Document:

EX-10.17

 Exhibit 10.17 

ENTELLUS MEDICAL, INC. 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of November 18, 2014 by and between Entellus
Medical, Inc., a Delaware corporation with its principal place of business at 3600 Holly Lane North, Suite 40, Plymouth, MN 55447 (the “Company”) and Robert S. White, whose principal residence is at 11625 26th Avenue North, Plymouth, MN 55441 (the “Executive”). 
 WHEREAS,
the Company wants to employ the Executive on an “at-will” basis and subject to the terms set forth in this Agreement, and the Executive wants to be employed by the Company on such basis. 

WHEREAS, the Company desires reasonable protection of its technical and proprietary information that has been or will be acquired and
is being or will be developed by the Company at substantial expense, and the Executive is willing to assign to the Company all right, title and interest in all technical and proprietary information conceived or developed by the Executive during the
Executive’s employment that relates to the business, products or processes of the Company for these purposes. 
 WHEREAS, the
Company desires reasonable protection of its confidential business information that has been or will be acquired and is being or will be developed by the Company at substantial expense, and the Executive is willing to grant to the Company the
benefits of a confidentiality covenant for these purposes. 
 WHEREAS, the Company desires reasonable protection against unfair
competition from the Executive following termination of employment and to further protect against unfair use of the confidential business and technological information of the Company, and the Executive is willing to grant to the Company the benefits
of a non-competition covenant for these purposes. 
 NOW THEREFORE, for good and valuable consideration, the receipt of which is
hereby acknowledged, the Company and the Executive, each intending to be legally bound, hereby agree as follows: 
  

	1.	EMPLOYMENT. 

 (a) Employment. Subject to all of the terms and conditions of
this Agreement, the Company agrees to employ the Executive as an “at will” employee to provide services to the Company as a President and Chief Operating Officer and the Executive accepts such employment. The Executive shall commence
employment with the Company on November 24, 2014 (the “Effective Employment Date”). 
 (b) Duties. The Executive
will devote his full time and best efforts to, and, during such time, make the best use of the Executive’s energy, knowledge and training in advancing, the Company’s interests. The Executive will diligently and conscientiously perform the
duties of the President and Chief Operating Officer, providing executive, administrative and supervisory services to the Company within the general guidelines to be determined by the 

 
Company’s Chief Executive Officer and the Board of Directors (the “Board”). Executive shall not render to others, services of any kind for compensation, or engage in any
other business activity that would materially interfere with the performance of Executive’s duties as a full-time employee of the Company under this Agreement; provided, however, that nothing in this Agreement shall prevent the Executive from
serving on the board of directors or the board of trustees of charitable or not-for-profit organizations and continuing his current service on the boards of directors of three current for-profit business organizations, two of which are public
companies. However, Executive shall not agree to join any new or additional boards of directors or advisory boards of for-profit business organizations without the prior approval of the Board. 

 

	2.	COMPENSATION. 

 (a) Salary. For the Executive’s services under
this Agreement, the Executive will be paid an annual salary, exclusive of any discretionary bonus awards, of Four Hundred Twenty Thousand Dollars ($420,000.00) (“Salary”) earned and paid in accordance with the standard payroll
practices of the Company. During the term of this Agreement, commencing after the first anniversary of the Effective Employment Date, the Executive’s annual salary will be reviewed each January by the Company’s Chief Executive Officer and
the Board, considering both the Executive’s performance and the performance of the Company during the preceding calendar year and may be increased, but not decreased, by the Board. 

(b) Bonus. During each calendar year of the term of this Agreement, Executive shall be eligible to earn an annual bonus. For the 2014
and 2015 calendar years, Executive shall be eligible for a bonus of up to fifty percent (50%) of Executive’s annualized Salary (the “Target Bonus”) based on achieving certain objectives to be determined by the Board in connection
with the management incentive plan for each year. The objectives for 2014 have already been determined, and Executive will participate in any awards granted to other senior management. The bonus for 2014 shall be prorated based on the number of days
actually employed in 2014. The Board may, in its discretion, award Executive a bonus of less than or greater than the Target Amount depending on the achievement of the objectives and payment of less than or greater than the Target based upon under-
or over- performance against the targeted objectives shall be applied to Executive in a manner consistent with that generally applied to other senior executives of the Company. The bonus will be subject to applicable payroll deductions and
withholdings and will be paid no later than March 15 of the calendar year immediately following the calendar year in which the bonus is being measured. The amount of Executive’s Target Bonus shall be subject to review by the Board (or a
committee thereof) at least annually and may be increased, but not decreased below 50% of Executive’s annualized Salary, by the Board. 

(c) Signing Bonus. Executive will receive a one-time signing bonus payable within fifteen days of the Effective Employment Date of Fifty
Thousand Dollars ($50,000). In the event Executive voluntarily terminates his employment with the Company without Good Reason (as defined in Section 3(b)(iv) below) within the first twelve (12) months of the Effective Employment Date, this
signing bonus shall be repayable by Executive to the Company on a pro rata basis within fifteen days of his resignation from the Company. 

  
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 (d) Reimbursement of Business Expenses. The Company agrees to reimburse the Executive for
all reasonable out-of-pocket business expenses incurred by the Executive on behalf of the Company, provided that the Executive properly accounts to the Company for all such expenses in accordance with the rules and regulations of the Internal
Revenue Service under the Internal Revenue Code of 1986, as amended (the “Code”) and in accordance with the standard policies of the Company relating to reimbursement of business expenses. 

(e) Benefits and Paid-Time-Off. The Executive is entitled to participate in the benefit plans adopted by the Company and in effect from
time to time, to the extent that the Executive satisfies the eligibility requirements of such benefit plans, including participation in the 401(k) plan and the medical, disability, life and long-term disability insurance plans. The Executive is
entitled to twenty (20) days annual paid time off (“PTO”) and all legal holidays observed by the Company, in each case, in accordance with the Company’s policies as in effect from time-to-time including, but not limited
to, rules relating to the method of PTO accrual (such as by pay period, monthly or annually) and annual carry-over and forfeiture of unused PTO balances. All such benefit plans are subject to modification or termination at the sole discretion of the
Company. Any non-covered medical expenses incurred by Executive in connection with an annual physical examination shall be reimbursed by the Company. 

(f) Stock Option. Subject to approval by the Board of Directors, the Executive shall be awarded a grant of a stock option to purchase
shares of the Company’s common stock equal to 3.0% of the fully-diluted shares of capital stock as of the Effective Employment Date, exercisable at the current fair market value of the Company’s common stock on the date that the Board
approves such grant, vesting over 48 months with 25% of the option shares vesting on the one year anniversary date of the Effective Employment Date with the balance vesting equally on a monthly basis over the next 36 months, subject to
Executive’s continuous service for the Company on each applicable vesting date. In addition, the Executive shall be awarded upon joining the Company a second stock option to purchase shares of the Company’s common stock equal to 1.75%) of
the fully-diluted shares of capital stock as of the Effective Employment Date, exercisable at the current fair market value of the Company’s common stock on the date the Board approves such grant, vesting equally over 48 months beginning on the
date Executive is appointed as the Chief Executive Officer of the Company, subject to Executive’s continuous service to the Company on each applicable vesting date. The two stock options will be subject to the provisions set forth in the
Company’s 2006 Stock Option Plan, as amended and restated (the “Plan”), will be issued under and pursuant to customary stock option agreements between the Company and the Executive, and will have a customary “double
trigger” provision providing full acceleration of the options if an acquirer in a Change in Control does not assume or replace the unvested options but requiring continued employment with the Company or its acquirer if the Company options are
assumed or replaced with substantially equivalent options, subject to the rights and benefits provided to Executive in the Change in Control Severance Agreement by and between Executive and the Company of even date hereof (the “CinC
Agreement”). 
 (g) Indemnification. The Company shall indemnify Executive to the same extent that its other officers,
directors and employees are entitled to indemnification pursuant to the 

  
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Company’s Certificate of Incorporation and Bylaws for any acts or omissions by reason of being a director, officer or employee of the Company as of the Effective Date. At all times during
the term of this Agreement, the Company shall maintain in effect a directors and officers liability insurance policy with Executive as a covered officer. 
  

	3.	TERM AND TERMINATION. 

 (a) Term. The Executive will at all times be an
at-will employee and the Executive’s employment with the Company may be terminated by the Executive or by the Company at any time. 

(b) Termination of Employment With or Without Cause or Good Reason. Subject to the respective continuing obligations of the Company and
the Executive under Sections 4, 5 and 6 below, the Executive’s employment with the Company may be terminated as set forth in this Section 3. 

(i) The Company may terminate the Executive’s employment with the Company immediately upon written notice of termination to the Executive
for “Cause.” (“Cause” shall have the meaning set forth in Section 6(e) of the CinC Agreement.) 
 (ii)
The Executive’s employment with the Company will automatically terminate on the date of the Executive’s death. 
 (iii) Either the
Company or the Executive may terminate the Executive’s employment with the Company at any time after the “Total Disability” of the Executive. For the purposes of this Agreement, the Total Disability of the Executive will occur
on the (A) the date the Executive becomes entitled to receive disability benefits under the Company’s long-term disability plan, if any; or if there is no such Company long-term disability policy, (B) the Executive’s inability to
perform the essential functions of the Executive’s position, as contemplated by this Agreement, due to a physical or mental incapacity or impairment, for more than 90 consecutive days or the aggregate of 120 days during any continuous 52-week
period (or for the maximum period permitted by applicable law.) If the Executive is a qualified person with a disability under the Americans With Disabilities Act or the Minnesota Human Rights Act, (or any other applicable statute), the Company will
make reasonable accommodations to the known physical or mental limitations of the Executive, including but not limited to consideration of whether extending the time periods above-referenced would constitute a reasonable accommodation. Termination
of employment due to Total Disability shall not affect the Executive’s rights, if any, under the Company’s long-term disability plan. 

