall use its best efforts to keep such registration statement continuously effective under the Act until all Registrable Securities covered by such registration statement (A) have been sold,
thereunder or pursuant to Rule 144, or (B) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information requirement under Rule
144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness Period”). 

(ii) Notwithstanding the registration obligations set forth in Section 2(a), if the SEC informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform each of the Holders thereof and use its commercially reasonable
efforts to file amendments to the initial registration statement as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-3 or such other form available to register for resale the
Registrable Securities as a secondary offering, subject to the provisions of Section 1(b)(iii); provided, however, that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the
registration of all of the Registrable Securities in accordance with the SEC guidance, including without limitation, Compliance and Disclosure Interpretation 612.09. 

(iii) If Form S-3 is not available for the registration of the resale of Registrable Securities hereunder pursuant to this
Section 1.2, the Company shall (A) register the resale of the Registrable Securities on another appropriate form and (B) undertake to register the Registrable Securities on Form S-3 as soon as such form is available,
provided that, during the Effectiveness Period, the Company shall maintain the effectiveness of the registration statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been
declared effective by the SEC. 
 (b) Demand Registration. 

(i) Subject to the terms and conditions of this Section 1.2, if the Company shall receive at any time prior to the completion of
an IPO and after the fifth (5th) anniversary of the date of this Agreement a written request from the Holders of a majority of the Registrable 

  
 -3- 

 
Securities then outstanding (the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an
anticipated aggregate offering price of at least $20,000,000, then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this
Section 1.2, use its reasonable best efforts to effect, as soon as practicable (and in any event within ninety (90) days of the receipt of such request), the registration under the Act of all Registrable Securities that the Holders
request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to this Section 1.2(b). 

(ii) If 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 this Section 1.2(b) and the Company shall include such information in the written notice referred to in Section 1.2(b)(i). In such event, the right of
any Holder to include his, her or its 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
(unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an underwriting
agreement in customary form with the underwriter or underwriters selected for such underwriting by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. Notwithstanding any other provision of this
Section 1.2, if the underwriter advises the Company that marketing factors require a limitation of the number of securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of
Registrable Securities held by all such Holders (including the Initiating Holders); provided, however, that in such event, neither the Company nor any other holders of the Company’s securities may participate in such registration.
Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) Limitations.
The Company shall not be required to effect a registration: 
 (i) in any particular jurisdiction in which the Company would be required
to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required under the Act; 

(ii) pursuant to Section 1.2(a) during such time as each Holder of Registrable Securities: (A) is permitted to sell the
Registrable Securities held by them pursuant to Rule 144 without volume or manner-of-sale restrictions, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s
transfer agent and the affected Holders or (B) has waived in writing the requirement for the Company to file a registration statement pursuant to Section 1.2(a). 

(iii) pursuant to Section 1.2(b) after the Company has effected two (2) registrations pursuant to Section 1.2(b), and
such registrations have been declared or ordered effective; 

  
 -4- 

 (iv) pursuant to Section 1.2(b) if the Company has effected a registration pursuant to
Section 1.2(b) within the twelve (12) month period immediately preceding the date of such request; 
 (v) during the
period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one hundred eighty (180) days following the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith its reasonable efforts to cause such registration statement to become effective; or 

(vi) if in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its stockholders for
such registration statement to be effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than ninety (90) days after the Filing Date or receipt of the request of the Initiating
Holders, as applicable; provided, however, that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period. 

 

	 	1.3	Company Registration. 

 (a) If (but without any obligation to do so) the Company proposes
to register (including for this purpose a registration effected by the Company for its stockholders, including but not limited to the Holders) any of its stock or other securities under the Act in connection with the public offering of such
securities (other than a registration relating solely to the sale of securities to participants in a Company stock plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Act, 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 a registration in which the only Common Stock being registered is Common
Stock issuable upon conversion of debt securities that are also being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within fifteen
(15) days after mailing of such notice by the Company in accordance with this Agreement, the Company shall, subject to the provisions of Section 1.3(c), use its reasonable efforts to cause to be registered under the Act all of the
Registrable Securities that each such Holder has requested to be registered. 
 (b) The Company shall have the right to terminate or
withdraw any registration initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn
registration shall be borne by the Company in accordance with Section 1.7 hereof. 
 (c) In connection with any offering
involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the
underwriting as agreed upon between the Company and the underwriters selected by it and enter into an underwriting agreement in customary form with an underwriter or underwriters selected 

