Document:

EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

TPI COMPOSITES, INC. 

THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

June 17, 2010 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	 SECTION 1 General
	  	 	2	  
				
		 	 1.1
	 	 Certain Definitions
	  	 	2	  
		
	 SECTION 2 Restrictions on Transfer; Registration
	  	 	5	  
				
		 	 2.1
	 	 Restrictions on Transfer
	  	 	5	  
		 	 2.2
	 	 Demand Registration
	  	 	7	  
		 	 2.3
	 	 Piggyback Registrations
	  	 	8	  
		 	 2.4
	 	 Form S-3 Registration
	  	 	9	  
		 	 2.5
	 	 Expenses of Registration
	  	 	10	  
		 	 2.6
	 	 Underwriting
	  	 	10	  
		 	 2.7
	 	 Obligations of the Company
	  	 	11	  
		 	 2.8
	 	 Termination of Registration Rights
	  	 	13	  
		 	 2.9
	 	 Furnishing Information
	  	 	13	  
		 	 2.10    
	 	 Indemnification
	  	 	14	  
		 	 2.11
	 	 Transfer or Assignment of Registration Rights
	  	 	16	  
		 	 2.12
	 	 “Market Stand-Off” Agreement
	  	 	16	  
		 	 2.13
	 	 Rule 144 Reporting
	  	 	17	  
		 	 2.14
	 	 Limitation on Subsequent Registration Rights
	  	 	18	  
		
	 SECTION 3 Covenants of the Company
	  	 	18	  
				
		 	 3.1
	 	 Basic Financial Information and Reporting
	  	 	18	  
		 	 3.2
	 	 Inspection Rights and Confidentiality
	  	 	20	  
		 	 3.3
	 	 Board Observer
	  	 	21	  
		 	 3.4
	 	 Expenses and Frequency of Meetings
	  	 	22	  
		 	 3.5
	 	 Directors’ Liability, Indemnification and Insurance
	  	 	22	  
		 	 3.6
	 	 Reservation of Common Stock
	  	 	22	  
		 	 3.7
	 	 Option Plan; Vesting; Stock Repurchase
	  	 	22	  
		 	 3.8
	 	 Confidential Information and Invention Assignment Agreement
	  	 	23	  
		 	 3.9
	 	 Market Stand-Off Agreement
	  	 	23	  
		 	 3.10
	 	 Compliance with Laws
	  	 	23	  
		 	 3.11
	 	 Required Board Approvals
	  	 	23	  
		 	 3.12
	 	 Termination of Covenants; Assignment of Covenants
	  	 	24	  
		
	 SECTION 4 Rights of First Refusal
	  	 	25	  
				
		 	 4.1
	 	 Subsequent Offerings
	  	 	25	  
		 	 4.2
	 	 Exercise of Rights
	  	 	25	  
		 	 4.3
	 	 Issuance of New Securities to Other Persons
	  	 	25	  
		 	 4.4
	 	 Termination and Waiver of Rights of First Refusal
	  	 	26	  
		 	 4.5
	 	 Transfer of Rights of First Refusal; Affiliates of Investors
	  	 	26	  
		 	 4.6
	 	 Excluded Securities
	  	 	27	  
		
	 SECTION 5 Miscellaneous
	  	 	27	  
				
		 	 5.1
	 	 Amendment and Waiver
	  	 	27	  

  
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 TABLE OF CONTENTS 

(continued) 
  

									
				