(iv) Executive may terminate his employment with the Company for “Good Reason”. For purposes of this Agreement, “Good
Reason” shall mean: (A) a material reduction in Executive’s authority or responsibilities as an employee of the Company (provided, however, that the addition of new functional responsibilities in lieu of former functional
responsibilities will not be deemed to be Good Reason as long as the extent of the Executive’s authority and responsibilities with the Company, taken as a whole, remains substantially similar); (B) a material reduction

  
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by the Company in Executive’s Salary, or a material adverse change in the form or timing of the payment thereof; (C) the Company requiring the Executive to be based at any office or
location that is more than thirty-five (35) miles further from Executive’s then-current principal place of employment immediately prior to such relocation, except for required travel on the Company’s business; or (D) a material
breach of this Agreement by the Company. Executive shall give written notice to the Company of an event or change constituting Good Reason and his intent to terminate employment with the Company for Good Reason within thirty (30) days following
the first occurrence of the event(s) of change(s) that he believes constitute(s) Good Reason. If the Company remedies any event or change described in subsections (A) through (D) within 30 days of such notice from Executive, such event or
change shall not constitute Good Reason. If the Company fails to remedy any event or change described in subsections (A) through (D) within 30 days of such notice from Executive, Executive must resign within ninety (90) days following
the first occurrence of the event(s) or change(s) that he believes constitute(s) Good Reason. Executive’s continued employment does not constitute consent to, or waiver of any rights arising in connection with, any circumstances constituting
Good Reason. 
 (v) At any time, the Company or the Executive may terminate the Executive’s employment with the Company for any reason
(and in the Company’s case, other than for Cause or upon the Executive’s death, and in the Executive’s case, other than for Good Reason) upon fifteen (15) days written notice to the non-terminating party. Alternatively, in lieu
of providing the prior fifteen (15) day written notice, the Company may terminate the Executive’s employment with the Company and pay the Executive an amount equal to fifty percent (50%) of the Executive’s monthly Salary
at the rate in effect on the Termination Date (“Notice Pay”). Such Salary and Notice Pay (if any) will be paid in accordance with the Company’s normal payroll practices and subject to any payroll deductions and withholdings as
reasonably determined by the Company to be required by law. 
 (vi) In the event of a Change in Control, as defined in the CinC Agreement,
Executive shall have the right to terminate his employment for Good Reason (as defined in Section 6(m) of the CinC Agreement) and any termination of the Executive by the Company will be subject to the terms and conditions of such CinC
Agreement. 
 The date the Executive’s employment with the Company terminates under this Section 3(b) is hereinafter referred to as
the “Termination Date.” 
 (c) Compensation Upon Termination. The Company agrees to compensate the Executive upon
termination of employment as follows: 
 (i) If the Company terminates the Executive’s employment for Cause pursuant to subparagraph
(b)(i) of this Section 3 or the Executive voluntarily terminates the Executive’s employment with the Company without Good Reason pursuant to subparagraph (b)(v) of this Section 3, the Company shall pay the Executive (A) any
unpaid Salary and accrued unused PTO the Executive earned up to the Termination Date; (B) any Target Bonus earned but unpaid with respect to any calendar year 

  
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ending on or preceding the Termination Date; (C) reimbursement for any unreimbursed expenses incurred through the Termination Date; and (D) all other payments and benefits to which the
Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan, including but not limited to any applicable insurance benefits (collectively, “Accrued Amounts”). The Accrued Amounts will be paid
in accordance with the Company’s normal payroll practices, subject to any payroll deductions and withholdings as reasonably determined by the Company to be required by law or in accordance with the terms of any applicable benefit plan. The
Company shall not owe or be obligated to pay any other benefits or severance to Executive. 
 (ii) If the Executive’s employment with
the Company terminates as a result of the Executive’s death pursuant to subparagraph (b)(ii) of this Section 3 or as a result of a Total Disability pursuant to subparagraph (b)(iii) of this Section 3, the Company shall pay the
Executive’s estate or the Executive, as the case may be (A) the Accrued Amounts, and (B) an amount equal to three (3) times the Executive’s monthly Salary rate in effect on the Termination Date (“D&D
Benefit”). The Accrued Amounts will be paid in accordance with the Company’s normal payroll practices or in accordance with the terms of any applicable benefit plan and the D&D Benefit will be paid in a single lump sum cash payment
within thirty (30) days after the Executive’s date of death or the date the Executive’s employment terminates because of a Total Disability; each amount subject to any payroll deductions and withholdings as reasonably determined by
the Company to be required by law. The Company shall not owe or be obligated to pay any other benefits or severance to Executive or the Executive’s estate. 

(iii) If the Company terminates the Executive’s employment without Cause pursuant to subparagraph (b)(v) of this Section 3, or the
Executive voluntarily terminates employment for a Good Reason pursuant to subparagraph (b)(iv) of this Section 3, the Company shall pay or provide the Executive: (A) the Accrued Amounts, (B) Notice Pay (if applicable), (C) an
amount equal to twelve (12) times the Executive’s monthly Salary rate in effect on the Termination Date (“Salary Continuation”). (D) the achieved amount of the Target Bonus for the year in which
Executive’s termination occurs, and (E) continued coverage at the Company’s expense for Executive (and Executive’s eligible family members and dependents) under the Company’s medical, dental, vision, disability, life and
long-term disability plans in effect for Executive (and Executive’s eligible family members and dependents) on the Termination Date (or reimbursement for the full costs of replacing such coverage) until the earlier of (the “Benefits
Period”): (1) the last day of the 12th month that begins after the Termination Date or (2) the date Executive has obtained substantially equivalent coverage from a new employer
providing group health and dental benefits to Executive (and Executive’s eligible family members and dependents), which plan does not contain any exclusion or limitation with respect to any pre-existing condition of Executive (or any eligible
family member or dependent) who would otherwise be covered under the Company’s plan but for this clause (2) (“Benefits Coverage”) (together with the Salary Continuation and the achieved amount of the Target Bonus payment,
the “Severance”); provided, however, such Severance will be paid only after the Executive satisfies the 

  
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conditions set forth in Section 3(d) below. The Accrued Amounts and Notice Pay (if applicable) will be paid in accordance with the Company’s normal payroll practices, subject to any
payroll deductions and withholdings as reasonably determined by the Company to be required by law or in accordance with the terms of any applicable benefit plan. The Salary Continuation and Benefits Coverage will be paid over time and in accordance
with the Company’s normal payroll practices on each regularly scheduled Company payroll date and subject to any payroll deductions and withholdings as reasonably determined by the Company to be required by law; provided, however,
that any such Salary Continuation or Benefits Coverage payments otherwise scheduled to be made prior to the effective date of the Release of Claims (as defined below) (namely, the date it can no longer be revoked) shall accrue and be paid in the
first payroll date that follows such effective date with subsequent payments occurring on each subsequent Company payroll date. Any achieved amount of the Target Bonus will be paid in a lump sum cash payment (subject to any payroll deductions and
withholdings as reasonably determined by the Company to be required by law) when target bonuses are paid to other management personnel, but no later than March 15 of the calendar year immediately following the calendar year in which the bonus
is being measured. The Severance obligation will begin after the latest of the following: (i) the Termination Date; (ii) the date the Executive signs the Release of Claims, and (iii) the expiration of all statutory rescission periods
without any rescission of the Release of Claims by the Executive. Notwithstanding the foregoing, if at any time the Company determines that its payment of the Benefits Coverage on Executive’s behalf would result in a violation of applicable law
(including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying for the Benefits Coverage pursuant to this Section, the Company shall pay
the Executive on the last day of each remaining month of the Benefits Period, a fully taxable cash payment equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the “Special Severance
Payment”), such Special Severance Payment to be made without regard to the Executive’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the Benefits Period. Nothing in this
Agreement shall deprive the Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment by the Company. 

(iv) In the event of a termination as a result of a Change in Control, the CinC Agreement shall supersede this Agreement with respect to the
provisions of Sections 3(b), (c) and (d) of this Agreement and Executive shall be entitled to the benefits set forth in the CinC Agreement. 

(d) Execution of Separation Agreement and Release. As a condition of and in consideration for the Company’s payment of any
Severance under Section 3(c), or Company’s provision of any other post-termination benefits (except for the Accrued Amounts and Notice Pay (if applicable), the Executive shall execute a separation agreement and release of claims against
the Company in a form substantially similar to that attached hereto as Exhibit A (a “Release of Claims”) by no later than sixty (60) days after the Termination Date. The Company’s payment of Severance, and any other
post-termination benefits, shall not begin until such time as the Executive’s statutory rights to rescind his 

  
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Release of Claims has expired, without any actual or attempted rescission. The Company’s obligation to continue applicable Severance payments under Section 3(c)(iii) or to provide other
post-termination benefits, shall immediately terminate if the Executive attempts to rescind his Release of Claims, or asserts claims in violation of his Release of Claims. The restrictions set forth in this section shall not apply to the
Executive’s exercise of his rights under COBRA or any other applicable laws, and shall in no way interfere with or restrict the Executive’s statutorily protected right to rescind his Release of Claims. In the event of a Change of Control,
the CinC Agreement shall govern the obligations of the Company and the benefits due to Executive upon termination of Executive’s employment. Notwithstanding anything to the contrary in this Agreement, if any Severance pay or benefits are
deferred compensation under Code §409A (as defined below), and the period during which Executive may sign the Release of Claims begins in one calendar year and the first payroll date following the period during which Executive may sign the
Release of Claims occurs in the following calendar year, then the Severance pay or benefit shall not be paid or the first payment shall not occur until the later calendar year. 

(e) No Other Severance Benefits. Except for the benefits provided for in the CinC Agreement, the Severance payments and benefits to be
provided to the Executive as set forth in this Section 3 are in lieu of any severance benefits in any severance plan, change in control policy, plan or program maintained from time to time by the Company for its employees. 

(f) Code Section 409A. The Executive and the Company intend that the Severance benefits provided under this Agreement will comply,
in form and operation, with an exception to or exclusion from the requirements of Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder and any state law of similar effect
(collectively, “Code §409A”) and this Agreement will be construed and administered in a manner that is consistent with and gives effect to such intention. All Severance payments upon a “termination of employment”
under the Agreement will only be made upon a “separation from service” (as defined under Code §409A, without regard to any alternative definition thereunder, a “separation from service”). Each installment of the Severance
benefits provided under this Section 3 is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i). The Severance benefits to be provided under this Section 3 are intended to be exempt from the requirements
of Code §409A because such payment and benefits are short-term deferrals under Treas. Reg. §1.409A-1(b)(4) or provided under a separation pay plan within the meaning of Treas. Reg. §1.409A-1(b)(9). However, if such exemptions are not
available and Executive is, upon separation from service, a “specified employee” for purposes of Code §409A, then, solely to the extent necessary to avoid adverse personal tax consequences under Code §409A, the timing of the
Severance benefits payments shall be delayed until the earlier of (i) six (6) months and one day after Executive’s separation from service, or (ii) Executive’s death. The parties acknowledge that the exemptions from
application of Code §409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of Severance benefits may preclude the ability of Severance
benefits provided under this Agreement to qualify for an exemption. It is intended that this Agreement shall comply with the requirements of Code §409A, and any ambiguity contained herein shall be interpreted in such manner so as to avoid
adverse personal tax consequences under Code §409A. Notwithstanding any provision of this 

  
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Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Code §409A, the Company shall work in good faith with
the Executive to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or
appropriate to avoid the imposition of taxes under Code §409A, including without limitation, actions intended to (i) exempt the compensation and benefits payable under this Agreement from Code §409A, and/or (ii) comply with the
requirements of Section 409A; provided, however, that this Section 3(f) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the
Company have any liability for failing to do so. 
  

