Document:

EX-10.9

 Exhibit 10.9 
  

 
  

CBI HOLDING COMPANY, LLC 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of August 30, 2014 
 THE
UNITS REPRESENTED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR
OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN. 

 TABLE OF CONTENTS 

 

							
	 1.     DEFINITIONS
	  	 	1	  
		
	 2.     FORMATION AND PURPOSE
	  	 	2	  
			
	 2.1.
	 	FORMATION; AGREEMENT	  	 	2	  
	 2.2.
	 	NAME	  	 	2	  
	 2.3.
	 	REGISTERED OFFICE/AGENT	  	 	2	  
	 2.4.
	 	TERM	  	 	2	  
	 2.5.
	 	PURPOSE	  	 	2	  
	 2.6.
	 	POWERS	  	 	2	  
	 2.7.
	 	FILINGS	  	 	2	  
	 2.8.
	 	PRINCIPAL OFFICE	  	 	3	  
		
	 3.     MEMBERSHIP, CAPITAL AND UNITS
	  	 	3	  
			
	 3.1.
	 	MEMBERS	  	 	3	  
	 3.2.
	 	MEMBER INTERESTS AND UNITS	  	 	3	  
	 3.3.
	 	ADDITIONAL ISSUANCES OF UNITS	  	 	3	  
	 3.4.
	 	VOTING	  	 	3	  
	 3.5.
	 	SPECIFIC LIMITATIONS	  	 	3	  
	 3.6.
	 	CAPITAL CONTRIBUTIONS	  	 	3	  
	 3.7.
	 	ABILITY TO BORROW FUNDS	  	 	3	  
		
	 4.     CAPITAL ACCOUNTS
	  	 	4	  
			
	 4.1.
	 	CAPITAL ACCOUNTS	  	 	4	  
	 4.2.
	 	REVALUATIONS OF ASSETS AND CAPITAL ACCOUNT ADJUSTMENTS	  	 	4	  
	 4.3.
	 	ADDITIONAL CAPITAL ACCOUNT ADJUSTMENTS	  	 	4	  
	 4.4.
	 	ADDITIONAL CAPITAL ACCOUNT PROVISIONS	  	 	5	  
		
	 5.     DISTRIBUTIONS; ALLOCATIONS OF PROFIT AND LOSS
	  	 	5	  
			
	 5.1.
	 	BOARD OF MANAGERS’ DETERMINATION	  	 	5	  
	 5.2.
	 	NO VIOLATION	  	 	6	  
	 5.3.
	 	WITHHOLDING	  	 	6	  
	 5.4.
	 	INSTALLMENT SALES	  	 	6	  
	 5.5.
	 	NET PROFIT OR NET LOSS	  	 	6	  
	 5.6.
	 	REGULATORY ALLOCATIONS	  	 	7	  
	 5.7.
	 	TAX ALLOCATIONS; CODE SECTION 704(C) AND UNREALIZED APPRECIATION OR
DEPRECIATION	  	 	9	  
	 5.8.
	 	CHANGES IN MEMBERS’ INTEREST	  	 	9	  
		
	 6.     STATUS, RIGHTS AND POWERS OF MEMBERS
	  	 	9	  
			
	 6.1.
	 	LIMITED LIABILITY	  	 	9	  
	 6.2.
	 	RETURN OF DISTRIBUTIONS	  	 	10	  
	 6.3.
	 	NO MANAGEMENT OR CONTROL	  	 	10	  
	 6.4.
	 	APPROVAL OF CERTAIN MATTERS	  	 	10	  
	 6.5.
	 	PERMITTED ACQUISITION	  	 	11	  
		
	7.     DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF THE BOARD OF MANAGERS	  	 	11	  
			
	 7.1.
	 	BOARD OF MANAGERS	  	 	11	  
	 7.2.
	 	AUTHORITY OF BOARD OF MANAGERS	  	 	14	  
	 7.3.
	 	RELIANCE BY THIRD PARTIES	  	 	15	  

  
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	8.     DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS	  	 	15	  
		
	9.     BOOKS, RECORDS, ACCOUNTING AND REPORTS	  	 	16	  
			
	 9.1.
	 	BOOKS AND RECORDS	  	 	16	  
	 9.2.
	 	FILINGS	  	 	16	  
	 9.3.
	 	TAX REPORTS	  	 	16	  
		
	10.     TAX MATTERS MEMBER	  	 	16	  
			
	 10.1.
	 	TAX MATTERS MEMBER	  	 	16	  
	 10.2.
	 	INDEMNITY OF TAX MATTERS MEMBER	  	 	16	  
	 10.3.
	 	TAX RETURNS	  	 	16	  
		
	11.     TRANSFER RESTRICTIONS	  	 	17	  
			
	 11.1.
	 	PERMITTED TRANSFERS WITH MEMBER APPROVAL	  	 	17	  
	 11.2.
	 	CONDITIONS TO TRANSFER	  	 	17	  
	 11.3.
	 	IMPERMISSIBLE TRANSFER	  	 	17	  
		
	12.     DISSOLUTION OF COMPANY	  	 	17	  
			
	 12.1.
	 	TERMINATION OF MEMBERSHIP	  	 	17	  
	 12.2.
	 	EVENTS OF DISSOLUTION	  	 	17	  
	 12.3.
	 	LIQUIDATION	  	 	18	  
	 12.4.
	 	NO ACTION FOR DISSOLUTION	  	 	18	  
	 12.5.
	 	NO FURTHER CLAIM	  	 	18	  
		
	13.     INDEMNIFICATION	  	 	18	  
			
	 13.1.
	 	INDEMNIFICATION RIGHTS	  	 	18	  
	 13.2.
	 	PERSONS ENTITLED TO INDEMNITY	  	 	19	  
	 13.3.
	 	AGREEMENTS	  	 	19	  
		
	14.     AMENDMENTS	  	 	19	  
			
	 14.1.
	 	AMENDMENTS	  	 	19	  
	 14.2.
	 	CORRESPONDING AMENDMENT OF CERTIFICATE	  	 	19	  
	 14.3.
	 	BINDING EFFECT	  	 	19	  
		
	15.     GENERAL	  	 	20	  
			
	 15.1.
	 	SUCCESSORS; DELAWARE LAW; ETC	  	 	20	  
	 15.2.
	 	NOTICES, ETC	  	 	20	  
	 15.3.
	 	EXECUTION OF DOCUMENTS	  	 	20	  
	 15.4.
	 	JURISDICTION; VENUE; SERVICE OF PROCESS	  	 	20	  
	 15.5.
	 	SEVERABILITY	  	 	21	  
	 15.6.
	 	TABLE OF CONTENTS, HEADINGS	  	 	21	  
	 15.7.
	 	NO THIRD PARTY RIGHTS	  	 	21	  
	 15.8.
	 	COUNTERPARTS	  	 	21	  
	 15.9.
	 	WAIVER OF JURY TRIAL	  	 	22	  
	 15.10.
	 	INTERPRETATION	  	 	22	  
	 15.11.
	 	EXECUTION OF DOCUMENTS	  	 	22	  
	 15.12.
	 	CONSTRUCTION	  	 	22	  
		
	16.     CALL OPTION	  	 	22	  
			
	 16.1.
	 	CALL OPTION	  	 	22	  
		
	17.     RESTRICTIVE COVENANT	  	 	23	  
			
	 17.1.
	 	NON COMPETITION; NON-SOLICITATION	  	 	23	  

  
  

 

  
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 CBI HOLDING COMPANY, LLC 

AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT 

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of CBI HOLDING COMPANY, LLC
(the “Company”), dated as of September 1, 2014, is entered into by and between National Bank of Commerce, a national banking association (“NBC”), and Factor, LLC, an Alabama limited liability company
(“Factor LLC”; together with NBC, the “Members”). 
 RECITALS 

WHEREAS, the Company was formed as a limited liability company under the laws of the State of Delaware pursuant to the filing of the
Certificate on August 31, 2009, and the execution of the Initial Agreement, dated as of September 30, 2009; and 
 WHEREAS,
on August 29, 2014, NBC and the existing members of the Company entered into a Membership Interest Purchase Agreement (the “Membership Interest Purchase Agreement”) pursuant to which, among other things, NBC acquired a 70.00%
interest in the Company, effective as of 11:59 P.M. Central Daylight Time on August 29, 2014 (the “Transaction”); and 

WHEREAS, immediately following the consummation of the Transaction, the remaining existing members of the Company contributed their
interests in the Company, which collectively represented a 30.00% interest, to Factor LLC in exchange for membership interests in Factor LLC (the “Contribution”); and 

WHEREAS, to reflect the Transaction and the Contribution, the Members desire to enter into this Agreement, which amends and restates
the Initial Agreement and the rights and interests of the Members, and provides for, among other things, the management of the business and affairs of the Company, the allocation of profits and losses between the Members, the respective rights,
duties and obligations of the Members to each other and to the Company, and certain other matters. 
 NOW, THEREFORE, in
consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

1.     DEFINITIONS. 

For purposes of this Agreement certain capitalized terms have specifically defined meanings which are either set forth or referred to in
Schedule A attached hereto and incorporated herein by reference. 

 2.     FORMATION AND PURPOSE. 

2.1. Formation; Agreement. The Company was formed as a limited liability company on August 31, 2009 in accordance with the Act by
the filing of the Certificate. Effective as of the date hereof, this Agreement amends and restates in its entirety the Initial Agreement, and the Members hereby agree that during the term of the Company the rights and obligations of the Members with
respect to the Company will be determined in accordance with the terms and conditions of this Agreement and the Act; provided, however, that to the extent that the rights or obligations of any Member are different by reason of any provision
of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control. For the avoidance of doubt, the Members acknowledge, agree and confirm that (a) all of the Company’s
preferred units were redeemed immediately prior to the Transaction and no such units remain outstanding or shall hereafter be re-issued, (b) following such redemption, only a single class of membership interests in the Company was outstanding
(i.e. common units) and, (c) effective as of the date of this Agreement, all such common units shall be considered “Units”. 

2.2. Name. The name of the Company is “CBI Holding Company, LLC.” The business of the Company may be conducted under that
name or, upon compliance with applicable laws, any other name that the Board of Managers deems appropriate. The Board of Managers shall file, or shall cause to be filed, any fictitious name certificates and similar filings, and any amendments
thereto, that the Board of Managers considers appropriate. 
 2.3. Registered Office/Agent. The registered office and registered
agent required to be maintained by the Company pursuant to the Act shall be the office and the agent so designated in the Certificate. The Company may, upon compliance with the applicable provisions of the Act, change its registered office or
registered agent from time to time in the discretion of the Board of Managers. 
 2.4. Term. The term of the Company commenced upon
the filing of the Certificate and its existence as a separate legal entity shall continue indefinitely unless sooner terminated as provided herein. 

2.5. Purpose. Subject to the limitations contained in this Agreement, the Company has been formed for the object and purpose of, and
the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any and all activities necessary, advisable,
convenient or incidental thereto. 
 2.6. Powers. The Company shall possess and may exercise all of the powers and privileges granted
by the Act or by any other law together with such powers and privileges as are necessary, advisable, incidental or convenient to, or in furtherance of the conduct, promotion or attainment of the business purposes or activities of the Company. 

2.7. Filings. Persons may be designated from time to time by the Board of Managers as “authorized persons,” within the
meaning of the Act, to execute, deliver and file any amendments or restatements of the Certificate or any other certificates or instruments and any amendments or restatements thereof necessary for the Company to qualify to do business in a
jurisdiction in which the Company may wish to conduct business. 

  
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 2.8. Principal Office. The principal executive office of the Company shall be located at
such place as the Board of Managers shall establish, and the Board of Managers may from time to time change the location of the principal executive office of the Company to any other place within or without the State of Delaware. The Board of
Managers may establish and maintain such additional offices and places of business of the Company, either within or without the State of Delaware, as it deems appropriate. 

3.     MEMBERSHIP, CAPITAL AND UNITS. 

3.1. Members. The Members of the Company and the number of Units held by each are as follows: 

 

									
	 Member
	  	Units	 	  	Percentage	 
	 NBC
	  	 	280 Units	  	  	 	70.00	% 
	 Factor LLC
	  	 	120 Units	  	  	 	30.00	% 
		  	  
	  
	 	  	  
	  
	 
	 Totals
	  	 	400 Units	  	  	 	100.00	% 

 3.2. Member Interests and Units. The Interests of the Members of the Company shall be divided into
Units, which shall not be certificated. 
 3.3. Additional Issuances of Units. The Company shall not offer or issue any Units to any
Person without the approval of the Board of Managers and, pursuant to Section 6.4, the Members. 
 3.4. Voting. Members shall be
entitled to one (1) vote for each outstanding Unit held, upon each matter submitted to the vote of or action by Members, and, except as required by applicable law or except as this Agreement expressly provides otherwise (including, without
limitation, Section 6.4), the affirmative vote of a Majority in Interest on such matter shall be the act of the Members. 
 3.5.
Specific Limitations. Without the written consent of the Board of Managers, no Member shall have the right or power to: (a) withdraw or reduce its Capital Contribution except as a result of the dissolution of the Company or as otherwise
provided by the Act or in this Agreement, (b) make voluntary Capital Contributions or contribute any property to the Company other than cash, (c) bring an action for partition against the Company or any Company assets, (d) cause the
dissolution of the Company, except as set forth in this Agreement or as required by the Act, or (e) require that property other than cash be distributed upon any Distribution. 

3.6. Capital Contributions. No Member shall be obligated to make any Capital Contribution not made on or prior to the date hereof
except as set forth in a written agreement to which the Company and such Member are parties. 
 3.7. Ability to Borrow Funds. The
Board of Managers may cause the Company and/or one or more of its Subsidiaries to borrow funds from NBC at any time on behalf and in the name of the Company and/or such Subsidiaries, as applicable, and to pledge the assets of the Company 

  
 3 

 
and/or the assets and membership interests of the Company’s Subsidiaries as collateral for such loan; provided, however, that the interest rate on any loan from NBC shall equal the
Federal Funds Target Rate plus 25 basis points (0.25%). For purposes of this Agreement, the “Federal Funds Target Rate” means, for any day, the Federal Funds Target Rate as established by the Federal Reserve Board of Governors. The
Members shall not be required to assume any of the obligations of the Company or its Subsidiaries with respect to any such financing, and shall not be required to provide any guarantee or other assurance, credit support or enhancement. 

4.     CAPITAL ACCOUNTS. 

4.1. Capital Accounts. A separate account (each a “Capital Account”) shall be established and maintained for each
Member which: 
 (a) shall be increased by (i) the amount of cash and the Fair Value of any other property contributed
by such Member to the Company as a Capital Contribution (net of liabilities secured by such property or that the Company assumes or takes the property subject to) and (ii) such Member’s share of the Net Profit (and other items of income
and gain) of the Company, and 
 (b) shall be reduced by (i) the amount of cash and the Fair Value of any other property
distributed to such Member (net of liabilities secured by such property or that the Member assumes or takes the property subject to) and (ii) such Member’s share of the Net Loss (and other items of loss and deduction) of the Company. 

It is the intention of the Members that the Capital Accounts of the Company be maintained in accordance with the provisions of Section 704(b) of the Code
and the Regulations thereunder and that this Agreement be interpreted consistently therewith. 
 4.2. Revaluations of Assets and Capital
Account Adjustments. Unless otherwise determined by the Board of Managers, immediately preceding the issuance of additional Units in exchange for cash, property or services to a new or existing Member and upon the redemption of the Interest of a
Member, the then prevailing Asset Values of the Company shall be adjusted to equal their respective gross Fair Value and any increase in the net equity value of the Company (Asset Values less liabilities) shall be credited to the Capital Accounts of
the Members in the same manner as Net Profits are credited under Section 5.5(b) (or any decrease in the net equity value of the Company shall be charged in the same manner as Net Losses are charged under Section 5.5(b)). 

4.3. Additional Capital Account Adjustments. Any income of the Company that is exempt from federal income tax shall be credited to the
Capital Accounts of the Members in the same manner as Net Profits are credited under Section 5.5(b) when such income is realized. Any expenses or expenditures of the Company which may neither be deducted nor capitalized for tax purposes (or are
so treated for tax purposes) shall be charged to the Capital Accounts of the Members in the same manner as Net Losses are charged under Section 5.5(b). Upon the transfer of an Interest in the Company or the distribution of property by the
Company, Capital Accounts shall be adjusted to the limited extent required by the Regulations under Section 704 of the Code to reflect special basis adjustments following such transfer or distribution. 

  
 4 

 4.4. Additional Capital Account Provisions. No Member shall have the right to demand a
return of all or any part of such Member’s Capital Contributions. Any return of the Capital Contributions of any Member shall be made solely from the assets of the Company and only in accordance with the terms of this Agreement. Except to the
extent otherwise expressly provided for in this Agreement, no interest shall be paid to any Member with respect to such Member’s Capital Contributions or Capital Account. In the event that all or a portion of the Units of a Member are
transferred in accordance with this Agreement, the transferee of such Units shall also succeed to all or the relevant portion of the Capital Account of the transferor. Units held by a Member may not be transferred independently of the Interest to
which the Units relate. 
 5.     DISTRIBUTIONS; ALLOCATIONS OF PROFIT AND LOSS. 

5.1. Board of Managers’ Determination. Except as specifically set forth in subsection (a) and (b) below, the Board of
Managers shall in its discretion determine the timing and the aggregate amount of any Distributions to Members under this Section 5.1. 