	 	 	 	 	 	  	Page	 
				
		 	 5.2
	 	 Governing Law
	  	 	29	  
		 	 5.3
	 	 Jurisdiction; Venue
	  	 	29	  
		 	 5.4
	 	 Waiver of Jury Trial
	  	 	29	  
		 	 5.5
	 	 Equitable Remedies
	  	 	29	  
		 	 5.6
	 	 Successors and Assigns
	  	 	29	  
		 	 5.7
	 	 Entire Agreement
	  	 	30	  
		 	 5.8
	 	 Severability
	  	 	30	  
		 	 5.9
	 	 Delays or Omissions
	  	 	30	  
		 	 5.10    
	 	 Notices
	  	 	30	  
		 	 5.11
	 	 Titles and Subtitles
	  	 	31	  
		 	 5.12
	 	 Non-Business Days
	  	 	31	  
		 	 5.13
	 	 Counterparts
	  	 	31	  
		 	 5.14
	 	 Telecopy Execution and Delivery
	  	 	31	  
		 	 5.15
	 	 Aggregation of Stock
	  	 	31	  
		 	 5.16
	 	 Restatement of Existing Agreement
	  	 	32	  

  
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 TPI COMPOSITES, INC. 

THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 

This THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of June 17,
2010, by and among TPI Composites, Inc., a Delaware corporation (the “Company”), the persons and entities set forth in the Schedule of Investors attached hereto as Exhibit A (as the same may be supplemented and amended
from time to time as provided to herein) (each, an “Investor,” and together, the “Investors”). 

RECITALS 
 WHEREAS,
the Company and certain of the Investors (the “Series C Investors”) are parties to that certain Series C Convertible Preferred Stock Purchase Agreement dated as of the date hereof (the “Purchase Agreement”), whereby
the Company will sell, and the Series C Investors will purchase, shares of Series C Preferred (as defined below) (the “Financing”); 

WHEREAS, the Company and certain of the Investors (the “Prior Holders”) are parties to that certain Second Amended and
Restated Investor Rights Agreement dated as of May 22, 2009, as amended (the “Existing Agreement”); 
 WHEREAS,
pursuant to Section 5.1 of the Existing Agreement, the Existing Agreement may be amended as contemplated herein by a written instrument executed by the Company, Landmark (as defined below), GE (as defined below), Element (as defined below) and
the Holders holding not less than seventy percent (70%) of the Series A Preferred (as defined below) then outstanding; 
 WHEREAS, the
parties to this Agreement include the Company, Landmark, GE, Element and the holders of at least seventy percent (70%) of the Series A Preferred outstanding on the date hereof; 

WHEREAS, the obligations in the Purchase Agreement are conditioned upon, among other things, the execution and delivery of this Agreement; and

 WHEREAS, in consideration of the Financing, the Company and the Prior Holders desire to amend and restate the Existing Agreement in the
matter set forth herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations and covenants hereinafter set forth, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 SECTION 1 

General 
 1.1
Certain Definitions. As used in this Agreement the following terms shall have the following respective meanings: 

(a) “Affiliate” means, with respect to a party hereto (or such party’s successors and assigns), any person or
entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such person or entity (or such person’s or entity’s successors and assigns). For purposes of this
definition, a person or entity shall be deemed to be “controlled by” another person or entity if the other possesses, directly or indirectly, power either (i) to vote more than fifty percent (50%) or more of the securities having
ordinary voting power for the election of directors of such person or entity, or (ii) to direct or cause the direction of the management and policies of such person or entity whether by contract or otherwise; provided, however, that for
purposes of clarity, in addition to the foregoing, with respect to any venture capital investor, “Affiliate” shall include any partnership, limited liability company, corporation or fund sharing a common management company or similar
entity. 
 (b) “Angeleno” means Angeleno Investors II, L.P. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Closing” shall mean the “Initial Closing” (as defined in the Purchase Agreement). 

(e) “Common Stock” means the Common Stock of the Company, par value $0.01 per share. 

(f) “Derivative Securities” shall mean any securities or rights convertible into, or exercisable or exchangeable for (in each
case, directly or indirectly), Common Stock, including options and warrants. 
 (g) “Element” means Element Partners II,
L.P., Element Partners II Intrafund, L.P., and each of their respective Affiliates, assignees and transferees 
 (h) “Exchange
Act” means 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. 

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

(j) “GE” means GE Capital Equity Investments, Inc. 