  
 -5- 

 
by the Company (or by other persons entitled to select the underwriters). If the total amount of securities, including Registrable Securities, requested by Holders to be included in such offering
exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering, but in no event shall the amount of such Registrable Securities being registered pursuant
to this Section 1.3 of such selling Holders included in the offering be reduced below twenty five percent (25%) of the total amount of securities included in such offering, unless such offering is the IPO, in which case the selling
Holders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included. The Company shall so advise all holders of securities requesting registration, and the number of shares of
securities that are entitled to be included in the registration and underwriting shall be allocated as follows: (i) first, to the Company for securities being sold for its own account, (ii) second, to the Holders other than the Founder
requesting to include Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders, assuming conversion, (iii) third, to the Founder requesting to include Registrable
Securities in such registration statement based on the pro rata percentage of Registrable Securities held by the Founder, assuming conversion, and (iv) fourth, to any other stockholder requesting to include shares of the Company’s capital
stock in such registration statement based on the pro rata percentage of such other shares of the Company’s capital stock held by such stockholders, assuming conversion. For purposes of the preceding sentence concerning pro rata apportionment,
for any selling stockholder that is a Holder of Registrable Securities and that is a partnership, limited liability company or corporation, the partners, retired partners, members, retired members and stockholders of such Holder, as the case may be,
or the estates and family members of any such partners, retired partners, members, 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 amount of Registrable Securities owned by all such related entities and individuals. 

If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such
person shall also be excluded therefrom by written notice from the Company or the underwriter. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. 

 

	 	1.4	Form S-3 Registration. 

 (a) In case the Company shall receive from the Holders of at
least twenty five percent (25%) of the Registrable Securities a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable
Securities owned by such Holder or Holders, the Company shall: 
 (i) promptly give written notice of the proposed registration, and any
related qualification or compliance, to all other Holders; and 
 (ii) use its reasonable efforts to effect, as soon as practicable, such
registration and all such qualifications and compliances as may be so requested and as would 

  
 -6- 

 
permit or facilitate the sale and distribution of all or such portion of such Holders’ Registrable Securities as are specified in such request, together with all or such portion of the
Registrable Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company, provided, however, that the Company
shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: 
 (A) if
Form S-3 is not available for such offering by the Holders; 
 (B) if the Holders, together with the holders of any other securities of the
Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than $5,000,000; 

(C) if the Company shall furnish to the Holders a certificate signed by the Chief Executive Officer or Chairman of the Board of the Company
stating that in the good faith judgment of the Board of Directors of the Company, it would be detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event the Company shall have the right
to defer the filing of the Form S-3 registration statement for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the
Company shall not utilize this right more than once in any twelve (12) month period; 
 (D) if the Company has, within the twelve
(12) month period preceding the date of such request, already effected one (1) registration on Form S-3 for the Holders pursuant to this Section 1.4; 

(E) if the Company has already effected four (4) registrations on Form S-3 for the Holders pursuant to this Section 1.4; 

(F) in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance, unless the Company is already subject to service in such state; or 

(G) within sixty (60) days prior to the filing of, and one hundred eighty (180) days after the effective date of, any other
registration by the Company initiated pursuant to Section 1.2 or 1.3. 
 (iii) Subject to the foregoing, the Company
shall file a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this
Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2. 
 (b) If the
Holders initiating an S-3 registration under this Section 1.4 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 this Section 1.4 and the 

  
 -7- 

 
Company shall include such information in the written notice referred to in Section 1.4(a)(i). In such event the right of any Holder to include his, her or its 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 (unless otherwise mutually agreed by holders of a majority of the
Registrable Securities held by the Holders initiating the S-3 registration and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by holders of a majority of the Registrable Securities held by the Holders initiating the registration under this
Section 1.4 and shall be reasonably acceptable to the Company. Notwithstanding any other provision of this Section 1.4, if the underwriter advises the Company that marketing factors require a limitation of the number of
securities underwritten (including Registrable Securities), then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the
underwriting shall be allocated to the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders); provided that in such event, neither the
Company nor any other holders of the Company’s securities may participate in such registration. If a person who has requested inclusion in such registration as provided above does not agree to the terms of any such underwriting, such person
shall also be excluded therefrom by written notice from the Company or the underwriter. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