(a) Required Distributions. The Company shall distribute to the Members on a quarterly basis on the 20th (or next succeeding Business Day) of each of April, July, October and January of each Fiscal Year and immediately prior to the Call Option Closing (if applicable), an amount in cash equal to
Consolidated Net Income (as defined below). For purposes of this Agreement, “Consolidated Net Income” means, on any distribution date, the net income of the Company and its Subsidiaries, on a consolidated basis, for the immediately
preceding calendar quarter, calculated in accordance with GAAP; provided, however, that (x) the October 20, 2014 distribution shall be equal to the net income of the Company and its Subsidiaries, on a consolidated basis, for the
period between August 30, 2014 and September 30, 2014; and (y) if a distribution is made immediately prior to the Call Option Closing, such distribution shall be equal to the net income of the Company and its Subsidiaries, on a
consolidated basis, for the period between the most recent net income measurement period for which a distribution has previously been made and the date of such distribution. All such distributions shall be made to the Members on a pro rata basis
according to the number of Units held by each Member. 
 (b) Tax Distributions. Although the Members anticipate that
the distributions provided for in Section 5.1(a) above will be sufficient for the Members to satisfy their respective tax obligations, the Company shall, at a minimum, distribute to each Member on April 1st (or the next succeeding Business
Day) of each year, an amount (the “Tax Distribution”) equal to the excess, if any, of (i) such Member’s Tax Liability over (ii) the amounts distributed pursuant to Section 5.1(a) and (c) during the
immediately preceding Fiscal Year. For purposes of this Section 5.1(b), a “Member’s Tax Liability” means, with respect to each Fiscal Year, the product of (i) the net taxable income of the Company allocated to such
Member pursuant to this Agreement with respect to the immediately preceding Fiscal Year (e.g., for the April 1st, 2015 mandatory tax distribution, the amount allocated with respect to the 2014 Fiscal Year), and (ii) forty percent (40%).

  
 5 

 (c) Other Distributions. All other Distributions shall be made pro rata to
each Member in accordance with the number of Units held by such Member. 
 5.2. No Violation. Notwithstanding any provision to the
contrary contained in this Agreement, the Company shall not make a Distribution to any Member on account of such Member’s Interest if such Distribution would violate Section 18-607 of the Act or other applicable law. 

5.3. Withholding. All amounts withheld pursuant to the Code or any federal, state, local or foreign tax law with respect to any
payment, Distribution or allocation to a Member (in its capacity as such), or to the Company and attributable to a Member, shall be treated as amounts distributed to such Member. The Board of Managers is authorized to withhold from Distributions to
Members, or with respect to allocations to Members, and in each case to pay over to the appropriate federal, state, local or foreign governmental authority any amounts required to be so withheld. The Board of Managers shall allocate any such
withheld amounts to the Members in respect of whose Distribution or allocation the tax was withheld and shall treat such withheld amounts as actually distributed to such Members. 

5.4. Installment Sales. If any assets are sold in transactions in which, by reason of Section 453 of the Code, gain is realized
but not recognized, such gain shall be taken into account when realized in computing gain or loss of the Company for purposes of allocation of Net Profit or Net Loss under this Article 5 and, if such sales shall involve substantially all the assets
of the Company, the Company shall be deemed to have been dissolved and terminated notwithstanding any election by the Members to continue the Company for purposes of collecting the proceeds of such sales. 

5.5. Net Profit or Net Loss. 

(a) The “Net Profit” or “Net Loss” of the Company for each Fiscal Year or relevant part
thereof shall mean the Company’s taxable income or loss for federal income tax purposes for such period (including all items of income, gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code)
with the following adjustments: 
 (i) Gain or loss attributable to the disposition of property of the Company with an Asset
Value different than the adjusted basis of such property for federal income tax purposes shall be computed with respect to the Asset Value of such property, and any tax gain or loss not included in Net Profit or Net Loss shall be taken into account
and allocated for federal income tax purposes among the Members pursuant to Section 5.6. 
 (ii) Depreciation,
amortization or cost recovery deductions with respect to any property with an Asset Value that differs from its adjusted basis for federal income tax purposes at the beginning of a period shall be in an amount which bears the same ratio to such
beginning Asset Value as the federal income tax depreciation, amortization or other cost recovery deductions for such period bear to such beginning adjusted tax 

  
 6 

 
basis; provided, however, that if the adjusted tax basis of an asset at the beginning of such period is zero, depreciation shall be determined with respect to such asset using any
reasonable method selected by the Board of Managers. 
 (iii) Any items that are required to be specially allocated pursuant
to Section 5.7 shall not be taken into account in determining Net Profit or Net Loss. 
 (b) Allocations of Income,
Gain, Loss, Deduction and Credit. Net Profit or Net Loss of the Company for any relevant period shall be allocated to the Capital Accounts of the Members so as to ensure, to the extent possible, that the Capital Accounts of the Members as of the
end of such period, as increased by the Members’ shares of “minimum gain” and “partner minimum gain” (as such terms are used in Regulation Section 1.704-2) not otherwise required to be taken into account in such period,
are equal to the aggregate Distributions that Members would be entitled to receive if all of the assets of the Company were sold for their Asset Values, the liabilities of the Company were paid in full (except that non-recourse liabilities shall be
paid only to the extent, with respect to each asset subject to a non-recourse liability, the non-recourse liability does not exceed the Asset Value), and the remaining proceeds were distributed as of the end of such accounting period in accordance
with Section 5.1(c). The allocations made pursuant to this Section 5.5 are intended to comply with the provisions of Section 704(b) of the Code and the Regulations thereunder and, in particular, to reflect the Members’ economic
interests in the Company as set forth in Section 5.1(c), and this Section 5.5 shall be interpreted in a manner consistent with such intention. 

5.6. Regulatory Allocations. Although the Members do not anticipate that events will arise that will require application of this
Section 5.6, the following provisions governing the allocation of income, gain, loss, deduction and credit (and items thereof) are included in this Agreement, and shall be applied in the following order, as may be necessary to provide that the
Company’s allocation provisions contain a so-called “Qualified Income Offset” and comply with all provisions relating to the allocation of so-called “Non-recourse Deductions” and “Partner Non-recourse Deductions”
and the chargeback thereof as set forth in the Regulations under Section 704(b) of the Code: 
 (a) Minimum Gain
Chargeback. Except as otherwise provided in Section 1.704-2(f) of the Regulations, notwithstanding any other provision of this Section 5, if there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be
specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Regulation
Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulation Section 1.704-2(f)(6) and 1.704-2(j)(2). This Section 5.6(a) is intended to comply with the minimum gain chargeback requirement in such sections of the Regulations and shall be interpreted consistently therewith. 

  
 7 

 (b) Member Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704-2(i)(4) of the Regulations, notwithstanding any other provision of this Section 5 except Section 5.6(a), if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during
any Fiscal Year, each Member who has a share of the Member Nonrecourse Minimum Gain (determined in accordance with Regulation Section 1.704-2(i)(5)) as of the beginning of such year shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Regulation
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Section 1.704-2(i)(4) and 1.704-2(j)(2). This Section 5.6(b) is intended to comply with the minimum gain chargeback requirement in such section of the Regulations and shall be interpreted consistently therewith. 

(c) Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or
distributions described in Regulation Section 1.704-1(b)(2)(ii)(d)(4)-(6), items of Company income and gain shall be specially allocated to each Member in an amount and manner sufficient to eliminate, to the extent required by the Regulations,
the deficit Capital Account of such Member as quickly as possible, provided that an allocation pursuant to this Section 5.6(c) shall be made if and only to the extent that such Member would have a deficit Capital Account after all other
allocations provided for in this Section 5 have been tentatively made as if this Section 5.6(c) were not in this Agreement. 

(d) Gross Income Allocation. In the event any Member has a deficit Capital Account at the end of any Fiscal Year which
is in excess of the sum of (i) the amount such Member is obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704.2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income
and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.6(d) shall be made only if and to the extent that such Member would have deficit Capital Account in excess of such sum after
all other allocations provided for this Section 5 have been made as if Section 5.6(c) and this Section 5.6(d) were not in the Agreement. 

(e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year or other period shall be specially allocated to
the Members in accordance with their Interests. 
 (f) Member Nonrecourse Deductions. Any Member Nonrecourse
Deductions for any Fiscal Year or other period shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with
Regulation Section 1.704-2(i)(2). 

  
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 5.7. Tax Allocations; Code Section 704(c) and Unrealized Appreciation or
Depreciation. Contributed Assets. In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any property contributed to the Company with an adjusted basis for federal income tax purposes
different from the initial Asset Value at which such property was accepted by the Company shall, solely for tax purposes, be allocated among the Members so as to take into account such difference in the manner required by Section 704(c) of the
Code and the applicable Regulations. 
 (a) Revalued Assets. If the Asset Value of any assets of the Company is
adjusted pursuant to Section 4.2, subsequent allocations of income, gain, loss and deduction with respect to such assets shall, solely for tax purposes, be allocated among the Members so as to take into account such adjustment in the same
manner as under Section 704(c) of the Code and the applicable Regulations. 
 (b) Elections and Limitations. The
allocations required by this Section 5.7 are solely for purposes of federal, state and local income taxes and shall not affect the allocation of Net Profits or Net Losses as between Members or any Member’s Capital Account. All tax
allocations with respect to property acquired or owned as of the date hereof and required by this Section 5.7 shall be made using the so-called “traditional method with curative allocations” described in Regulation 1.704-3(c). 

(c) Tax Allocations. Except as noted above, or as otherwise required by law, all items of income, deduction and loss
shall be allocated for federal, state and local income tax purposes in the same manner such items are allocated under Section 5.5. 
 5.8.
Changes in Members’ Interest. If during any year of the Company there is a change in any Member’s Interest in the Company, the Board of Managers shall confer with the tax advisors to the Company and, in conformity with such advice
allocate the Net Profit or Net Loss to the Members so as to take into account the varying Interests of the Members in the Company in a manner that complies with the provisions of Section 706 of the Code and the Regulations thereunder. 

6.     STATUS, RIGHTS AND POWERS OF MEMBERS. 

6.1. Limited Liability. Except as otherwise required by the Act, the debts, obligations and liabilities of the Company, whether arising
in contract, tort or otherwise, shall be solely the debts, expenses, obligations and liabilities of the Company, and no Member or other Indemnified Person shall be obligated personally for any such debt, expense, obligation or liability of the
Company solely by reason of being a Member or Indemnified Person. All Persons dealing with the Company shall have recourse solely to the assets of the Company for the payment of the debts, obligations or liabilities of the Company. In no event shall
any Member be required to make up any deficit balance in such Member’s Capital Account upon the liquidation of such Member’s Interest or otherwise. 

  
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 6.2. Return of Distributions. Except as required by law, no Member shall be obligated by
this Agreement to return any Distribution to the Company or pay the amount of any Distribution for the account of the Company or to any creditor of the Company; provided, however, that if any court of competent jurisdiction holds that,
notwithstanding this Agreement, any Member is obligated to return or pay any part of any Distribution, such obligation shall bind such Member alone and not any other Member or any Manager; and provided, further, that if any Member is
required to return all or any portion of any Distribution under circumstances that are not unique to such Member but that would have been applicable to all Members (taking into account the provisions of applicable law) if such Members had been named
in the lawsuit or other proceeding against the Member in question (such as where a Distribution was made to all Members and rendered the Company insolvent, but only one Member was sued for the return of such Distribution), the Member that was
required to return or repay the Distribution (or any portion thereof) shall be entitled to reimbursement from the other Members that were not required to return the Distributions made to them based on each such Member’s share of the
Distribution in question. The provisions of the immediately preceding sentence are solely for the benefit of the Members and shall not be construed as benefiting any creditor or other third party. The amount of any Distribution returned to the
Company by a Member or paid by a Member for the account of the Company or to a creditor of the Company shall be added to the account or accounts from which it was subtracted when it was distributed to such Member. 

6.3. No Management or Control. Except as expressly provided in this Agreement, no Member (in its capacity as such) shall take part in
or interfere in any manner with the management of the business and affairs of the Company or have any right or authority to act for or bind the Company notwithstanding Section 18-402 of the Act. 

6.4. Approval of Certain Matters. Notwithstanding the authority of the Board of Managers set forth in Article 7 hereof, the Board of
Managers shall not authorize, approve or ratify any of the following or any plan with respect thereto without the unanimous approval of the Members, which approval shall be in the form of an action by unanimous written consent of the Members: 

(a) the sale, transfer, exchange or disposition of all or substantially all of the assets, taken as a whole, of the Company and
its Subsidiaries in a single transaction or a series of related transactions; 
 (b) the merger, sale or other combination of
the Company or any of its Subsidiaries with or into any other Person; 
 (c) the issuance of additional Units or any
additional Capital Contributions; 
 (d) the transfer, mortgage, pledge, hypothecation or grant of a security interest in all
or substantially all of the assets of the Company or any of its Subsidiaries (other than to NBC in accordance with Section 3.7); 

(e) the liquidation or dissolution of the Company or any of its Subsidiaries; 

(f) the establishment or acquisition of control of any Subsidiaries other than Corporate Billing, LLC or its Subsidiary or any
other Acquisition Opportunity; 

  
 10 

 (g) any act in contravention of this Agreement; 

(h) any act which would make it impossible to carry out the business of the Company or its Subsidiaries, except as otherwise
provided in this Agreement; 
 (i) any transaction (including, without limitation, any overhead allocation and any management
or similar fee) between the Company or any of its Subsidiaries and any Member, Manager, officer or affiliate thereof (other than the Board Fee); 

(j) the possession by a Member of property of the Company or any of its Subsidiaries or assigning rights in specific property
of the Company or any of its Subsidiaries other than for a Company purpose; 
 (k) any borrowing or incurrence of
indebtedness by the Company and/or any of its Subsidiaries from a creditor other than NBC or a borrowing or incurrence of indebtedness from NBC not in accordance with Section 3.7; 

(l) any capital expenditures, capital additions or capital improvements in excess of $100,000 in the aggregate per Fiscal Year;

 (m) any agreement or commitment to do any of the foregoing. 

Although unanimous approval is not required, the annual operating budget and annual capital expenditure budget of the Company will be
submitted to the Board of Managers for approval. Approval of the annual operating budget and annual capital expenditure budget shall require only a majority approval of the Board of Managers. 

6.5. Permitted Acquisition. In the event that either Member (a “Requesting Member”) desires for the Company to acquire
the assets or stock of a third party entity or otherwise acquire the business of or enter into a joint venture or similar arrangement with a third party (an “Acquisition Opportunity”), and the other Member (the “Rejecting
Member”) does not approve of or consent to the Acquisition Opportunity pursuant to Section 6.4 above, then in such event, the Requesting Member shall be entitled to pursue the Acquisition Opportunity outside of and separate and apart
from the Company. In such event, the Rejecting Member acknowledges and agrees that the pursuit and operation of the Acquisition Opportunity shall not be deemed to violate any business opportunity or other fiduciary duty owed by the Requesting Member
or the NBC Managers or the Factor LLC Managers, as applicable, to the Company or the Rejecting Member and that neither the Company nor the Rejecting Member shall have any right to any proceeds from the operation of the Acquisition Opportunity or
other assets of the Acquisition Opportunity, even if the Acquisition Opportunity is in competition with the Company. The Requesting Member agrees to refrain from soliciting any employees of the Company and its Subsidiaries with respect to the
Acquisition Opportunity. 
 7.     DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF THE BOARD OF MANAGERS.

 7.1. Board of Managers. 

  
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 (a) The business of the Company shall be managed by a Board of Managers (the
“Board of Managers”), and the Persons constituting the Board of Managers shall be the “managers” of the Company for all purposes of the Act (each, a “Manager”, and collectively, the
“Managers”); provided, that except as otherwise provided herein, and notwithstanding the last sentence of Section 18-402 of the Act, no single member of the Board of Managers may bind the Company, and the Board of
Managers shall have the power to act only collectively as a board in accordance with the provisions and in the manner set forth in this Section 7.1. The number of Managers as of the date hereof shall be seven (7). Subject to
Section 7.1(c), the number of Managers after the date hereof shall be determined from time to time by the Board of Managers. The Managers as of the date hereof shall consist of: 

(i) four (4) members who shall be elected by NBC (the “NBC Managers”), with William E. Matthews V, John
H. Holcomb III, Richard Murray IV, and Robert B. Aland initially serving as the NBC Managers; and 
 (ii) three
(3) members who shall be elected by Factor LLC (the “Factor LLC Managers”), with Britt Sexton, James R. Thompson, III and Stratton Orr initially serving as the Factor LLC Managers. 

(b) Decisions of the Board of Managers shall be decisions of the “manager” for all purposes of the Act and shall be
carried out by officers or agents of the Company appointed by the Board of Managers in the resolution or consent in question or in one or more standing resolutions or consents. A decision of the Board of Managers may be amended, modified or repealed
in the same manner in which it was adopted, but no such amendment, modification or repeal shall affect any Person who has been furnished a copy of the original vote or resolution, certified by a duly authorized officer of the Company, until such
Person has been notified in writing of such amendment, modification or repeal. 
 (c) Each Manager shall, unless otherwise
provided in this Agreement or by law, hold office until such individual is removed, resigns or dies; provided, however, that (i) no NBC Manager may be removed without the written consent of NBC, and (ii) no Factor LLC Manager may be
removed without the written consent of Factor LLC. A Manager may resign by written notice to the Company, which resignation shall not require acceptance and, unless otherwise specified in the resignation notice, shall be effective upon receipt by
the Company. Any vacancy on the Board of Managers created by the removal, resignation or death of any Manager appointed by NBC or Factor LLC, as applicable, shall be filled by an appointment made by NBC or Factor LLC, as applicable. 

(d) Meetings of the Board of Managers may be held at any time and at any place where a quorum is present within or without the
State of Delaware designated in the notice of the meeting, when called by any Manager, reasonable notice thereof being given to each Manager by the person or persons calling the meeting. 

