Document:

Amended and Restated Investor's Rights Agreement

 Exhibit 4.8 
 BLUEARC CORPORATION 
  

 
 AMENDED AND RESTATED
INVESTORS’ RIGHTS AGREEMENT 
  
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.    
	 	 Covenants, Representations and Warranties of the Company
	  	 	1	  
				
		 	1.1	 	Information Rights	  	 	1	  
		 	1.2	 	Observer Rights	  	 	2	  
		 	1.3	 	Compensation Committee	  	 	3	  
		 	1.4	 	Stock Vesting	  	 	3	  
		 	1.5	 	BlueArc UK	  	 	3	  
		 	1.6	 	D&O Insurance	  	 	3	  
		 	1.8	 	Director Indemnification and Expense Reimbursement	  	 	4	  
		 	1.9	 	Confidentiality	  	 	4	  
		 	1.10	 	Termination of Covenants	  	 	4	  
			
	 2.
	 	 Registration Rights
	  	 	4	  
				
		 	2.1	 	Certain Definitions	  	 	4	  
		 	2.2	 	Demand Registration	  	 	6	  
		 	2.3	 	Company Registration	  	 	7	  
		 	2.4	 	Registration on Form S-3	  	 	9	  
		 	2.5	 	Expenses of Registration	  	 	9	  
		 	2.6	 	Registration Procedures	  	 	10	  
		 	2.7	 	Delay of Registration	  	 	11	  
		 	2.8	 	Indemnification	  	 	11	  
		 	2.9	 	Information by Holder	  	 	13	  
		 	2.10	 	Rule 144 Reporting	  	 	13	  
		 	2.11	 	Transfer of Registration Rights	  	 	14	  
		 	2.12	 	Standoff Agreement	  	 	14	  
		 	2.13	 	Termination of Registration Rights	  	 	15	  
		 	2.14	 	Future Registration Rights	  	 	15	  
		 	2.15	 	Canadian Qualification Rights Upon IPO	  	 	15	  
		 	2.16	 	Canadian Qualification Rights After IPO	  	 	15	  
		 	2.17	 	Limitations on Canadian Prospectus Filing Obligations	  	 	15	  
		 	2.18	 	Definitions	  	 	16	  
			
	 3.
	 	 Preemptive Rights
	  	 	16	  
				
		 	3.1	 	General	  	 	16	  
		 	3.2	 	Right of Proportionate Ownership	  	 	17	  
		 	3.3	 	Expiration of the Right of Proportionate Ownership	  	 	18	  
			
	 4.
	 	 Certain Purchase Rights
	  	 	18	  
			
	 5.
	 	 Miscellaneous
	  	 	20	  
				
		 	5.1	 	Additional Investors	  	 	20	  
		 	5.2	 	Waivers and Amendments	  	 	20	  

  
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 TABLE OF CONTENTS 

(Continued) 
  

									
	 	 	 	 	 	  	Page	 
		 	5.3	 	Notices	  	 	21	  
		 	 5.4
	 	 Descriptive Headings
	  	 	21	  
		 	 5.5
	 	 Governing Law
	  	 	21	  
		 	 5.6
	 	 Counterparts
	  	 	21	  
		 	 5.7
	 	 Attorney’s Fees and Expenses
	  	 	21	  
		 	 5.8
	 	 Successors and Assigns
	  	 	22	  
		 	 5.9
	 	 Entire Agreement
	  	 	22	  
		 	 5.10
	 	 Waiver; Consent
	  	 	22	  
		 	 5.11
	 	 Separability; Severability
	  	 	22	  
		 	 5.12
	 	 Stock Splits
	  	 	22	  
		 	 5.13
	 	 Aggregation of Stock
	  	 	22	  
		 	 5.14
	 	 Amendment and Restatement
	  	 	22	  

  

									
	EXHIBITS	  			
				
	Exhibit A	 	 —
	 	 Schedule of Investors
	  			

  
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 BLUEARC CORPORATION 

AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS AGREEMENT is made as of July 14, 2010, among BlueArc Corporation, a Delaware corporation (the
“Company”), the undersigned holders of the Company’s Series AA Preferred Stock (the “Series AA Preferred Stock”), Series AA-1 Preferred Stock (the “Series AA-1 Preferred
Stock,” and together with the Series AA Preferred Stock, the “Series AA Preferred”), Series BB Preferred Stock (the “Series BB Preferred Stock”), the Series BB-1 Preferred Stock
(“Series BB-1 Preferred Stock,” and together with the Series BB Preferred Stock, the “Series BB Preferred”), Series CC Preferred Stock (the “Series CC Preferred”),
Series DD Preferred (the “Series DD Preferred Stock”), the Series DD-1 Preferred Stock (the “Series DD-1 Preferred Stock,” and together with the Series DD Preferred Stock, the
“Series DD Preferred”), Series EE Preferred Stock (the “Series EE Preferred”), Series FF Preferred Stock (the “Series FF Preferred Stock”), the Series FF-1 Preferred
Stock (the “Series FF-1 Preferred Stock,” and together with the Series FF Preferred Stock, the “Series FF Preferred”), Series GG Preferred Stock (the “Series GG
Preferred”), Common Stock that was converted from Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D 1 Preferred Stock, and any other person or entity listed on
Exhibit A hereto (each an “Investor”, and collectively, the “Investors”). 
 RECITALS 
 WHEREAS, the Company, and certain Investors have
entered into that certain Amended and Restated Investors’ Rights Agreement, dated as of May 30, 2008, as amended (the “Prior Agreement”); 

WHEREAS, the Company and certain Investors are entering into that certain Series GG Preferred Stock Purchase
Agreement (the “Series GG Agreement”) of even date herewith; 
 WHEREAS, certain
Investors desire to obtain certain rights regarding registration of the Company’s securities under the Securities Act of 1933, as amended (the “Securities Act”), certain preemptive rights regarding the Company’s
equity offerings, and certain rights to information; and 
 WHEREAS, as a condition of the closing of the
financing provided for in the Series GG Agreement, and as an inducement to the additional financing of the Company provided for therein, the Company, the Investors desire to amend and restate in full the various covenants and restrictions set
forth in the Prior Agreement, in the form set forth herein. 
 NOW, THEREFORE, the parties agree as follows:

 1. Covenants, Representations and Warranties of the Company. 

1.1 Information Rights. So long as an Investor (together with its affiliates) holds at least 166,500 shares of
Preferred Stock (or Common Stock issued or issuable upon conversion of such Preferred Stock, or a combination thereof) (such investors individually, a “Major Investor”), the Company will: 

 

 (a) provide to each such Major Investor as soon as practicable after the
end of each fiscal year, and in any event within 120 days thereafter (or such longer period as is unanimously approved by the Company’s Board of Directors (the “Board”)), an audited consolidated balance sheet of the
Company and its subsidiaries, if any, as of the end of such fiscal year, and audited consolidated statements of income, stockholders’ equity, and cash flows of the Company and its subsidiaries, if any, for such year, prepared in accordance with
generally accepted accounting principles (“GAAP”) consistently applied with prior practice for earlier periods and setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable
detail and all audited and certified by a nationally recognized public accounting firm; 
 (b) provide such
Major Investor as soon as practicable after the end of each quarter and in any event within 45 days thereafter, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of each such quarter, an unaudited
consolidated statements of income, and an unaudited consolidated statement of cash flow of the Company and its subsidiaries for such period and for the current fiscal year to date, and setting forth in each case in comparative form the figures for
corresponding periods in the previous fiscal year, and setting forth in comparative form the budgeted figures for such period and for the current fiscal year then reported, prepared in accordance with GAAP consistently applied with prior practice
for earlier periods (with the exception of footnotes that may be required by GAAP and provided that the foregoing shall not restrict the right of the Company to change its accounting principles consistent with GAAP, if the Board determines
that it is in the best interest of the Company to do so), subject to changes resulting from year-end audit adjustments, all in reasonable detail and signed by the principal financial or accounting officer of the Company; 

(c) provide to such Major Investor within thirty (30) days prior to the beginning of each fiscal year an annual
operating plan and a budget for each fiscal year, prepared on a monthly basis, including balance sheets and sources and applications of funds statements for such months, and a strategic plan, each of which shall have been approved by the Board;

 (d) provide to such Major Investor, on request, a capitalization summary of the Company as the close of each
fiscal year; and 
 (e) allow such Major Investor to examine the books and records of the Company, inspect the
Company’s facilities and request information, all at reasonable times and intervals, concerning the general status of the Company’s financial condition and operations, provided that the Company may restrict access to confidential
proprietary information and facilities. 
 1.2 Observer Rights. The Company agrees that it will
permit a representative of each of Meritech Capital Partners, Crosslink Capital, Morgenthaler Ventures, Montagu Newhall Global Partners IV, LP. and Investor Growth Capital, Inc. reasonably approved by the Board to attend all meetings of the Board
and all committees thereof (whether in person, telephonic or other) in a non-voting, observer capacity and shall provide to such observers, concurrently with the members of the Board, and in the same manner, notice of such meeting and a copy of all
materials provided to such members, provided, however, that such observers (i) shall not be permitted to attend any session of the Board (or committee thereof) or any portion of such meeting or receive

  
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information provided to the Board (or committee thereof) if, after deliberation in a closed session in which they may exclude such observer, the Board (or committee thereof) votes to exclude such
observer from such meeting or portion thereof; and (ii) shall not be permitted to attend any session of the Board (or committee thereof) or receive information provided to the Board (or committee thereof) if the Board (or committee thereof)
determines in good faith, based on the advice of Company counsel, that such exclusion or omission may be necessary in order to preserve the Company’s attorney-client privilege; and provided further that a party shall have no right to
designate an observer if such party, together with its affiliates, no longer constitutes a Major Investor. 