  
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 (k) “Holder” means any person owning of record Registrable Securities that have
not been sold to the public or any transferee or assignee of record of such Registrable Securities to which the registration rights conferred by this Agreement have been transferred or assigned in accordance with Section 2.11 hereof. 

(l) “Initial Public Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock
registered under the Securities Act. 
 (m) “Landmark” means Landmark IAM Growth Capital, L.P., Landmark Growth Capital
Partners, L.P., and each of their respective Affiliates, assignees and transferees. 
 (n) “Major Investor” shall have the
meaning ascribed to such term in Section 3.1. 
 (o) “NGP” means NGP Energy Technology Partners, L.P. and its
Affiliates, assignees and transferees. 
 (p) “New Securities” shall have the meaning ascribed to such term in
Section 4.1 hereof, subject to the limitations of Section 4.6 hereof. 
 (q) “Qualified IPO” shall have the
ascribed to such term in the Restated Certificate. 
 (r) “Register,” “registered” and
“registration” shall refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of effectiveness by the SEC of such registration statement
or document. 
 (s) “Registrable Securities” means (a) shares of Common Stock of the Company issued or issuable upon
conversion of the Shares, (b) shares of Common Stock owned by Landmark as of the date hereof (other than those shares of Common Stock issued or issuable upon conversion of the Shares held by Landmark; collectively, the “Landmark
Registrable Securities”), or owned by any transferee of such shares after the date hereof, and (c) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a
dividend or other distribution with respect to, or in exchange for or in replacement of the securities referenced in clauses (a) and (b) above. Notwithstanding the foregoing, Registrable Securities shall not include any securities of the
Company (i) sold by any person to the public either pursuant to a registration statement under the Securities Act or Rule 144 or (ii) with respect to which the registration rights of the Holder thereof have expired pursuant to
Section 2.8 hereof. 
 (t) “Registration Expenses” means all expenses incurred by the Company in complying with
Sections 2.2, 2.3 and 2.4 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel for the Company, Blue Sky fees and expenses and the expense of any special audits incidental to
or required by any such registration (but excluding the compensation of regular employees of the Company, which shall be paid in any event by the Company, all underwriting discounts and all underwriting commissions). In addition, Registration
Expenses shall include reasonable fees and 

  
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disbursements of a single special legal counsel for the Holders selling Registrable Securities selected by the Holders of a majority of the Registrable Securities being registered pursuant to
Sections 2.2, 2.3 or 2.4, as applicable. For the avoidance of doubt, Registration Expenses shall exclude Selling Expenses. 
 (u)
“Restated Certificate” means the Company’s Fifth Amended and Restated Certificate of Incorporation, as may be amended from time to time. 

(v) “ROFR Agreement” means the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement by and among
the Company and the Stockholders (as defined therein) dated as of the date of this Agreement. 
 (w) “Rule 144” means Rule
144 as promulgated by the SEC 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 SEC. 

(x) “Rule 145” means Rule 145 as promulgated by the SEC 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 SEC. 
 (y) “SEC” or “Commission” means
the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 
 (z) “Securities
Act” means 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” means all underwriting discounts, selling commissions and stock transfer rates applicable to the sale
of Registrable Securities. 
 (bb) “Series A Director” shall have the meaning set forth in the ROFR Agreement. 

(cc) “Series A Preferred” means the Series A Convertible Preferred Stock of the Company, par value $0.01 per share. 

(dd) “Series B Preferred” means the Series B Convertible Preferred Stock of the Company, par value $0.01 per share. 

(ee) “Series B-1 Preferred” means the Series B-1 Convertible Preferred Stock of the Company, par value $0.01 per share. 

(ff) “Series C Preferred” means the Series C Convertible Preferred Stock of the Company, par value $0.01 per share. 

(gg) “Shares” means all shares of Series A Preferred, Series B Preferred, Series B-1 Preferred and Series C Preferred issued
to the Investors. 