  
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 (e) It shall be reasonable and sufficient notice to a Manager to send notice by
overnight delivery at least two (2) Business Days or by electronic mail or facsimile at least two (2) Business Days before the meeting, addressed to such Manager at such Manager’s usual or last known business or residence address,
business facsimile number or electronic mail address, as applicable, or to give notice to such Manager in person or by live telephone conversation (i.e., not voicemail) at least two (2) Business Days before the meeting. Notice of a meeting need
not be given to any Manager if a written waiver of notice, executed by such Manager before or after the meeting, is filed with the records of the meeting, or to any Manager who attends the meeting. Neither notice of a meeting nor a waiver of a
notice need specify the purposes of the meeting. 
 (f) Each Manager present at any meeting of the Board of Managers shall be
entitled to cast one vote with respect to any matter on which action or approval is considered at such meeting. In the event that any Manager is unable to attend any meeting of the Board of Managers, such Manager may give to any other Manager such
non-attending Manager’s proxy to exercise such non-attending Manager’s voting rights at such meeting. 
 (g) Except
as may be otherwise provided by law, at any meeting of the Board of Managers, a number of Managers then in office and present in person or by proxy with authority to vote a majority of the total votes cast by the Board of Managers shall constitute a
quorum. Any action to be taken or approved by the Managers hereunder must be taken or approved by a vote of a majority of the Managers, voting in person or by proxy at a meeting, and any action so taken or approved shall constitute the act of the
Board of Managers. Any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice. 

(h) Any Manager may designate an alternate individual who may replace such absent Manager at any meeting of the Board of
Managers and shall be counted as present for purposes of a quorum and shall have the right to take any action required or permitted to be taken at any meeting of the Board of Managers by such designating Manager. 

(i) Any action required or permitted to be taken at any meeting of the Board of Managers may be taken without a meeting if all
Managers then in office unanimously consent thereto in writing, and such writing or writings are filed with the records of the meetings of the Board of Managers. Such consent shall be treated for all purposes as the act of the Board of Managers.

 (j) Managers may participate in a meeting of the Board of Managers by means of conference telephone or similar
communications equipment by means of which all persons participating in the meeting can hear each other or by any other means permitted by law. Such participation shall constitute presence in person at such meeting. 

(k) Each Manager shall be reimbursed for such Manager’s reasonable out-of-pocket expenses incurred in the performance of
such Manager’s duties as Manager. Nothing contained in this Section 7.1(k) shall be construed to preclude any Manager from serving the Company in any other capacity and receiving reasonable compensation therefor. 

  
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 (l) The Board of Managers may adopt such other rules for the conduct of its
business as it may from time to time deem necessary or appropriate. 
 7.2. Authority of Board of Managers. Subject to the provisions
of this Agreement that require the consent or approval of one or more Members, the Board of Managers shall have the exclusive power and authority to manage the business and affairs of the Company and to make all decisions with respect thereto.
Except as otherwise expressly provided in this Agreement, the Board of Managers or Persons designated by the Board of Managers, including officers and agents appointed by the Board of Managers, shall be the only Persons authorized to execute
documents which shall be binding on the Company. To the fullest extent permitted by Delaware law, but subject to any specific provisions hereof granting rights to Members, the Board of Managers shall have the power to perform any acts, statutory or
otherwise, with respect to the Company or this Agreement, which would otherwise be possessed by the Members under Delaware law, and the Members shall have no power whatsoever with respect to the management of the business and affairs of the Company.
The power and authority granted to the Board of Managers hereunder shall include all those necessary, convenient or incidental for the accomplishment of the purposes of the Company and the exercise of the powers of the Company set forth in
Section 2.6 above and shall include the power to make all decisions (subject to any vote of the Members required hereunder or by applicable law) with regard to the management, operations, assets, financing and capitalization of the Company,
including, without limitation, the power and authority to undertake and make the decisions concerning (subject to the rights of the Members pursuant to Section 6.4): 

(a) hiring and firing employees, officers, attorneys, accountants, brokers, investment bankers and other advisors and
consultants; 
 (b) opening bank and other deposit accounts and operations thereunder; 

(c) subject to Section 3.7 and Section 6.4, as applicable, borrowing money, obtaining credit, issuing notes,
debentures, securities, equity or other interests of or in the Company in good faith and securing the obligations undertaken in connection therewith with mortgages on, pledges of and security interests in the assets or properties of the Company;

 (d) except as otherwise expressly set forth in this Agreement making all decisions with respect to the Company’s
Subsidiaries (including Corporate Billing, LLC) and exercising all voting rights or rights to consent with respect to such Subsidiaries; 

(e) entering into contracts or agreements, whether in the ordinary course of business or otherwise; 

(f) compromising, arbitrating, adjusting and litigating claims in favor of or against the Company; 

  
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 (g) engaging the independent public accountants for the Company and each of its
Subsidiaries; and 
 (h) undertaking such other matters as provided by resolution of the Board of Managers. 

Subject to the oversight of the Board of Managers and to the right of the Board of Managers to exercise any and all of the powers and authority of the Board of
Managers set forth above in this Section 7.2 with respect to any and all matters, the day-to-day management of the business and affairs of the Company shall be conducted by, and at the discretion of, the officers and employees of the Company or
its direct or indirect Subsidiaries. 
 7.3. Reliance by Third Parties. Any Person dealing with the Company or the Members may rely
upon a certificate signed by the Board of Managers as to: (a) the identity of the Members or the Managers, (b) the existence or non-existence of any fact or facts which constitute a condition precedent to acts by Members, the Board of
Managers, or are in any other manner germane to the affairs of the Company, (c) the Persons which are authorized to execute and deliver any instrument or document of or on behalf of the Company, (d) the authorization of any action by or on
behalf of the Company by the Board of Managers or any officer or agent acting on behalf of the Company or (e) any act or failure to act by the Company or as to any other matter whatsoever involving the Company or the Members. 

8.     DESIGNATION, RIGHTS, AUTHORITIES, POWERS, RESPONSIBILITIES AND DUTIES OF OFFICERS AND AGENTS. 

The Board of Managers by vote or resolution shall have the power to appoint officers and agents to act for the Company with such titles, if
any, as the Board of Managers deems appropriate and to delegate to such officers or agents such of the powers as are granted to the Board of Managers hereunder, including the power to execute documents on behalf of the Company, as the Board of
Managers may in its sole discretion determine; provided, however, that no such delegation by the Board of Managers shall cause the Persons constituting the Board of Managers to cease to be the “managers” of the Company within
the meaning of the Act. The officers so appointed may include persons holding titles such as Chairman, Chief Executive Officer, Chief Operating Officer, President, Chief Financial Officer, Executive Vice President, Vice President, Treasurer or
Controller. Unless the authority of the officer in question is limited in the document appointing such officer or is otherwise specified by the Board of Managers, any officer so appointed shall have the same authority to act for the Company as a
corresponding officer of a Delaware corporation would have to act for a Delaware corporation in the absence of a specific delegation of authority and as more specifically set forth in Schedule B; provided, however, that unless
such power is specifically delegated to the officer in question either for a specific transaction or generally, no such officer shall have the power to lease or acquire real property, to borrow money (other than borrowings in the ordinary course of
business under the Company’s working capital credit facility, if any), to issue notes, debentures, securities, equity or other interests of or in the Company, to make investments in (other than the investment of surplus cash in the ordinary
course of business) or to acquire securities of any Person, to give guarantees or indemnities, to settle any claims for which any Indemnified Person may be entitled to indemnification pursuant to Article 13 hereof, to merge, liquidate or dissolve
the Company or to sell or lease all or any substantial portion of the assets of the Company or to do any of the foregoing with respect to any Subsidiary of the Company. 

  
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 9.     BOOKS, RECORDS, ACCOUNTING AND REPORTS. 

9.1. Books and Records. The Company shall maintain at its principal office or such other office as the Board of Managers shall determine
books and records with respect to the Company’s business as the Board of Managers determines. Each Member shall be entitled, at its own expense, to (i) inspect the books and records of the Company during the regular business hours of the
Company, (ii) make or receive copies of the books and records from the Company, and (iii) discuss the affairs, finances and accounts of the Company with the managers, officers, key employees and independent accountants of the Company, in
each case, under such conditions and restrictions as the Board of Managers may reasonably prescribe. Additionally, if requested by the Factor LLC Managers or the NBC Managers, the Company shall deliver to each Member annual audited financial
statements for the Company and its consolidated Subsidiaries. 
 9.2. Filings. At the Company’s expense, the Board of Managers
shall cause the tax returns for the Company to be prepared and timely filed with the appropriate authorities and to have prepared and to furnish to each Member income tax information with respect to the Company (including a schedule setting forth
such Member’s distributive share of the Company’s income, gain, loss, deduction and credit as determined for federal income tax purposes) as is necessary to enable such Member to prepare such Member’s federal and state income tax
returns. 
 9.3. Tax Reports. The Company shall use commercially reasonable efforts to provide each Member the Company’s
reasonable best estimate of such Member’s share of income, gains, loss, deductions and credits of the Company for the prior year within 75 days after the end of each year (or as soon as practicable thereafter) and a Schedule K-1 within 100 days
after the end of each year (or as soon as practicable thereafter). 
 10.    TAX MATTERS MEMBER. 

10.1. Tax Matters Member. NBC shall be the “tax matters partner” of the Company as provided in the Regulations under Code
Section 6231 and any analogous provisions of state law and in such capacity is referred to as the “Tax Matters Member.” The Tax Matters Member, on behalf of the Company and the Members, shall be permitted to make any filing or
election under the Code, the Regulations, or any other law or regulations that it in good faith believes to be in the best interests of the Company or the Members. 

10.2. Indemnity of Tax Matters Member. The Company shall indemnify and reimburse the Tax Matters Member for all expenses (including
legal and accounting fees) incurred as Tax Matters Member pursuant to this Article 10 in connection with any examination, any administrative or judicial proceeding, or otherwise. 

10.3. Tax Returns. All tax returns of the Company shall be prepared by the Company’s independent certified public accountants in a
manner consistent with the provisions of this Agreement and applicable tax laws, regulations and requirements. 

  
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 11.    TRANSFER RESTRICTIONS. No holder of any Units shall Transfer any of such Units to any
other Person and no holder of any units or membership interest in Factor LLC (a “Factor LLC Member”) shall Transfer such units or membership interest, except as provided in this Section 11. 

11.1. Permitted Transfers with Member Approval. 

11.1.1 Subject to the provisions of Section 11.2, a Member may only Transfer any or all of such Member’s Units with
the prior written consent of the other Member, which consent may be withheld in its discretion; provided, however, that in the case of a Transfer by a Member to an affiliated Person, such consent shall not be unreasonably withheld. 

11.1.2 Subject to the provisions of Section 11.2, a Factor LLC Member may only Transfer any or all of such Factor LLC
Member’s units or membership interest in Factor LLC with the prior written consent of NBC, which consent may be withheld in its discretion. Notwithstanding the foregoing, no consent shall be required for any Transfers solely among the Factor
LLC Members or for any Transfers by a Factor LLC Member to a Factor LLC Permitted Transferee. 
 11.2. Conditions to Transfer. Except
as otherwise provided herein, no Transfer permitted under the terms of Section 11.1.1 shall be effective unless the transferee of such Units (each, a “Permitted Transferee”) has delivered to the Company a written acknowledgment
and agreement in form and substance satisfactory to the Company that such Units to be received by such Permitted Transferee shall remain subject to all of the provisions of this Agreement and that such Permitted Transferee shall be bound by, and
shall be a party to, this Agreement. Any provision of this Agreement to the contrary notwithstanding, no transfer, sale, assignment or other disposition of any Units may be made except in compliance with the then applicable federal and state
securities laws. 
 11.3. Impermissible Transfer. Any attempted Transfer of Units not permitted under the terms of this Article 11
shall be null and void, and the Company shall not in any way give effect to any such impermissible Transfer. 
 12.    DISSOLUTION OF
COMPANY. 
 12.1. Termination of Membership. No Member shall resign or withdraw from the Company except that, subject to the
restrictions set forth in Section 11, any Member may Transfer all or any part of its Interest in the Company to a Permitted Transferee and such Permitted Transferee shall become a Member in place of the Member assigning such Interest. The
resignation, expulsion, bankruptcy or dissolution of any Member or the occurrence of any other event that terminates the continued membership of any Member shall not in and of itself cause the Company to be dissolved or its affairs to be wound up,
and upon the occurrence of any such event, the Company shall be continued without dissolution. 
 12.2. Events of Dissolution. The
Company shall be dissolved upon the happening of any of the following events: (a) the entry of a decree of judicial dissolution under Section 18-802 of the Act, (b) the determination of the Members and the Board of Managers,
(c) the disposition 

  
 17 

 
of all of the Company’s assets, or (d) the termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates the
continued membership of the last remaining Member of the Company in the Company unless the business of the Company is continued in a manner permitted by this Agreement or the Act. 

12.3. Liquidation. Upon dissolution of the Company for any reason, the Company shall immediately commence to wind up its affairs. A
reasonable period of time shall be allowed for the orderly termination of the Company’s business, discharge of its liabilities, and distribution or liquidation of the remaining assets so as to enable the Company to minimize the normal losses
attendant to the liquidation process. The Company’s property and assets or the proceeds from the liquidation thereof shall be distributed so as not to contravene the Act and shall be otherwise disbursed in compliance with Section 5.1(c). A
full accounting of the assets and liabilities of the Company shall be taken and a statement thereof shall be furnished to each Member prior to the final liquidating distribution of the assets of the Company. Such accounting and statements shall be
prepared under the good faith direction of the Board of Managers. Upon such final accounting, a Manager shall terminate the Certificate in accordance with the Act and the Company’s existence as a separate legal entity shall terminate. 

12.4. No Action for Dissolution. The Members acknowledge that irreparable damage would be done to the goodwill and reputation of the
Company if any Member should bring an action in court to dissolve the Company under circumstances where dissolution is not required by Section 12.2. This Agreement has been drawn carefully to provide fair treatment of all parties and equitable
payment in liquidation of the Interests of all Members. Accordingly, except where the Board of Managers has failed to liquidate the Company as required by Section 12.3 and except as provided in Section 18-802 of the Act, each Member hereby
waives and renounces its right to initiate legal action to seek dissolution or to seek the appointment of a receiver or trustee to liquidate the Company. 

12.5. No Further Claim. Upon dissolution, each Member shall have recourse solely to the assets of the Company for the return of such
Member’s capital, and if the Company’s property remaining after payment or discharge of the debts and liabilities of the Company, including debts and liabilities owed to one or more of the Members, is insufficient to return the aggregate
Capital Contributions of each Member, such Member shall have no recourse against the Company, the Board of Managers or any other Member. 

13.    INDEMNIFICATION. 

13.1. Indemnification Rights. To the fullest extent permitted by law, the Company shall indemnify, defend and hold harmless each member
of the Board of Managers, each officer of the Company, each Member, the Tax Matters Member and each of their respective affiliates (all indemnified persons being referred to as “Indemnified Persons” for purposes of this Article 13),
from any liability, loss or damage incurred by the Indemnified Person by reason of any act performed or omitted to be performed by the Indemnified Person in connection with the business of the Company and from liabilities or obligations of the
Company imposed on such Person by virtue of such Person’s position with the Company, including reasonable attorneys’ fees and costs and any amounts expended in the settlement of any such claims of liability, loss or damage;
provided, however, that if the liability, loss, damage or claim arises out of any action or inaction 

  
 18 

 
of an Indemnified Person, indemnification under this Section 13.1 shall be available only if such action or inaction was not expressly prohibited by this Agreement and (a) either
(i) the Indemnified Person, at the time of such action or inaction, determined in good faith that its, his or her course of conduct was in, or not opposed to, the best interests of the Company or (ii) in the case of inaction by the
Indemnified Person, the Indemnified Person did not intend its, his or her inaction to be harmful or opposed to the best interests of the Company and (b) the action or inaction did not constitute fraud or willful misconduct by the Indemnified
Person; provided, further, however, that indemnification under this Section 13.1 shall be recoverable only from the assets of the Company and not from any assets of the Members. The Company shall advance reasonable attorneys’
fees of an Indemnified Person as incurred, provided that such Indemnified Person executes an undertaking, with appropriate security if requested by the Board of Managers, to repay the amount so paid or reimbursed in the event that a final
non-appealable determination by a court of competent jurisdiction that such Indemnified Person is not entitled to indemnification under this Article 13. The Company may pay for insurance covering liability of the Indemnified Persons for negligence
in operation of the Company’s affairs. 
 13.2. Persons Entitled to Indemnity. Any Person who is within the definition of
“Indemnified Person” at the time of any action or inaction that gives rise to the benefits of this Article 13 shall be entitled to the benefits of this Article 13 as an “Indemnified Person” with respect thereto, regardless of
whether such Person continues to be within the definition of “Indemnified Person” at the time of such Indemnified Person’s claim for indemnification or exculpation hereunder. The right to indemnification and the advancement of
expenses conferred in this Article 13 shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, by law, vote of the Board of Managers or otherwise. If this Article 13 or any portion hereof
shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this Article 13 to the fullest extent permitted by any applicable portion
of this Article 13 that shall not have been invalidated and to the fullest extent permitted by applicable law. 
 13.3. Agreements.
The Company may enter into an agreement with any Indemnified Person setting forth procedures consistent with applicable law for implementing the indemnities provided in this Article 13. 

14.    AMENDMENTS. 
 14.1.
Amendments. This Agreement may be modified or amended only by the unanimous written action of the Members. 
 14.2. Corresponding
Amendment of Certificate. The Board of Managers shall cause to be prepared and filed any amendment to the Certificate that may be required to be filed under the Act as a consequence of any amendment to this Agreement. 

14.3. Binding Effect. Any modification or amendment to this Agreement pursuant to this Article 14 shall be binding on all Members. 

  
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 15.    GENERAL. 