1.3 Board Committees. The Company shall maintain a Compensation Committee and an Audit Committee, and if
deemed advisable by the Board, a Finance Committee, each of which shall maintain a standard charter. Unless waived by the director designated by Morgenthaler Ventures, for so long as Morgenthaler Partners VIII, L.P. or any if its affiliates
(collectively, “Morgenthaler Ventures”) is a Major Investor, the director designated by Morgenthaler Ventures shall be a member of the Compensation Committee. The Series GG Preferred Director (as defined in that certain
Voting Agreement, dated as of even date herewith) shall be permitted to serve on each such committee created or maintained by the Board. 
 1.4 Stock Vesting. All stock and stock equivalents issued in consideration for their services to the Company to founders, employees and directors shall be subject to repurchase by the Company,
with 25% vesting at the end of one year following the issuance date, with the remaining 75% vesting monthly over three years at 2.08% per month commencing at the end of the thirteenth month from the date of grant; provided,
however, that the Board, including a majority of the Preferred Directors, may decide, with the recommendation of the Compensation Committee, to provide a different vesting schedule to key personnel if the Board, including a majority of the
Preferred Directors, determines such vesting schedule is in the best interests of the Company. The Company’s repurchase option shall be exercisable at the original issuance price by the Company with respect any unvested shares, upon termination
of the shareholder’s services to the Company, with or without cause. The Company further retains the option to cancel any unvested shares held by such stockholder. 

1.5 BlueArc UK. So long as any of the Company’s patent rights are held by BlueArc UK, the Company shall
continue to hold 100% of the outstanding shares of BlueArc UK. 
 1.6 D&O Insurance. The Company will
maintain directors’ and officers’ liability insurance, with coverage amounts as determined appropriate by the Board. Such insurance shall include coverage for all members of the Board and their affiliated investment funds. Such insurance
shall be reasonably satisfactory to Investor Growth Capital, Inc. 
 1.7 Retention Bonus Plan. The
Company shall annually update the Company’s Retention Bonus Plan which shall then be submitted to the Board for approval, such approval to include a majority of the directors designated by holders of Preferred Stock (the “Preferred
Directors”). 

  
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 1.8 Director Indemnification and Expense Reimbursement. The
Company shall enter into the standard form director indemnification agreement with each member of its Board. The Company shall reimburse each non-employee director for expenses reasonably incurred in connection with such director’s service on
the Board, including travel and lodging expenses. 
 1.9 Confidentiality. Each Investor hereby
agrees to hold in confidence and trust and not to misuse or disclose any confidential information provided pursuant to this Section 1, except that such Investor may disclose such confidential information (i) to any partner, limited
partner, member, retired partner, retired member, shareholder, subsidiary, parent or affiliate of such Investor for the purpose of evaluating or monitoring its investment in the Company, (ii) at such time as it enters the public domain through
no fault of such Investor, or (iii) that is developed by such Investor or its agents independently of and without reference to any confidential information communicated by the Company. The Company shall not be required to comply with
Section 1.1 or 1.2 in respect of any Investor whom the Board reasonably determines to be a competitor or an officer, employee, director or holder of more than ten percent (10%) of the stock of a competitor (provided that the parties
agree that an Investor shall not be a competitor or holder of more than 10% of a competitor for this purpose solely because such Investor is a venture capital investment firm that has made or may make portfolio investments in one or more companies
that compete or may compete with the Company). 
 1.10 Termination of Covenants. The rights set
forth in this Section 1 shall terminate and be of no further force or effect upon the earlier of (i) the closing of the first underwritten public offering of the Company’s securities pursuant to an effective registration statement
filed by the Company under the Securities Act or (ii) the date the Company otherwise becomes subject to the reporting requirements under Section 13 or 15(d) of the Securities Exchange Act, as amended (the “Exchange
Act”). 
 2. Registration Rights.

2.1 Certain Definitions. As used in this Agreement, the following terms shall have the following respective
meanings: 
 (a) “Commission” shall mean the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act. 
 (b) “Converted Preferred
Stock” means shares of Common Stock issued on conversion of Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock and Series D 1 Preferred Stock. 

(c) “Holder” shall mean the Investors holding Registrable Securities or securities convertible
or exercisable into Registrable Securities and any person who holds such securities and to whom rights under this Section 2 have been transferred in accordance with Section 2.11. 

  
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 (d) “Initiating Holders” shall mean any Holder or
Holders who in the aggregate hold at least 30% of the Common Stock issued or issuable upon conversion of the Series AA Preferred, Series BB Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and
Series GG Preferred. 
 (e) “Participating Holders” shall mean any Holder or
Holders who propose to distribute their securities through a registration pursuant to this Section 2. 

(f) “Preferred Stock” shall mean the Series AA Preferred, Series BB Preferred,
Series CC Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred. 
 (g) “Registrable Securities” means the Common Stock issued or issuable upon conversion of Preferred Stock and any Common Stock issued or issuable in respect of the Preferred Stock
or other securities issuable pursuant to the conversion of the Preferred Stock or upon any stock split, stock dividend, recapitalization, or similar event, and, solely for the purposes of Section 2.3 of this Agreement, the Common Stock issued
upon exercise of the Warrant dated March 8, 2002, by and between the Company and Pentech Financial Services, Inc.; provided, however, that shares of Common Stock or other securities shall only be treated as Registrable Securities
(a) if and so long as they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, or (b) prior to the date such securities have been sold in a transaction exempt from
the prospectus delivery requirements of the Securities Act so that all transfer restrictions and legends with respect thereto are removed upon the consummation of such sale and such counsel provides, upon request, such an opinion to each Holder.
Provided, further that shares held by a holder of less than 1% of the outstanding Common Stock of the Company (on an as-converted basis) shall not constitute Registrable Securities if all such shares may be sold within a 90 day period pursuant to
Rule 144 of the Securities Act. 
 (h) The terms “register,”
“registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement. 
 (i) “Registration Expenses” shall mean
all expenses incurred by the Company in complying with Sections 2.2, 2.3 and 2.4 hereof (but excluding underwriting discounts and commissions). 
 (j) “Restricted Securities” shall mean the securities of the Company required to bear a legend indicating that transfer is restricted in the absence of registration. 

(k) “Securities Act” shall mean the Securities Act of 1933, as amended, or any similar federal
statute and the Rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 (l) “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes, if any, applicable to the securities registered by the Holders.

  
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 2.2 Demand Registration.

(a) Request for Registration. In case the Company shall receive from Initiating Holders a written request that the
Company effect any registration, qualification or compliance with respect to shares of Registrable Securities with an expected aggregate offering price to the public of at least $25,000,000, the Company will (1) within ten days of the receipt
by the Company of such notice, give written notice of the proposed registration, qualification or compliance to all other Holders and (2) as soon as practicable (but within 90 days after receipt of the request of the Initiating Holders), use
its best efforts to effect such registration, qualification or compliance (including appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with applicable regulations issued under the
Securities Act and any other governmental requirements or regulations) as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of any Holder or Holders joining in such request as are specified in a written request received by the Company within 20 days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to take any action to effect any such registration, qualification or compliance pursuant to this Section 2.2(a): 

(i) In any particular jurisdiction in which the Company would be required to execute a general consent to service of
process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction; 
 (ii) Prior to the earlier of July 14, 2012 or six months after the effective date of the Company’s first registered public offering of its securities; 

(iii) During the period starting with the date 60 days prior to the Company’s good faith estimate of the date of
filing of, and ending on the date 120 days immediately following the effective date of, any registration statement pertaining to securities of the Company (other than a registration of securities in a Rule 145 transaction, with respect to an
employee benefit plan or with respect to the Company’s first registered public offering of its stock), provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become
effective; 
 (iv) After the Company has effected two registrations pursuant to this Section 2.2(a), which
registrations have been declared or ordered effective; 
 (v) If the Company shall furnish to such Holders a
certificate signed by the President of the Company stating that in the good faith judgment of the Board it would be materially detrimental to the Company or its shareholders for a registration statement to be filed in the near future, then the
Company’s obligation to use its best efforts to register, qualify or comply under this Section 2.2 shall be deferred for a period not to exceed 60 days from the date of receipt of written request from the Initiating Holders;
provided, however, that any such deferral periods under this Section 2.2(a)(v) shall not exceed, in the aggregate, 60 days in any 12 month period. 

  
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 (b) Underwriting. In the event that a registration pursuant to this
Section 2.2 is for a registered public offering involving an underwriting, the Company shall so advise the Holders as part of the notice given pursuant to Section 2.2(a). In such event, the right of any Holder to registration pursuant to
this Section 2.2 shall be conditioned upon such Holder’s participation in the underwriting arrangements required by this Section 2.2, and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent
requested shall be limited to the extent provided herein. 
 The Company shall, together with all Participating
Holders, enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company and reasonably acceptable to Participating Holders representing a majority of the Registrable Securities held
by the Participating Holders. Notwithstanding any other provision of this Section 2.2, if the managing underwriter advises the Company in writing that marketing factors require a limitation of the number of shares to be underwritten, then the
Company shall so advise all Holders of Registrable Securities and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated as follows: (i) first to holders of Series AA
Preferred, Series BB Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred or Common Stock issued or issuable upon conversion of Series AA Preferred, Series BB Preferred,
Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred, (ii) next, to holders of Series CC Preferred (or Common Stock issued upon conversion of Series CC Preferred) and holders of
Converted Preferred Stock, and (iii) then among all other Holders thereof, in each case in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Holders at the time of filing the registration
statement or in such other manner as shall be agreed to by the Company and Holders of a majority of the Registrable Securities proposed to be included in such registration; provided, however, that all securities other than Registrable
Securities sought to be included in such underwriting shall first be excluded. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation shall be included in such registration. To facilitate
the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 

If any Holder of Registrable Securities disapproves of the terms of the underwriting, such Holder may elect to withdraw
therefrom by written notice to the Company, the managing underwriter and the Initiating Holders. The Registrable Securities and/or other securities so withdrawn shall also be withdrawn from registration. 

2.3 Company Registration. 

(a) Notice of Registration. If at any time the Company shall determine to register any of its securities, either
for its own account or the account of a security holder or holders, other than a registration relating solely to employee benefit plans or a Commission Rule 145 transaction or pursuant to Section 2.2, the Company will (i) promptly
give to each Holder written notice thereof, and (ii) include in such registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities

  
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specified in a written request or requests, made within 20 days after receipt of such written notice from the Company, by any Holder. 