 

	 	1.5	Obligations of the Company. 

 Whenever required under this Section 1 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 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; 

(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 provisions of the Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of
the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders; provided, however, that the Company shall not 

  
 -8- 

 
be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, unless the Company
is already subject to service in such state; 
 (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 managing underwriter of such offering; 
 (f) notify each Holder of
Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the Act or the happening of any event as a result of which the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing;

 (g) cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed; 
 (h) provide a transfer agent and registrar for all Registrable Securities registered
pursuant hereto and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 

(i) use its reasonable best efforts to furnish, at the request of any participating Holder, on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Company
for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, and (ii) a letter dated such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters. 

 

	 	1.6	Information from Holder. 

 It shall be a condition precedent to the obligations of the
Company to take any action pursuant to this Section 1 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 shall be required to effect the registration of such Holder’s Registrable Securities. 
  

	 	1.7	Expenses of Registration. 

 All expenses (other than underwriting discounts and
commissions) incurred in connection with registrations, filings or qualifications pursuant to Sections 1.3 and 1.4, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees,
fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holders (not to exceed $25,000 per transaction) shall be borne by the Company. Notwithstanding the foregoing, the Company
shall not be required to pay for any 

  
 -9- 

 
expenses of any registration proceeding begun pursuant to Section 1.4 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 participating Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be requested in the withdrawn registration), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.4, as the case may be; provided, however, in the event that a withdrawal by the Holders is based upon
material adverse information relating to the Company that is different from the information known to the Holders requesting registration at the time of their request for registration under Section 1.4, such registration shall not be
treated as a counted registration for purposes of Section 1.4 hereof, even though the Holders do not bear the Registration Expenses for such registration. 
  

	 	1.8	Delay of Registration. 

 No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

 

	 	1.9	Indemnification. 

 In the event any Registrable Securities are included in a registration
statement under this Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder,
the partners or officers, directors and stockholders of each Holder, counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning
of the Act or the 1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages, or liabilities (or
actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained
in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the 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 Company of the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934
Act or any state securities laws; and the Company will reimburse each such Holder, underwriter or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim,
damage, liability or action; provided, however, that the indemnity agreement contained in this Section l.9(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement
is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based
upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling person; provided further, however,
that the foregoing indemnity agreement with respect to any 

  
 -10- 

 
preliminary prospectus shall not inure to the benefit of any Holder or underwriter, or any person controlling such Holder or underwriter, from whom the person asserting any such losses, claims,
damages or liabilities purchased shares in the offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendments or supplements thereto) was not sent or given by or on behalf of such Holder or
underwriter to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplemented) would have cured the defect giving rise
to such loss, claim, damage or liability. 
 (b) To the extent permitted by law, each selling Holder will indemnify and hold harmless the
Company, 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 Act, legal counsel and accountants for the Company, any underwriter, any other
Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities (joint or several) to which any of the foregoing persons may become
subject, under the Act, the 1934 Act or any state securities laws, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the
extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified
pursuant to this Section l.9(b), for any legal or other expenses reasonably incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the
indemnity agreement contained in this Section l.9(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not
be unreasonably withheld), provided that in no event shall any indemnity under this Section l.9(b) exceed the net proceeds from the offering received by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of the commencement of any action (including
any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written notice of the commencement thereof and
the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party (together with all other indemnified 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 proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve
such indemnifying party of any liability to the indemnified party under this Section 1.9, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified
party otherwise than under this Section 1.9. 

  
 -11- 

 (d) If the indemnification provided for in this Section 1.9 is held by a court of
competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall
contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the
indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as 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 alleged untrue statement of a material fact or the omission to state 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. In no event shall any contribution under this Section l.9(d) exceed the net
proceeds from the offering received 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. 

(f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1, and otherwise. 
  