15.1. Successors; Delaware Law; Etc. This Agreement: (a) shall be binding upon the legal successors of the Members, (b) shall
be governed by and construed in accordance with the laws of the State of Delaware and (c) contains the entire contract among the Members as to the subject matter hereof. The waiver of any of the provisions, terms or conditions contained in this
Agreement shall not be considered as a waiver of any of the other provisions, terms or conditions hereof. 
 15.2. Notices, Etc. All
notices and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given upon personal delivery (which may be evidenced by a return receipt if sent by registered mail or by signature if delivered by
courier or delivery service) or sent by facsimile (and electronic receipt was received) or sent by electronic mail (and electronic receipt was received), addressed (a) if to the Members, as follows: 

National Bank of Commerce 
 813
Shades Creek Parkway, Suite 100 
 Birmingham, Alabama 35209 

Attention: William E. Matthews, V 

Factor, LLC 
 c/o Sexton
Investments LLC 
 400 Water Street 

Decatur, Alabama 35601 

Attention: Britt Sexton 
 or at
such other address as such Member shall have furnished to the Company in writing as the address to which notices are to be sent hereunder and (b) if to the Company or to the Board of Managers: CBI Holding Company, LLC c/o National Bank of
Commerce, 813 Shades Creek Parkway, Suite 100, Birmingham, Alabama 35209, Attention: William E. Matthews, V. Notwithstanding the foregoing, notices delivered pursuant to Section 7.1 hereof shall be governed by the terms of such
Section 7.1. 
 15.3. Execution of Documents. From time to time after the date of this Agreement, upon the reasonable request of
the Board of Managers, each Member shall perform, or cause to be performed, all such additional acts, and shall execute and deliver, or cause to be executed and delivered, all such additional instruments and documents, as may be required to
effectuate the purposes of this Agreement. 
 15.4. Jurisdiction; Venue; Service of Process. 

(a) Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the
exclusive jurisdiction and venue of the courts of the State of Alabama, County of Jefferson, or, if it has or can acquire jurisdiction, in the United States District Court for the Northern District of Alabama, for the purpose of any action between
the parties arising in whole or in part under or in connection with this 

  
 20 

 
Agreement, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is
not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non
conveniens, should be transferred or removed to any court other than one of the above-named courts, should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts or that this
Agreement or the subject matter hereof may not be enforced in or by such court and (c) hereby agrees not to commence any such action other than before one of the above-named courts. Notwithstanding the previous sentence a party may commence any
action in a court other than the above-named courts solely for the purpose of enforcing an order or judgment issued by one of the above-named courts. 

(b) Service of Process. Each party hereby (a) consents to service of process in any action between the parties
arising in whole or in part under or in connection with this Agreement in any manner permitted by applicable law, (b) agrees that service of process made in accordance with clause (a) or made by registered or certified mail, return receipt
requested, at its address specified pursuant to Section 15.2, will constitute good and valid service of process in any such action and (c) waives and agrees not to assert (by way of motion, as a defense, or otherwise) in any such action
any claim that service of process made in accordance with clause (a) or (b) does not constitute good and valid service of process. 

15.5. Severability. If any provision of this Agreement is determined by a court to be invalid or unenforceable, that determination
shall not affect the other provisions hereof, each of which shall be construed and enforced as if the invalid or unenforceable portion were not contained herein. Such invalidity or unenforceability shall not affect any valid and enforceable
application thereof, and each such provision shall be deemed to be effective, operative, made, entered into or taken in the manner and to the full extent permitted by law. Notwithstanding the foregoing, if any such invalidity or unenforceability
shall deprive any party hereto of a material portion of the benefits intended to be provided to such party hereby, the parties shall in good faith seek to negotiate a substitute benefit for such Person, it being understood that it is possible that
no such substitute benefit will be able to be so negotiated, in which event the other provisions of this Section 15.5 shall govern. 

15.6. Table of Contents, Headings. The table of contents and headings used in this Agreement are used for administrative convenience
only and do not constitute substantive matter to be considered in construing this Agreement. 
 15.7. No Third Party Rights. The
provisions of this Agreement are for the benefit of the Company, the Board of Managers and the Members and no other Person, including creditors of the Company, shall have any right or claim against the Company, the Board of Managers or any Member by
reason of this Agreement or any provision hereof or be entitled to enforce any provision of this Agreement; provided, however, that any Indemnified Person not a party to this Agreement shall be a third party beneficiary of, and
entitled to enforce all rights under, Article 13 hereof. 
 15.8. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
 21 

 15.9. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE
WAIVED, THE PARTIES HEREBY WAIVE, AND COVENANT THAT THEY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREUNDER, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE
KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS WILL INSTEAD BE TRIED IN A
COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY. 
 15.10. Interpretation. Except as otherwise explicitly specified
to the contrary, (a) references to a Section, Article, Exhibit or Schedule means a Section or Article of, or Schedule or Exhibit to this Agreement, unless another agreement is specified, (b) the word “including” will be construed
as “including, without limitation,” (c) references to a particular statute or regulation include all rules and regulations thereunder and any predecessor or successor statute, rules or regulation, in each case as amended or otherwise
modified from time to time, (d) words in the singular or plural form include the plural and singular form, respectively, (e) references to a particular Person include such Person’s heirs, successors and assigns to the extent not
prohibited by this Agreement and (f) references to a feminine, masculine or neuter form of any pronoun shall include references to each other gender of such pronoun. 

15.11. Execution of Documents. From time to time after the date of this Agreement, upon the request of the Board of Managers, each
Member shall perform, or cause to be performed, all such additional acts, and shall execute and deliver, or cause to be executed and delivered, all such additional instruments and documents, as may reasonably be required to effectuate the purposes
of this Agreement. 
 15.12. Construction. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties hereto, the principle of contra proferentum shall not apply to this Agreement and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the
authorship of any of the provisions of this Agreement. 
 16.    CALL OPTION. 

16.1. Call Option. Effective at any time on or after the fifth (5th) anniversary of the date of this Agreement and continuing until
the eighth (8th) anniversary of the date of this Agreement, NBC shall have the option, but not the obligation, to purchase from Factor LLC, and (upon exercise thereof) Factor LLC shall have
the obligation to sell to NBC, all, but not less than all, of Factor LLC’s Units at a price equal to the Agreed Upon Value (as defined below) of such Units as of the date of exercise. In order to exercise its option, NBC must provide written
notice 

  
 22 

 
(the “Call Notice”) to Factor LLC. The closing of any such purchase (the “Call Option Closing”) shall take place at the principal office of the Company on a date
determined by NBC no later than thirty (30) days after the delivery of the Call Notice. At the Call Option Closing, NBC shall deliver to Factor LLC cash consideration against delivery of an executed unit assignment agreement in substantially
the form attached hereto as Schedule C. NBC shall deliver the cash consideration by means of wire transfer of immediately available funds. The Company shall also make a distribution of net income immediately prior to the Call Option Closing
pursuant to Section 5.1(a). For purposes of this Section 16.1, the “Agreed Upon Value” shall be an amount equal to the sum of: 

(a) the product of (1) the consolidated net income before taxes of the Company and its Subsidiaries for the twelve month
period ending on the last day of the month preceding the month in which the Call Notice is delivered, adjusted for interest expense calculated at LIBOR plus 3.00% (300 basis points) (rather than the actual interest expense incurred) (such adjusted
amount “Trailing Twelve Adjusted Income”), multiplied by (2) 7.50, multiplied by (3) thirty percent (30.00%); and 

(b) the product of (1) the positive difference, if any, between (i) the Trailing Twelve Adjusted Income, and
(ii) the Baseline Net Income, multiplied by (2) 7.50, multiplied by (3) nineteen percent (19.00%). 
 For purposes of this
Section 16.1, the “Baseline Net Income” shall be an amount equal to $4,181,395. 
 NBC shall use commercially
reasonable efforts to cause the Company and its Subsidiaries to, (i) operate their business consistent with past practices, (ii) maintain the Company and its Subsidiaries as a separate business unit, (iii) maintain separate books and
records for the Company and its Subsidiaries, (iv) except as provided in Section 6.5 hereof, refrain from diverting any revenues or other business opportunities away from the Company and its Subsidiaries to NBC or any of its other
affiliates, and (v) refrain from soliciting any employees of the Company and its Subsidiaries. NBC agrees not to take any action with the intent of materially and adversely affecting the Agreed Upon Value. 

Agreed Upon Value and the components thereof shall be calculated in accordance with GAAP. 

17.    RESTRICTIVE COVENANT. 

17.1. Non Competition; Non-Solicitation. 

(a) In consideration of Factor LLC granting NBC the Call Option and the exercise thereof, as applicable, each Factor LLC Member
hereby agrees and covenants that he will not, directly or indirectly: 
 (i) During the period between the fifth
(5th) anniversary of the date hereof and the sixth (6th) anniversary of the date hereof (such period, the “General Non-Competition Restriction Period”), engage in any Factoring

  
 23 

 
Activity, or directly or indirectly own an equity interest exceeding Five Percent (5%) in any entity that is engaged in any Factoring Activity. As used herein, the term “Factoring
Activity” means a business a primary activity of which is factoring receivables or providing other receivables factoring related services in the United States. For purposes hereof, “primary activity” shall mean gross revenue for
the immediately preceding calendar year in excess of 15% of the total gross revenue of such entity or business for such period. It is acknowledged that the Factor LLC Members have ownership interests in and/or provide services to the Sexton Consumer
Finance Companies (as defined in the Membership Interest Purchase Agreement) (the “Existing Activities”). For the avoidance of doubt, it is acknowledged and agreed that the continuance by the Factor LLC Members of the Existing
Activities in their current form shall not constitute a violation of this Section 17; or 
 (ii) During the period
between the fifth (5th) anniversary of the date hereof and the eighth (8th) anniversary of the date hereof (such period, the “Specific Non-Competition and Non-Solicitation Restriction Period”), engage in any Directly
Competitive Activity, or directly or indirectly own an equity interest exceeding Five Percent (5%) in any entity that is engaged in any Directly Competitive Activity. As used herein, the term “Directly Competitive Activity”
means factoring receivables in the United States to customers operating in one or more of the following industries: (1) automobile dealerships; (2) truck dealerships; (3) automotive or truck maintenance or parts; (4) trucking
companies operating fleets consisting of more than five trucks; (5) heavy-duty truck repair; (6) environmental engineering services; (7) oil and gas field services; (8) any other industry serviced by Corporate Billing, LLC as of
the fifth (5th) anniversary of the date hereof; or (9) any other industry that Corporate Billing, LLC has firm plans to enter as of the fifth (5th) anniversary of the date hereof, provided that such firm plans have been communicated
in writing to the Factor LLC Members as of the fifth (5th) anniversary of the date hereof; or 
 (iii) During the
Specific Non-Competition and Non-Solicitation Restriction Period, employ or engage or offer to employ or engage in any capacity or solicit, interfere with or attempt to divert or entice away from Corporate Billing, LLC for the purposes of so
employing or engaging, any employee of Corporate Billing, LLC; provided that general solicitations for employment not specifically targeted to such employees of Corporate Billing, LLC shall not be prohibited. 

(b) Each Factor LLC Member agrees that the business of Corporate Billing, LLC is national in scope and the covenants in this
Section 17 are reasonable with respect to their duration and scope, and each Factor LLC Member represents that his experience and capabilities are such that the provisions of this Section 17 will not prevent him from earning
a livelihood. If any provision or part of this Section 17 is found by a court of competent jurisdiction to be totally or partially invalid, illegal or unenforceable, then the provision will be deemed to be modified or restricted to the
extent and in the manner necessary to make it valid, legal or enforceable, or it will be excised from this 

  
 24 

 
Agreement without affecting any other provision of this Agreement, which will be enforced to the maximum extent provided by law as if the modified or restricted provision was originally included
or as if the excised provision was originally excluded. The provisions of this Section 17 are in addition to and separate and apart from any similar provisions contained in the Membership Interest Purchase Agreement or any employment
agreement to which a Factor LLC Member is a party. 
 (c) The provisions of this Section 17 shall not be
discharged or dissolved upon, but shall survive the Call Option Closing (if applicable). 
 [The remainder of this page has intentionally
been left blank] 

  
 25 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement (or caused
this Agreement to be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first above written. 
  

			
	NBC:
	
	National Bank of Commerce
		
	By:	 	 /s/ William E. Matthews, V

			
	Name:	 	 William E. Matthews, V

			
	Its:	 	 Vice Chairman and CFO

  

			
	SEXTON HOLDINGS:
	
	Factor, LLC

  

			
	By:	 	 /s/ Britt Sexton

 
			
	Name:	 	Britt Sexton

 
			
	Its:	 	Authorized Person

  

			
	FACTOR LLC MEMBERS, for purposes of Section 11 and Section 17 only:

  

	
	 /s/ Britt Sexton

	Britt Sexton

  

	
	 /s/ James R. Thompson, III

	James R. (Skip) Thompson, III

  

	
	 /s/ Stratton Orr

	Stratton Orr

 [Signature Page to Amended and Restated
Limited Liability Company Agreement] 

  
 S-1 

 SCHEDULE A 

“Act” shall mean the Delaware Limited Liability Company Act (6 Del. C. § 18-101, et seq.), as amended and in effect from
time to time. 
 “Agreed Upon Value” shall have the meaning set forth in Section 16.1. 

“Agreement” shall mean this Amended and Restated Limited Liability Company Agreement of the Company dated as of
September 1, 2014, as amended from time to time. 
 “Acquisition Opportunity” shall have the meaning set forth in
Section 6.5. 
 “Asset Value” of any property of the Company shall mean its adjusted basis for federal income tax
purposes unless: 
 (a) the property was accepted by the Company as a contribution to capital at a value different from its
adjusted basis, in which event the initial Asset Value for such property shall mean the gross Fair Value of the property agreed to by the Company and the contributing Member; or 

(b) as a consequence of the issuance of additional Units or the redemption of all or part of the Interest of a Member, the
property of the Company is revalued in accordance with Section 4.2. 
 As of any date references to the “then prevailing Asset
Value” of any property shall mean the Asset Value last determined for such property less the depreciation, amortization and cost recovery deductions taken into account in computing Net Profit or Net Loss in fiscal periods subsequent to such
prior determination date. 
 “Baseline Net Income” shall have the meaning set forth in Section 16.1. 

“Board of Managers” shall have the meaning set forth in Section 7.1(a). 

“Business Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which the Federal
Reserve Bank in Atlanta, Georgia is closed. 
 “Call Notice” shall have the meaning set forth in Section 16.1. 

“Call Option Closing” shall have the meaning set forth in Section 16.1. 

“Capital Account” shall have the meaning set forth in Section 4.1. 

“Capital Contribution” shall mean with respect to any Member, the sum of (i) the amount of money plus (ii) the Fair
Value of any other property (net of liabilities assumed or to which the property is subject) contributed to the Company with respect to the Interest held by such Member pursuant to this Agreement. 

  
 Sch A-1 

 “Certificate” shall mean the Certificate of Formation of the Company and any and
all amendments thereto and restatements thereof filed on behalf of the Company with the Delaware Secretary of State pursuant to the Act. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Company” shall have the meaning set forth in the preamble. 

“Company Minimum Gain” has the meaning of Partnership Minimum Gain set forth in Regulation Sections 1.704-2(b)(2) and
1.704-2(d). 
 “Directly Competitive Activity” shall have the meaning set forth in Section 17.1(a). 

“Distribution” shall mean cash or property (net of liabilities assumed or to which the property is subject) distributed to a
Member in respect of the Member’s Interest. 
 “Existing Activities” shall have the meaning set forth in
Section 17.1(a). 
 “Factor LLC Member” shall have the meaning set forth in Section 11. 

“Factor LLC Permitted Transferee” shall mean, with respect to a Factor LLC Member, any member of the immediate family of such
individual and any trust or other estate planning vehicle for the benefit of such immediate family members. 
 “Factoring
Activity” shall have the meaning set forth in Section 17.1(a). 
 “Fair Value” shall mean, as applied to
assets, the fair market value of such assets as determined in good faith by the Board of Managers. 
 “Federal Funds Target
Rate” shall have the meaning set forth in Section 3.7. 
 “Fiscal Year” shall mean the fiscal year of the
Company, which shall be such fiscal year as determined by the Board of Managers. 
 “GAAP” shall mean generally accepted
United States accounting principles, applied consistent with the Company’s past practices. 
 “General Non-Competition
Restriction Period” shall have the meaning set forth in Section 17.1(a). 
 “Initial Agreement” shall mean
the Limited Liability Agreement of the Company, dated as of September 30, 2009. 
 “Interest” shall mean, with respect
to any Member as of any time, such Member’s membership interest in the Company, which includes the number of Units such Member holds and such Member’s Capital Account balance. 

“Majority in Interest” shall mean the holders of a majority of the Units. 

  
 Sch A-2 

 “Manager” and “Managers” shall have the meaning set forth in
Section 7.1(a). 
 “Member’s Tax Liability” shall have the meaning set forth in Section 5.1(b). 

“Members” shall have the meaning set forth in the Preamble. 

“Member Nonrecourse Debt” shall have the meaning of “Partner Nonrecourse Debt” set forth in Regulation
Section 1.704-2(b)(4). 
 “Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member
Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulation Section 1.704-2(i)(3). 

“Member Nonrecourse Deductions” has the meaning of Partner Nonrecourse Deductions set forth in Regulation Sections
1.704-2(i)(1) and 1.704-2(i)(2). 
 “Membership Interest Purchase Agreement” has the meaning set forth in the Recitals.

 “Net Loss” shall have the meaning set forth in Section 5.5. 

“Net Profit” shall have the meaning set forth in Section 5.5. 

“Nonrecourse Deductions” has the meaning set forth in Regulation Section 1.704-2(b)(1). 

“Nonrecourse Liability” has the meaning set forth in Regulation Section 1.704-2(b)(3). 

“Permitted Transferee” shall have the meaning set forth in Section 11.2. 

“Person” shall mean an individual, partnership, joint venture, association, corporation, trust, estate, limited liability
company, limited liability partnership, unincorporated entity of any kind, governmental entity, or any other legal entity. 

“Regulations” shall mean the Treasury regulations, including temporary regulations, promulgated under the Code. 