(b) Underwriting. If the registration of which the Company gives notice is for a registered public offering
involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.3(a). In such event the right of any Holder to registration pursuant to Section 2.3 shall be conditioned upon
such Holder’s participation in such underwriting and the inclusion of Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with
the Company) enter into an underwriting agreement in customary form with the managing underwriter selected for such underwriting by the Company. Notwithstanding any other provision of this Section 2.3, if the managing underwriter or Company
determines that marketing factors require a limitation of the number of shares to be underwritten, the managing underwriter may limit or completely exclude the Registrable Securities and other securities to be distributed through such underwriting;
provided, however, that Registrable Securities to be included in such registration may not be limited to less than 30% of the total amount of securities to be included in any registration other than the registration for Company’s
initial underwritten public offering of its securities and provided, further that number of shares of Registrable Securities of the Holders to be included in such underwriting shall not be reduced unless all other securities (excluding
those held by the Company) are first entirely excluded from the underwriting. The Company shall so advise all Holders distributing their securities through such underwriting of such limitation (or exclusion, if applicable) and the number of shares
of Registrable Securities that may be included in the registration and underwriting shall be allocated (if applicable) as follows: (i) first to holders of Series AA Preferred, Series BB Preferred, Series DD Preferred,
Series EE Preferred, Series FF Preferred, and Series GG Preferred or Common Stock issued or issuable upon conversion of Series AA Preferred, Series BB Preferred, Series DD Preferred, Series EE Preferred, Series FF
Preferred, and Series GG Preferred, (ii) next, to holders of Series CC Preferred (or Common Stock issued or issuable upon conversion of Series CC Preferred) and holders of Converted Preferred Stock, and (iii) then among all
other Holders thereof, in each case in proportion, as nearly as practicable, to the respective amounts of Registrable Securities to be registered by such Holders at the time of filing the registration statement. To facilitate the allocation of
shares in accordance with the above provisions, the Company may round the number of shares allocated to any Holder or holder to the nearest 100 shares. 
 If any Participating Holder disapproves of the terms of any such underwriting, such Participating Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter. Any
securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. If shares are withdrawn from registration, the Company shall offer to all persons retaining the right to include securities in the registration the
right to include additional securities in the registration, with such shares being allocated among all such Participating Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities held by such Participating
Holders at the time of filing the registration statement. 

  
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 (c) Right to Terminate Registration. The Company shall have the
right to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The Registration Expenses
of such withdrawn registration shall be borne by the Company in accordance with Section 2.5. 
 2.4
Registration on Form S-3. 
 (a) Request for Registration. Following the Company’s initial
public offering, the Company shall use its best efforts to become eligible to register offerings of securities on Commission Form S-3 (or its successor form). After the Company has qualified for the use of Form S-3, Initiating Holders shall have the
right to registration on Form S-3 upon request to the Company (which request shall be in writing and shall state the number of shares of Registrable Securities to be registered and the intended method of disposition of shares by such Initiating
Holders). Upon such written request, the Company shall promptly give notice to all other Holders of such registration and effect, as soon as practicable, such registration in accordance with Section 2.6 below. The Company shall not be obligated
to take any action to effect any such registration, qualification or compliance pursuant to this Section 2.4(a): 
 (i) unless the Holders requesting registration propose to dispose of Registrable Securities having an anticipated aggregate price to the public (before deduction of underwriting discounts and expenses of
sale) of at least $5,000,000; 
 (ii) during the period starting with the date 60 days prior to the
Company’s estimated date of filing of, and ending on the date 120 days immediately following the effective date of, any registration statement pertaining to securities of the Company (other than a registration of securities in a Rule 145
transaction or with respect to an employee benefit plan), provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or 

(iii) if the Company shall furnish to such Holder a certificate signed by the President of the Company stating that in
the reasonable good faith judgment of the Board it would be materially detrimental to the Company or its stockholders for registration statements to be filed in the near future, then the Company’s obligation to use its best efforts to file a
registration statement shall be deferred for a period not to exceed 60 days from the receipt of the request to file such registration by such Holder or Holders; provided, however, that any such deferral periods under this
Section 2.4(a)(iii) shall not exceed, in the aggregate, 60 days in any 12 month period, 
 2.5 Expenses
of Registration. All Registration Expenses, including the reasonable fees and expenses of counsel to the selling Holders, incurred in connection with registrations pursuant to Sections 2.2, 2.3 and 2.4 shall be borne by the Company.
All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the holders of securities included in such registration pro rata with the Company and each other on the basis of the number of shares so registered.

  
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 2.6 Registration Procedures. In the case of each registration,
qualification or compliance effected by the Company pursuant to this Section 2, the Company will keep each Holder advised in writing as to the initiation of each registration, qualification and compliance and as to the completion thereof. At
its expense the Company will: 
 (a) prepare and file with the Commission a registration statement with respect
to such securities and use its best efforts to cause such registration statement to become and remain effective until the distribution described in the Registration Statement has been completed; 

(b) prepare and file with the Commission such amendments and supplements to such registration statement and the
prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(c) furnish to the Participating Holders and to the underwriters of the securities being registered such reasonable
number of copies of the registration statement, preliminary prospectus, final prospectus and such other documents as such underwriters may reasonably request in order to facilitate the public offering of such securities; 

(d) register and qualify the securities covered by such registration statement under such other securities or blue sky
laws of such jurisdictions as shall be reasonably requested by the Participating Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting
agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder shall also enter into and perform its obligations under such an agreement; 

(f) notify each Participating Holder at any time when a prospectus relating thereto is required to be delivered under
the Securities Act or upon the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 
 (g) cause all securities covered by such registration statement to be listed on each securities exchange or authorized for quotation on each automated quotation system on which similar securities issued
by the Company are then listed or authorized for quotation; 
 (h) provide a transfer agent and registrar for
all securities covered by such registration statement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; and 

  
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 (i) furnish, at the request of any Participating Holder, on the date that
the securities are delivered to the underwriters for sale in connection with a registration being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form
and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Participating Holders and (ii) a letter dated such date, from the independent certified public
accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities. 
 2.7 Delay of Registration. No Holder shall have any right
to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. In the event any Registrable Securities are included in a registration statement under
this Section 2: 
 (a) The Company will indemnify each Participating Holder, each of its officers,
directors, partners, members, managers and legal counsel, and each person controlling such Participating Holder within the meaning of Section 15 of the Securities Act, with respect to which registration, qualification or compliance has been
effected pursuant to this Section 2, and each underwriter, if any, and each person who controls any underwriter within the meaning of Section 15 of the Securities Act, against all expenses, claims, losses, damages or liabilities (or
actions in respect thereof), including any of the foregoing incurred in settlement of any litigation, commenced or threatened, arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any amendment or supplement thereto, incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act or any blue sky law, or any rule or
regulation promulgated under the Securities Act or any blue sky law, or any other law, rule, or regulation applicable to the Company in connection with any such registration, qualification or compliance, and the Company will pay to each such
Participating Holder, each of its officers, directors, partners, and legal counsel and each person controlling such Participating Holder, each such underwriter and each person who controls any such underwriter, as incurred, any legal and any other
expenses reasonably incurred in connection with investigating, preparing or defending any such claim, loss, damage, liability, or action; provided, however, that the Company will not be liable to a particular Participating Holder in
any such case to the extent that any such claim, loss, damage, liability, or expense arises out of or is based on any untrue statement or omission or alleged untrue statement or omission, made in reliance upon and in conformity with written
information furnished to the Company by an instrument duly executed by such Participating Holder, controlling person, or underwriter and stated to be specifically for use therein; and provided, further, that the indemnity agreement
contained in this subsection 2.8(a) shall not apply to amounts 

  
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paid in settlement of any such claim, loss, damage, liability, action or omission if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld. 
 (b) Each Participating Holder will, severally and not jointly, if Registrable Securities held by
such Participating Holder are included in the securities as to which such registration, qualification or compliance is being effected, indemnify the Company, each of its directors, officers, and legal counsel, each underwriter, if any, of the
Company’s securities covered by such a registration statement, each person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act, and each other Participating Holder, each of its officers,
directors, partners and legal counsel and each person controlling such Participating Holder within the meaning of Section 15 of the Securities Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out
of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading, any violation by such Holder of the Securities Act or any blue sky law, or any rule or regulation promulgated under the Securities Act or any blue sky
law, or any other law, rule, or regulation applicable to such Holder in connection with any such registration, qualification or compliance and will pay the Company, such Participating Holders, such directors, officers, persons, underwriters or
control persons, as incurred any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability, or action, in each case to the extent, but only to the extent, that such untrue
statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in conformity with written information furnished to the Company by
an instrument duly executed by such Holder and stated to be specifically for use therein; provided, however, that the indemnity agreement contained in this subsection 2.8(b) shall not apply to amounts paid in settlement of any such
claim, loss, damage, liability, action or omission if such settlement is effected without the consent of such Holder, which consent shall not be unreasonably withheld. Notwithstanding the foregoing, the liability of each Holder under this
subsection (b) shall be limited in an amount equal to the net proceeds to each such Holder of Registrable Securities sold as contemplated herein. A Holder will not be required to enter into any agreement or undertaking in connection with any
registration under this Section 2 providing for any indemnification or contribution on the part of such Holder greater than the Holder’s obligations under this Section 2.8(b). 

(c) Each party entitled to indemnification under this Section 2.8 (the “Indemnified Party”)
shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the
Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom, provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be approved by the
Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at such party’s expense. The failure of any Indemnified Party to give notice as provided herein shall not relieve
the Indemnifying Party of its obligations under this 

  
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Section 2 unless the failure to give such notice is materially prejudicial to an Indemnifying Party’s ability to defend such action, and the Indemnifying Party shall not assume the
defense for matters as to which there is a conflict of interest or separate and different defenses but shall bear the expense of such defense nevertheless. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the
consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party a release from all liability in
respect to such claim or litigation. 
 (d) If the indemnification provided for in Section 2.8(a) or
Section 2.8(b) above is unavailable to an indemnified party in respect of any losses, claims, damages or liabilities referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall contribute
to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities, in such proportion as is appropriate to reflect the relative fault of the indemnifying party, on the one hand, and of the indemnified
parties, on the other hand, in connection with the statements or omissions or violations which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and of the indemnified parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

The parties hereto acknowledge and agree that it would not be just and equitable if contribution pursuant to this
Section 2.8(d) were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an
indemnified party as a result of the losses, claims, damages and liabilities or actions in respect thereof referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.8(d), no Holder shall be required to contribute any amount in excess
of the net proceeds from the sale of such Holder’s Registrable Securities in the offering. No person guilty of fraudulent misrepresentations (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. 
 2.9 Information by Holder. It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information
regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. 