	 	1.10	Reports under Securities Exchange Act of 1934. 

 With a view to making available to the
Holders the benefits of Rule 144 promulgated under the Act 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 agrees to: 
 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at
all times after the effective date of the IPO; 
 (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Act and the 1934 Act; 
 (c) take such action, including the voluntary registration of its Common Stock under
Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of
the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; and 

(d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) 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 first registration statement filed by the Company), the Act and the 1934 Act (at any time after it
has become subject to such reporting requirements), or that it qualifies as a 

  
 -12- 

 
registrant whose securities may be resold pursuant to Form S-3 (at any time after it 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 or
pursuant to such form. 
  

	 	1.11	Assignment of Registration Rights. 

 The rights to cause the Company to register
Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such securities, provided that such transferee or assignee is (a) a subsidiary,
parent, partner, retired partner, member, retired member, stockholder or affiliate of any Holder, (b) a member of the immediate family or a trust for the benefit of any Holder that is an individual, (c) an entity controlling, controlled by
or under common control with any Holder, or (d) a transferee or assignee that after the transfer or assignment holds not fewer than a number of Registrable Securities equal to twenty five percent (25%) of the Registrable Securities held by
the transferring Holder as of the date of this Agreement, provided: (i) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with
respect to which such registration rights are being assigned, and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation the provisions of
Section 1.12 below. For the purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (x) a partnership who are partners or retired partners
of such partnership or (y) a limited liability company who are members or retired members of such limited liability company (including immediate family members of such partners or members who acquire Registrable Securities by gift, will or
intestate succession) shall be aggregated together and with the partnership or limited liability company. 
  

	 	1.12	“Market Stand-Off” Agreement. 

 Upon the request of the Company or the managing
underwriters, 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 IPO and ending on the date specified by the
Company and the managing underwriter (such period not to exceed one hundred eighty (180) days, or such other period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (x) the publication or other
distribution of research reports and (y) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto)
(a) 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 for Common Stock (whether such shares or any such securities are then owned by the Holder or are thereafter acquired), or (b) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Common Stock
or such other 

  
 -13- 

 
securities, in cash or otherwise. The foregoing provisions of this Section 1.12 shall apply only to the IPO and shall only be applicable to the Holders if all officers and directors
and all holders of greater than one percent (1%) of the outstanding capital stock of the Company enter into similar agreements. The underwriters in connection with the IPO are intended third-party beneficiaries of this Section 1.12
and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Registrable
Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. Each Holder agrees to execute a market standoff agreement with said underwriters in customary form
consistent with the first sentence of this Section 1.12. 
  

	 	1.13	Founders Lock-Up Agreement. 

 Upon the request of the Company or the managing
underwriters, each Founder hereby agrees to enter into a lock-up agreement in form and substance reasonably satisfactory to the Company and/or the managing underwriters, during the period commencing on the effective date of the IPO and extending for
such period of time following the effective date of the IPO as required pursuant to the applicable rules of the SEC and/or any other relevant regulatory agency or as reasonably determined by the Company and/or its the managing underwriters providing
that each Founder will not (a) 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 for Common Stock (whether such shares or any such securities are then owned by such Founder or are thereafter acquired), or
(b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction described in clause (a) or (b) above is to be
settled by delivery of Common Stock or such other securities, in cash or otherwise. Each Founder acknowledges and agrees that the term of the restrictions imposed by such lock-up agreement may extend for up to twenty four (24) months following
the effective date of the IPO. 
  

	 	1.14	Termination of Registration Rights. 

 No Holder shall be entitled to exercise any right
provided for in this Section 1 after (a) five (5) years following the consummation of the IPO, (b) a Sale of the Company, or (c) as to any Holder, such earlier time at which all Registrable Securities held by such
Holder (and any affiliate of such Holder with whom such Holder must aggregate his, her or its sales under Rule 144) can be sold in any three (3)-month period without registration either (i) in compliance with Rule 144 of the Act, or
(ii) Rule 904 of Regulation S promulgated under the act; provided, that following any resale under such Rule 904 the shares would not be deemed “restricted securities” under Rule 905 of Regulation S. 