“Rejecting Member” shall have the meaning set forth in Section 6.5. 

“Requesting Member” shall have the meaning set forth in Section 6.5. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Specific Non-Competition and Non-Solicitation Restriction Period” shall have the meaning set forth in Section 17.1(a).

 “Subsidiary” shall mean, with respect to any Person, any corporation, partnership, limited liability company,
association or business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (irrespective of whether, at the time, stock of any other class or classes of such corporation shall have or might
have voting power by reason of the 

  
 Sch A-3 

 
happening of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the
other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, limited liability company, association or other business entity, either (A) a majority of partnership or other similar ownership interest thereof is at
the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof or (B) such Person is a general partner, managing member of managing director of such partnership, limited
liability company, or other business entity. For purposes hereof and unless otherwise indicated, the term “Subsidiary” refers to a Subsidiary of the Company. 

“Tax Distribution” shall have the meaning set forth in Section 5.1(b). 

“Tax Matters Member” shall have the meaning set forth in Section 10.1. 

“Trailing Twelve Adjusted Income” shall have the meaning set forth in Section 16.1. 

“Transfer” shall mean any sale, pledge, assignment, encumbrance or other transfer or disposition to any other Person, whether
directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to a merger, reorganization, consolidation, judicial process or otherwise. 

“Units” shall mean the division of the Interests of the Company. 

  
 Sch A-4 

 SCHEDULE B 

OFFICERS 
 1.
Election. The officers may be elected by the Board of Managers at any time. At any time or from time to time the Board Members may delegate to any officer their power to elect or appoint any other officer or any agents. 

2. Tenure. Each officer shall hold office until his or her respective successor is chosen and qualified unless a shorter period shall
have been specified by the terms of his or her election or appointment, or in each case until he or she sooner dies, resigns, is removed or becomes disqualified. Each agent shall retain his or her authority at the pleasure of the Board of Managers,
or the officer by whom he or she was appointed or by the officer who then holds agent appointive power. 
 3. Chairman of the Board of
Managers, President and Vice President. The Chairman of the Board of Managers, if any, shall have such duties and powers as shall be designated from time to time by the Board of Managers. The President shall be the chief executive officer and
shall have direct charge of all business operations of the Company and, subject to the control of the Board of Managers, shall have general charge and supervision of the business of the Company. Any Vice Presidents shall have duties as shall be
designated from time to time by the Board of Managers, by the Chairman of the Board of Managers or the President. 
 4. Treasurer and
Assistant Treasurers. Unless the Board of Managers otherwise specifies, the Treasurer shall be the chief financial officer of the Company and shall be in charge of its funds and valuable papers, and shall have such other duties and powers as may
be designated from time to time by the Board of Managers, the Chairman of the Board of Managers, or the President. If no Controller is elected, the Treasurer shall, unless the Board of Managers otherwise specifies, also have the duties and powers of
the Controller. Any Assistant Treasurers shall have such duties and powers as shall be designated from time to time by the Board of Managers, the Chairman of the Board of Managers, the President or the Treasurer. 

5. Controller and Assistant Controllers. If a Controller is elected, the Controller shall, unless the Board of Managers otherwise
specifies, be the chief accounting officer of the Company and be in charge of its books of account and accounting records, and of its accounting procedures. The Controller shall have such other duties and powers as may be designated from time to
time by the Board of Managers, the Chairman of the Board of Managers, the President or the Treasurer. Any Assistant Controller shall have such duties and powers as shall be designed from time to time by the Board of Managers, the Chairman of the
Board of Managers, the President, the Treasurer or the Controller. 
 6. Secretary and Assistant Secretaries. The Secretary shall
record all proceedings of the Members and the Board of Managers in a book or series of books to be kept therefor and shall file therein all actions by written consent of the Board of Managers. In the absence of the Secretary from any meeting, an
Assistant Secretary, or if no Assistant Secretary is present, a temporary secretary chosen at the meeting, shall record the proceedings thereof. The Secretary 

  
 Sch B-1 

 
shall keep or cause to be kept records, which shall contain the names and record addresses of all Members. The Secretary shall have such other duties and powers as may from time to time be
designated by the Board of Managers, the Chairman of the Board of Managers or the President. Any Assistant Secretaries shall have such duties and powers as shall be designated from time to time by the Board of Managers, the Chairman of the Board of
Managers, the President or the Secretary. 
 7. Vacancies. If the office of any officer becomes vacant, any person or body empowered
to elect or appoint that officer may choose a successor. Each such successor shall hold office for the unexpired term, and until his or her successor is chosen and qualified or in each case until he or she sooner dies, resigns, is removed or becomes
disqualified. 
 8. Resignation and Removal. Subject to the terms of any employment agreement between an officer and the Company or
any of its Subsidiaries, the Board of Managers may at any time remove any officer either with or without cause. The Board of Managers may at any time terminate or modify the authority of any agent. Any officer may resign at any time by delivering
his or her resignation in writing to the Chairman of the Board of Managers, the President or the Secretary or to a meeting of the Board of Managers. Such resignation shall be effective upon receipt unless specified to be effective at some other
time, and without in either case the necessity of its being accepted unless the resignation shall so state. 

  
 Sch B-2 

 SCHEDULE C 

FORM OF MEMBERSHIP INTEREST PURCHASE AGREEMENT 

Call Option 

(attached) 

  
 Sch C 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 

(CBI HOLDING COMPANY, LLC) 

This Membership Interest Purchase Agreement (this “Agreement”), is entered into effective as of
                        , 20        (the “Effective Date”), by and
between Factor, LLC, an Alabama limited liability company (“Seller”), and National Bank of Commerce, a national banking association (“Buyer”). 

Recitals 
 A.
Seller owns 120 Units (the “Seller Units”) of CBI Holding Company, LLC, a Delaware limited liability company (the “Company”), as established by that certain Amended and Restated Limited Liability Company Agreement
of the Company, dated September 1, 2014, as amended through the date hereof (as amended, the “LLC Agreement”). 
 B.
Pursuant to Section 16.1 of the LLC Agreement, Buyer has exercised its call option to acquire the Seller Units from Seller. 
 C. The
parties desire to enter into this Agreement to evidence the purchase and sale of the Seller Units. 
 Agreement 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby
agree as follows: 
 ARTICLE 1 

PURCHASE AND SALE OF THE SELLER UNITS 

Section 1.1 Purchase and Sale of the Seller Units. Subject to the terms and conditions of this Agreement, Seller hereby
sells, transfers, conveys, assigns and delivers to Buyer, free and clear of all liens, security interests, claims and other encumbrances of any kind or nature, the Seller Units, and Buyer hereby accepts the transfer and conveyance of the Seller
Units from Seller. 
 Section 1.2 Purchase Price; Payment. The purchase price for the Seller Units shall be
$            1 (the “Purchase Price”). The Purchase Price shall be paid by Buyer to Seller on even date herewith by
wire transfer of immediately available funds. 
  

	1 	Agreed Upon Value (as defined in the LLC Agreement) to be inserted. 

  
 Sch C-2 

 ARTICLE 2 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Section 2.1 Representations and Warranties. Seller hereby represents and warrants to Buyer as follows: 

(a) Seller has good and marketable title to the Seller Units being sold by it pursuant to this Agreement, free and clear of all liens, security
interests, claims and encumbrances; 
 (b) Seller has the full legal right, power and authority to, and does hereby, assign and transfer the
Seller Units to Buyer, free and clear of all liens, security interests, claims and encumbrances; 
 (c) All limited liability company action
required to be taken by Seller to authorize Seller to enter into this Agreement, and to sell the Seller Units, has been taken; and 
 (d)
This Agreement, when executed and delivered by Seller, shall constitute a valid and legally binding obligation of Seller, enforceable against Seller in accordance with its terms. 

ARTICLE 3 

MISCELLANEOUS 

Section 3.1 Further Assurances; Additional Agreements. The parties agree that they will each, at any time and from time to
time after the Effective Date, upon the request of the other party, do, execute, acknowledge and deliver, or cause to be done, executed, acknowledged and delivered, all such further acts, deeds, assignments, assumptions, transfers, conveyances,
powers of attorney and assurances as may be reasonably required for the better fulfillment of the terms, conditions, purposes and intent of this Agreement. Buyer shall amend and restate the LLC Agreement to reflect the transfer of the Seller Units
contemplated hereby and Seller acknowledges and agrees that it shall have no equity, profits, voting, financial, governance or other interest or rights in the Company following the consummation of the transaction provided for in this Agreement. 

 Section 3.2 Taxes. 

(a) Seller Taxes. Seller shall be solely liable for reporting (at its own cost and expense) and paying the entire amount of any and all
income, capital gains and similar taxes and fees (including any penalties and interest) incurred in connection with Seller’s sale of the Seller Units. 

(b) Tax Periods Ending on or Before the Effective Date. The parties acknowledge that as a result of the transaction provided for in
this Agreement that the income tax year of the Company will terminate under Section 708 of the Internal Revenue Code (the “Code”). Accordingly, Buyer shall prepare or cause to be prepared and file or cause to be filed all tax
returns for the Company for all periods ending on or prior to the Effective Date which are filed after the Effective Date. The tax returns shall be prepared and computed on a basis consistent with past practices, subject to any adjustments required
by applicable law. Buyer shall deliver 

  
 Sch C-3 

 
such tax returns to Seller no later than thirty (30) days before the due date (including extensions) for filing such tax returns, and shall make any revisions to such tax returns as are
reasonably requested by Seller. If the parties disagree as to the tax returns, then the parties shall submit the disputed issues to an independent accounting firm for resolution. If a disagreement as to the tax returns is resolved and such
resolution determines that changes to the tax returns are deemed appropriate, then Buyer shall file tax returns which are amended in accordance with such resolution. To the extent permitted by applicable law, Seller shall include any income, gain,
loss, deduction or other tax items for such periods on its tax returns (or its members’ tax returns, as applicable) in a manner consistent with the Schedule K-1s furnished by the Company to Seller for such periods. 

Section 3.3 Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of the respective
parties hereto shall bind and inure to the benefit of their respective successors and assigns. 
 Section 3.4 Parties in
Interest. This Agreement is made solely for the benefit of the parties hereto, and no other person shall acquire or have any right under or by virtue of this Agreement, except as expressly provided for herein or in any agreement ancillary
hereto. 
 Section 3.5 Entire Agreement. This Agreement and any documents or other instruments provided for herein
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings between them in connection therewith. No covenant or condition not expressed in this Agreement shall
affect or be effective to interpret, change or restrict this Agreement. The provisions of this Agreement may not be changed, modified or amended except in writing duly executed by each of the parties hereto. 

Section 3.6 Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of
the State of Alabama, without giving effect to any conflicts of laws principles thereof. 
 Section 3.7 Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect any of the terms hereof. 

Section 3.8 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be
an original, but all of which shall be considered one and the same instrument. 
 [signatures on following page] 

  
 Sch C-4 

 IN WITNESS WHEREOF, each of the undersigned parties has caused this Agreement to be
executed effective as of the Effective Date. 
  

			
	SELLER:
	
	Factor, LLC
		
	By:	 	  

		 	 Britt Sexton

		 	 Authorized Person

  

			
	BUYER:
	
	National Bank of Commerce
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Its:	 	  

  
 Sch C-5EX10.1

 Exhibit 10.1 

ENDOSTIM, INC. 
 THIRD
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 June 25, 2014 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	Section 1 Definitions	  	 	1	  
			
	                1.1	  	Certain Definitions.	  	 	1	  
		
	Section 2 Registration Rights	  	 	4	  
			
	                2.1	  	Requested Registration.	  	 	4	  
	                2.2	  	Company Registration.	  	 	6	  
	                2.3	  	Registration on Form S-3.	  	 	7	  
	                2.4	  	Expenses of Registration.	  	 	8	  
	                2.5	  	Registration Procedures.	  	 	8	  
	                2.6	  	Indemnification.	  	 	10	  
	                2.7	  	Information by Holder.	  	 	11	  
	                2.8	  	Restrictions on Transfer.	  	 	12	  
	                2.9	  	Rule 144 Reporting.	  	 	13	  
	                2.10	  	Market Stand-Off Agreement.	  	 	13	  
	                2.11	  	Delay of Registration.	  	 	14	  
	                2.12	  	Transfer or Assignment of Registration Rights.	  	 	14	  
	                2.13	  	Limitations on Subsequent Registration Rights.	  	 	14	  
	                2.14	  	Termination of Registration Rights.	  	 	14	  
		
	Section 3 Information Covenants of the Company	  	 	15	  
			
	                3.1	  	Basic Financial Information and Inspection Rights.	  	 	15	  
	                3.2	  	Inspection.	  	 	15	  
	                3.3	  	Confidentiality.	  	 	16	  
	                3.4	  	Termination of Covenants.	  	 	16	  
		
	Section 4 Right of First Refusal	  	 	16	  
			
	                4.1	  	Right of First Refusal.	  	 	16	  
		
	Section 5 Additional Covenants	  	 	19	  
			
	                5.1	  	Spin-Out Preemptive Rights.	  	 	19	  
	                5.2	  	Insurance.	  	 	19	  
	                5.3	  	Employee and Contractor Agreements.	  	 	19	  
	                5.4	  	Service Provider Vesting and Transfer Restrictions.	  	 	19	  
	                5.5	  	Matters Requiring Investor Director Approval.	  	 	20	  
	                5.6	  	Meetings of the Board of Directors.	  	 	20	  
	                5.7	  	Successor Indemnification.	  	 	20	  
	                5.8	  	Board Expenses.	  	 	20	  
	                5.9	  	Board Committees.	  	 	20	  
	                5.10	  	Budget Approval.	  	 	20	  
	                5.11	  	Termination of Covenants.	  	 	20	  
		
	Section 6 Miscellaneous	  	 	20	  
			
	                6.1	  	Amendment.	  	 	20	  
	                6.2	  	Notices.	  	 	21	  

  
 - i - 

 TABLE OF CONTENTS 

(continued) 
  

							
	                6.3	  	Governing Law.	  	 	22	  
	                6.4	  	Successors and Assigns.	  	 	22	  
	                6.5	  	Entire Agreement.	  	 	22	  
	                6.6	  	Delays or Omissions.	  	 	22	  
	                6.7	  	Severability.	  	 	22	  
	                6.8	  	Titles and Subtitles.	  	 	22	  
	                6.9	  	Counterparts.	  	 	22	  
	                6.10	  	Telecopy Execution and Delivery.\	  	 	22	  
	                6.11	  	Jurisdiction; Venue.	  	 	23	  
	                6.12	  	Further Assurances.	  	 	23	  
	                6.13	  	Termination Upon Change of Control.	  	 	23	  
	                6.14	  	Conflict.	  	 	23	  
	                6.15	  	Attorneys’ Fees.	  	 	23	  
	                6.16	  	Aggregation of Stock.	  	 	23	  

  
 -ii- 

 ENDOSTIM, INC. 

THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

This Third Amended and Restated Investors’ Rights Agreement (this “Agreement”) is dated as of June 25, 2014,
and is between EndoStim, Inc., a Delaware corporation (the “Company”), the individuals and entities listed on Exhibit A (each, a Series C Investor,” and collectively, the “Series C
Investors”), the individuals and entities listed on Exhibit B (each, a Series B-1 Investor,” and collectively, the “Series B-1 Investors”), the individuals and entities listed on Exhibit C
(each, a Series B Investor,” and collectively, the “Series B Investors”), and the individuals and entities listed on Exhibit D (each, a “2014 Bridge Investor,” and collectively, the
“2014 Bridge Investors”) (the Series C Investors, Series B-1 Investors, Series B Investors and 2014 Bridge Investors each, an “Investor,” and collectively, the “Investors”).
This Agreement, upon receiving the approval of the Requisite Holders (as defined below), amends and restates in its entirety that certain Second Amended and Restated Investors’ Rights Agreement dated December 5, 2012, as amended (the
“Prior Agreement”), by and among the Company, the Series C Investors, the Series B-1 Investors, and the Series B Investors. 

RECITALS 
 Pursuant to
Section 6.1 of the Prior Agreement, the Prior Agreement may be amended only by a written instrument executed by the Company and the holders of at least 60% of the Series C Investors, Series B-1 Investors and Series B Investors, voting together
as a single class, who are a party to the Prior Agreement voting together on an as-converted to Common Stock basis (the “Requisite Holders”), and any amendment or modification, so effected shall be binding upon the Company
and each Holder and each future holder of all such securities of each Holder. 
 The undersigned Series C Investors, Series B Investors and
Series B-1 Investors, constituting the Requisite Holders, desire to amend and restate the Prior Agreement and to accept the rights and obligations created pursuant to this Agreement in lieu of the rights granted and obligations imposed to them under
the Prior Agreement. 
 To the extent there is an inconsistency between the terms of this Agreement and the Prior Agreement, the terms and
provisions of this Agreement shall control. 
 The parties therefore agree as follows: 

SECTION 1 
 DEFINITIONS

 1.1 Certain Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

(a) “Board” means the Company’s board of directors. 

(b) “Bridge Notes” means the secured convertible promissory notes issued pursuant to that certain Note and Warrant
Purchase Agreement dated as of June 25, 2014 (the “ NWPA”), including any secured convertible promissory notes issuable in any Additional Closing (as defined in the NWPA). 

 (c) “Bridge Warrants” means the warrants to purchase Common Stock issued
pursuant to the NWPA, including any such warrants issuable in any Additional Closing (as defined in the NWPA). 
 (d)
“Commission” shall mean the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

(e) “Common Stock” means the Common Stock, $0.001 par value, of the Company. 

(f) “Conversion Stock” shall mean shares of Common Stock issued upon conversion of the Series C Preferred, Series B-1
Preferred, Series B Preferred or the Bridge Notes (including following the conversion of any New Preferred Stock issuable upon conversion of the Bridge Notes). 