2.10 Rule 144 Reporting. With a view to making available the benefits of certain Rules and regulations
of the Commission that may at any time permit the sale of the Restricted 

  
 -13-

 
Securities to the public without registration, after such time as a public market exists for the Common Stock of the Company, the Company agrees to use its best efforts to: 

(a) Make and keep public information available, as those terms are defined in Rule 144 under the Securities Act, at
all times after the effective date that the Company becomes subject to the reporting requirements of the Securities Act or the Exchange Act; 
 (b) File with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such
reporting requirements); and 
 (c) So long as a Holder owns any Restricted Securities, upon request, deliver
(i) a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company for an offering of
its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly report of the Company and
(iii) such other reports and documents of the Company and other information in the possession of or reasonably obtainable by the Company as a Holder may reasonably request in availing itself of any Rule or regulation of the Commission
allowing a Holder to sell any such securities without registration. 
 2.11 Transfer of Registration
Rights. The rights to cause the Company to register securities granted Holders under Sections 2.2, 2.3 and 2.4 may be assigned (i) to a transferee or assignee in connection with any transfer or assignment of Registrable Securities
by a Holder of not less than 25,000 shares of Registrable Securities (appropriately adjusted for stock splits, stock dividends, recapitalizations and similar events) (or all of Holder’s shares, if less than 25,000), (ii) to any transferee
or assignee who is a constituent partner, retired partner, member, manager, shareholder or affiliate of a Holder which is a partnership, limited liability company or corporation; or (iii) to any transferee or assignee who is an immediate family
member or trust for the sole benefit of any individual Holder; provided that, with respect to each such transfer or assignment, the Company be given prior written notice of the transfer, the transferee or assignee agree in writing to all
provisions contained in this Section 2, and such transfer otherwise be effected in accordance with applicable securities laws. 
 2.12 Standoff Agreement. Each Holder agrees in connection with the Company’s initial public offering of the Company’s securities that causes automatic conversion of the Preferred
Stock pursuant to the Amended and Restated Certificate of Incorporation (the “Amended Certificate”), upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to
sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any Registrable Securities (other than those included in the registration) without the prior written consent of the Company or such underwriters, as
the case may be, for such period of time (not to exceed 180 days) from the effective date of such registration as may be requested by the underwriters provided that each officer, director, holder of greater than 1% of the Company’s
capital stock on a fully-diluted, as converted to Common Stock basis and other holders of registration rights of the Company shall agree to execute a similar document (the 

  
 -14-

 
“Market Standoff”). Notwithstanding anything in this Section 2.12, if the underwriters managing such initial public offering waives (in whole or in part) the Market
Standoff for any Holder or Holders, then the Market Standoff shall be waived to the same extent for all Holders. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall
apply to all Holders subject to such agreements pro rata based on the number of shares subject to such agreements. 
 2.13 Termination of Registration Rights. The rights granted under this Section 2 shall terminate on the fifth anniversary of the closing of the initial underwritten public offering of the
Company’s securities that causes automatic conversion of the Preferred Stock pursuant to the Amended Certificate, pursuant to a effective registration statement filed under the Securities Act. 

2.14 Future Registration Rights. The Company shall not grant registration rights on parity with or superior
to any Holder without the consent of a majority of the Holders. 
 2.15 Canadian Qualification Rights Upon
IPO. Subject to Section 2.17, at the request of any Holder then resident in a Canadian Qualifying Jurisdiction at the time of the Company’s Initial Public Offering, the Company will, prior to the completion of its Initial Public
Offering, file a (final) prospectus under the Canadian Securities Laws of each Canadian Qualifying Jurisdiction in which holders of Registrable Securities are then resident, qualifying the distribution of the Registrable Securities issuable upon
conversion of the Preferred Stock upon the Initial Public Offering, and use its best efforts to obtain a receipt (or equivalent document) therefor concurrently with the completion of the Initial Public Offering. In preparing for and completing an
Initial Public Offering, the Company will keep each Holder whose Registrable Securities are being qualified under Canadian Securities Laws reasonably advised of the status of such qualification. 

2.16 Canadian Qualification Rights After IPO. Subject to Section 2.17, to the extent that (i) any
Preferred Stock is not converted into Common Stock concurrently with the Company’s Initial Public Offering, or (ii) no prospectus under Canadian Securities Laws was filed at the time of the Company’s Initial Public Offering pursuant
to Section 2.15 above, at the request of any Holder then resident in a Canadian Qualifying Jurisdiction at any time after the Company’s Initial Public Offering, the Company will file a (final) prospectus under the Canadian Securities Laws
of each Canadian Qualifying Jurisdiction in which holders of Registrable Securities are then resident, qualifying the distribution of such Registrable Securities issued or issuable upon conversion of the Preferred Stock, and use its best efforts to
obtain a receipt (or equivalent document) therefor. If such request is made in connection with a registration pursuant to Section 2.2, 2.3 or 2.4 above, the Company will file such (final) prospectus prior to any registration statement filed
with the Commission covering such Holder’s Registrable Securities becoming effective, and the Company will use its best efforts to obtain a receipt (or equivalent document) therefor concurrently with such registration statement filed with the
Commission becoming effective. 
 2.17 Limitations on Canadian Prospectus Filing
Obligations. Notwithstanding the provisions of Sections 2.15 or 2.16, the Company shall be under no obligation to file or obtain a receipt for a prospectus in any Canadian Qualifying Jurisdiction if, prior to the time at which the
Company would otherwise be required to file a prospectus or obtain such receipt, the Company: 

  
 -15-

 (a) obtains an order or ruling from the applicable Canadian Securities
Commissions exempting the Holders resident in the Canadian Qualifying Jurisdictions from the prospectus requirements of Canadian Securities Laws with respect to sales of Registrable Securities on a stock exchange or market on which the Registrable
Securities are listed; 
 (b) provides the Holders resident in the Canadian Qualifying Jurisdictions with
evidence satisfactory to such Holders that the applicable Canadian Securities Commissions consider the sale of Registrable Securities of Holders resident in such Canadian Qualifying Jurisdictions on a stock exchange or market on which the
Registrable Securities are listed as being exempt from, or not subject to, the prospectus requirements of such Canadian Qualifying Jurisdictions; or 
 (c) provides the Holders resident in the Canadian Qualifying Jurisdictions with an opinion (unqualified except with respect to customary qualifications contained in opinions of such nature) of legal
counsel knowledgeable in matters of Canadian Securities Laws that the sale of Registrable Securities of Holders resident in the Canadian Qualifying Jurisdictions on a stock exchange or market on which the Registrable Securities are listed is exempt
from, or not subject to, the prospectus requirements of Canadian Securities Laws. 
 Further, the obligations of
the Company under Sections 2.15 or 2.16 of this Agreement shall be governed by the laws of the Province of Ontario and the Company shall not be required to comply with additional or contrary requirements of any other provinces or territories of
Canada, including but not limited to the Province of Quebec. 
 2.18 Definitions. For the purposes
of Sections 2.15 – 2.17 of this Agreement, the following terms shall have the following respective meanings: 
 (a) “Canadian Qualifying Jurisdictions” means the Province of Ontario and each of the other provinces and territories of Canada in which a Holder is resident at the time.

 (b) “Canadian Securities Commissions” means the securities commission or other
securities regulatory authority in each of the Canadian Qualifying Jurisdictions. 
 (c) “Canadian
Securities Laws” means the securities legislation of the Canadian Qualifying Jurisdictions, and the rules, regulations and policies of the Canadian Securities Commissions, all as the same shall be in effect at the time. 

(d) “Initial Public Offering” means the Company’s first public offering of its Common Stock
in a firm commitment, underwritten public offering registered under the Securities Act and or pursuant to a prospectus filed with a Canadian Securities Commission. 

3. Preemptive Rights.
 3.1 General. Except for (i) shares of the Company’s Common Stock issued upon conversion of the Preferred Stock, (ii) shares of the Company’s capital stock issued pursuant
to the 

  
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acquisition of another corporation by the Company by merger, purchase of substantially all of the assets, or other reorganization unanimously approved by the Board, (iii) shares of the
Company’s Common Stock (or related options) issued to employees, officers, directors, consultants, or other persons performing services for the Company (including, but not by way of limitation, distributors and sales representatives) pursuant
to any stock offering, plan, or arrangement approved by the Board (including at least a majority of the Preferred Directors), (iv) shares of the Company’s capital stock issued pursuant to the conversion or exercise of outstanding options,
warrants or any other convertible or exercisable securities outstanding as of this date of this Agreement, (v) shares of the Company’s capital stock issued to financial institutions in connection with the extension of credit to the Company
or to lessors in connection with the lease of equipment, approved by at least a majority of the Board (including at least a majority of the Preferred Directors), where such share issuance and related extension of credit is primarily for other than
equity financing purposes of the Company, (vi) shares of the Company’s capital stock issued in connection with the acquisition of technology or licenses or other similar transactions unanimously approved by the Board, (vii) shares of
the Company’s capital stock issued in connection with any stock split, stock dividend, or recapitalization by the Company, (viii) shares issued in a public offering in connection with which all of the Preferred Stock will be converted into
Common Stock pursuant to the Amended Certificate, and (ix) up to 200,000 shares of the Company’s capital stock issued to consultants, suppliers or third party service providers to the Company, or affiliates of such parties, the Company
will not, nor will it permit any subsidiary to, authorize or issue any shares of stock of the Company of any class and will not authorize, issue or grant any options, warrants, conversion rights or other rights to purchase or acquire any shares of
stock of the Company of any class without offering the Major Investors the right of proportionate ownership described below. 
 3.2 Right of Proportionate Ownership. Each Major Investor shall have a right of participation to purchase an amount of securities of the Company of any class or kind which the Company proposes
to sell (other than the issuance of shares described in Section 3.1(i) – 3.1(ix) above) (“Preemptive Securities”) sufficient to maintain such Holder’s proportionate beneficial ownership interest in the Company
(as defined below). If the Company wishes to make any such sale of Preemptive Securities, it shall give the Major Investors written notice of the proposed sale. The notice shall set forth (i) the Company’s bona fide intention to offer
Preemptive Securities and (ii) the material terms and conditions of the proposed sale (including the number of shares to be offered and the price, if any, for which the Company proposes to offer such shares), and shall constitute an offer to
sell Preemptive Securities to the Major Investors on such terms and conditions. Any Major Investor may accept such offer by delivering a written notice of acceptance (an “Acceptance Notice”) to the Company within fifteen days
after receipt of the Company’s notice of the proposed sale. Any Major Investor exercising its participation right shall be entitled to participate in the purchase of Preemptive Securities on a pro rata basis to the extent necessary to maintain
such Holder’s proportionate beneficial ownership interest in the Company. For purposes hereof, the term “proportionate beneficial ownership interest” shall mean, as to any Holder, that percentage figure which expresses
the ratio which (a) the aggregate number of shares of Series AA Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred then outstanding and owned by such Major Investor (including
shares of Common Stock issued upon conversion of Series AA Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred 