	4.	INVENTIONS. 

 (a) Definition. “Inventions,” as used in
this Agreement, means any inventions, discoveries, modifications, improvements, patents, patent applications, software code and documentation, product concepts, processes, techniques, trade secrets, prototypes, designs, drawings, know-how, concepts,
or ideas (whether or not they are in writing or reduced to practice and whether or not patentable), or works of authorship (whether or not copyrightable), made, authored or conceived by the Executive, whether by the Executive’s individual
efforts or in connection with the efforts of others, and that: 
 (i) relate in any way to the Company’s business, products or
processes, past, present, anticipated or under development; 
 (ii) result in any way from any work the Executive performs for the Company;
or 
 (iii) use the Company’s equipment, supplies, facilities, or trade secret information. 

(b) Ownership and Assignment of Inventions. The Executive covenants and agrees that all Inventions (as defined in Section 4(a)
above) made by the Executive during the period of the Executive’s employment with the Company, and for six (6) months after the Termination Date, whether made during the working hours of the Company or on the Executive’s own time,
will be the Company’s sole and exclusive property. The Executive will, with respect to any Inventions: 
 (i) keep current, accurate and
complete records, which will belong to the Company and be kept and stored on the Company’s premises; 
 (ii) promptly and fully disclose
the existence and describe the nature of the Inventions to the Company in writing (and without request); 
 (iii) assign (and the Executive
does hereby assign) to the Company all of the Executive’s rights, title and interest in and to the Inventions, any applications the Executive makes for patents or copyrights in any country, and any patents or copyrights granted to the Executive
in any country; and 
 (iv) acknowledge and deliver promptly to the Company any written instruments, and perform any other acts necessary in
the Company’s opinion to preserve property rights in the Inventions against forfeiture, abandonment or loss and to obtain and maintain letters, patents and/or copyrights on the Inventions and to vest the entire right and title to the Inventions
in the Company. The Executive agrees to perform promptly (without charge to the Company but at the expense of the Company) all acts as may be necessary in the Company’s opinion to preserve all patents and/or copyrights granted in connection
with the Executive’s Inventions. 

  
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 Pursuant to Minnesota Statutes Section 181.78, the requirements of this Section 4 do
not apply to any intellectual property for which no equipment, supplies, facility, or Confidential Information of the Company was used and which was developed entirely on the Executive’s own time, and (i) which does not relate directly or
indirectly to the Company’s business or to the Company’s actual or demonstrably anticipated research or development, or (ii) which does not result from any work the Executive performed for the Company. 

(c) Obligations of Executive. Executive will sign and execute all instruments of assignment and other papers to evidence the assignment
of Executive’s entire right, title and interest in such inventions, improvements, discoveries, writings or other works of authorship to the Company, at the request and the expense of the Company, and the Executive will do all acts and sign all
instruments of assignment and other papers the Company may reasonably request relating to applications for patents, copyrights, and the enforcement and protection thereof. If the Executive is needed, at any time, to give testimony, evidence, or
opinions in any litigation or proceeding involving any patents or copyrights or applications for patents or copyrights, both domestic and foreign, relating to inventions, improvements, discoveries, writings or other works of authorship conceived,
developed or reduced to practice by the Executive, the Executive agrees to do so, and if the Executive leaves the employ of the Company, the Company shall pay the Executive at a reasonable hourly rate mutually agreeable to the Executive and the
Company, plus reasonable traveling or other expenses. 
 (d) Prior Inventions. The Executive represents that, except as disclosed
below, as of the date of this Agreement, the Executive has no rights under and will make no claims against the Company with respect to, any inventions, discoveries, improvements, ideas, or works of authorship which would be Inventions if made,
conceived, authored, or acquired by the Executive during the term of this Agreement. All inventions which the Executive has already conceived or reduced to practice and which the Executive claims to be excluded from the scope of this Agreement are
listed below (if none, write “none”): 
  

			
	  

	
	  

	
	  

		
	  
	  	

 (e) Works Made for Hire. To the extent that any Invention qualifies as “work made for
hire” as defined in 17 U.S.C. § 101 (1976), as amended, such Invention will constitute “work made for hire” and, as such, will be the exclusive property of the Company. 

  
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 (f) Presumption. In the event of any dispute, arbitration or litigation concerning whether
an Invention made, authored or conceived by the Executive is the property of the Company, such Invention will be presumed the property of the Company and the Executive will bear the burden of establishing otherwise. 

(g) Survival. The obligations of this Section 4 shall survive indefinitely the expiration or termination of this Agreement. 

 

	5.	CONFIDENTIAL INFORMATION. 

 (a) Prohibition on Use of Confidential
Information. The Executive covenants and agrees not to directly or indirectly disclose or use at any time, either during or subsequent to the Executive’s employment by the Company or its affiliates (which obligation will survive
indefinitely), any Inventions (as defined in Section 4(a)) or other technology, business plans, financial information, trade secrets, know-how, or other information, knowledge or data, possessed or used by the Company or to which the Executive
gains access in connection with the Executive’s employment and which the Company deems confidential or proprietary or which the Executive has reason to believe is confidential or proprietary (“Confidential Information”), except
as such disclosure or use may be required in connection with the Executive’s work for the Company or unless the Executive first secures the written consent of the Company. This confidentiality covenant shall also apply to any such non-public
information disclosed to the Executive that is related to third parties and which is obtained during the course of employment by the Company. Upon termination of the Executive’s employment, the Executive will promptly return to the Company all
originals and all copies or reproductions of all property and assets of the Company created or obtained by the Executive as a result of or in the course of or in connection with the Executive’s employment with the Company which are in the
Executive’s possession or control, whether or not confidential, including, but not limited to, computer files, software programs, computer equipment, correspondence, notes, memoranda, notebooks, drawings, customer lists, financial information,
sales or marketing plans, or other documents delivered to the Executive concerning any idea, product, apparatus, or Invention, developed, instigated, manufactured, used, or marketed by the Company during the period of the Executive’s employment
or obtained by the Executive and related to third parties during the period of the Executive’s employment. 
 (b) Third-Party
Information. The Executive understands and acknowledges that the Company has a policy prohibiting the receipt by the Company of any confidential information in breach of the Executive’s obligations to third parties and does not desire to
receive any confidential information under such circumstances. Accordingly, the Executive agrees not to disclose to the Company or use in the performance of any duties for the Company any confidential information in breach of an obligation to any
third party. The Executive represents that the Executive has provided the Company with a copy of any agreement by which the Executive is bound that restricts the Executive’s use of any third party’s confidential information. 

  
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 (c) Exclusions. Notwithstanding the foregoing, “Confidential Information” does
not include any information that: 
 (i) is now or later becomes lawfully in the public domain; provided, however, that information which is
published by or with the aid of the Executive contrary to the requirements of this Agreement will not be considered to have been lawfully published, and therefore will not be in the public domain for the purposes of this Agreement; 

(ii) is lawfully received by the Executive from a third party having no obligations of confidentiality to the Company; 

(iii) is already lawfully in the possession of the Executive through independent means at the time of disclosure; or 

(iv) is required to be disclosed by order of a governmental agency or by a court of competent jurisdiction. 

Before relying on any of the exceptions of this Section 5, and disclosing or using Confidential Information on the basis of one or more
such exceptions, the Executive shall notify the Company in writing of the Executive’s intent to do so, providing a written basis for the reliance on the exception and give the Company a period of fifteen (15) days to object or otherwise
take action to protect its rights and interest in such information. 
 (d) Survival. The obligations of this Section 5 shall
survive indefinitely the expiration or termination of this Agreement. 
  

	6.	NONCOMPETITION. 

 (a) Prior Agreements. The Executive represents and
warrants to the Company that the Executive is not currently subject to a non-competition or other such agreement with a former employer which prohibits the Executive from working for the Company. 

(b) Definition. For purposes of this Agreement, the terms set forth below shall have the following meanings: 

(i) “Company Product” means any actual product, product line, service or technology that has been marketed and sold by the
Company or any product concepts investigated, studied, conceived, designed or developed during the Executive’s employment with the Company or regarding which the Company has conducted or acquired research and development during the
Executive’s employment with the Company. 
 (ii) “Company Business” means the development of Company Products for use
by, and the marketing and sale of Company Products to, otolaryngologists worldwide, including any Company Products marketed and sold in the six (6) months immediately prior to the Termination Date. 

  
 12 

 (c) Covenant Not To Compete. The Executive covenants and agrees that, during
Executive’s employment with the Company and for twelve (12) months after the Termination Date, the Executive will not, directly or indirectly, either for the Executive’s own benefit or for the benefit of any other person, firm,
corporation or any other business entity whatsoever, other than the Company, engage in any commercial activity that competes with the Company Business including: 

(i) participate in or support in any capacity (e.g., as an advisor, principal, agent, consultant, officer, director, employee or
otherwise, or as a partner, member, shareholder or owner of more than five percent (5%) of another firm or entity) the invention, development, manufacture, sale, solicitation for sale, marketing, testing, research, or other business aspect of
any actual product, product under development or product line, service or technology, or product concept, conceived, investigated, studied, designed, developed, manufactured, marketed, or sold by anyone other than the Company, that is used for the
same general purposes as, or is, or will be marketed and sold as a replacement, substitution, or alternative for any Company Product (a “Competing Product”); 

(ii) call upon, solicit, contact, or serve in any capacity any of the then-existing clients, customers, vendors or suppliers of the Company,
any clients, customers, vendors or suppliers that have had a relationship with the Company during the twelve (12) months preceding the Termination Date, or any potential clients, customers, vendors or suppliers that were solicited by the
Company during the twelve (12) months preceding the Termination Date for the purpose of marketing or selling a Competing Product or attempting to change or otherwise adversely affect the relationship which such clients, customers, vendors or
suppliers have with the Company; 
 (iii) otherwise disrupt, damage, impair, or interfere with the business of the Company (or attempt to do
the same) whether by way of interfering with or disrupting the relationship of the Company with employees, customers, agents, representatives, clients, customers, vendors or suppliers; or 

(iv) employ or attempt to employ, any of the Company’s then employees or employees who had worked for the Company within the six
(6) months prior to the Termination Date on behalf of any other entity, whether or not such entity competes with the Company, or to otherwise direct such employees to do any of the foregoing actions listed in this Section 6(c); provided
however, Executive may employ any of the Company’s then employees or employees who had worked for the Company within the six (6) months prior to the Termination Date whose employment was terminated by the Company, or who independently
responds to a general solicitation for employment. 
 (d) Permitted Activities. The restrictions contained in this Section 6 shall not
prevent the Executive from accepting employment with a large diversified medical products organization with separate and distinct divisions that do not compete, directly or indirectly, with the Company, as long as prior to accepting such employment
the Company receives separate written assurances from the prospective employer and from the Executive, 

  
 13 

 
satisfactory to the Company, to the effect that the Executive will not render any services, directly or indirectly, to any division or business unit that competes, directly or indirectly, with
the Company. During the restrictive period set forth in this Section 6, the Executive shall inform any new employer, prior to accepting employment, of the existence of this Agreement and provide such employer a copy of this Agreement. 