(g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any similar successor federal
statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 
 (h)
“Holder” shall mean any Investor who holds Registrable Securities and any holder of Registrable Securities to whom the registration rights conferred by this Agreement have been duly and validly transferred in accordance with
Section 2.12 of this Agreement; provided, for avoidance of doubt, that prior to the issuance of Conversion Stock or the New Preferred Stock upon the conversion of the Bridge Notes, the holders of the Bridge Notes shall not have the rights of
the Holders under this Agreement, but following the issuance of Conversion Stock or the New Preferred Stock, shall automatically and without any further action have the rights and obligations of the Holders. 

(i) “Indemnified Party” shall have the meaning set forth in Section 2.6(c). 

(j) “Indemnifying Party” shall have the meaning set forth in Section 2.6(c). 

(k) “Initial Closing” shall mean December 5, 2012, which is the date of the initial sale of shares of the
Company’s Series C Preferred. 
 (l) “Initial Public Offering” shall mean the closing of the Company’s
first firm commitment underwritten public offering of the Common Stock registered under the Securities Act. 
 (m) “Initiating
Holders” shall mean any Holder or Holders who in the aggregate hold a majority of the outstanding Registrable Securities. 

(n) “Investors” shall have the meaning set forth in the introductory paragraph of this Agreement. 

(o) “Major Holder” shall have the meaning set forth in Section 4.1. 

(p) “New Preferred Stock” means the preferred stock that may be issued upon the conversion of the Bridge Notes upon a
Qualified Financing (as defined in the Bridge Notes). 
 (q) “New Securities” shall have the meaning set forth in
Section 4.1(a). 
 (r) “Noteholder” shall mean any Investor who holds Bridge Notes and any holder of Bridge Notes to
whom the registration rights conferred by this Agreement have been duly and validly transferred in accordance with Section 2.12 of this Agreement 

  
 -2- 

 (s) The terms “register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering of
the effectiveness of such registration statement. 
 (t) “Registrable Securities” shall mean (i) shares of
Common Stock (A) issued or issuable pursuant to (1) the conversion of the Shares or any New Preferred Stock or (2) the exercise of the Bridge Warrants, and (B) issued directly pursuant to the conversion of the Bridge Notes and
(ii) any Common Stock issued as a dividend or other distribution with respect to or in exchange for or in replacement of the shares referenced in (i) above; provided, however, that Registrable Securities shall not include any
shares of Common Stock described in clause (i) or (ii) above which have previously been registered or which have been sold to the public either pursuant to a registration statement or Rule 144, or which have been sold in a private
transaction in which the transferor’s rights under this Agreement are not validly assigned in accordance with this Agreement. 
 (u)
“Registration Expenses” shall mean all expenses incurred in effecting any registration pursuant to this Agreement, including, without limitation, all registration, qualification, and filing fees, printing expenses, escrow
fees, fees and disbursements of counsel for the Company and reasonable fees and disbursements of one special counsel for the Holders, blue sky fees and expenses, and expenses of any regular or special audits incident to or required by any such
registration, but shall not include Selling Expenses, fees and disbursements of other counsel for the Holders and the compensation of regular employees of the Company, which shall be paid in any event by the Company. 

(v) “Restricted Securities” shall mean any Registrable Securities required to bear the first legend set forth in
Section 2.8(c). 
 (w) “Rule 144” shall mean Rule 144 as promulgated by the Commission under the Securities Act, as
such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (x) “Rule
145” shall mean Rule 145 as promulgated by the Commission under the Securities Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission 

(y) “Rule 415” shall mean Rule 415 as promulgated by the Commission under the Securities Act, as such Rule may be
amended from time to time, or any similar successor rule that may be promulgated by the Commission. 
 (z) “Securities
Act” shall mean the Securities Act of 1933, as amended, or any similar successor federal statute and the rules and regulations thereunder, all as the same shall be in effect from time to time. 

(aa) “Selling Expenses” shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable
to the sale of Registrable Securities and reasonable fees and disbursements of counsel for any Holder (other than the fees and disbursements of one special counsel to the Holders included in Registration Expenses). 

(bb) “Series B Investors” shall mean the individuals and entities listed on Exhibit C. 

(cc) “Series B Preferred” means all shares of the Series B Preferred Stock, $0.001 par value per share, of the
Company. 

  
 -3- 

 (dd) “Series B-1 Investors” shall mean the individuals and entities
listed on Exhibit B. 
 (ee) “Series B-1 Preferred” means all shares of the Series B-1 Preferred Stock, $0.001 par
value per share, of the Company. 
 (ff) “Series C Investors” shall mean the individuals and entities listed on
Exhibit A. 
 (gg) “Series C Preferred” means all shares of the Series C Preferred Stock, $0.001 par value per
share, of the Company. 
 (hh) “Shares” shall mean the Company’s Series B Preferred, Series B-1 Preferred, and
Series C Preferred. 
 (ii) “Stockholders’ Agreement” shall mean that certain Amended and Restated
Stockholders’ Agreement dated June 25, 2014 by and among the Company and the stockholders named therein, and any successor agreement thereto. 

(jj) “Warrant Stock” means the Common Stock issued upon the exercise of the Bridge Warrants. 

(kk) “Withdrawn Registration” shall mean a forfeited demand registration under Section 2.1 in accordance with the
terms and conditions of Section. 
 SECTION 2 

REGISTRATION RIGHTS 

2.1 Requested Registration. 

(a) Request for Registration. Subject to the conditions set forth in this Section 2.1, if the Company shall receive
from Initiating Holders a written request signed by such Initiating Holders that the Company effect any registration with respect to at least a majority of the Registrable Securities (such request shall state the number of shares of Registrable
Securities to be disposed of by such Initiating Holders), the Company will: 
 (i) promptly give written notice of the proposed
registration to all other Holders; and 
 (ii) as soon as practicable, file and use its commercially reasonable efforts to effect such
registration (including, without limitation, filing post-effective amendments, appropriate qualifications under applicable blue sky or other state securities laws, and appropriate compliance with the Securities Act) and to 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 twenty (20) days after such written notice from the Company is mailed or delivered. 

(b) Limitations on Requested Registration. The Company shall not be obligated to effect, or to take any action to effect, any
such registration pursuant to this Section 2.1: 
 (i) Prior to the earlier of (A) the four (4) year anniversary of the Initial
Closing or (B) one hundred eighty (180) days following the effective date of the first registration statement filed by the Company covering an underwritten offering of any of its securities to the general public (or the subsequent date on
which all market stand-off agreements applicable to the offering have terminated); 

  
 -4- 

 (ii) 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 and except as may be required by the Securities Act; 

(iii) After the Company has effected three such registrations pursuant to this Section 2.1 (counting for these purposes only
(x) registrations which have been declared or ordered effective and pursuant to which securities have been sold, and (y) Withdrawn Registrations); 

(iv) During the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of,
and ending on a date one hundred eighty (180) days after the effective date of, a Company-initiated registration; provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration
statement to become effective; or 
 (v) If the Initiating Holders propose to dispose of shares of Registrable Securities that may be
registered on Form S-3 pursuant to a request made under Section 2.3. 
 (c) Deferral. If (i) in the good faith judgment
of the Board, the filing of a registration statement covering the Registrable Securities would be materially detrimental to the Company and the Board concludes, as a result, that it is in the best interests of the Company to defer the filing of such
registration statement at such time, and (ii) the Company shall furnish to such Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental
to the Company for such registration statement to be filed in the near future and that it is, therefore, in the best interests of the Company to defer the filing of such registration statement, then (in addition to the limitations set forth in
Section 2.1(b)(iv) above) the Company shall have the right to defer such filing for a period of not more than one hundred eighty (180) days after receipt of the request of the Initiating Holders, and, provided, that the Company
shall not defer its obligation in this manner more than once in any twelve-month period. 
 (d) Underwriting. If the
Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.1 and the Company shall include such
information in the written notice given pursuant to Section 2.1(a)(i). In such event, the right of any Holder to include all or any portion of its Registrable Securities in such registration pursuant to this Section 2.1 shall be conditioned
upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities to the extent provided herein. The Company shall (together with all Holders and other persons proposing to distribute their
securities through such underwriting) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected for such underwriting by the Company, which underwriters are reasonably acceptable to a
majority in interest of the Initiating Holders. 
 Notwithstanding any other provision of this Section 2.1, if the underwriters advise the
Company that marketing factors require a limitation on the number of shares to be underwritten, the number of Registrable Securities that may be so included shall be allocated as follows: (i) first, among all Holders requesting to include
Registrable Securities in such registration statement based on the pro rata percentage of Registrable Securities held by such Holders, assuming conversion; and (ii) second, to the Company, which the Company may allocate, at its
discretion, for its own account, or for the account of other holders or employees of the Company. 
 If a person who has requested inclusion
in such registration as provided above does not agree to the terms of any such underwriting, such person shall be excluded therefrom by written notice from the Company, the underwriter or the Initiating Holders. The securities so excluded shall also
be withdrawn from 

  
 -5- 

 
registration. Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall also be withdrawn from such registration. If securities are so withdrawn from the
registration and if the number of securities to be included in such registration was previously reduced as a result of marketing factors pursuant to this Section 2.1(d), then the Company shall then offer to all Holders who have retained rights
to include securities in the registration the right to include additional Registrable Securities in the registration in an aggregate amount equal to the number of securities so withdrawn, with such securities to be allocated among such Holders
requesting additional inclusion, as set forth above. 
 2.2 Company Registration. 

(a) Company Registration. If 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 pursuant to Section 2.1 or 2.3, a registration relating solely to employee benefit plans, a registration relating to the offer and sale of debt securities, a
registration relating to a corporate reorganization or other Rule 145 transaction, or a registration on any registration form that does not permit secondary sales, the Company will: 

(i) promptly give written notice of the proposed registration to all Holders; and 

(ii) use its commercially reasonable efforts to include in such registration (and any related qualification under blue sky laws or other
compliance), except as set forth in Section 2.2(b) below, and in any underwriting involved therein, all of such Registrable Securities as are specified in a written request or requests made by any Holder or Holders received by the Company
within ten (10) days after such written notice from the Company is mailed or delivered. Such written request may specify all or a part of a Holder’s Registrable Securities. 

(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 2.2(a)(i). 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 such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall
(together with the Company and the other holders of securities of the Company with registration rights to participate therein distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the
representative of the underwriter or underwriters selected by the Company. 
 Notwithstanding any other provision of this Section 2.2, if
the underwriters advise the Company that marketing factors require a limitation on the number of shares to be underwritten, the underwriters may (subject to the limitations set forth below) limit the number of Registrable Securities to be included
in, the registration and underwriting. The Company shall so advise all holders of securities requesting registration, and the number of shares of securities that are entitled to be included in the registration and underwriting shall be allocated, as
follows: (i) first, to the Company for securities being sold for its own account, and (ii) second, to the Holders requesting to include Registrable Securities in such registration statement based on the pro rata percentage of
Registrable Securities held by such Holders, assuming conversion. Notwithstanding the foregoing, (i) in no event shall the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities
to be sold by the Company) are first entirely excluded from the offering, and (ii) no such reduction shall reduce the value of the Registrable Securities of the Holders included in such registration below twenty percent (20%) of the total
value of securities included in such registration, unless such offering is the Initial Public Offering and such registration does not include securities of any other selling stockholders (excluding shares registered for the account of the Company),
in which event any or all of the Registrable Securities of the Holders may be excluded. 

  
 -6- 

 If a person who has requested inclusion in such registration as provided above does not agree to
the terms of any such underwriting, such person shall also be excluded therefrom by written notice from the Company or the underwriter. The Registrable Securities or other securities so excluded shall also be withdrawn from such registration. Any
Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such registration. If securities are so withdrawn from the registration and if the number of securities of Registrable Securities to be
included in such registration was previously reduced as a result of marketing factors pursuant to Section 2.2(b), the Company shall then offer to all persons who have retained the right to include securities in the registration the right to
include additional securities in the registration in an aggregate amount equal to the number of securities so withdrawn, with such securities to be allocated among the persons requesting additional inclusion, in the manner set forth above. 

(c) Right to Terminate Registration. The Company shall have the right in its sole discretion to terminate or withdraw any
registration initiated by it under this Section 2.2 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. 

2.3 Registration on Form S-3.  

(a) Request for Form S-3 Registration. After the Initial Public Offering, the Company shall use its
commercially reasonable efforts to qualify for registration on Form S-3 or any comparable or successor form or forms. After the Company has qualified for the use of Form S-3, in addition to the rights contained in the foregoing provisions of this
Section 2 and subject to the conditions set forth in this Section 2.3, if the Company shall receive from Holders of at least twenty-five percent (25%) of the then-outstanding Registrable Securities a written request that the Company effect
any registration on Form S-3 or any similar short form registration statement with respect to all or part of the Registrable Securities (such request shall state the number of shares of Registrable Securities to be disposed of and the intended
methods of disposition of such shares by such Holder or Holders), the Company will take all such action with respect to such Registrable Securities as required by Section 2.1(a)(i) and 2.1(a)(ii). 

(b) Limitations on Form S-3 Registration. The Company shall not be obligated to effect, or take any action to effect, any such
registration pursuant to this Section 2.3: 
 (i) In the circumstances described in either Sections 2.1(b)(i) or 2.1(b)(ii); 

(ii) If, in a given twelve-month period, the Company has effected two such registrations in such period; 

(iii) If Form S-3 (or any successor or similar form) is not available for such offering by such Holders; or 

(iv) If within ten (10) business days of receipt of a written request from the Holders pursuant to this Section 2.3, the Company
gives notice to the Holders of the Company’s intention to file a registration statement covering the sale of Common Stock for the account of the Company within ninety (90) days and the Company is actively employing its good faith
reasonable efforts to cause such registration statement to become effective; provided that such right to delay a request shall be exercised by the Company not more than twice in any twelve (12) month period. 

(c) Deferral. The provisions of Section 2.1(c) shall apply to any registration pursuant to this Section 2.3. 

(d) Underwriting. If the Holders of Registrable Securities requesting registration under this Section 2.3 intend to distribute
the Registrable Securities covered by their request by means of an underwriting, the provisions of Section 2.1(d) shall apply to such registration. Notwithstanding anything contained herein to the contrary, registrations effected pursuant to this
Section 2.3 shall not be counted as requests for registration or registrations effected pursuant to Section 2.1. 

  
 -7- 

 2.4 Expenses of Registration. All Registration Expenses incurred in connection with
registrations pursuant to Sections 2.1, 2.2 and 2.3 shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Sections 2.1 and 2.3
if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered or because a sufficient number of Holders shall have withdrawn so that the minimum offering conditions
set forth in Sections 2.1 and 2.3 are no longer satisfied (in which case all participating Holders shall bear such expenses pro rata among each other based on the number of Registrable Securities requested to be so registered), unless the
Holders of a majority of the Registrable Securities agree to forfeit their right to a demand registration pursuant to Section 2.1; provided, however, in the event that a withdrawal by the Holders is based upon material adverse
information relating to the Company that is different from the information known or available (upon request from the Company or otherwise) to the Holders requesting registration at the time of their request for registration under Section 2.1, such
registration shall not be treated as a counted registration for purposes of Section 2.1, even though the Holders do not bear the Registration Expenses for such registration. 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 among each other on the basis of the number of Registrable Securities so registered. 

2.5 Registration Procedures. In the case of each registration effected by the Company pursuant to Section 2, the Company will keep
each Holder advised in writing as to the initiation of each registration and as to the completion thereof. At its expense, the Company will use its commercially reasonable efforts to: 

(a) Keep such registration effective for a period ending on the earlier of the date which is ninety (90) days from the effective date of
the registration statement or such time as the Holder or Holders have completed the distribution described in the registration statement relating thereto; 

(b) To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) (a
“WKSI”) at the time any request for registration is submitted to the Company in accordance with Section 2.3, (i) if so requested, file an automatic shelf registration statement (as defined in Rule 405 under the
Securities Act) (an “automatic shelf registration statement”) to effect such registration, and (ii) remain a WKSI (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)) during the period
during which such automatic shelf registration statement is required to remain effective in accordance with this Agreement; 
 (c) 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 for the period set forth in subsection (a) above; 
 (d) Furnish
such number of prospectuses, including any preliminary prospectuses, and other documents incident thereto, including any amendment of or supplement to the prospectus, as a Holder from time to time may reasonably request; 

(e) Use its reasonable best efforts to register and qualify the securities covered by such registration statement under such other securities
or Blue Sky laws of such jurisdiction as shall be reasonably requested by the 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; 

  
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 (f) Notify each seller of Registrable Securities covered by such registration statement at any
time when a prospectus relating thereto is required to be delivered under the Securities Act of 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 or incomplete in light of the circumstances then existing, and following such notification promptly prepare
and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; 

(g) If at any time when the Company is required to re-evaluate its WKSI status for purposes of an automatic shelf registration statement used
to effect a request for registration in accordance with Section 2.3, (i) the Company determines that it is not a WKSI, (ii) the registration statement is required to be kept effective in accordance with this Agreement, and (iii) the
registration rights of the applicable Holders have not terminated, promptly amend the registration statement onto a form the Company is then eligible to use or file a new registration statement on such form, and keep such registration statement
effective in accordance with the requirements otherwise applicable under this Agreement; 
 (h) If (i) a registration made pursuant to
a shelf registration statement is required to be kept effective in accordance with this Agreement after the third anniversary of the initial effective date of the shelf registration statement and (ii) the registration rights of the applicable
Holders have not terminated, file a new registration statement with respect to any unsold Registrable Securities subject to the original request for registration prior to the end of the three year period after the initial effective date of the shelf
registration statement, and keep such registration statement effective in accordance with the requirements otherwise applicable under this Agreement; 

(i) Provide a transfer agent and registrar for all Registrable Securities registered pursuant to such registration statement and a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (j) Otherwise use its
commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
months, but not more than eighteen months, beginning with the first month after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

(k) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar securities
issued by the Company are then listed; and 
 (l) In connection with any underwritten offering pursuant to a registration statement filed
pursuant to Section 2.1, enter into an underwriting agreement in form reasonably necessary to effect the offer and sale of Common Stock, provided such underwriting agreement contains reasonable and customary provisions, and provided further, that
each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement. 