 

	2.	Information Rights. 

  

	 	2.1	Delivery of Financial Statements. 

 The Company shall deliver to each Holder: 

(a) within one hundred twenty (120) days after the end of each fiscal year of 

  
 -14- 

 
the Company (starting with the Company’s 2014 fiscal year), an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end
of such year, a statement of cash flows for such year, and such other information as determined by the Company’s Board of Directors, such year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted
accounting principles, and audited and certified by independent public accountants approved by the Company’s Board of Directors (unless the Board determines that an audit or certification is not necessary); 

(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 (starting with the second quarter of fiscal year 2014), an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 

(c) not later than thirty (30) days prior to the end of each fiscal year, a comprehensive operating budget forecasting the Company’s
revenues, expenses and cash position on a month-to-month basis for the immediately upcoming fiscal year; and 
 (d) promptly following the
request of any Investor, an up-to-date capitalization table certified as true and correct by the Company’s chief financial officer. 
  

	 	2.2	Termination of Information Covenants. 

 The covenants set forth in Sections 2.1
shall terminate and be of no further force or effect upon the earliest of (a) the effective date of the IPO; (b) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act; or
(c) the Sale of the Company. 
  

	 	2.3	Confidentiality.  

 Except as otherwise agreed in writing by the Company, each
Investor agrees that it 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
Section 2.3 by such Investor), (b) is or has been independently developed or conceived by the Investor without use of the Company’s confidential information, (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, or (d) was known to the Investor prior to disclosure to the Investor by 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 Section 2.3; (iii) to any affiliate, partner, member or stockholder 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. Notwithstanding anything to the contrary herein, the confidentiality obligations of this
Section 2.3 shall survive the termination of this Agreement. 

  
 -15- 

	3.	Participation Rights. 

 Subject to the terms and conditions specified in this
Section 3, the Company hereby grants to each Holder a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). Each time the Company proposes to offer any shares of, or securities
convertible into or exchangeable or exercisable for any shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Holder in accordance with the following provisions. 

(a) The Company shall deliver a notice (“Notice”) to each Holder stating (i) its bona fide intention to offer such
Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms upon which it proposes to offer such Shares. 

(b) By written notification received by the Company, within fifteen (15) calendar days after receipt of the Notice, each Holder may elect
to purchase or obtain, at the price and on the terms specified in the Notice, up to such Holder’s “pro rata share” of such Shares which shall mean the proportion that the number of shares of Common Stock issued and held, or issuable
upon conversion of shares of Series B Preferred Stock or issuable upon conversion or exercise of all convertible or exercisable securities (including the subsequent conversion of such securities into Common Stock) then held, by such Holder bears to
the total number of shares of Common Stock of the Company outstanding on a Fully Diluted Basis (as defined below). Such purchase shall be completed at the same closing as that of any third party purchasers or at an additional closing thereunder. The
Company shall promptly notify each Holder that elects to purchase its full pro rata share of the Shares (a “Fully-Exercising Holder”) of any other Holder’s failure to do likewise. During the five (5) business day period
commencing after such information is given, each Fully-Exercising Holder may elect to purchase that portion of the Shares for which other Holders were entitled to subscribe but which were not subscribed for by such other Holders that is equal to the
proportion that the number of shares of Common Stock issued and held, or issuable upon conversion of shares of Series B Preferred Stock or issuable upon conversion or exercise of all convertible or exercisable securities (including the subsequent
conversion of such securities into Common Stock) then held, by such Fully-Exercising Holder bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of shares of Series B Preferred Stock or issuable upon
conversion or exercise of all convertible or exercisable securities (including the subsequent conversion of such securities into Common Stock) then held, by all Fully-Exercising Holders who wish to purchase unsubscribed Shares. 

(c) If all Shares that Holders are entitled to purchase pursuant to Section 3(b) are not elected to be purchased as provided
therein, the Company may, during the sixty (60) day period following the expiration of the offer period provided in Section 3(b), offer the remaining unsubscribed portion of such Shares to any person or persons at a price not less
than and on terms no more favorable to the prospective purchaser(s) than those specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within
sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Holders in accordance herewith. 

  
 -16- 

 (d) The right of first offer in this Section 3 (i) shall not be applicable to
the issuance of securities excluded from the definition of “Additional Shares of Common Stock” pursuant to the Restated Certificate, and (ii) shall be waivable either prospectively or retrospectively with respect to all Holders by
holders of a majority of Registrable Securities held by all Holders. 
 (e) As used herein, “Fully Diluted Basis” means all
shares of Common Stock outstanding plus (i) all shares of Common Stock issuable upon conversion of all convertible securities then outstanding, (ii) all shares of Common Stock issuable upon exercise of outstanding options, warrants and
other rights to acquire Common Stock (without regard to any vesting restrictions, and including the shares of Common Stock issuable upon conversion of any convertible securities issuable upon exercise of such exercisable securities) and
(iii) all shares of Common Stock reserved for future grant under any option plans or other equity plans) immediately prior to such offering. 