(e) Cessation of Business. Section 6(c) of this Agreement will cease to be applicable to any activity of the Executive from and
after such time as the Company (i) has ceased all business activities for a period of six (6) months or (ii) has made a decision through its Board of Directors not to continue, or has ceased for a period of six (6) months the
business activities with which such activity of the Executive would be competitive. 
 (f) No Additional Compensation. In the event
that the Executive’s employment with the Company terminates for any reason, no additional compensation will be paid for this noncompetition obligation. 

(g) Survival. The obligations of this Section 6 shall survive indefinitely the expiration or termination of this Agreement. 

 

	7.	MISCELLANEOUS. 

 (a) No Adequate Remedy. The Executive understands
that if the Executive fails to fulfill the Executive’s obligations under this Agreement, the Company will be irreparably and immeasurably injured and the damages to the Company will be very difficult to determine. Therefore, in addition to any
other rights or remedies available to the Company at law, in equity, or by statute, the Executive hereby consents to the specific enforcement of this Agreement by the Company through an injunction or restraining order issued by an appropriate court.

 (b) No Mitigation. Executive will not be required to mitigate the amount of any Severance benefits the Company becomes obligated to
provide to Executive in connection with this Agreement by seeking other employment or otherwise. The Severance benefits to be provided to Executive in connection with this Agreement may not be reduced, offset or subject to recovery by the Company by
any benefits Executive may receive from other employment or otherwise. 
 (c) Governing Law. The laws of the State of Minnesota will
govern the validity, construction and performance of this Agreement. Any legal proceeding related to this Agreement will be brought in an appropriate Minnesota court, and both the Company and the Executive hereby consent to the exclusive
jurisdiction of that court for this purpose. 
 (d) No Conflicts. The Executive represents and warrants to the Company that neither
the entering into of this Agreement nor the performance of any obligations hereunder will conflict with or constitute a breach under any obligation of the Executive, as the case may be, under any agreement or contract to which the Executive is a
party or any other obligation by which the Executive is bound. Without limiting the foregoing, the Executive agrees that at no time will the Executive use any trade secrets or other intellectual property of any third party while performing services
hereunder. 

  
 14 

 (e) Successors and Assigns. This Agreement is binding upon and the benefits and
obligations provided for herein shall inure to the Company’s successors and assigns, all of which are included in the term the “Company” as it is used in this Agreement. The parties hereto shall not assign this Agreement and/or their
respective rights and obligations hereunder, except that the Company may assign this Agreement in its entirety in connection with a merger, consolidation, assignment, sale or other disposition of substantially all of its assets or business or to an
entity which the Company controls, is controlled by or with which it is under common control. 
 (f) Modification. This Agreement may
be modified or amended only by a written statement signed by both the Company and the Executive. 
 (g) Survivability. The obligations
of this Agreement shall survive any termination of the Executive’s services. 
 (h) Construction. Wherever possible, each
provision of this Agreement will be interpreted so that it is valid under the applicable law. If any provision of this Agreement is to any extent declared invalid by a court of competent jurisdiction under the applicable law, that provision will
remain effective to the extent it is not declared invalid. The remainder of this Agreement also will continue to be valid, and the entire Agreement will continue to be valid in other jurisdictions. 

(i) Waivers. No failure or delay by either the Company or the Executive in exercising any right or remedy under this Agreement will
waive any provision of the Agreement. Nor will any single or partial exercise by either the Company or the Executive of any right or remedy under this Agreement preclude either of them from otherwise or further exercising these rights or remedies,
or any other rights or remedies granted by any law or any related document. 
 (j) Entire Agreement. This Agreement, together with the
CiC Agreement, supersedes all previous and contemporaneous oral negotiations, commitments, writings and understandings between the parties concerning the matters in this Agreement and the CinC Agreement, including without limitation, any policy or
personnel manuals of the Company. 
 (k) Notices. All notices and other communications required or permitted under this Agreement
shall be in writing and shall be hand delivered or sent by registered or certified first class mail, postage prepaid, and shall be effective upon delivery if hand delivered, or three (3) days after mailing to the addresses stated at the
beginning of this Agreement. These addresses may be changed at any time by like notice. 
 (1) Counterparts. This Agreement may be
executed in any number of counterparts each copy of which shall for all purposes be deemed an original. 

  
 15 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date
first written above. 
  

					
		 	ENTELLUS MEDICAL, INC.
			
		 	By:	 	/s/ Brian E. Farley
		 		 	  

		 		 	Brian E. Farley
		 	Its:	 	Chief Executive Officer
		
		 	EXECUTIVE
		
		 	/s/ Robert S. White
		 	  

		 	Robert S. White

  
 16 

 EXHIBIT A 

FORM OF 

RELEASE OF CLAIMS 

This Release of Claims (“Release”) is made as of             ,
20     by and between Robert S. White (“the Executive”) whose principal residence is at
                     and Entellus Medical, Inc., a Delaware corporation with its principal place of business at 3600 Holly Lane North, Suite
40, Plymouth, MN 55447 (the “Company”). 
 WHEREAS, the Company and the Executive are parties to the Employment Agreement
dated as of November     , 2014 (the “Employment Agreement”); 
 WHEREAS, the Company wishes to
terminate the Executive’s employment with the Company without Cause or the Executive wishes to terminate his employment with the Company for Good Reason; 

WHEREAS, the execution of this Release is a condition precedent to the payment of Severance as set forth in Section 3(c) of the
Employment Agreement; 
 WHEREAS, in consideration for the Executive’s signing of this Release, the Company will provide the Executive
with Severance benefits pursuant to Section 3(c)(iii) of the Employment Agreement; and 
 WHEREAS, the Executive and the Company intend
that this Release shall be in full satisfaction of the obligations described in this Release owed to the Executive by the Company, including those under the Employment Agreement. 

NOW, THEREFORE, in consideration of the promises and the mutual covenants and agreements herein contained, the Company and the Executive agree
as follows: 
 1. The Executive, for himself, the Executive’s spouse, heirs, administrators, children, representatives, executors,
successors, assigns, and all other persons claiming through the Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge the Company and each of its respective agents, subsidiaries, parents,
affiliates, related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability,
actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute,
which heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to: (a) the Executive’s employment with the Company or any of its
subsidiaries or affiliates; (b) the termination of the Executive’s employment with the Company and any of its subsidiaries or affiliates; (c) the Employment Agreement; or (d) any events occurring on or prior to the date of this
Release. The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including wrongful or retaliatory discharge,
breach of contract (including but not limited to any claims under the Employment Agreement and any claims under any equity incentive arrangements between the Executive, on the one hand, and the Company or

  
 17 

 
any of its subsidiaries or affiliates, on the other hand) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any
federal, state or local statute including the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act,
the Fair Labor Standards Act, the Executive Retirement Income Security Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, Family and Medical Leave Act, the Genetic Information Nondiscrimination Act of 2008 (GINA), the
Minnesota Human Rights Act, Minnesota’s Whistleblower Act, California Labor Code §1400 et seq., the California Fair Employment and Housing Act, Cal Gov’t Code § 12900 et seq., or any other state human
rights or fair employment practices act, and any other federal, state, local or foreign statute, law, rule, regulation, ordinance or order. This also includes a release of any claims for wrongful discharge and all claims for alleged physical or
personal injury, emotional distress relating to or arising out of the Executive’s employment with the Company or any of its subsidiaries or affiliates or the termination of that employment; and any claims under the Worker Adjustment and
Retraining Notification Act (WARN) Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. This release and waiver does not apply to: (i) any right that Executive has to a
defense, payment of fees or otherwise for indemnification under the Company’s certificate of incorporation, and/or bylaws or any applicable policy of insurance, operating agreement, agreement of indemnity or any other applicable agreement or
vehicle; (ii) any rights to the receipt of employee benefits which vested on or prior to the date of this Release; (iii) the right to receive Severance benefits under Section 3(c) of the Employment Agreement; (iv) unemployment
insurance benefits and workers’ compensation benefits to the extent that such benefits are awarded by a state agency or agreed upon consistent with applicable state law and (v) the right to continuation coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”). 
 2. Excluded from this Release and waiver are any claims by the
Executive which cannot be waived by law, including but not limited to the right to participate in an investigation conducted by certain government agencies and the Executive’s right to right to file or maintain a charge with the Equal
Employment Opportunity Commission (“EEOC”) . The Executive does, however, waive the Executive’s right to any monetary recovery should any agency (such as the EEOC) pursue any claims on the Executive’s behalf. The Executive
represents and warrants that the Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court. 

3. The Executive agrees never to seek personal recovery from Releasees in any forum for any claim covered by the above waiver and release
language, except that the Executive may bring a claim under the ADEA to challenge this Release. If the Executive violates this Release by suing Releasees, other than under the ADEA or as otherwise set forth in Section 1 hereof, the Executive
shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Nothing in this Release is intended to reflect any party’s belief that the Executive’s waiver of
claims under ADEA is invalid or unenforceable, it being the intent of the Parties that such claims are waived. 
 4. The Executive agrees
that neither this Release, nor the furnishing of the consideration for this Release, shall be deemed or construed at any time to be an admission by the Company, any Releasees or the Executive of any improper or unlawful conduct. 