  
 -17-

 and Series GG Preferred) bears to (b) the aggregate number of shares of Common
Stock then outstanding, assuming the exercise and/or conversion of all outstanding securities then exercisable and/or convertible, directly or indirectly, into Common Stock (such Major Investor’s “Pro Rata Portion”) (for
purposes of determining such Major Investor’s Pro Rata Portion, any Holder or other security holder holding convertible or exercisable securities shall be treated as owning that number of shares of Series AA Preferred, Series DD
Preferred, Series EE Preferred, Series FF Preferred or Series GG Preferred into which any such outstanding convertible securities may be converted and for which any such outstanding options may be exercised). The Company shall, in writing,
inform each Major Investor which elects to purchase its Pro Rata Portion of Preemptive Securities of any other Major Investor’s failure to do so, in which case the Major Investors electing to purchase such shares of Preemptive Securities shall
have the right to purchase all of such shares on a pro rata basis. If any Major Investor who elects to exercise its participation right does not complete the purchase of such Preemptive Securities on the later of fifteen days after delivery of its
Acceptance Notice to the Company or the date any such transaction closes with respect to the Preemptive Securities, the Company may complete the sale of Preemptive Securities on the terms and conditions specified in the Company’s notice within
the 90 day period following the expiration of such period. If the Company does not enter into an agreement for the sale of such shares within such period, or if such agreement is not consummated within such 90 day period, the right provided
hereunder shall be deemed to be revived and all future shares of Preemptive Securities shall not be offered unless first re offered to the Major Investors in accordance with this Section 3. 

3.3 Expiration of the Right of Proportionate Ownership. The right of proportionate ownership granted under
this Agreement shall expire immediately prior to the consummation of the first sale of securities pursuant to a registration statement filed by the Company under the Securities Act in connection with a firm commitment underwritten offering of its
securities to the general public that causes automatic conversion of all outstanding Preferred Stock to Common Stock pursuant to the Amended Certificate. 
 4. Certain Purchase Rights. In connection with the Company’s initial firm commitment underwritten public offering which causes automatic conversion of all of the Company’s Preferred
Stock to Common Stock under the Company’s certificate of incorporation that occurs after 12 months from the date of the final closing of the sale of Series GG Preferred (a “Qualified Public Offering”), the Company
shall use its best efforts to cause the managing underwriter or underwriters of such Qualified Public Offering to establish a program (the “Program”) whereby such managing underwriter or underwriters give to interested
Investors then holding at least 166,666 shares (appropriately adjusted for stock splits, stock dividends, recapitalizations and similar events) of any of the Company’s Series AA Preferred, Series DD Preferred, Series EE
Preferred, Series FF Preferred or Series GG Preferred (or Common Stock issued or issuable upon conversion of Series AA Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred, or a
combination thereof) (each, a “Large Holder” and together, the “Large Holders”) priority, as described herein, with respect to the purchase of shares of the Company’s Common Stock available for
sale pursuant to the Program. 

  
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 Subject to the terms hereof, the aggregate number of shares of Common Stock
available for sale pursuant to the Program (the “Program Shares”) shall be equal to the lesser of (i) the number of shares of Common Stock valued at $10,000,000 at the price per share to the public on the final
prospectus related to the Qualified Public Offering or (ii) the number of shares equal to twenty percent (20%) of the shares issued in the Qualified Public Offering, excluding any shares issued in an over allotment. 

The managing underwriter or underwriters shall offer to each Large Holder the right to purchase its Pro-Rata Share of the
Program Shares. Each Large Holder’s “Pro-Rata Share” shall equal the quotient obtained by dividing (i) the number of shares of Registrable Securities then held by such Large Holder that have been issued and outstanding for at
least 12 months, by (ii) the number of shares of Registrable Securities then held by all Large Holders that have been issued and outstanding for at least 12 months. The Company shall, in writing, inform each Large Holder which elects to
purchase its Pro-Rata Share of Program Shares of any other Large Holder’s failure to do so, in which case the Large Holders electing to purchase such Program Shares shall have the right to purchase all of such shares on a pro rata basis. Each
Large Holder shall be entitled to apportion its rights pursuant to this Section 4 among itself and its partners, members and affiliates (or their designees) in such proportion as the Large Holder deems appropriate. Each offeree of Program
Shares, if such offeree wishes to purchase any Program Shares, must provide their commitment in writing prior to the printing of the preliminary “red herring” prospectuses for the Qualified Public Offering. 

This arrangement between the Company and the Large Holders with respect to the purchase of the Program Shares is not an
offer to sell or a solicitation of an offer to buy the Program Shares, and any decision a Large Holder makes with respect to the Program Shares shall be only be made with respect to the statutory prospectus in compliance with all applicable laws,
rules and regulations. The Program may be amended, modified or eliminated if in the reasonable discretion of the Board, such action is necessary to comply with any applicable laws, rules or regulations, including, without limitation, Rule 134
of the Securities Act, and all applicable rules and regulations promulgated by the National Association of Securities Dealers, Inc. and other such self-regulating or quasi-public regulatory organizations. The Large Holders also understand that the
provisions of Section 16 of the Securities Exchange Act of 1934 and other statutory and regulatory provisions may limit the Large Holders’ ability to resell the Program Shares. 

The Company shall be relieved of any obligations under this Section 4 if (i) regulatory authorities object to
this Section 4 after discussion and negotiation with the Company and its legal counsel; (ii) regulatory authorities allow the Company to fulfill its obligations under this Section 4 only on the condition that rescission rights or
other extraordinary liability will be assumed by the Company or the underwriters; or (iii) the resolution with regulatory authorities relating to this Section 4 would delay the Company’s offering beyond delays caused by other comments
from regulatory authorities, provided that the Company has used its commercially reasonable efforts to timely resolve any regulatory issues that arise in connection with this Section 4. 

  
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 In the event the Company is relieved of its obligations under this
Section 4 pursuant to the terms described in the preceding paragraph or that the Company’s initial public offering occurs within 12 months of the date of the final closing of the sale of Series GG Preferred, then the Company shall
offer the Large Holders the right to purchase that number of shares of Common Stock equal to the number of shares of Common Stock the Large Holders would have been able to purchase in the Qualified Public Offering according to the terms detailed in
this Section 4 in a private placement transaction contemporaneously with the Qualified Public Offering, provided that such private placement may be made in compliance with all applicable laws, rules and regulations and does not adversely
impact the timing of the Qualified Public Offering. Any shares of Common Stock issued to interested Large Holders in such a private placement shall be purchased by interested Large Holders at the per share price to the public on the final prospectus
related to the Qualified Public Offering. 
 This Section 4 in no way obligates the Company to make a
registered public offering of its shares and applies only to the Company’s Qualified Public Offering, if and when it occurs. 
 Notwithstanding the foregoing, the Large Holders participating in the Program shall comply with all requirements and procedures required by the managing underwriter or underwriters of the Qualified Public
Offering of purchasers participating in a directed share program, if any, or of purchasers in the Qualified Public Offering generally. Furthermore, the Large Holders agree to furnish upon request to the Company and the managing underwriter or
underwriters of the Qualified Public Offering such further information, to execute and deliver to the Company and the managing underwriter or underwriters of the Qualified Public Offering such other documents, and to do such other acts and things,
all as the Company and the managing underwriter or underwriters of the Qualified Public Offering may request for the purpose of carrying out the intent of this Section 4. 

5. Miscellaneous.
 5.1 Additional Investors. Additional Investors will be added to this Agreement; such Investors may become party to this Agreement, upon execution and delivery to the Company of signature pages
hereto. 
 5.2 Waivers and Amendments. With the written consent of the record or beneficial holders
of a majority of the Series AA Preferred, Series BB Preferred, Series DD Preferred, Series EE Preferred, Series FF Preferred, and Series GG Preferred, voting together as a single class on an as converted to Common Stock
basis, the rights and obligations of the Company and the holders of Registrable Securities under this Agreement may be waived (either generally or in a particular instance, either retroactively or prospectively, and either for a specified period of
time or indefinitely), and with such consent, the Company, when authorized by resolution of its Board, may enter into a supplementary agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement; provided, however, that no such modification, amendment or waiver shall reduce the percentage of Registrable Securities required to consent to a waiver as set forth in this Section 5.2 without the
consent of all of the Purchasers of the Registrable Securities; and provided further that any waiver or amendment that affects (i) the holders of Series DD Preferred (as a separate class, in their capacity as such) in a manner that
is materially 

  
 -20-

 
and adversely different than other series of Preferred Stock, the approval of the holders of a majority of the Series DD Preferred shall also be required, and (ii) the holders of
Series GG Preferred (as a separate class, in their capacity as such) in a manner that is materially and adversely different than other series of Preferred Stock, the approval of the holders of a majority of the Series GG Preferred shall
also be required, it being understood that differences primarily caused by the relative number of shares outstanding or the relative purchase price of a given series of Preferred Stock shall not constitute such a material adverse difference. Upon
the effectuation of each such waiver, consent, agreement of amendment, or modification, the Company shall promptly give written notice thereof to the record holders of the Registrable Securities who have not previously consented thereto in writing.
This Agreement or any provision hereof may be changed, waived, discharged or terminated only by a statement in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, except to the extent
provided in this Section 5.2 and provided further, however, that no provisions hereof be amended, modified, supplemented, or waived in a manner that adversely affects any Investor in a manner different from the other Investors without the prior
written consent of the Investor(s) so affected. 
 5.3 Notices. Any notice required or permitted
hereunder shall be given in writing and shall be conclusively deemed effectively given (i) three days after sending by first class U.S. mail postage prepaid, (ii) upon personal delivery, or (iii) one day after the sending if sent by
commercial overnight courier addressed to the Company at 50 Rio Robles, San Jose, CA 95134 (or such other address as the Company shall have furnished to Investors in writing), Attn: Chief Financial Officer, with a copy (which copy shall not
constitute notice) to Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94305, Attn: Michael J. Danaher, and if to an Investor, at such Investor’s address as set forth on Exhibit A or at such other
address as the Company or such Investor may designate. 
 5.4 Descriptive Headings. The descriptive
headings herein have been inserted for convenience only and shall not be deemed to limit or otherwise affect the construction of any provisions hereof. 
 5.5 Governing Law. This Agreement shall be governed by and interpreted under the laws of the State of California, without regard to its choice of law provisions. 