  
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 2.6 Indemnification.  

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, directors and partners,
legal counsel and accountants and each person controlling such 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 within the meaning of Section 15 of the Securities Act any underwriter, against all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect
thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or incorporated by reference in any registration statement, any prospectus included in the registration statement, any
issuer free writing prospectus (as defined in Rule 433 of the Securities Act), any issuer information (as defined in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document
incident to any such registration, qualification or compliance prepared by or on behalf of the Company or used or referred to by the Company, (ii) 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, or (iii) any violation (or alleged violation) by the Company of the Securities Act, any state securities laws or any rule or regulation thereunder applicable to the Company and
relating to action or inaction required of the Company in connection with any offering covered by such registration, qualification or compliance, and the Company will reimburse each such Holder, each of its officers, directors, partners, legal
counsel and accountants and each person controlling such Holder, each such underwriter and each person who controls any such underwriter, for any reasonable legal and other expenses incurred in connection with investigating and defending or settling
any such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or
omission based upon written information furnished to the Company by such Holder, any of such Holder’s officers, directors, partners, legal counsel or accountants, any person controlling such Holder, such underwriter or any person who controls
any such underwriter, and stated to be specifically for use therein; and provided, further that, the indemnity agreement contained in this Section 2.6(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld). 

(b) To the extent permitted by law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which
such registration, qualification or compliance is being effected, indemnify and hold harmless the Company, each of its directors, officers, partners, legal counsel and accountants and 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, each other such Holder, and each of their officers, directors and partners, and each
person controlling each other such Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on: (i) any untrue statement (or alleged untrue statement) of a material fact contained or
incorporated by reference in any prospectus, offering circular or other document (including any related registration statement, notification, or the like) incident to any such registration, qualification or compliance, or (ii) 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, and will reimburse the Company and such Holders, directors, officers, partners, legal counsel and
accountants, persons, underwriters, or control persons for any reasonable legal or other expenses 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 such Holder and stated to be specifically for use therein; provided, however, that the obligations of such Holder hereunder shall not apply to amounts paid in settlement of any such claims, losses, damages
or liabilities (or actions in respect thereof) if such settlement is effected without the consent of such Holder (which consent shall not be unreasonably withheld); and provided that in no event shall any indemnity under this Section 2.6
exceed the net proceeds from the offering received by such Holder, except in the case of fraud or willful misconduct by such Holder. 

  
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 (c) Each party entitled to indemnification under this Section 2.6 (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 such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the Indemnified Party (whose approval shall not be unreasonably withheld), and the Indemnified Party may participate in such defense at such party’s expense; and provided further that the failure of any
Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 2.6, to the extent such failure is not prejudicial. 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 of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be
reasonably required in connection with defense of such claim and litigation resulting therefrom. 
 (d) If the indemnification provided for
in this Section 2.6 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any loss, liability, claim, damage, or expense referred to herein, then the Indemnifying Party, in lieu of indemnifying such
Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage, or expense as well as any other relevant equitable considerations. The
relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. No person or entity will be
required under this Section 2.6(d) to contribute any amount in excess of the net proceeds from the offering received by such person or entity, except in the case of fraud or willful misconduct by such person or entity. No person or entity
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

2.7 Information by Holder. Each Holder shall furnish to the Company such information regarding such Holder and the distribution
proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required in connection with any registration, qualification, or compliance referred to in this Section 2. 

  
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 2.8 Restrictions on Transfer. 

(a) The holder of each certificate representing Registrable Securities by acceptance thereof agrees to comply in all respects with the
provisions of this Section 2.8. Each Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Restricted Securities, or any beneficial interest therein, unless and until the transferee
thereof has agreed in writing for the benefit of the Company to take and hold such Restricted Securities subject to, and to be bound by, the terms and conditions set forth in this Agreement, including, without limitation, this Section 2.8 and
Section 2.10, and: 
 (i) There is then in effect a registration statement under the Securities Act covering such proposed disposition and
the disposition is made in accordance with the registration statement; or 
 (ii) The Holder shall have given prior written notice to the
Company of the Holder’s intention to make such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition, and, if requested by the Company, evidence reasonably
satisfactory to the Company that such disposition will not require registration of such Restricted Securities under the Securities Act whereupon the holder of such Restricted Securities shall be entitled to transfer such Restricted Securities in
accordance with the terms of the notice delivered by the Holder to the Company. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144 except in unusual circumstances. 

(b) Notwithstanding the provisions of Section 2.8(a), no such registration statement or opinion of counsel shall be necessary for:
(i) any bona fide pledge made pursuant to a bona fide loan transaction that creates a mere security interest, if the pledgee executes a counterpart copy of this Agreement and becomes bound thereby as a Holder in the event that and to the extent
that such pledgee ever acquires ownership of such shares; (ii) any transfers of Registrable Securities by a Holder to Holder’s spouse, ex-spouse, domestic partner, lineal descendant or antecedent,
brother or sister, the adopted child or adopted grandchild, or the spouse or domestic partner of any child, adopted child, grandchild or adopted grandchild of Holder, or to a trust or trusts for the exclusive benefit of Holder or those members of
Holder’s family specified in this Section 2.8(b)(ii) or transfers of Registrable Securities by Holder by devise or descent; (iii) in the case of a Holder that is an entity, any transfers of Registrable Securities by a Holder to such
Holder’s stockholders, members, partners or other equity holders; (iv) in the case of a Holder that is both an entity and a Holder of Common Stock on the date of this Agreement, any transfers of such Registrable Securities by a Holder to
such Holder’s employees or consultants; (v) any bona fide gift effected for tax planning purposes, provided that the pledgee, transferee or donee or other recipient executes a counterpart copy of this Agreement and becomes bound thereby as
was Holder; (vi) by operation of law; (vii) any transfer to the Company or an Investor pursuant to the terms of this Agreement; and (viii) any repurchase of Registrable Securities by the Company pursuant to agreements under which the
Company has the option to repurchase such Registrable Securities upon the occurrence of certain events, such as termination of employment, or in connection with the exercise by the Company of any rights of first refusal. 

(c) Each certificate representing Registrable Securities shall (unless otherwise permitted by the provisions of this Agreement) be stamped or
otherwise imprinted with a legend substantially similar to the following (in addition to any legend required under applicable state securities laws): 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS

  
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THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.” 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT
OF A PUBLIC OFFERING, AS SET FORTH IN AN INVESTORS’ RIGHTS AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY. 

The Holders consent to the Company making a notation on its records and giving instructions to any transfer agent of the Restricted Securities
in order to implement the restrictions on transfer established in this Section 2.8. 
 (d) The first legend referring to federal and state
securities laws identified in Section 2.8(c) stamped on a certificate evidencing the Restricted Securities and the stock transfer instructions and record notations with respect to the Restricted Securities shall be removed and the Company shall
issue a certificate without such legend to the holder of Restricted Securities if (i) those securities are registered under the Securities Act, or (ii) the holder provides the Company with an opinion of counsel reasonably acceptable to the
Company to the effect that a sale or transfer of those securities may be made without registration or qualification. 
 2.9 Rule 144
Reporting. With a view to making available the benefits of certain rules and regulations of the Commission that may permit the sale of the Restricted Securities to the public without registration, the Company agrees to use its commercially
reasonable efforts to: 
 (a) Make and keep adequate current public information with respect to the Company available in accordance with
Rule 144 under the Securities Act, at all times from and after ninety (90) days following the effective date of the first registration under the Securities Act filed by the Company for an offering of its securities to the general public; 

(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, furnish to the Holder forthwith upon written request a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time from and after ninety (90) days following the effective date of
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), a copy of the
most recent annual or quarterly report of the Company, and such other reports and documents so filed as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such securities
without registration. 
 2.10 Market Stand-Off Agreement. If requested by the Company and an underwriter of Common Stock (or other
securities) of the Company, each Holder (including each Noteholder, with respect to (a) Conversion Stock issued or issuable upon the conversion of the Bridge Notes or (b) Warrant Stock issued or issuable upon exercise of the Bridge
Warrants) will agree that it will not, without the prior written consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to the 

  
 -13- 

 
Initial Public Offering, and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days in the case of the Initial
Public Offering, or such longer period, not to exceed thirty (30) days after the expiration of the one hundred eighty (180)–day period, as the underwriters of the Company shall request in order to facilitate compliance with NASD Rule 2711
or NYSE Rule 472, or any successor provisions or amendments thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to
purchase; or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date
of the registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction
described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.10 shall apply only to the Initial Public Offering or in a secondary
offering in which such Holders are participating, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, any transfer by the Holder to an affiliate of such Holder or with respect to any shares purchased by
the Holder in the open market after the Initial Public Offering, and shall be applicable to the Holders only if all officers, directors, and stockholders individually owning more than one percent (1%) of the Company’s outstanding Common
Stock (after giving effect to conversion into Common Stock of all outstanding convertible preferred stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this
Section 2.10 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection
with such registration that are consistent with this Section 2.10 or that are necessary to give further effect thereto. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters
shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. In order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities
of each Holder (and the securities of every other period subject to the restrictions in Section 2.10). 
 2.11 Delay of Registration.
No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2.  

2.12 Transfer or Assignment of Registration Rights. The rights to cause the Company to register securities granted to a Holder or a
Noteholder by the Company under this Section 2 may be transferred or assigned by a Holder or a Noteholder; provided that (i) such transfer or assignment of Registrable Securities is effected in accordance with the terms of Section
2.8, the Stockholders’ Agreement, and applicable securities laws, (ii) the Company is given written notice prior to said transfer or assignment, stating the name and address of the transferee or assignee and identifying the securities with
respect to which such registration rights are intended to be transferred or assigned and (iii) the transferee or assignee of such rights assumes in writing the obligations of such Holder and Noteholder under this Agreement, including without
limitation the obligations set forth in Section 2.10. 
 2.13 Limitations on Subsequent Registration Rights. From and after the date
of this Agreement, the Company shall not, without the prior written consent of Holders holding a majority-in-interest of the Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company
giving such holder or prospective holder any registration rights the terms of which are pari passu with or senior to the registration rights granted to the Holders hereunder. 

2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to
Sections 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date, 

  
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on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or entitled to be held upon conversion by such
Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) six (6) years after the closing of the Initial Public Offering; provided the aggregate net proceeds of such Initial Public Offering to
the Company (before deductions of underwriters’ commissions and expenses) equals or exceeds $35,000,000 at a price per share to the public equal to at least $7.75 (as adjusted for stock dividends, combinations, subdivisions or stock splits with
respect to such shares). 
 SECTION 3 

INFORMATION COVENANTS OF THE COMPANY 

The Company hereby covenants and agrees, as follows: 

3.1 Basic Financial Information and Inspection Rights. 

(a) Basic Financial Information. The Company will furnish the following reports to each Investor who owns at least 100,000 Shares
and/or Conversion Stock and/or Warrant Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like), or Bridge Notes in an aggregate principal amount of at least
$400,000: 
 (i) As soon as practicable after the end of each fiscal year of the Company, and in any event within one hundred twenty
(120) days after the end of each fiscal year of the Company, a consolidated balance sheet of the Company and its subsidiaries, if any, as at the end of such fiscal year, and consolidated statements of income and cash flows of the Company and
its subsidiaries, if any, for such year, prepared in accordance with U.S. generally accepted accounting principles consistently applied, certified by independent public accountants of recognized national standing selected by the Company. 

(ii) As soon as practicable after the end of the first, second and third quarterly accounting periods in each fiscal year of the Company, and
in any event within forty-five (45) days after the end of the first, second, and third quarterly accounting periods in each fiscal year of the Company, an unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of
the end of each such quarterly period, and unaudited consolidated statements of income and cash flows of the Company and its subsidiaries, if any, for such period, prepared in accordance with U.S. generally accepted accounting principles
consistently applied, subject to changes resulting from normal year-end audit adjustments. 
 (iii) as soon as practicable, but in any
event within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all
prepared in accordance with U.S. generally accepted accounting principles (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in
accordance with U.S. generally accepted accounting principles). 
 (iv) as soon as practicable, but in any event forty-five (45) days
before the end of each fiscal year, a comprehensive operating budget and business plan, as approved the Board, for the next fiscal year which forecasts the Company’s revenues, expenses and cash position (collectively, the
“Budget”), prepared on a monthly basis, including balance sheets, income statements, and statements of cash flow for such months and, promptly after prepared, any revisions to such budgets prepared by the Company. 

3.2 Inspection. The Company shall permit each Investor who owns at least 100,000 Shares and/or Conversion Stock and/or Warrant
Stock (as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock splits, and the like), or Bridge Notes in an aggregate principal  

  
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amount of at least $400,000, at such Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the
Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested in advance in writing by such Investor. 

3.3 Confidentiality. Anything in this Agreement to the contrary notwithstanding, no Investor by reason of this Agreement shall have
access to any trade secrets or classified information of the Company. Each Investor acknowledges that the information received by them pursuant to this Agreement may be confidential and for its use only, and it will not use such confidential
information in violation of the Exchange Act or reproduce, disclose or disseminate such information to any other person (other than its employees or agents having a need to know the contents of such information, and its attorneys), except in
connection with the exercise of rights under this Agreement, unless the Company has made such information available to the public generally or such Investor is required to disclose such information by a governmental authority. 

3.4 Termination of Covenants. The covenants set forth in this Section 3 shall terminate and be of no further force and effect
after the closing of the Initial Public Offering; provided the aggregate net proceeds of such Initial Public Offering to the Company (before deductions of underwriters’ commissions and expenses) equals or exceeds $35,000,000 at a price
per share to the public equal to at least $7.75 (as adjusted for stock dividends, combinations, subdivisions or stock splits with respect to such shares). 

SECTION 4 
 RIGHT OF
FIRST REFUSAL 
 4.1 Right of First Refusal. The Company hereby grants to each Investor who owns at least 200,000 shares of
Series C Preferred, at least 250,000 shares of Series B-1 Preferred, or at least 250,000 shares of Series B Preferred (in each case, as presently constituted and subject to subsequent adjustments for stock splits, stock dividends, reverse stock
splits, and the like) (each, a “Major Holder”) the right of first refusal to purchase its pro rata share of New Securities (as defined in this Section 4.1(a)) which the Company may, from time to time, propose to
sell and issue after the date of this Agreement. A Major Holder’s pro rata share, for purposes of this right of first refusal, is equal to the ratio of (a) the number of shares of Common Stock owned by such Major Holder immediately
prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants (other than the Bridge Notes) held by said Major Holder) to
(b) the total number of shares of Common Stock outstanding immediately prior to the issuance of New Securities (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options
and warrants (other than the Bridge Notes)). Each Major Holder shall have a right of over-allotment such that if any Major Holder fails to exercise its right hereunder to purchase its pro rata share of New Securities, the other Major Holders
may purchase the non-purchasing Major Holder’s portion on a pro rata basis. 
 (a) “New Securities”
shall mean any capital stock (including Common Stock and/or preferred stock) of the Company whether now authorized or not, and rights, convertible securities, options or warrants to purchase such capital stock, and securities of any type whatsoever
that are, or may become, exercisable or convertible into capital stock; provided that the term “New Securities” does not include: 

(i) the Shares, the Bridge Notes, the Conversion Stock and the Warrant Stock (or Common Stock issuable upon conversion or exercise thereof,
as the case may be); 
 (ii) up to 1,600,000 (as adjusted for any stock dividends, combinations, stock splits, recapitalizations and the
like) shares of the Company’s capital stock, in the aggregate, issued or 

  
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issuable to officers, employees, directors, consultants, placement agents, and other service providers of the Company (or any subsidiary) pursuant to stock grants, option plans, purchase plans,
agreements or other employee stock incentive programs or arrangements, unless a greater number of shares is approved by the holders of sixty percent (60%) of the Series A Preferred, Series B Preferred, Series B-1 Preferred, and Series C
Preferred, voting together as a single class on an as-if-converted to Common Stock basis; 
 (iii) securities issued or issuable as a
dividend or distribution on preferred stock of the Company or pursuant to any event for which adjustment is made pursuant to the certificate of incorporation of the Company; 

(iv) securities offered in a Qualifying IPO (as defined in the certificate of incorporation of the Company); 

(v) securities issued pursuant to any equipment loan or leasing arrangement, real property leasing arrangement or debt financing from a bank
or similar financial institution approved by the Board and the holders of sixty percent (60%) of the Series A Preferred, Series B Preferred, Series B-1 Preferred, and Series C Preferred, voting together as a single class on an as-if-converted
to Common Stock basis; 
 (vi) securities issued pursuant to the exercise of securities convertible into Common Stock outstanding as of the
date of this Agreement; 
 (vii) securities issued or issuable pursuant to the acquisition of another corporation by the Company by merger,
purchase of substantially all of the assets or other reorganization or to a joint venture agreement, provided, that such issuances are approved by the Board; 

(viii) securities of the Company which are otherwise excluded by the affirmative vote or consent of the holders of sixty percent
(60%) of the Series A Preferred, Series B Preferred, Series B-1 Preferred, and Series C Preferred, voting together as a single class on an as-if-converted to Common Stock basis; 

(ix) any securities issued in connection with strategic transactions involving the Company and other entities, including (i) joint
ventures, manufacturing, marketing or distribution arrangements, (ii) technology transfer or development arrangements, not to exceed 75,000 shares in the aggregate; or such greater number of shares as may be approved by the Board and the
holders of sixty percent (60%) of the Series A Preferred, Series B Preferred, Series B-1 Preferred, and Series C Preferred, voting together as a single class on an as-if-converted to Common Stock basis; and 

(x) any right, option or warrant to acquire any security convertible into the securities excluded from the definition of New Securities
pursuant to subsections (i) through (ix) above. 
 (b) In the event the Company proposes to undertake an issuance of New Securities, it
shall give each Major Holder written notice of its intention, describing the type of New Securities, and their price and the general terms upon which the Company proposes to issue the same. Each Major Holder shall have fifteen (15) days after
any such notice is mailed or delivered to agree to purchase such Major Holder’s pro rata share of such New Securities and to indicate whether such Major Holder desires to exercise its
over-allotment option for the price and upon the terms specified in the notice by giving written notice to the Company, in substantially the form attached as Schedule 1, and stating therein the quantity of New
Securities to be purchased. 