  
 18 

 5. The Executive acknowledges and recites that: 

(a) the Executive has executed this Release knowingly and voluntarily; 

(b) the Executive has read and understands this Release in its entirety; 

(c) the Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written
direction) to seek legal counsel and any other advice the Executive wishes with respect to the terms of this Release before executing it; 

(d) the Executive’s execution of this Release has not been forced by any employee or agent of the Company; and 

(e) the Executive has been offered twenty-one (21) calendar days after receipt of this Release to consider its terms
before executing it.1 
 6. The Executive understands that insofar as this Release
relates to the Executive’s rights under the Age Discrimination in Employment Act (“ADEA”), it shall not become effective or enforceable until seven (7) days after the Executive signs it. The Executive also has the right to
rescind (or revoke) this Release insofar as it extends to potential claims under the ADEA by written notice to the Company within Seven (7) calendar days following the date the Executive signs this Release, and within Fifteen (15) calendar
days as to waiver of claims under the Minnesota Human Rights Act (the “Rescission Period”). Any such rescission (or revocation) must be in writing, must identify whether the revocation is applicable to the Executive’s ADEA
claims, MHRA claims, or both and must be either hand-delivered to the Employer or, if sent by mail, postmarked within the applicable time period (below), sent by certified mail, return receipt requested, and addressed as follows: 

(a) post-marked within the seven (7) day period (with respect to ADEA claims) or within the fifteen (15) day period
(with respect to MHRA claims); 
 (b) properly addressed to: Entellus Medical, Inc., Attention: President, 3600 Holly Lane
North, Suite 40, Plymouth, MN 55447; and 
 (c) sent by certified mail, return receipt requested. 

7. The Executive understands that the Severance payment the Executive is receiving for settling and releasing the Executive’s Claims is
contingent upon the Executive’s agreement to be bound by the terms of this Release. Accordingly, if the Executive decides to revoke this Release as provided herein, the Executive understands that the Executive is not entitled to the Severance
offered in the Employment Agreement. The Executive further understand that if the Executive attempts to revoke the Executive’s release of either ADEA or MHRA claims, the Executive must immediately return to the Company any Severance payment the
Executive may have received under the Employment Agreement, provided, however, that if the Executive decides to challenge the 

 

	1 	In the event the Company determines that Executive’s termination of employment is part of “an exit incentive or other employment termination program offered to a group or class of employees” under the
ADEA, the Company will provide Executive with: (1) 45 days to consider the Release; and (2) the disclosure schedules required for an effective release under the ADEA. 

  
 19 

 
knowing and voluntary nature of this Release under the ADEA and/or the Older Workers Benefit Protection Act of 1990 (“OWBPA”), the Executive is not required to return to Employer
any consideration that the Executive has received under the Employment Agreement. 
 8. This Release shall be governed by the internal laws
(and not the choice of laws) of the State of Minnesota, except for the application of pre-emptive Federal law. 
 9. The Employment
Agreement, this Release and any other attachments or exhibits have each been written in a way that the Executive understands. 
 10. Defined
terms not defined in this Release have the meanings given in the Employment Agreement. 
 PLEASE READ THIS RELEASE CAREFULLY. IT CONTAINS A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS. 
  

									
		 		 		 		 	EXECUTIVE
					
	Date:	 	  
	 		 		 	  

		 		 		 		 	Robert S. White

  
 20EX-10.46

CYTOKINETICS, INCORPORATED

COMMON STOCK PURCHASE AGREEMENT

THIS COMMON STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of December 22nd, 2014 (the
“Execution Date”) by and between Cytokinetics, Incorporated, a Delaware corporation (the
“Company”), and Astellas Pharma Inc. (the “Investor”). All terms not defined herein shall have the
meaning set forth for such terms in the Amended and Restated License and Collaboration Agreement,
dated as of December 22nd, 2014 by and between the Company and the Investor, as amended on the date
hereof (the “Collaboration Agreement”).

RECITALS

WHEREAS, the Company and the Investor have entered into the Collaboration Agreement of even
date herewith;

WHEREAS, in partial consideration for the additional rights granted to the Investor under the
Collaboration Agreement and pursuant to terms set forth in this Agreement the Company desires to
sell to the Investor, and the Investor desires to purchase from the Company, shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”);

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and
contained in the Collaboration Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

SECTION 1

Purchase and Sale of Shares

1.1 Sale of Shares. Subject to the terms and conditions hereof and of the Collaboration
Agreement, the Company will issue and sell to the Investor, and the Investor will purchase from the
Company, at the Closing, Ten Million Dollars ($10,000,000) (the “Aggregate Purchase Price”) worth
of Common Stock at a price per share equal to the greater of (a) the closing price of one share of
common stock of the Company on the trading day immediately preceding the public announcement of the
entry into the Collaboration Agreement, and (b) the average of the closing price of one share of
Common Stock for each of the ten (10) trading days immediately preceding the Execution Date, in
either case with the number of such shares rounded down to the nearest whole share (such number of
shares hereafter referred to as the “Shares”) and in both cases based on the closing prices as
reported by the NASDAQ Capital Market.

1.2 Closing. The purchase and sale of the Shares shall take place at a closing (the “Closing”)
to be held at the offices of Cooley LLP, 3175 Hanover Street, Palo Alto, California 94304-1130, on
the third trading day following the date hereof, or such other time as agreed by both parties (the
“Closing Date”). At the Closing, the Company will deliver or cause to be delivered to the Investor
a certificate or certificates representing the Shares that the Investor is purchasing and,
concurrently, the Investor shall pay the Aggregate Purchase Price by (a) check payable to the
Company, (b) wire transfer in accordance with the Company’s instructions, or (c) any combination of
the foregoing.

SECTION 2

Representations and Warranties of the Company

Except as set forth on the Schedule of Exceptions attached hereto as Exhibit A, the
Company hereby represents and warrants the following as of the Execution Date:

2.1 Organization and Good Standing and Qualifications. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware and has
all requisite power and authority to own, lease, operate and occupy its properties and to carry on
its business as now being conducted. Except as set forth in the Commission Documents (as defined
below), the Company does not own more than 50% of the outstanding capital stock of or control any
other business entity. The Company is duly qualified as a foreign corporation to do business and is
in good standing in every jurisdiction in which the nature of the business conducted or property
owned or leased by it makes such qualification necessary, other than those in which the failure so
to qualify or be in good standing would not have a Material Adverse Effect. For purposes of this
Agreement, “Material Adverse Effect” shall mean any event or condition that would reasonably be
likely to have a material adverse effect on the business, operations, properties or financial
condition of the Company and its consolidated subsidiaries, taken as a whole; provided,
that none of the following shall constitute a “Material Adverse Effect”: the effects of conditions
or events that are generally applicable to the capital, financial, banking or currency markets and
the biotechnology industry, and changes in the market price of the Common Stock.

2.2 Authorization. (i) The Company has the requisite corporate power and authority to enter
into and perform its obligations under this Agreement; (ii) the execution and delivery of this
Agreement by the Company, the consummation by the Company of the transactions contemplated hereby
and thereby and the issuance, sale and delivery of the Shares have been duly authorized by all
necessary corporate action and no further consent or authorization of the Company or its Board of
Directors or stockholders is required; and (iii)  the Agreement has been duly executed and
delivered and constitutes a valid and binding obligation of the Company enforceable against the
Company in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, securities, insolvency, or similar laws relating to, or affecting generally the
enforcement of, creditors’ rights and remedies, or indemnification or by other equitable principles
of general application.

2.3 Valid Issuance of Shares. The issuance of the Shares has been duly authorized by all
requisite corporate action. When the Shares are issued, sold and delivered in accordance with the
terms of this Agreement for the consideration expressed herein, the Shares will be duly and validly
issued and outstanding, fully paid, and nonassessable, and will be free of restrictions on transfer
other than restrictions on transfer under this Agreement and under applicable state and federal
securities laws and, except as otherwise set forth herein or in the Collaboration Agreement, the
Investor shall be entitled to all rights accorded to a holder of shares of Common Stock. The
Company has reserved a sufficient number of shares of Common Stock for issuance to the Investor in
accordance with the Company’s obligations under this Agreement.

2.4 No Conflict. The execution, delivery and performance of this Agreement, and any other
document or instrument contemplated hereby, by the Company and the consummation by the Company of
the transactions contemplated hereby, do not: (i) violate any provision of the Certificate or
Bylaws, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, mortgage, deed of trust, indenture, note,
bond, license, lease agreement, instrument or obligation to which the Company is a party where such
default or conflict would constitute a Material Adverse Effect, (iii) create or impose a lien,
charge or encumbrance on any property of the Company under any agreement or any commitment to which
the Company is a party or by which the Company is bound, which would constitute a Material Adverse
Effect, (iv) result in a violation of any federal, state, local or foreign statute, rule,
regulation, order, writ, judgment or decree (including federal and state securities laws and
regulations) applicable to the Company or any of its subsidiaries or by which any property or asset
of the Company are bound or affected where such violation would constitute a Material Adverse
Effect, or (v) require any consent of any third-party that has not been obtained pursuant to any
material contract to which the Company is subject or to which any of its assets, operations or
management may be subject where the failure to obtain any such consent would constitute a Material
Adverse Effect. The Company is not required under federal, state or local law, rule or regulation
to obtain any consent, authorization or order of, or make any filing or registration with, any
court or governmental agency in order for it to execute, deliver or perform any of its obligations
under this Agreement or issue and sell the Shares in accordance with the terms hereof (other than
any filings that may be required to be made by the Company with the Securities and Exchange
Commission (the “Commission”), the National Association of Securities Dealers, Inc./Nasdaq or state
securities commissions subsequent to the Closing); provided that, for purposes of the
representation made in this sentence, the Company is assuming and relying upon the accuracy of the
relevant representations and agreements of the Investor herein.

2.5 Compliance. The Company is not, and the execution and delivery of this Agreement and the
consummation of the transactions contemplated herewith will not cause the Company to be (i) in
violation or default of any provision of any instrument, mortgage, deed of trust, loan, contract,
commitment filed with the Commission Documents, (ii) in violation of any provision of any judgment,
decree, order or obligation to which it is a party or by which it or any of its properties or
assets are bound, or (iii) in violation of any federal, state or, to its knowledge, local statute,
rule or governmental regulation, in the case of each of clauses (i), (ii) and (iii), which would
have a Material Adverse Effect.