5.6 Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be
deemed to be an original and all of which shall constitute the same instrument, but only one of which need be produced. 
 5.7 Attorney’s Fees and Expenses. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable
fees, costs, and necessary disbursements in addition to any other relief to which such party may be entitled, including without limitation such reasonable fees, costs, and necessary disbursements of attorneys, consultants and expert witnesses
engaged in connection therewith, which shall include without limitation such reasonable fees, costs, and necessary disbursements of appeal. 

  
 -21-

 5.8 Successors and Assigns. Except as otherwise expressly
provided in this Agreement, this Agreement shall benefit and bind the successors, assigns, heirs, executors, and administrators of the parties to this Agreement. 

5.9 Entire Agreement. This Agreement, the exhibits hereto, the Series GG Agreement and other documents
delivered in connection therewith, constitute the full and entire understanding and agreement between the parties with regard to the subject matter of this Agreement and supersedes all prior discussions, understandings, and agreements (whether oral
or written) between them with respect thereto. 
 5.10 Waiver; Consent. Investors who were parties
to the Prior Agreement and who hold at least a majority of the Registrable Securities (as defined in the Prior Agreement) hereby consent to and waive any preemptive rights of all Investors (as defined in the Prior Agreement with respect to the sale
of the Series GG Preferred (including any securities convertible into Series GG Preferred) pursuant to the Series GG Agreement, the conversion provisions in the Company’s Amended and Restated Certificate of Incorporation, and to
the amendment and restatement of the Prior Agreement by this Agreement. 
 5.11 Separability;
Severability. Unless expressly provided in this Agreement, the rights of each Investor under this Agreement are several rights, not rights jointly held with any other Investors. Any invalidity, illegality, or limitation on the
enforceability of this Agreement with respect to any Investor shall not affect the validity, legality, or enforceability of this Agreement with respect to the other Investors. If any provision of this Agreement is judicially determined to be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired. 
 5.12 Stock Splits. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split, combination, or other recapitalization of shares
by the Company occurring after the date of this Agreement. 
 5.13 Aggregation of Stock. All shares
of Preferred Stock held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.14 Amendment and Restatement. This Agreement amends and restates in its entirety the Prior Agreement.

 (Signature Pages Follow) 

  
 -22-

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Investors’ Rights Agreement on the day and year first set forth above. 
  

			
	THE COMPANY:	  	BLUEARC CORPORATION
		  	 a Delaware corporation

		
		  	 By: /s/ Michael
Gustafson                                        
    

		
		  	 Name: Michael
Gustafson                                        
    

		
		  	 Title: President and Chief Executive
Officer              

[Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement] 

					
	THE INVESTORS:	 		 	INVESTOR GROWTH CAPITAL LIMITED
			
	 	 		 	By: /s/ Liam
Jones                                        
                                
	 	 		 	Name: Liam
Jones                                        
                                
	 	 		 	Title: “A”
Director                                        
                                
			
	 	 		 	By: /s/ Robert de
Haus                                         
                       
	 	 		 	Name: Robert de
Haus                                         
                       
	 	 		 	Title:
B-Director                                       
                                     
			
		 		 	INVESTOR GROUP LP
			
		 		 	By: IGVC LP, its General Partner
		 		 	BY: Investor Group GmbH, its General Partner
			
	 	 		 	By: /s/ A.
Hünerwadel                                       
                           
	 	 		 	Name: A. Hünerwadel
                                         
                       
	 	 		 	Title:
Director                                       
                                         

			
	 	 		 	By: /s/ Robert de
Haus                                         
                       
	 	 		 	Name: Robert de
Haus                                         
                       
	 	 		 	Title:
Director                                       
                                         

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	MERITECH CAPITAL PARTNERS II
			
	 	 	By:	 	 Meritech Capital Associates II L.L.C.
 its General Partner

			
	 	 	By:	 	 Meritech Management Associates II L.L.C.
 a managing member

			
	 	 	By:	 	 /s/ Paul Madera

	 	 		 	 Paul S. Madera, a managing member

		
		 	MERITECH CAPITAL AFFILIATES II
			
	 	 	By:	 	 Meritech Capital Associates II L.L.C.
 its General Partner

			
	 	 	By:	 	 Meritech Management Associates II L.L.C.
 a managing member

			
	 	 	By:	 	 /s/ Paul Madera

	 	 		 	 Paul S. Madera, a managing member

		
		 	MCP ENTREPRENEUR PARTNERS II
			
	 	 	By:	 	 Meritech Capital Associates II L.L.C.
 its General Partner

			
	 	 	By:	 	 Meritech Management Associates II L.L.C.
 a managing member

			
	 	 	By:	 	 /s/ Paul Madera

	 	 		 	 Paul S. Madera, a managing member

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement] 

					
	THE INVESTORS:	 	MORGENTHALER PARTNERS VIII, L.P.
			
	 	 	By:	 	 Morgenthaler Management Partners VIII, LLC

		 		 	Its Managing Partner
			
	 	 	By:	 	 /s/ Theodore Laufik

		 		 	 Chief Financial Officer and Member

  
  
 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement] 

					
	THE INVESTORS:	 	RWI VENTURES II, L.P.
		
	 	 	 By RWI Ventures Management II, LLC,
 General Partner

			
	 	 	By:	 	 /s/ William Baumel

	 	 		 	 William R. Baumel

	 	 	Title:	 	 Managing Member

			
	 	 	Address:	 	 2440 Sand Hill Road, Suite 100

	 	 		 	 Menlo Park, CA 94025

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

 THE INVESTORS: 

MONTAGU NEWHALL GLOBAL PARTNERS IV – A, L.P. 

			
	
	 By: Montagu Newhall General Partner IV, L.P.

	 By: Montagu Newhall GP IV, LLC

		
	 By:
	 	 /s/ Eric Thompson

		
	 Name:
	 	 Eric Thompson

		
	 Title:
	 	 CFO

 MONTAGU NEWHALL GLOBAL PARTNERS IV – B, L.P.

			
	
	 By: Montagu Newhall General Partner IV, L.P.

	 By: Montagu Newhall GP IV, LLC

		
	 By:
	 	 /s/ Eric Thompson

		
	 Name:
	 	 Eric Thompson

		
	 Title:
	 	 CFO

 MONTAGU NEWHALL GLOBAL PARTNERS IV – C, L.P.

			
	
	 By: Montagu Newhall General Partner IV, L.P.

	 By: Montagu Newhall GP IV, LLC

		
	 By:
	 	 /s/ Eric Thompson

		
	 Name:
	 	 Eric Thompson

		
	 Title:
	 	 CFO

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

 THE INVESTORS: 

MONTAGU NEWHALL CROSSOVER VENTURES I, L.P. 

 

			
	 Montagu Newhall Crossover Ventures I, L.P.

	
	By: Montagu Newhall Crossover I GP, L.P.
	By: Montagu Newhall Crossover I GP, LLC
		
	By:	 	 /s/ Eric Thompson

		
	Name:	 	 Eric Thompson

	Title:	 	 CFO

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	CROSS CREEK CAPITAL, L.P.
			
	 	 	By:	 	 Cross Creek Capital GP, L.P.
 Its Sole General Partner

			
	 	 	By:	 	 Cross Creek Capital, LLC
 Its Sole General Partner

			
	 	 	By:	 	 Wasatch Advisors, Inc.
 Its Sole Member

			
	 	 	By:	 	 /s/ Daniel Thurber

	 	 		 	 Name: Daniel Thurber

	 	 		 	 Title: Vice President

		
		 	 CROSS CREEK CAPITAL EMPLOYEES’
 FUND, L.P.

			
	 	 	By:	 	 Cross Creek Capital GP, L.P.
 Its Sole General Partner

			
	 	 	By:	 	 Cross Creek Capital, LLC
 Its Sole General Partner

			
	 	 	By:	 	 Wasatch Advisors, Inc.
 Its Sole Member

			
	 	 	By:	 	 /s/ Daniel Thurber

	 	 		 	 Name: Daniel Thurber

	 	 		 	 Title: Vice President

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	AMERICANBUOY & CO., FOR THE BENEFIT OF WASATCH GLOBAL SCIENCE AND TECHNOLOGY FUND
		
	 	 	 Wasatch Global Science & Technology Fund

			
	 	 	 By:
	 	 Wasatch Advisors, Inc.
 Its
Investment Adviser

			
	 	 	 By:
	 	 /s/ Daniel Thurber

	 	 		 	 Name: Daniel Thurber

	 	 		 	 Title: Vice President

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	WASATCH FUNDS, INC.
		
	 	 	 Wasatch Global Science & Technology Fund

			
	 	 	By:	 	 Wasatch Advisors, Inc.
 Its Investment Adviser

			
	 	 	By:	 	 /s/ Daniel Thurber

	 	 		 	 Name: Daniel Thurber
 Title: Vice President

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	WESTON PRESIDIO CAPITAL IV, L.P.
		
	 	 	By: /s/ Michael
Cronin                                        
                                
		
	 	 	Name: Michael F.
Cronin                                        
                          
		
	 	 	 Title:
                                         
                                         
                  

		
		 	WPC ENTREPRENEUR FUND II, L.P.
		