(f) The covenants set forth in this Section 3 shall terminate and be of no further force or effect immediately prior to the
earliest of (a) the Sale of the Company or (b) the effective date of the IPO. 
  

	4.	Other Covenants. 

  

	 	4.1	Grant of Superior Registration Rights. 

 The Company shall not grant to any holder or
prospective holder of any securities of the Company, or agree to grant such a holder or prospective holder, registration rights superior to or on parity with the registration rights hereunder of the Holders, unless the Company shall have first
obtained the written consent of the Holders holding at least sixty percent (60%) of the Registrable Securities. 
  

	 	4.2	Employee Stock. 

 Unless otherwise approved by the Board of Directors, 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 a market stand-off provision substantially similar to that in Section 1.12. 
  

	 	4.3	Employee Agreements. 

 The Company will cause each person who has been, is now or may
hereafter be employed by the Company or by any subsidiary (or engaged by the Company or any subsidiary as a consultant/independent contractor) with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary
rights assignment agreement in form and substance reasonably satisfactory to the Investors. Such agreements with the Company’s current and former employees, consultants and independent contractors shall be entered into prior to the closing of
the transactions contemplated by the Series B Purchase Agreement. 

  
 -17- 

	 	4.4	Director and Officer Insurance. 

 The Company shall use its commercially reasonable
efforts to obtain from financially sound and reputable insurers Directors and Officers liability insurance in an amount and on terms and conditions satisfactory to the Board of Directors, and will use commercially reasonable efforts to cause such
insurance policies to be maintained until such time as the Board of Directors determines that such insurance should be discontinued. In the event that the Company merges with another entity and is not the surviving entity in such merger or transfers
all of its assets to a third party, the Company shall exercise commercially reasonable efforts to ensure that the Company’s successor in any such transaction assumes the Company’s obligations with respect to indemnification of the
Company’s officers and directors. 
  

	 	4.5	Indemnification Agreements. 

 The Company shall adopt and enter into an indemnification
agreement with each current and future member of its Board of Directors, which agreement shall be in form and substance reasonably satisfactory to the Investors. 
  

	 	4.6	Director Reimbursement. 

 The Company shall reimburse each member of its Board of
Directors for all reasonable expenses, including reasonable travel and other expenses, incurred in connection with service as a member of the Company’s Board of Directors and any committee thereof. 

 

	5.	Miscellaneous. 

  

	 	5.1	Successors and Assigns.  

 Each Investor hereby agrees that it shall not assign
any of its rights and obligations hereunder, unless such rights and obligations are assigned by such Investor to any transferee to which Registrable Securities are transferred by such Investor pursuant to Section 1.11, and such assignee
shall be deemed an “Investor” for purposes of this Agreement; provided, however, that such assignment of rights shall be contingent upon the assignee providing a written instrument to the Company notifying the Company of such
assignment and agreeing in writing to be bound by the terms of this Agreement. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of
the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
  

	 	5.2	Governing Law. 

 The validity, performance, construction, interpretation and effect of
this Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to its laws relating to conflicts of law. The parties hereby expressly submit themselves to the jurisdiction of the
courts of the State of Delaware for the determination of any controversy whatsoever arising under or in connection with this Agreement. 

  
 -18- 

	 	5.3	Counterparts. 

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

	 	5.4	Titles and Subtitles. 

 The titles and subtitles used in this Agreement are used for
convenience only and are not to be considered in construing or interpreting this Agreement. 
  

	 	5.5	Notices. 

 Unless otherwise provided, any notice under this Agreement shall be given in
writing and shall be deemed effectively given (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt by fax by the party to be notified, (c) one business day after deposit with a reputable overnight
courier, prepaid for overnight delivery and addressed as set forth in (d), or (d) four (4) days after deposit with the United States Post Office, postage prepaid, registered or certified with return receipt requested and addressed to the
party to be notified at the address indicated on the signature page hereto, or at such other address as such party may designate by ten (10) days’ advance written notice to the other party given in the foregoing manner. A copy of any
notice to the Company, which shall not constitute notice to the Company, shall be provided simultaneously to Garvey Schubert Barer, Attn: Peter B. Cancelmo, 1191 Second Avenue, Suite 1800, Seattle, Washington 98101. 