2.6 Capitalization. As of October 31, 2014 (the “Reference Date”), a total of 36,608,781
shares of Common Stock were issued and outstanding, increased as set forth in the next sentence.
Other than in the ordinary course of business, the Company has not issued any capital stock since
the Reference Date other than pursuant to (i) employee benefit plans disclosed in the Commission
Documents, and (ii) outstanding warrants, options or other securities disclosed in the Commission
Documents. The outstanding shares of capital stock of the Company have been duly and validly
issued and are fully paid and nonassessable, were not issued in violation of any preemptive rights
or similar rights to subscribe for or purchase securities, and, for those shares issued until the
Closing, have been issued in compliance with all federal and state securities laws, in each case
except as would not reasonably be expected to have a Material Adverse Effect. Except as set forth
in the Commission Documents, there are no outstanding rights (including, without limitation,
preemptive rights), warrants or options to acquire, or instruments convertible into or exchangeable
for, any unissued shares of capital stock or other equity interest in the Company, or any contract,
commitment, agreement, understanding or arrangement of any kind to which the Company is a party and
relating to the issuance or sale of any capital stock of the Company, any such convertible or
exchangeable securities or any such rights, warrants or options. Without limiting the foregoing, no
preemptive right, co-sale right, right of first refusal, registration right, or other similar right
exists with respect to the Shares or the issuance and sale thereof. Except as disclosed in the
Commission Documents, there are no shareholder agreements, voting agreements or other similar
agreements with respect to the voting of the Shares to which the Company is a party or, to the
knowledge of the Company, between or among any of the Company’s shareholders.

2.7 Commission Documents, Financial Statements. The Company’s Common Stock is registered
pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and during the past twelve (12) months the Company has timely filed all reports,
schedules, forms, statements and other documents required to be filed by it with the Commission
pursuant to the reporting requirements of the Exchange Act, including material filed pursuant to
Section 13(a) or 15(d) of the Exchange Act (all of the foregoing, including filings incorporated by
reference therein, being referred to herein as the “Commission Documents”). The Company’s Common
Stock is currently listed or quoted on the NASDAQ Capital Market. The Company is not in violation
of the listing requirements of the NASDAQ Capital Market and has no knowledge of any facts that
would reasonably lead to delisting or suspension of its common stock from NASDAQ in the foreseeable
future. As of its date, each Commission Document filed within the past twelve (12) months for the
year ended December 31, 2013 complied in all material respects with the requirements of the
Exchange Act and the rules and regulations of the Commission promulgated thereunder applicable to
such document, and, as of its date, after giving effect to the information disclosed and
incorporated by reference therein, no such Commission Document within the past twelve (12) months
contained any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. As of their respective dates, the financial statements
of the Company included in the Commission Documents filed with the Commission during the past
twelve months complied as to form and substance in all material respects with applicable accounting
requirements and the published rules and regulations of the Commission or other applicable rules
and regulations with respect thereto. Such financial statements have been prepared in accordance
with generally accepted accounting principles (“GAAP”) applied on a consistent basis during the
periods involved (except (i) as may be otherwise indicated in such financial statements or the
notes thereto or (ii) in the case of unaudited interim statements, to the extent they may not
include footnotes or may be condensed or summary statements), and fairly present in all material
respects the financial position of the Company as of the dates thereof and the results of
operations and cash flows for the periods then ended (subject, in the case of unaudited statements,
to normal year-end audit adjustments).

2.8 Internal Controls and Procedures. The Company maintains disclosure controls and procedures
as such terms are defined in, and required by, Rule 13a-15 and Rule 15d-15 under the Exchange Act.
Such disclosure controls and procedures are effective as of the latest date of management’s
evaluation of such disclosure controls and procedures as set forth in the Commission Documents to
ensure that all material information required to be disclosed by the Company in the reports that it
files or furnishes under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the rules and forms of the Commission. The Company maintains a system
of internal controls over financial reporting sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific authorizations; and
(ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP.

2.9 Material Adverse Change. Except as disclosed in the Commission Documents, since September
30, 2014, no event or series of events has or have occurred that would, individually or in the
aggregate, have a Material Adverse Effect on the Company.

2.10 No Undisclosed Liabilities. To the Company’s knowledge, neither the Company nor any of
its subsidiaries has any liabilities, obligations, claims or losses (whether liquidated or
unliquidated, secured or unsecured, absolute, accrued, contingent or otherwise) that would be
required to be disclosed on a balance sheet of the Company or any of its subsidiaries (including
the notes thereto) in conformity with GAAP and are not disclosed in the Commission Documents, other
than those incurred in the ordinary course of the Company’s or its subsidiaries’ respective
businesses since September 30, 2014 or which, individually or in the aggregate, do not or would not
have a Material Adverse Effect on the Company.

2.11 No Undisclosed Events or Circumstances. Except for the transactions contemplated by this
Agreement and the Collaboration Agreement, no event or circumstance has occurred or exists with
respect to the Company, its subsidiaries, or their respective businesses, properties, operations or
financial condition, which, under applicable law, rule or regulation, requires public disclosure or
announcement by the Company but which has not been so publicly announced or disclosed and which,
individually or in the aggregate, would have a Material Adverse Effect on the Company.

2.12 Actions Pending. There is no action, suit, claim, investigation or proceeding pending or,
to the knowledge of the Company, threatened against the Company or any subsidiary which questions
the validity of this Agreement or the transactions contemplated hereby or any action taken or to be
taken pursuant hereto. Except as set forth in the Commission Documents or as previously disclosed
in writing to the Investor, there is no action, suit, claim, investigation or proceeding pending
or, to the knowledge of the Company, threatened, against or involving the Company, any subsidiary,
or any of their respective properties or assets that could be reasonably expected to have a
Material Adverse Effect on the Company. Except as set forth in the Commission Documents or as
previously disclosed to the Investor in writing, no judgment, order, writ, injunction or decree or
award has been issued by or, to the knowledge of the Company, requested of any court, arbitrator or
governmental agency which could be reasonably expected to result in a Material Adverse Effect.

2.13 Compliance with Law. The businesses of the Company and its subsidiaries have been and are
presently being conducted in accordance with all applicable federal, state and local governmental
laws, rules, regulations and ordinances, except as set forth in the Commission Documents or such
that would not reasonably be expected to cause a Material Adverse Effect. Except as set forth in
the Commission Documents, the Company and each of its subsidiaries have all franchises, permits,
licenses, consents and other governmental or regulatory authorizations and approvals necessary for
the conduct of its business as now being conducted by it, except for such franchises, permits,
licenses, consents and other governmental or regulatory authorizations and approvals, the failure
to possess which, individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect.

2.14 Exemption from Registration, Valid Issuance. Subject to, and in reliance on, the
representations, warranties and covenants made herein by the Investor, the issuance and sale of the
Shares in accordance with the terms and on the bases of the representations and warranties set
forth in this Agreement, may and shall be properly issued pursuant to Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”), Regulation D promulgated pursuant to the
Act (“Regulation D”) and/or any other applicable federal and state securities laws. The sale and
issuance of the Shares pursuant to, and the Company’s performance of its obligations under, this
Agreement will not (i) result in the creation or imposition of any liens, charges, claims or other
encumbrances upon the Shares or any of the assets of the Company, or (ii) except as previously
disclosed to the Investor in writing, entitle the holders of any outstanding shares of capital
stock of the Company to preemptive or other rights to subscribe to or acquire the Shares or other
securities of the Company.

2.15 Transfer Taxes. All stock transfer or other taxes (other than income taxes) which are
required to be paid in connection with the sale and transfer of the Shares to be sold to Investor
hereunder will be, or will have been, fully paid or provided for by the Company and all laws
imposing such taxes will be or will have been fully complied with.

2.16 Investment Company. The Company is not and, after giving effect to the offering and sale
of the Shares, will not be an “investment company” as defined in the Investment Company Act of
1940, as amended.

2.17 Brokers. Except as expressly set forth in this Agreement or the Collaboration Agreement,
no brokers, finders or financial advisory fees or commissions will be payable by the Company or any
of its subsidiaries in respect of the transactions contemplated by this Agreement or the
Collaboration Agreement.

SECTION 3

Representations and Warranties of the Investor

The Investor hereby represents and warrants the following as of the date hereof and as of the
Closing Date:

3.1 Experience. The Investor is experienced in evaluating companies such as the Company, has
such knowledge and experience in financial and business matters that the Investor is capable of
evaluating the merits and risks of the Investor’s prospective investment in the Company, and has
the ability to bear the economic risks of the investment.

3.2 Investment. The Investor is acquiring the Shares for investment for the Investor’s own
account and not with the view to, or for resale in connection with, any distribution thereof. The
Investor understands that the Shares have not been and will not be registered under the Securities
Act by reason of a specific exemption from the registration provisions of the Securities Act which
depends upon, among other things, the bona fide nature of the investment intent as expressed
herein. The Investor acknowledges and agrees that the Shares purchased by the Investor, until
disposition of such Shares in accordance with the provisions of this Agreement, shall remain at all
times within the Investor’s control. The Investor further represents that it does not have any
contract, undertaking, agreement or arrangement with any person to sell, transfer or grant
participation to any third person with respect to any of the Shares.

3.3 Rule 144. The Investor acknowledges that the Shares must be held indefinitely unless
subsequently registered under the Securities Act or an exemption from such registration is
available. The Investor is aware of the provisions of Rule 144 promulgated under the Securities
Act which permit limited resale of shares purchased in a private placement subject to the
satisfaction of certain conditions. In connection therewith, the Investor acknowledges that the
Company will make a notation on its stock books regarding the restrictions on transfers set forth
in this Section 3 and will transfer the Shares on the books of the Company only to the extent not
inconsistent therewith.

3.4 Access to Information. The Investor has received and reviewed information about the
Company and has had an opportunity to discuss the Company’s business, management and financial
affairs with its management and to review the Company’s facilities. The Investor has had a full
opportunity to ask questions of and receive answers from the Company, or any person or persons
acting on behalf of the Company, concerning the terms and conditions of an investment in the
Shares. The Investor is not relying upon, and has not relied upon, any statement, representation
or warranty made by any person, except for the statements, representations and warranties contained
in this Agreement and the Collaboration Agreement.

3.5 Authorization. This Agreement when executed and delivered by the Investor will constitute
a valid and legally binding obligation of the Investor, enforceable in accordance with its terms,
subject to: (i) judicial principles respecting election of remedies or limiting the availability
of specific performance, injunctive relief, and other equitable remedies; and (ii) bankruptcy,
insolvency, reorganization, moratorium or other similar laws now or hereafter in effect generally
relating to or affecting creditors’ rights.