  
 -17- 

 (c) In the event the Major Holders fail to exercise fully the right of first refusal and
over-allotment rights, if any within said fifteen (15) day period (the “Election Period”), the Company shall have ninety (90) days thereafter to sell or enter into an agreement (pursuant to which the sale of New
Securities covered thereby shall be closed, if at all, within ninety (90) days from the date of said agreement) to sell that portion of the New Securities with respect to which the Major Holders’ right of first refusal option set forth in
this Section 4.1 was not exercised, at a price and upon terms no more favorable to the purchasers thereof than specified in the Company’s notice to Major Holders delivered pursuant to Section 4.1(b). In the event the Company has not sold
within such ninety (90) day period following the Election Period, or such ninety (90) day period following the date of said agreement, the Company shall not thereafter issue or sell any New Securities, without first again offering such
securities to the Major Holders in the manner provided in this Section 4.1. 
 (d) The right of first refusal granted under this Agreement
shall expire upon, and shall not be applicable to, the Company’s Initial Public Offering; provided the aggregate net proceeds of such Initial Public Offering to the Company (before deductions of underwriters’ commissions and
expenses) equals or exceeds $35,000,000 at a price per share to the public equal to at least $7.75 (as adjusted for stock dividends, combinations, subdivisions or stock splits with respect to such shares). 

  
 -18- 

 SECTION 5 

ADDITIONAL COVENANTS 
 5.1
Spin-Out Preemptive Rights. If at any time (i) the Company creates a direct or indirect subsidiary that is not (A) a wholly-owned subsidiary (either directly or indirectly) or (B) an entity that is created by the Company for
the sole purposes of expanding or servicing the Company’s current line of business, which can include, but is not limited to, entities formed for operations in foreign jurisdictions, and sales and marketing, and customer support;
provided, however, that such subsidiaries formed pursuant to this subsection 5.1 shall be wholly-owned subsidiaries except to the extent required by applicable laws outside of the United States, (ii) any direct or indirect
subsidiary of the Company sells or transfers any shares of capital stock to any entity that is not the Company or a direct or indirect wholly-owned subsidiary of the Company, (iii) any direct or indirect subsidiary of the Company merges,
consolidates or takes any other action that results in such subsidiary not remaining a wholly-owned subsidiary of the Company (either directly or indirectly) except to the extent required by applicable laws outside of the United States, or
(iv) any direct or indirect subsidiary of the Company sells all or substantially all of its assets to any person or entity that is not the Company or a direct or indirect wholly-owned subsidiary of the Company, then in each case the Company
shall cause such subsidiary (or the surviving or successor entity or purchaser of assets) (each, a “Spin-out Entity”) to provide each Major Holder a right of first offer (the “Spin-out Preemptive
Rights”) to purchase up to its Spin-out Pro Rata Share (defined below) with respect to any common stock, preferred stock or any other security of the Spin-out Entity, including but not limited to, rights, options, or warrants to
purchase such common stock, preferred stock or other security (“Spin-out Shares”) offered by the Spin-out Entity for financing purposes. For purposes of this Section 5.1, a Major Holder’s “Spin-out Pro Rata
Share” of such Spin-out Shares shall be a fraction, (i) the numerator of which is the number of shares of Common Stock of the Company then held by such Major Holder immediately prior to the formation of such Spin-out Entity
(assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants (other than the Bridge Notes) held by said Major Holder), and (ii) the denominator of which is the
total number of shares of the Company’s Common Stock then outstanding (assuming full conversion of the Shares and full conversion or exercise of all outstanding convertible securities, rights, options and warrants (other than the Bridge
Notes)). The manner and procedure of such Spin-out Preemptive Rights shall be substantially similar to those described in Section 4 above with respect to the Major Holders. In addition, the Company shall cause, or exert such influence it may
have to cause, the organizational documents of the Spin-out Entity (i) to provide for voting rights and preferences with respect to the Spin-out Shares equivalent to the voting rights and preferences of the Series B-1 Preferred and (ii) to
contain provisions relating to this Section 5.1. 
 5.2 Insurance. The Company shall maintain with financially sound and reputable
insurers (i) directors and officers liability insurance with coverage and amounts, including non-rescindable Side A coverage, reasonably satisfactory to the Board and (ii) casualty and liability insurance with coverage and in amounts reasonably
satisfactory to the Board, unless otherwise determined by the Board. 
 5.3 Employee and Contractor Agreements. The Company will
cause each person now or hereafter employed by it or by any subsidiary with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement in a form approved by the Board. The
Company will cause each person now or hereafter engaged by it or by any subsidiary as a consultant/independent contractor with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment
agreement in a form approved by the Board. 
 5.4 Service Provider Vesting and Transfer Restrictions. All current and future
employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting over four years, with 25% of the options or shares underlying such awards vesting on the first anniversary of the date of grant and 1/48th of the options
or shares 

  
 -19- 

 
vesting each month thereafter, unless otherwise approved by the Board; (ii) the right of the Company to repurchase unvested shares at cost upon termination of services by a holder of
restricted stock, (iii) a “right of first refusal” in favor of the Company on transfers of vested shares at a price offered by a third party, which right shall terminate upon the Company’s Initial Public Offering, and (iv) a
restriction against transfers of unvested shares. 
 5.5 Matters Requiring Investor Director Approval. The Company hereby covenants
and agrees with each of the Investors that it shall not offer or decide to hire any family member of an employee without the prior unanimous approval of the Board. 

5.6 Meetings of the Board of Directors. Unless otherwise determined by the vote of a majority of the directors then in office, the
Board shall meet quarterly in accordance with an agreed-upon schedule. 
 5.7 Successor Indemnification. If the Company or any of its
successors or assignees consolidates with or merges into any other entity and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the
successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the Company’s
Bylaws, its Certificate of Incorporation, or elsewhere, as the case may be. 
 5.8 Board Expenses. The Company shall reimburse the
non-employee directors for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Board or meetings of committees of the Board. 

5.9 Board Committees. The Compensation committee of the Board shall consist of Raul E. Perez, one (1) of the members of the Board
elected by the Series B-1 Preferred and Series B Preferred, voting -19- together as a single class and one (1) of the members of the Board elected by the Series B-1 Preferred and Series B Preferred, voting together as a single class. The Audit
committee of the Board, if any, shall consist of one (1) of the members of the Board elected by the Series B-1 Preferred and Series B Preferred, voting together as a single class, and one (1) of the members of the Board not elected
by the Series B-1 Preferred and Series B Preferred, voting together as a single class. 
 5.10 Budget Approval. The holders of a
majority of the Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, in their reasonable discretion, shall have the right to approve the Budget (as delivered pursuant to Section 3.1(a)(iv)) in its
entirety (and not in part) each year. If a notice of objection to the Budget is not provided to the Company by the holders of a majority of Series C Preferred, Series B-1 Preferred, and Series B Preferred, voting together as a single class, within
ten (10) days after the Company has provided the Budget in any given year, such Budget will be deemed to have been accepted by the holders of the Series C Preferred, Series B-1 Preferred, and Series B Preferred. 

5.11 Termination of Covenants. The covenants set forth in this Section 5 shall terminate and be of no further force and effect
after the closing of the Company’s Initial Public Offering; provided the aggregate net proceeds of such Initial Public Offering to the Company (before deductions of underwriters’ commissions and expenses) equals or exceeds
$35,000,000 at a price per share to the public equal to at least $7.75 (as adjusted for stock dividends, combinations, subdivisions or stock splits with respect to such shares). 

  
 -20- 

 SECTION 6 

MISCELLANEOUS 
 6.1
Amendment. 
 Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or
terminated other than by a written instrument referencing this Agreement and signed by the Company and holders of sixty percent (60%) of the Registrable Securities voting together as a single class on an as-if-converted to Common Stock basis
(excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding, prior to the conversion of the Bridge Notes, any shares that may be issuable upon the conversion of the Bridge Notes). Any such amendment,
waiver, discharge or termination effected in accordance with this paragraph shall be binding upon each Holder and any Noteholder and each future holder of all such securities of Holder and each future holder of the Bridge Notes. Each Holder and each
Noteholder acknowledges that by the operation of this paragraph, the Investors holding a majority of the Registrable Securities (excluding any of such shares that have been sold to the public or pursuant to Rule 144, and excluding any shares that
may be issuable upon the conversion of the Bridge Notes) will have the right and power to diminish or eliminate all rights of such Holder or such Noteholder under this Agreement, provided that no amendment, waiver, discharge or other modification of
this Agreement shall disproportionately affect the Noteholders as a class relative to the other Holders that have the right to vote or consent to such amendment, waiver, discharge or other modification. Notwithstanding the foregoing, if the Company
issues Bridge Notes and Bridge Warrants after the date hereof, any purchaser of such shares of Bridge Notes and Bridge Warrants that is not then a party to this Agreement may become a party to this Agreement by executing and delivering an additional
counterpart signature to this Agreement, or such other “omnibus” signature page or other joinder instrument that indicates an intent to become a party to this Agreement, and thereafter shall be deemed an “Investor” for all
purposes hereunder. No action or consent by the Company or the Holders shall be required for such joinder to this Agreement. The Company shall promptly update Exhibit D hereto after any subsequent sale of the Bridge Notes and Bridge Warrants and any
such update shall not require the action or consent by the Company or the Holders, or otherwise be deemed an amendment, waiver or modification of this Agreement. 

6.2 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 (if to an Investor or Holder) or otherwise delivered by hand, messenger or courier service addressed: 

(a) if to an Investor, to the Investor’s address, facsimile number or electronic mail address as shown in the Company’s records, as
may be updated in accordance with the provisions hereof; 
 (b) if to any Holder or any holder of the Bridge Notes, to such address,
facsimile number or electronic mail address as shown in the Company’s records, or, until any such Holder or such holder of the Bridge Notes so furnishes an address, facsimile number or electronic mail address to the Company, then to the address
of the last holder of such shares for which the Company has contact information in its records; or 
 (c) if to the Company, to the
attention of the President and Chief Executive Officer of the Company at 4041 Forest Park Avenue, Suite 127, St. Louis, Missouri 63108, or at such other address as the Company shall have furnished to the Voting Parties, with a copy (which shall not
constitute notice) to Bryan Cave LLP, 211 North Broadway, Suite 3600, St. Louis, Missouri 63102, Attention: James L. Nouss, Jr. 
 (d) 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 (ii) if sent by mail, at the earlier of its
receipt or 72 hours 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 by facsimile, upon confirmation of facsimile transfer or,
if sent by electronic mail, upon confirmation of delivery when directed to the relevant electronic mail address. 

  
 -21- 

 6.3 Governing Law. This Agreement shall be governed in all respects by the internal laws
of the State of Delaware as applied to agreements entered into among Delaware residents to be performed entirely within Delaware, without regard to principles of conflicts of law. 

6.4 Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be assigned,
transferred, delegated or sublicensed by any Investor without the prior written consent of the Company. Any attempt by an Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under
this Agreement shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the
parties hereto. 
 6.5 Entire Agreement. This Agreement and the exhibits hereto constitute the full and entire understanding and
agreement between the parties with regard to the subjects hereof. No party hereto shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as
specifically set forth herein. 
 6.6 Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any
right, power or remedy accruing to any party to this Agreement upon any breach or default of any other party under this Agreement shall impair any such right, power or remedy of such non-defaulting party, nor shall it be construed to be a waiver of
any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement, shall be cumulative and not alternative. 

6.7 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement with a
valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with its
terms. 
 6.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be
considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 

6.9 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties
that execute such counterparts, and all of which together shall constitute one instrument. 
 6.10 Telecopy Execution and Delivery.
\A facsimile, telecopy or other reproduction of this Agreement may be executed by one or more parties hereto and delivered by such party by facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of
such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all purposes. At the request of any party hereto, all parties hereto agree to execute and deliver an original of this Agreement as well as any
facsimile, telecopy or other reproduction hereof. 

  
 -22- 

 6.11 Jurisdiction; Venue. Any action, suit or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall only be brought in any federal court or state court located in St. Louis County, Missouri, and each party consents to the
exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter
have to the laying of the venue of any such, action, suit or proceeding in any such court or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or proceeding
may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. 
 6.12 Further
Assurances. Each party hereto agrees to execute and deliver, by the proper exercise of its corporate, limited liability company, partnership or other powers, all such other and additional instruments and documents and do all such other acts and
things as may be necessary to more fully effectuate this Agreement. 
 6.13 Termination Upon Change of Control. Notwithstanding
anything to the contrary herein, this Agreement (excluding any then-existing obligations) shall terminate upon (a) the acquisition of the Company by another entity by means of any transaction or series of
related transactions to which the Company is party (including, without limitation, any stock acquisition, reorganization, merger or consolidation but excluding any sale of stock for capital raising purposes) other than a transaction or series of
transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction continue to retain (either by such voting securities remaining outstanding or by such voting securities being converted into
voting securities of the surviving entity), as a result of shares in the Company held by such holders prior to such transaction, at least fifty percent (50%) of the total voting power represented by the voting securities of the Corporation or
such surviving entity outstanding immediately after such transaction or series of transactions; or (b) a sale, lease or other conveyance of all substantially all of the assets of the Company. 

6.14 Conflict. In the event of any conflict between the terms of this Agreement and the Company’s certificate of incorporation or
its bylaws, the terms of the Company’s certificate of incorporation or its bylaws, as the case may be, will control.  
 6.15
Attorneys’ Fees. In the event that any suit or action is instituted to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover from the losing party all fees, costs and expenses of
enforcing any right of such prevailing party under or with respect to this Agreement, including without limitation, such reasonable fees and expenses of attorneys and accountants, which shall include, without limitation, all fees, costs and expenses
of appeals. 
 6.16 Aggregation of Stock. All securities held or acquired by affiliated entities (including affiliated venture
capital funds) or persons shall be aggregated together for purposes of determining the availability of any rights under this Agreement. 

(signature page follows) 

  
 -23- 

 The parties are signing this Third Amended and Restated Investors’ Rights Agreement as of
the date stated in the introductory clause. 
  

			
	EndoStim, Inc.
	a Delaware corporation
		
	By:	 	 /s/ Bevil J. Hogg

		 	Bevil J. Hogg, President and Chief Executive Officer

  

(Signature page to the Third Amended and Restated Investors’ Rights Agreement) 

 SCHEDULE 1 

NOTICE AND WAIVER/ELECTION OF 

RIGHT OF FIRST REFUSAL 

I do hereby waive or exercise, as indicated below, my rights of first refusal under the Third Amended and Restated Investors’ Rights
Agreement dated as of [            ], 2014 (the “Agreement”):  
  

	1.	Waiver of 15 days’ notice period in which to exercise right of first refusal: (please check only one) 

  

	 	(    )	WAIVE in full, on behalf of all Holders, the 15-day notice period provided to exercise my right of first refusal granted under the Agreement. 

 

	 	(    )	DO NOT WAIVE the notice period described above. 

  

	2.	Issuance and Sale of New Securities: (please check only one) 

  

	 	(    )	WAIVE in full the right of first refusal granted under the Agreement with respect to the issuance of the New Securities. 

  

	 	(    )	ELECT TO PARTICIPATE in $            (please provide amount) in New Securities proposed to be issued by EndoStim, Inc., a Delaware corporation,
representing LESS than my pro rata portion of the aggregate of $[            ] in New Securities being offered in the financing. 

 

	 	(    )	ELECT TO PARTICIPATE in $            in New Securities proposed to be issued by EndoStim, Inc., Delaware corporation, representing my FULL pro
rata portion of the aggregate of $[            ] in New Securities being offered in the financing. 

 

	 	(    )	ELECT TO PARTICIPATE in my full pro rata portion of the aggregate of $[            ] in New Securities being made available in the financing AND,
to the extent available, the greater of (x) an additional $            (please provide amount) or (y) my pro rata portion of any remaining investment amount
available in the event other Investors do not exercise their full rights of first refusal with respect to the $[            ] in New Securities being offered in the financing.

 Date:                      

 

	
	  

	(Print investor name)
	
	  

	(Signature)
	
	  

	(Print name of signatory, if signing for an entity)
	
	  

	(Print title of signatory, if signing for an entity)

 This is neither a commitment to purchase nor a commitment to issue the New Securities described above. Such
issuance can only be made by way of definitive documentation related to such issuance. The company will supply you with such definitive documentation upon request or if you indicate that you would like to exercise your first offer rights in whole or
in part. 

 Amendment to the Third Amended and Restated Investors’ Rights Agreement 

(Effective as of the Effective Time (as defined in the written consent of the stockholders adopting this Amendment)) 

1. Sections 3, 4 and 5 of the IR Agreement shall hereby be terminated and be of no further force and effect. 

2. Section 2.14 of the IR Agreement is hereby deleted and replaced in its entirety with the following: 

2.14 Termination of Registration Rights. The right of any Holder to request registration or inclusion in any registration pursuant to
Sections 2.1, 2.2 or 2.3 shall terminate on the earlier of (i) such date on or after the closing of the Company’s first registered public offering of Common Stock, on which all shares of Registrable Securities held or entitled to be held
upon conversion by such Holder may immediately be sold under Rule 144 during any ninety (90) day period, and (ii) six (6) years after the closing of the Initial Public Offering.

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