	 	 	By: /s/ Michael
Cronin                                        
                                
		
	 	 	Name: Michael F.
Cronin                                        
                          
		
	 	 	Title:
                                         
                                         
                  

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 	JVAX INVESTMENT GROUP LLC
			
	 	 	By:	 	 /s/ Terrance Drabant

	 	 		 	 Terrance M. Drabant

	 	 		 	 CEO and President

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 		 	
		 		 	CTTV IN VESTMENTS, LLC
			
	 	 		 	 By: /s/ John
Hanten                                        
                            

			
	 	 		 	 Name: John
Hanten                                        
                            

			
	 	 		 	 Title: Venture
Executive                                        
                    

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	THE INVESTORS:	 		 	
		 		 	GOLD HILL CAPITAL 2008, LP
			
	 	 		 	 By: /s/ Rob
Helm                                         
                               

			
	 	 		 	 Name: Rob
Helm                                         
                               

			
	 	 		 	 Title: Managing
Director                                        
                    

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

 THE INVESTORS: 
  

					
		 	AG 1991 TRUST U/A/D 12/18/91
		
	 	 	 By: /s/ Joyce
Gray                                         
                                       

		
	 	 	 Name: Joyce
Gray                                         
                                       

		
	 	 	 Title:
Trustee                                        
                                         
       

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

 THE INVESTORS: 
  

					
		 	SHEA VENTURES, LLP
			
	 	 		 	 By: /s/ John
Morrissey                                        
                  

			
	 	 		 	 Name: John Morrissey
                                         
                 

			
	 	 		 	 Title: Managing
Director                                        
              

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	 THE INVESTORS:
	 	
		
		 	 WS INVESTMENT COMPANY, LLC (2006A)

		
		 	By: /s/ Michael
Danaher                                        
                              
		
		 	 Name: Michael J.
Danaher                                        
                        

		
		 	 Title:
Member                                        
                                         
     

		
		 	 WS INVESTMENT COMPANY, LLC (2006C)

		
		 	By: /s/ Michael
Danaher                                        
                              
		
		 	 Name: Michael J.
Danaher                                        
                        

		
		 	 Title:
Member                                        
                                         
     

		
		 	 WS INVESTMENT COMPANY, LLC (2010A)

		
		 	By: /s/ Michael
Danaher                                        
                              
		
		 	 Name: Michael J.
Danaher                                        
                        

		
		 	 Title:
Member                                        
                                         
     

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

					
	 THE INVESTORS:
	 	
		
		 	 THOMAS J. ROSS, JR.

			
		 	By:	 	 /s/ Thomas Ross

		 		 	

 [Signature Page to BlueArc Corporation Amended and Restated Investors’ Rights Agreement]

 EXHIBIT A 

Schedule of Investors 
  

			
	 Name and Address of Investors
	  	 Name and Address of Investors

	 4160487 Canada Inc.
 c/o Deborah L. Lewis
 Ogivly Renault

45 O’Connor Street, Suite 1600
 Ottawa, Ontario
 Canada
	  	David Adderley

		
	 AG 1991 TRUST U/A/D 12/18/91
	  	APA Excelsior V, L.P.
Patricof & Co. Ventures, Inc.
c/o Evelyn Pellicone
445 Park Avenue
New York, NY 10022
		
	 Apax WW Nominees Ltd AE4
 15 Portland Place
 London W1B 1PT
	  	Geoffrey Barrall

		
	 The Bass Trust
	  	Susan Blanco

		
	 Pascal Buhler
	  	Brobeck, Phleger & Harrison LLP
Two Embarcadero Place
2200 Geng Road
Palo Alto, CA 94303
		
	 Rod Canion
	  	Celtic House Ventures Partners Fund IIA LP
555 Legget Drive, Tower B, Suite 530
Kanata, Ontario, Canada K2K 2X3
Attn: David Adderley

  
 A-1

			
	 Name and Address of Investors
	  	 Name and Address of Investors

	 Cheview Limited

Wington Centre, 29th Floor

111 Connaught Road Central

HONG KONG
	  	 Crosslink Ventures IV, LP

Crosslink Crossover Fund III, L.P.
 Crosslink
Crossover Fund IV, L.P.
 Offshore Crosslink Omega Ventures IV
 Offshore Crosslink Crossover Fund III
 Omega Bayview IV, LLC

Crosslink Omega Ventures IV GmbH & Co. KG

Two Embarcadero Center, Suite 2200
 San
Francisco, CA 94111
 Attention: Michael J. Stark

		
	 Cross Creek Capital, L.P.

Cross Creek Capital Employee’s Fund, L.P.

150 Social Hall Avenue, 4th Floor

Salt Lake City, Utah 84111
	  	 CTTV Investments LLC
 3901
Briarpark Road
 Houston, TX 77042-5301

		
	 Michael Curry
	  	 Michael Danaher and Carol Danaher, TTEES
of the Danaher Family Trust, DTD 6/29/04

		
	 Dell Ventures L.P.

One Dell Way
 Round Rock, TX 78682
	  	 Ronald D. Eller

		
	 EuroQube S.A.

4 Rue Montagne Du Parc

Brussels 1000
 BELGIUM
	  	 Dr. Federico Faggin

		
	 Fort Washington Private Equity Investors II, L.P.

Fort Washington Private Equity Investors III, L.P.

420 East Fourth Street

Cincinnati, OH 45202
	  	 Sonny S. Gan

		
	 GC&H Investments, LLC

Cooley Godward, LLP

3175 Hanover Street

Palo Alto, CA 94304-1130
	  	 Louis Gray

  
 A-2

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Bruce Greiner
	  	 Mike Halliwushka

		
	 Gregory Harvey
	  	 Kurt Hoofnagle

		
	 Brian Horn
	  	 Jessica Hotz

		
	 I C Wild Ones

c/o Rhegan Maggs
 Melksham Court
 Stinchcombe

Gloucestershire, GL11 6AR

UK
	  	 Interregnum Plc
 22-23 Old
Burlington St.
 London, W1X 1RL

UK

		
	 Investor Group LP

Investor Growth Capital Limited

Canada Court, Upland Road,

St. Peter Port,
 GY1 3BQ, Guernsey
	  	 Carol Johnson

		
	 With a copy to:

Jose Suarez
 Investor Growth Capital, Inc.
 333 Middlefield Road, Suite
110
 Menlo Park, CA 94025

Fax: (650) 543-8110
	  	
		
	 Michael Jennings
	  	 JP Morgan Partners (BHCA) L.P.
 One Bush Street
 San Francisco, CA 94111

  
 A-3

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Peter Johnson
	  	 Kamin Investments, Inc.
 99
Stradwick Ave
 Nepean
 Ontario K2J
2Z1
 CANADA

		
	 Robert M. Kavner and Allyson P. Kavner,

Trustees of the KAVNER FAMILY TRUST –

1999 u/i dtd May 17, 1999
	  	 Ravi Kulasekaran

		
	 Nigel Leavy
	  	 Steve Lee

		
	 Vittorio Levi
	  	 Eugene Levy

		
	 Bill Lewis
	  	 Robert Lloyd

		
	 Lumaca BVI

P.O. Box 108
 6906- Cassarate
 SWITZERLAND
	  	 J. Matthew Lyons

		
	 The Macpherson Family Trust Dated 2/10/96

Michele Dundas Macpherson and H. Gordon

Macpherson
	  	 Roger Maggs

  
 A-4

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Jose Medeiros
	  	 Meritech Capital Partners II

Meritech Capital Affiliates II
 MCP Entrepreneur
Partners II
 285 Hamilton Avenue, Suite 200
 Palo Alto, CA 94301

		
	 Jonathan Meyer
	  	 Donald Mills

		
	 Ken Morgan
	  	 Morgenthaler Partners VIII, L.P.

2710 Sand Hill Road, Suite 100
 Menlo Park, CA
94025

		
	 New York State Retirement Co

Investment Fund LP

Pacific Corporate Group

1200 Prospect Street,

Suite 200
 La Jolla, CA 92037
	  	 Mark O’Connor

		
	 Onabru Ltd.

c/o Maples & Calder

P.O. Box 309GT, Ugland House

South Church Street

George Town, Grand Cayman,

Cayman Islands
	  	 Alberto Ormezzano

		
	 Scott W. Parsons
	  	 Patricof Private Investment Club II, L.P.
 Patricof & Co. Ventures, Inc.
 c/o Evelyn Pellicone

445 Park Avenue
 New York, NY
10022

  
 A-5

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Enrico Pesatori
	  	 George Pinkham

		
	 Jeff Pinkham
	  	 William Andre G. Pinkham

		
	 Mario Pompili
	  	 Prashanth Prahlad

		
	 Rational Ventures SA

P.O. Box 3162
 Road Town
 Tortola

BRITISH VIRGIN ISLANDS
	  	 David Rogers

		
	 Thomas J. Ross, Jr.
	  	 RWI Ventures I, LP
 2440 Sand
Hill Road, Suite 100
 Menlo Park, CA 94025

		
	 Santhanam Sampathkumar
	  	 The Muriel Schroeder LLC

BlueArc Corporation
 Attn: Steve
Schroeder
 50 Rio Robles Drive
 San
Jose, CA 95134

		
	 Ted Selbach
	  	 John Seminerio

		
	 Muriel Schroeder
	  	 Shea Ventures, LLP
 655 Brea
Canyon Road
 PO Box 489
 Walnut Creek,
CA 91788-1489

  
 A-6

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Mark Squires
	  	 Andrew Ivan Stanton

		
	 Tactics Sells High Tech, Inc.

1177 Brarham Lane, Suite 203

San Jose, CA 95118
	  	 William M. Tatham

		
	 Enzo Torresi
	  	 Louise Turner

		
	 Angela Tzanadamis
	  	 Tom Valis

		
	 Andrew Waitman
	  	 Michael Jamil Wakim

		
	 Wasatch Funds, Inc.

150 Socail Hall Ave., 4th Floor
 Salt Lake City, UT 84111
	  	 Wesley Clover Corporation
 555
Legget Drive, Tower B, Suite 534
 Kanata

Ontario, K2K 2X3
 CANADA

  
 A-7

			
	 Name and Address of Investors
	  	 Name and Address of Investors

		
	 Weston Presidio Capital IV, L.P.

WPC Entrepreneur Fund II, L.P.

200 Clarendon, 50th Floor
 Boston, MA 02116
 Attn: Michael F. Cronin
	  	 Willowpark Limited
 Couvignac
Bas
 46800 Montcuq

FRANCE

		
	 With a copy to:
	  	
		
	 Pier 1, Bay 2

San Francisco, CA 94111

Attn: Therese Mrozek
	  	
		
	 Steve M. Wilson
	  	 Matthew Winston

		
	 Simon Witts
	  	 WS Investment Company LLC
 WS
Investment Company LLC (2006A)
 WS Investment Company, LLC (2006C)
 Wilson Sonsini Goodrich & Rosati
 650 Page Mill Road

Palo Alto, CA 94304-1050

		
	 Hitachi Data Systems Corporation

Attn: General Counsel

750 Central Expressway, MS 3446

Santa Clara, California 95050-2627
	  	 Montagu Newhall Global Partners IV –A, L.P.
 100 Painters Mill Road
 Suite 700
 Owings Mills, MD 21117

		
	 JVax Investment Group LLC

PO Box 5277
 1010 Four O’Clock Rd
 Breckenridge CO
80424
	  	 Montagu Newhall Global Partners IV –B, L.P.
 100 Painters Mill Road
 Suite 700
 Owings Mills, MD 21117

		
	 Montagu Newhall Crossover Ventures I, L.P.