3.6 Investor Status. The Investor acknowledges that it is either (i) an institutional
“accredited investor” as defined in Rule 501(a) of Regulation D of the Securities Act (an
“Institutional Accredited Investor”) or (ii) a “qualified institutional buyer” as defined in
Rule 144A of the Securities Act, as indicated on Schedule A hereto, and the Investor shall submit
to the Company such further assurances of such status as may be reasonably requested by the
Company.

3.7 No Inducement. The Investor was not induced to participate in the offer and sale of the
Shares by the filing of any registration statement in connection with any public offering of the
Company’s securities, and the Investor’s decision to purchase the Shares hereunder was not
influenced by the information contained in any such registration statement.

SECTION 4

Conditions to Investor’s Obligations at Closing

The obligations of the Investor under this Agreement are subject to the fulfillment on or
before the Closing of each of the following conditions, any of which may be waived in writing by
the Investor (except to the extent not permitted by law):

4.1 No Injunction, etc. No preliminary or permanent injunction or other binding order, decree
or ruling issued by a court or governmental agency shall be in effect which shall have the effect
of preventing the consummation of the transactions contemplated by this Agreement. No action or
claim shall be pending before any court or quasi-judicial or administrative agency of any federal,
state, local or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction,
judgment, order, decree, ruling or charge would be reasonably likely to (i) prevent consummation of
any of the transactions contemplated by this Agreement, (ii) cause any of the transactions
contemplated by this Agreement to be rescinded following consummation or (iii) have the effect of
making illegal the purchase of, or payment for, any of the Shares by the Investor.

4.2 Representations and Warranties. The representations and warranties of the Company
contained in Section 2 shall have been true and correct in all material respects (except for such
representations and warranties that are qualified by materiality which shall be true and correct in
all respects) on and as of the Execution Date with the same effect as though such representations
and warranties had been made on and as of such date.

4.3 Performance. The Company shall have performed and complied with all covenants,
agreements, obligations and conditions contained in this Agreement that are required to be
performed or complied with by it on or before the Execution Date.

4.4 Compliance Certificate. A duly authorized officer of the Company shall deliver to the
Investor at the Closing a certificate stating that the conditions specified in Sections 4.2 and 4.3
have been fulfilled and certifying and attaching the Company’s Certificate of Incorporation, Bylaws
and authorizing Board of Directors resolutions with respect to this Agreement, the Collaboration
Agreement and the transactions contemplated hereby and thereby.

4.5 Securities Laws. The offer and sale of the Shares to the Investor pursuant to this
Agreement shall be exempt from the registration requirements of the Securities Act and the
registration and/or qualification requirements of all applicable state securities laws.

4.6 Authorizations. All authorizations, approvals or permits, if any, of any governmental
authority or regulatory body that are required in connection with the lawful issuance and sale of
the Shares pursuant to this Agreement shall have been duly obtained and shall be effective on and
as of the Closing.

4.7 Legal Opinion. The Investor shall have received a legal opinion from Cooley LLP
containing the substance set forth on Exhibit B attached hereto.

SECTION 5

Conditions to the Company’s Obligations at Closing

The obligations of the Company to the Investor under this Agreement are subject to the
fulfillment on or before the Closing of each of the following conditions by the Investor:

5.1 Representations and Warranties. The representations and warranties of the Investor
contained in Section 3 shall be true and correct in all material respects (except for such
representations and warranties that are qualified by materiality which shall be true and correct in
all respects) on and as of the Closing with the same effect as though such representations and
warranties had been made on and as of the Closing.

5.2 Securities Law Compliance. The offer and sale of the Shares to the Investor pursuant to
this Agreement shall be exempt from the registration requirements of the Securities Act and the
registration and/or qualification requirements of all applicable state securities laws.

5.3 Authorization. All authorizations, approvals or permits, if any, of any governmental
authority or regulatory body that are required in connection with the lawful issuance and sale of
the Shares pursuant to this Agreement shall have been duly obtained and shall be effective on and
as of the Closing.

SECTION 6

Investor Covenants

6.1 Trading Restrictions.

(a) Definitions.

(i) “Affiliate” shall have the meaning set forth in Rule 12b-2 of the regulations promulgated
under the Securities Exchange Act of 1934, as amended.

(ii) “Restriction Period” shall mean the period commencing on the Closing Date and continuing
until the date that is two (2) years from such date.

(iii) “Significant Event” shall mean any of the following not involving a violation of this
Section 6: (A) the public announcement of a proposal or intention to acquire, or the acquisition,
by any person or 13D Group of beneficial ownership of Voting Securities representing 15% or more of
the then outstanding Voting Securities; (B) the public announcement of a proposal or intention to
commence, or the commencement, by any person or 13D Group of a tender or exchange offer to acquire
Voting Securities which, if successful, would result in such person or 13D Group owning, when
combined with any other Voting Securities owned by such person or 13D Group, 15% or more of the
then outstanding Voting Securities; or (C) the entry into by the Company, or the public
announcement by the Company of an intention or determination to enter into, any merger, sale or
other business combination transaction, or an agreement therefor, pursuant to which the outstanding
shares of capital stock of the Company would be converted into cash, other consideration or
securities of another person or 13D Group or 50% or more of the then outstanding shares of capital
stock of the Company would be owned by persons other than the then current holders of shares of
capital stock of the Company, or which would result in all or a substantial portion of the
Company’s assets being sold to any person or 13D Group.

(iv) “Voting Securities” shall mean at any time shares of any class of capital stock of the
Company which are then entitled to vote generally in the election of directors.

(v) “13D Group” shall mean, with respect to the Voting Securities of the Company, any group of
persons formed for the purpose of acquiring, holding, voting or disposing of such Voting Securities
which would be required under Section 13(d) of the Exchange Act and the rules and regulations
thereunder to file a statement on Schedule 13D with the Commission as a “person” within the meaning
of Section 13(d)(3) of the Exchange Act if such group beneficially owned Voting Securities
representing more than 5% of the total combined voting power of all such Voting Securities then
outstanding.

(b) Restriction Period No Sell. The Investor agrees that during the Restriction
Period, neither the Investor nor any of its Affiliates shall offer, sell, contract to sell, pledge,
grant any option to purchase, make any short sale or otherwise dispose of in any manner, either
directly or indirectly (“Sale” or “Sell”), any Shares, or any securities of the Company issued as a
dividend or distribution on, or involving a recapitalization or reorganization with respect to,
such Shares (collectively, “Covenant Shares”), other than transfers of securities between and
among the Company and any one or more of its Affiliates. The Company shall use commercially
reasonable efforts to permit the Shares to be eligible for clearance and settlement through the
facilities of The Depository Trust Company immediately following the termination of the Restriction
Period.

(c) Post-Restriction Period Selling Restrictions. After the Restriction Period,
neither the Investor nor its Affiliates shall Sell a number of Covenant Shares in any three-month
period that collectively exceeds 25% of the aggregate Covenant Shares held by the Investor and its
Affiliates as of the end of the Restriction Period (such number of Covenant Shares, the
“Post-Restriction Allowance”), provided, however, that (i) if in any such three-month period the
Investor and its Affiliates Sell a number of Covenant Shares that is less than the Post-Restriction
Allowance (such shortfall, the “Carry-Forward Allowance”), the Investor and its Affiliates
may Sell any Carry-Forward Allowance in any subsequent three-month period, along with the
Post-Restriction Allowance for such subsequent three-month period, and (ii) the Investor and its
Affiliates may continue to Sell any portion of any Carry-Forward Allowance in any three-month
period until the Investor and its Affiliates have Sold all of such Carry-Forward Allowance.
Notwithstanding the foregoing, (x) the Investor and its Affiliates may not sell a number of
Covenant Shares in any three-month period following the Restriction Period that collectively
exceeds 37.5% of the aggregate Covenant Shares held by the Investor and its Affiliates as of the
end of the Restriction Period, and (y) the limitations set forth in this Section 6.1(c) shall not
apply to transfers of securities between and among the Company and any one or more of its
Affiliates. For any proposed Sale of 100,000 or more shares of Common Stock of the Company by the
Investor or any of its Affiliates in any single transaction or series of related transactions
(“Proposed Sale Shares”), the Investor shall give the Company at least 30 days prior written notice
of such sale. During such 30 day period, the Company may seek to find a buyer for the Proposed Sale
Shares.

(d) Termination of Collaboration Agreement. The restrictions contained in Sections
6.1(b) and (c) shall expire as follows:

(i) The restrictions contained in Section 6.1(b) shall expire on the earlier of (A) the date
of the expiration of the Restriction Period or (B) the date that is six (6) months following the
expiration or termination of the Collaboration Agreement in accordance with the terms thereof;

(ii) The restrictions contained in Section 6.1(c) shall expire on the date that is six (6)
months following the expiration or termination of the Collaboration Agreement in accordance with
the terms thereof.

(e) Occurrence of Significant Event. The restrictions contained in Sections 6.1(b)
and (c) shall be suspended and shall not apply to or otherwise restrict the Investor’s actions in
respect of the Company’s securities for so long as a Significant Event has occurred and is
continuing.

6.2 Invalid Transfers. Any sale, assignment or other transfer of Covenant Shares by the
Investor or any of its Affiliates, as applicable, contrary to the provisions of this Section 6
shall be null and void, and the transferee shall not be recognized by the Company as the holder or
owner of the Covenant Shares sold, assigned, or transferred for any purpose (including, without
limitation, voting or dividend rights), unless and until the Investor or such Affiliate, as
applicable, has satisfied the requirements of this Section 6 with respect to such sale. The
Investor shall provide the Company with written evidence that such requirements have been met or
waived, prior to it or its Affiliates consummating any sale, assignment or other transfer of
securities, and no Covenant Shares shall be transferred on the books of the Company until such
written evidence has been received by the Company from the Investor. The Company, or, at the
instruction of the Company, the transfer agent of the Company, may place a legend on any
certificate representing Covenant Shares stating that such shares are subject to the restrictions
contained in this Agreement. Upon delivery by the Investor of the written evidence required above,
the Company agrees to facilitate the timely preparation and delivery (but in no event longer than
seven (7) business days) of certificates representing the Covenant Shares to be sold by the
Investor or any Affiliate free of any restrictive legends and in such denominations and registered
in such names as the Investor or such Affiliate may request in connection with such sale.

6.3 Performance by Affiliates. The Investor shall remain responsible for and guarantee its
Affiliates’ performance in connection with this Agreement, and shall cause each such Affiliate to
comply fully with the provisions of this Agreement in connection with such performance. The
Investor hereby expressly waives any requirement that the Company exhaust any right, power or
remedy, or proceed directly against such an Affiliate, for any obligation or performance hereunder,
prior to proceeding directly against the Investor.