 

	 	5.6	Expenses. 

 If any action at law or in equity is necessary to enforce or interpret the
terms of this Agreement, including an arbitration, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses of appeals. 

 

	 	5.7	Entire Agreement; Amendments and Waivers. 

 (a) This Agreement (including the Exhibits
hereto, if any) constitutes the full and entire understanding and agreement among the parties with regard to the subjects hereof and thereof. 

(b) 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 at least a majority of the outstanding Registrable Securities (excluding any of such shares that have been sold to the
public or pursuant to Rule 144), provided that the provisions of Section 3 may be waived in accordance with the terms of Section 3(d)(ii). Any amendment or waiver effected in accordance with this paragraph shall be binding
upon each holder of any Registrable Securities, each future holder of all such Registrable Securities, and the Company. Each Investor 

  
 -19- 

 
acknowledges that by the operation of this paragraph, the holders of a majority of the outstanding Registrable Securities (excluding any of such shares that have been sold to the public or
pursuant to Rule 144) will have the right and power to diminish or eliminate all rights of such Investor under this Agreement. 
 (c)
Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Series B Preferred Stock after the date hereof pursuant to the Series B Purchase Agreement, any purchaser of such shares of Series B Preferred
Stock may 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 Holder, so long as such additional Holder has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

 

	 	5.8	Severability. 

 If one or more provisions of this Agreement are held to be unenforceable
under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 

 

	 	5.9	Aggregation of Stock. 

 All shares of Registrable Securities held or acquired by
affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 
  

	 	5.10	Effect of Change in Company’s Capital Structure.  

 Appropriate adjustments
shall be made in the number and class of shares in the event of a stock dividend, stock split, reverse stock split, combination, reclassification or like change in the capital structure of the Company. 

 

	 	5.11	Delays 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. 
  

	 	5.12	Termination.  

 Notwithstanding anything to the contrary herein, this Agreement
(excluding any then existing obligations) shall terminate upon the earlier to occur of (a) a Sale of the Company, or (b) the written consent of the Company and the holders of at least a majority of the outstanding Registrable Securities
(excluding any of such shares that have been sold to the public or pursuant to Rule 144). 

  
 -20- 

 [signature pages follow] 

  
 -21- 

 IN WITNESS WHEREOF, the parties have executed this Investor Rights Agreement as of the date first
written above. 
  

							
	COMPANY:	 		 	FOUNDERS:
			
	COHBAR, INC.	 		 	NIR BARZILAI
				
	By:	 	/s/ Jon Stern	 		 	/s/ Nir Barzilai
	 Jon Stern
 Chief
Executive Officer
 Address: 2265 East Foothill Boulevard

Pasadena, CA 91107 
	 		 	Address: [omitted]
	 		 	  
 PINCHAS COHEN

	 		 	  
 /s/ Pinchas Cohen

		 		 		 	Address: [omitted]
				
		 		 		 	DAVID SINCLAIR
				
		 		 		 	/s/ David Sinclair
		 		 		 	Address: [omitted]
				
		 		 		 	JOHN AMATRUDA
				
		 		 		 	/s/ John Amatruda
		 		 		 	Address: [omitted]
				
		 		 		 	LAURA COBB
				
		 		 		 	/s/ Laura Cobb
		 		 	Address: [omitted]

 [continued on following page] 

  
 SIGNATURE PAGE TO
INVESTOR RIGHTS AGREEMENT 

 IN WITNESS WHEREOF, the parties have executed this Investor Rights Agreement as of the date first
written above. 
 [Investor Signature Pages Omitted to protect personal information] 

  
 SIGNATURE PAGE TO
INVESTOR RIGHTS AGREEMENT 

 SCHEDULE A 

SCHEDULE OF INVESTORS 

[Omitted to protect personal information] 

 SCHEDULE B 

FOUNDERS 
 Pinchas
Cohen 
 Nir Barzilai 
 John
Amatruda 
 David Sinclair 

Laura Cobb

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