100 Painters Mill Road

Suite 700
 Owings Mills, MD 21117
	  	 Montagu Newhall Global Partners IV –C, L.P.
 100 Painters Mill Road
 Suite 700
 Owings Mills, MD 21117

  
 A-8Form of Indemnification Agreement

 Exhibit 10.1 
 BLUEARC CORPORATION 
 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is dated as of
                    , and is between BlueArc Corporation, a Delaware corporation (the “Company”), and
                             (“Indemnitee”). 

RECITALS 
 A. Indemnitee’s service to the Company substantially benefits the Company. 
 B. Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate protection through insurance or indemnification against
the risks of claims and actions against them arising out of such service. 
 C. Indemnitee does not regard the
protection currently provided by applicable law, the Company’s governing documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection.

 D. In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent
and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law. 
 E. This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto, and
this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder. 

The parties therefore agree as follows: 

1. Definitions.  
 (a) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events: 

(i) Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as
defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities; 

(ii) Change in Board Composition. During any period of two consecutive years (not including any period prior to
the execution of this Agreement), individuals who at the beginning of such period constitute the Company’s board of directors, and any new directors (other than a director designated by a person who has entered into an agreement with the
Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the
directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously 

 
so approved, cease for any reason to constitute at least a majority of the members of the Company’s board of directors; 

(iii) Corporate Transactions. The effective date of a merger or consolidation of the Company with any other
entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the
board of directors or other governing body of such surviving entity; 
 (iv) Liquidation. The approval
by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 

(v) Other Events. Any other event of a nature that would be required to be reported in response to Item 6(e)
of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement.

 For purposes of this Section 1(a), the following terms shall have the following meanings: 

(1) “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the
Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(2) “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the stockholders of the Company approving a
merger of the Company with another entity or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person. 
 (b) “Corporate Status” describes the status of a person who is or was a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or
any other Enterprise. 
 (c) “DGCL” means the General Corporation Law of the State of
Delaware. 
 (d) “Disinterested Director” means a director of the Company who is not and
was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 (e)
“Enterprise” means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the
Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary. 
 (f)
“Expenses” include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs,

  
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telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or
defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the
premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(c), Expenses incurred by Indemnitee in connection with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by
Indemnitee or the amount of judgments or fines against Indemnitee. 
 (g) “Independent
Counsel” means a law firm, or a partner or member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee
in any matter material to either such party (other than as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the
Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then
prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(h) “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any
appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i) the
fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii) the fact that he or
she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the
time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement. 
 (i) Reference to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with
respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by,
such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best interests of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 

2. Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not 

  
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opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 

3. Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in
accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3,
Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 3 in respect of any claim,
issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought
shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court of Chancery or
such other court shall deem proper. 
 4. Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or
otherwise, in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in
connection with (a) each successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any such successfully resolved claim, issuer or matter. For purposes of this section, the termination of any claim, issue
or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 5. Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee
shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 

6. Additional Indemnification. 

(a) Notwithstanding any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest
extent permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses,
judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or matter therein. 

(b) For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by
applicable law” shall include, but not be limited to: 
 (i) the fullest extent permitted by the
provision of the DGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and 

  
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 (ii) the fullest extent authorized or permitted by any amendments to or
replacements of the DGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors. 
 7. Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any Proceeding (or any part of any
Proceeding): 
 (a) for which payment has actually been made to or on behalf of Indemnitee under any statute,
insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount paid; 
 (b) for an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or common
law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 
 (c) for any
reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange
Act of 1934, as amended (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to
the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor (including pursuant to any settlement arrangements); 

(d) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the
Company or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(c) or (iv) otherwise required by applicable law; or 

(e) if prohibited by applicable law. 

8. Advances of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any
Proceeding, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 60 days, after the receipt by the Company of a written statement or statements requesting such advances from time to time (which shall
include invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege
accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the
extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding for which indemnity is
not permitted under this Agreement, but shall apply to any Proceeding referenced in Section 7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company. 

  
 -5-

 9. Procedures for Notification and Defense of Claim. 

(a) Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek
indemnification or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the
Proceeding and the facts underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so
notifying the Company shall not constitute a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company. 

(b) If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has
directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The Company shall
thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 

(c) In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be
entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice,
approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding.
Notwithstanding the Company’s assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s counsel to the extent (i) the employment of counsel by Indemnitee is
authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be
separately represented, (iii) the Company is not financially or legally able to perform its indemnification obligations or (iv) the Company shall not have retained, or shall not continue to retain, such counsel to defend such Proceeding.
The Company shall have the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense.
The Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 
 (d) Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate. 

(e) The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof)
without the Company’s prior written consent, which shall not be unreasonably withheld. 
 (f) The Company
shall have the right to settle any Proceeding (or any part thereof) without the consent of Indemnitee. 
 10.
Procedures upon Application for Indemnification.  
 (a) To obtain indemnification, Indemnitee shall
submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee 

  
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and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. The Company shall, as soon as
reasonably practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification. Any delay in providing the request will not relieve the Company from its obligations under this
Agreement, except to the extent such failure is prejudicial. 
 (b) Upon written request by Indemnitee for
indemnification pursuant to Section 10(a), a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion
to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred, if required by applicable law (A) by a majority vote of the Disinterested Directors, even
though less than a quorum of the Company’s board of directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of
directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or
(D) if so directed by the Company’s board of directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination.
Indemnitee shall cooperate with the person, persons or entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any
documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and
disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to the extent permitted by applicable law. 

(c) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to
Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Company’s board of directors, and the Company
shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request
that such selection be made by the Company’s board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In
either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection;
provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and
the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the
Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee
of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of
competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or
by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any
judicial proceeding pursuant to Section 12(a) of this 

  
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Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 (d) The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully
indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

11. Presumptions and Effect of Certain Proceedings. 

(a) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or
conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful. 

(b) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the extent
Indemnitee relied in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information supplied to Indemnitee by the officers of the Enterprise in the course of their duties,
(iii) the advice of legal counsel for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information or records given or reports made to the Enterprise by an independent
certified public accountant, an appraiser, investment banker or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors. The provisions of this Section 11(b) shall not be
deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(c) Neither the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise
shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

12. Remedies of Indemnitee. 

(a) Subject to Section 12(d), in the event that (i) a determination is made pursuant to Section 10 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(c) of this Agreement, (iii) no determination of entitlement to
indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the Proceeding, (iv) payment of
indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4, 5 and 12(c)
of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent
jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence such proceeding seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such
proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights

  
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under Section 4 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication in accordance with this Agreement. 

(b) Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of
directors, Independent Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the
Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall be a defense to the action or create a presumption that
Indemnitee has or has not met the applicable standard of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to
this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c) To the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred by
Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company to the extent
Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 60 days, after receipt by the Company of a written request therefor) advance such Expenses to
Indemnitee, subject to the provisions of Section 8. 
 (d) Notwithstanding anything in this Agreement to
the contrary, no determination as to entitlement to indemnification shall be required to be made prior to the final disposition of the Proceeding. 
 13. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying
Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement, in such
proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to
such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and agents) in connection with such events and transactions. 

14. Non-exclusivity. The rights of indemnification and to receive advancement of Expenses as provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a vote of stockholders or a resolution of
directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s certificate of
incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein.
Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the 

  
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assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

15. Primary Responsibility. The Company acknowledges that Indemnitee has or may have certain rights to
indemnification and advancement of expenses provided by other entities and/or organizations (collectively, the “Secondary Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its
obligations to Indemnitee are primary and any obligation of the Secondary Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required
to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this
Agreement and the certificate of incorporation or bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Secondary Indemnitors, and (iii) that, to the
extent not in contravention of any insurance policy or policies providing liability or other insurance for the Company or any director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other
Enterprise, it irrevocably waives, relinquishes and releases the Secondary Indemnitors from any and all claims against the Secondary Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further
agrees that no advancement or payment by the Secondary Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Secondary Indemnitors shall have
a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Secondary Indemnitors are express third party
beneficiaries of the terms of this Section 15. 
 16. No Duplication of Payments. The Company shall
not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received payment for such amounts under
any insurance policy, contract, agreement or otherwise. 
 17. Insurance. To the extent that the Company
maintains an insurance policy or policies providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by
such policy or policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position. 
 18. Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute
all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

19. Services to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request
of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is
removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation
under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any
employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except as may be

  
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otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies
adopted by the Company’s board of directors or, with respect to service as a director or officer of the Company, the Company’s certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification
thereof. 
 20. Duration. This Agreement shall continue until and terminate upon the later of
(a) ten years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as
applicable; or (b) one year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding
commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 
 21.
Successors. This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. 
 22. Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s
inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or
provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested thereby. 
 23. Enforcement. The Company expressly confirms and agrees that it has entered
into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director
or officer of the Company. 
 24. Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Company’s certificate of incorporation and bylaws and applicable law. 
 25. Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties hereto. No amendment, alteration or repeal of this
Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal. No

  
 -11-

 
waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver. 

26. Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be
mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as shown on the signature
page of this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 
 (b) if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 50 Rio Robles Drive, San Jose, California 95134, or at such other current address as the
Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Michael J. Danaher and Julia Reigel, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, California 94304. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or having been
given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one business day after deposit with
the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or
(iii) if sent via facsimile, upon confirmation of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the
recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. 
 27. Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in
the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes
of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, Incorporating Services, Ltd., Dover, Delaware as
its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within
the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding
brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum. 
 28.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be
executed and delivered by facsimile signature and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

  
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 29. Captions. The headings of the paragraphs of this Agreement are
inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 (signature page follows) 

  
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 The parties are signing this Indemnification Agreement as of the date stated
in the introductory sentence. 
  

	
	BLUEARC CORPORATION
	
	  

	(Signature)
	
	  

	(Print name)
	
	  

	(Title)
	
	 [INSERT INDEMNITEE NAME]

	
	  

	(Signature)
	
	  

	(Print name)
	
	  

	(Street address)
	
	  

	(City, State and ZIP)

 (Signature page to Indemnification Agreement)

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