SECTION 7

Registration Rights

7.1 Rule 144 Reporting. With a view to making available to the Investor the benefits of
certain rules and regulations of the Commission which may permit the sale of the Shares to the
public without registration, the Company agrees to use commercially reasonable efforts to:

(a) Make and keep public information available, as those terms are understood and defined in
Rule 144 promulgated under the Securities Act;

(b) File with the Commission in a timely manner all reports and other documents required of
the Company under the Exchange Act; and

(c) Furnish the Investor forthwith upon request (i) a written statement by the Company as to
its compliance with the public information requirements of said Rule 144, (ii) a copy of the most
recent annual or quarterly report of the Company, and (iii) such other reports and documents as may
be reasonably requested in availing the Investor of any rule or regulation of the Commission
permitting the sale of any such securities without registration.

7.2 Registration.

(a) If, at the end of the Restriction Period, the Shares cannot be sold without restriction
pursuant to Rule 144 promulgated under the Securities Act, then upon Investor’s written request,
received by the Company on or before the 30th day after the end of the Restriction Period, the
Company will use commercially reasonable efforts to register the Shares for resale under the
Securities Act on a Registration Statement on Form S-3 (the “Registration Statement”), filed within
60 days of such written request, and will use commercially reasonable efforts to have such
Registration Statement promptly declared effective by the Commission.

(b) The Company will use commercially reasonable efforts to keep the Registration Statement
continuously effective under the Securities Act until the earlier of (i) the date all of the Shares
covered by such Registration Statement have been sold or can be sold publicly without restriction
or limitation under Rule 144 or (ii) the date that is two years following the Closing Date.

(c) The Investor shall furnish to the Company such information regarding the Investor, and the
distribution proposed by the Investor, as the Company may reasonably request in writing and as
shall be required in connection with the Registration Statement.

(d) The Company shall pay all fees and expenses incident to the performance of or compliance
with this Section 7 by the Company.

7.3 Restrictive Legend. The certificates representing the Shares, when issued, will bear a
restrictive legend in substantially the following form:

“THE SECURITIES EVIDENCED OR CONSTITUTED HEREBY HAVE BEEN ISSUED WITHOUT REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE,
TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE
COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR
(ii) THE SALE OF SUCH SECURITIES IS MADE PURSUANT TO SECURITIES AND EXCHANGE COMMISSION RULE 144.”

SECTION 8

Indemnification

Each party (an “Indemnifying Party”) hereby indemnifies and holds harmless the other party,
such other party’s respective officers, directors, employees, consultants, representatives and
advisers, and any and all Affiliates (as defined in Section 6.1(a)) of the foregoing (each of the
foregoing, an “Indemnified Party”) from and against all losses, liabilities, costs, damages and
expense (including reasonable legal fees and expenses) (collectively, “Losses”) suffered or
incurred by any such Indemnified Party to the extent arising from, connected with or related to (i)
breach of any representation or warranty of such Indemnifying Party in this Agreement; and (ii)
breach of any covenant or undertaking of any Indemnifying Party in this Agreement. If an event or
omission (including, without limitation, any claim asserted or action or proceeding commenced by a
third party) occurs which an Indemnified Party asserts to be an indemnifiable event pursuant to
this Section 8, the Indemnified Party will provide written notice to the Indemnifying Party,
setting forth the nature of the claim and the basis for indemnification under this Agreement. The
Indemnified Party will give such written notice to the Indemnifying Party immediately after it
becomes aware of the existence of any such event or occurrence. Such notice will be a condition
precedent to any obligation of the Indemnifying Party to act under this Agreement but will not
relieve it of its obligations under the indemnity except to the extent that the failure to provide
prompt notice as provided in this Agreement prejudices the Indemnifying Party with respect to the
transactions contemplated by this Agreement and to the defense of the liability. In case any such
action is brought by a third party against any Indemnified Party and it notifies the Indemnifying
Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein
and, to the extent that it wishes, to assume the defense and settlement thereof with counsel
reasonably selected by it and, after notice from the Indemnifying Party to the Indemnified Party of
such election so to assume the defense and settlement thereof, the Indemnifying Party will not be
liable to the Indemnified Party for any legal expenses of other counsel or any other expenses
subsequently incurred by such Indemnified Party in connection with the defense thereof, provided,
however, that an Indemnified Party shall have the right to employ separate counsel at the expense
of the Indemnifying Party if (i) the employment thereof has been specifically authorized in writing
by the Indemnifying Party; or (ii) representation of both parties by the same counsel would be
inappropriate due to actual or potential conflicts of interests between such parties (which such
judgment shall be made in good faith after consultation with counsel). The Indemnified Party
agrees to cooperate fully with (and to provide all relevant documents and records and make all
relevant personnel available to) the Indemnifying Party and its counsel, as reasonably requested,
in the defense of any such asserted claim at no additional cost to the Indemnifying Party. No
Indemnifying Party will consent to the entry of any judgment or enter into any settlement with
respect to any such asserted claim without the prior written consent of the Indemnified Party, not
to be unreasonably withheld or delayed, (a) if such judgment or settlement does not include as an
unconditional term thereof the giving by each claimant or plaintiff to each Indemnified Party of a
release from all liability in respect to such claim or (b) if, as a result of such consent or
settlement, injunctive or other equitable relief would be imposed against the Indemnified Party or
such judgment or settlement could materially and adversely affect the business, operations or
assets of the Indemnified Party. No Indemnified Party will consent to the entry of any judgment or
enter into any settlement with respect to any such asserted claim without the prior written consent
of the Indemnifying Party, not to be unreasonably withheld or delayed. If an Indemnifying Party
makes a payment with respect to any claim under the representations or warranties set forth herein
and the Indemnified Party subsequently receives from a third party or under the terms of any
insurance policy a sum in respect of the same claim, the receiving party will repay to the other
party such amount that is equal to the sum subsequently received.

SECTION 9

Miscellaneous

9.1 Governing Law. This Agreement shall be governed in all respects by the laws of the State
of New York as applied to agreements entered into and performed entirely in the State of New York
by residents thereof.

9.2 Survival. The representations, warranties, covenants and agreements made herein shall
survive any investigation made by the Investor and the Closing.

9.3 Successors, Assigns. Except as otherwise provided herein, the provisions hereof shall
inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and
administrators of the parties hereto. This Agreement may not be assigned by either party without
the prior written consent of the other; except that either party may assign this Agreement to an
Affiliate (as defined in Section 6.1(a)) of such party or to any third party that acquires all or
substantially all of such party’s business, whether by merger, sale of assets or otherwise.

9.4 Notices. All notices and other communications required or permitted hereunder shall be in
writing and shall be sent by facsimile (receipt confirmed) or mailed by registered or certified
mail, postage prepaid, return receipt requested, or otherwise delivered by hand or by messenger,
addressed

if to the Investor, at the following address:

	 	 	 	 	 
	Astellas Pharma Inc.
	 	 	 	 
	2-5-1, Nihonbashi-Honcho

	Chuo-ku, Tokyo 103-8411

	Japan
	 	 	 	 
	Attn:Vice President, Legal & Compliance

	Facsimile:
	 	 	81-3-3244-5811	 

if to the Company, at the following address:

Cytokinetics, Incorporated

280 E Grand Ave

South San Francisco, CA 94080

Attention: General Counsel

Facsimile: (650) 624-3010

or at such other address as one party shall have furnished to the other party in writing. If
notice is provided by facsimile, it shall be deemed to be given one (1) business day after
transmission (with receipt of appropriate confirmation). If notice is provided by U.S. mail,
notice shall be deemed to be given ten (10) business days after proper deposit in a U.S. mailbox,
postage prepaid, and properly addressed. If notice is provided by nationally-recognized overnight
courier, it shall be deemed effective five (5) business day after dispatch.

9.5 Expenses. Each of the Company and the Investor shall bear its own expenses and legal fees
incurred on its behalf with respect to this Agreement and the transactions contemplated hereby.

9.6 Finder’s Fees. Each of the Company and the Investor shall indemnify and hold the other
harmless from any liability for any commission or compensation in the nature of a finder’s fee,
placement fee or underwriter’s discount (including the costs, expenses and legal fees of defending
against such liability) for which the Company or the Investor, or any of its respective partners,
employees, or representatives, as the case may be, is responsible.

9.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be
enforceable against the party actually executing the counterpart, and all of which together shall
constitute one instrument.

9.8 Severability. In the event that any provision of this Agreement becomes or is declared by
a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall
continue in full force and effect without said provision; provided that no such severability shall
be effective if it materially changes the economic benefit of this Agreement to any party.

9.9 Entire Agreement. This Agreement and the Collaboration Agreement, including the exhibits
and schedule attached hereto and thereto, constitute the full and entire understanding and
agreement among the parties with regard to the subjects hereof and thereof. No party shall be
liable or bound to any other party in any manner with regard to the subjects hereof or thereof by
any warranties, representations or covenants except as specifically set forth herein or therein.

9.10 Waiver. The failure of either party to assert a right hereunder or to insist upon
compliance with any term or condition of this Agreement shall not constitute a waiver of that right
or excuse a similar subsequent failure to perform any such term or condition by the other party.
None of the terms, covenants and conditions of this Agreement can be waived except by the written
consent of the party waiving compliance.

IN WITNESS WHEREOF, the parties have executed this Common Stock Purchase Agreement as of the
date first set forth above.

	 	 	 
	CYTOKINETICS, INCORPORATED

By: s/Robert I. Blum

Name: Robert I. Blum

	 	ASTELLAS PHARMA INC.

By: s/Yoshihiko Hatanaka

Name: Yoshihiko Hatanaka
	 

	 	 
	Title: President and CEO

	 	Title: President and CEO
	 

	 	 

Schedule A

The Investor is an institutional “accredited investor” as defined in Rule 501(a) of Regulation D of

the Securities Act.EXHIBIT A

Schedule of Exceptions

None

EXHIBIT B

Form of Legal Opinion

1. The Company has been duly incorporated and is a validly existing corporation in good
standing under the laws of the State of Delaware.

2. The Shares have been duly authorized, and upon issuance and delivery against payment
therefor in accordance with the terms of the Agreement, the Shares will be validly issued,
outstanding, fully paid and nonassessable.

3. The offer and sale of the Shares are exempt from the registration requirements of the
Securities Act of 1933, as amended, subject to the timely filing of a Form D pursuant to Securities
and Exchange Commission Regulation D.

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