  
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 (hh) “Special Registration Statement” means (i) a registration statement
relating to any employee benefit plan of the Company, (ii) a registration statement of the Company relating to any corporate reorganization or other transaction under Rule 145, including any registration statements related to the issuance
or resale of securities issued in such a transaction, or (iii) a registration statement related to the offer and sale of debt securities. 

SECTION 2 

Restrictions on Transfer; Registration 

2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless and until: 

(i) there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is
made in accordance with such registration statement; or 
 (ii) (A) the transferee has agreed in writing to be bound by the terms
of this Agreement (for purposes of clarification, this condition (A) shall apply only to transferees who acquired Shares or Registrable Securities prior to the Qualified IPO and only with respect to such shares) including without limitation,
Sections 2.1 and 2.12 hereof, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and (C) if
reasonably requested by the Company, such Holders shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such shares under the Securities Act. It is
agreed that the Company will not require opinions of counsel for transactions made pursuant to and in accordance with Rule 144, except in unusual circumstances. 

(b) Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer (i) by a Holder that is a
partnership transferring to its partners, members or other equity owners or former partners, retired members or other equity owners or to the estate of any of its partners, members or other equity owners or retired partners, members or other equity
holders so long as such transfers are in accordance with partnership interests and made pursuant to the terms of such Holder’s partnership agreement, (ii) by a Holder that is a corporation transferring to a wholly-owned subsidiary of such
Holder, a parent corporation that owns all of the capital stock of such Holder or the stockholders of such Holder in accordance with their ownership of the Holder, (iii) by a Holder that is a limited liability company transferring to its
members or former members in accordance with their interest in the limited liability company and made pursuant to the terms of such Holder’s limited liability company agreement, (iv) by a Holder that is an individual holder transferring to
such Holder’s spouse, child (natural or adopted), or any other direct lineal descendants of such Holder (or his or her spouse), (each, a “Family Member”), or any custodian or trustee of any trust or any other corporation,
partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Holder or any such Holder’s Family Members, (v) subject to 

  
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applicable securities laws, by a Holder that is transferring to an Affiliate of such Holder, (vi) subject to applicable securities laws, to one or more Affiliated partnerships, limited
liability companies or funds managed by a Holder or any of their respective directors, officers, partners or members, (vii) subject to applicable securities laws, by a Holder that is a transferee of not less than ten percent (10%) of the
Registrable Securities (as adjusted for stock dividends, combinations, splits, recapitalizations and the like) held by the transferring Holder measured as of the date such Holder became a party to this Agreement, or (viii) that is a transfer
not involving any change in beneficial ownership; provided that in each such case the transferee will agree in writing to be subject to the terms of this Agreement, including, without limitation, Sections 2.1 and 2.12 hereof, to the same
extent as if such transferee were an original Holder hereunder. Notwithstanding anything to the contrary contained herein, any transfer of Shares or Registrable Securities shall be subject to the terms of Section 4.1 of the ROFR Agreement. 

(c) Each certificate representing shares or Registrable Securities shall be stamped or otherwise imprinted with legends substantially similar
to the following (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE ISSUER HAS RECEIVED AN
OPINION OF LEGAL COUNSEL SATISFACTORY TO THE ISSUER AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 
 THE SALE, PLEDGE,
HYPOTHECATION OR OTHER TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN THIRD AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT, BY AND BETWEEN THE STOCKHOLDER AND THE ISSUER OF SUCH
SECURITIES, INCLUDING A LOCK-UP PERIOD OF UP TO 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT OF THE ISSUER FILED UNDER THE ACT AND VOTING RESTRICTIONS AS SET FORTH IN THE THIRD AMENDED AND RESTATED RIGHT OF FIRST REFUSAL,
CO-SALE AND VOTING AGREEMENT. COPIES OF SUCH AGREEMENTS MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF SUCH SECURITIES. 

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if (i) the Company
has completed the Initial Public Offering, (ii) the Holder shall have obtained an opinion of counsel (which counsel may be 

  
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counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and
legend and (iii) the Holder shall have delivered such securities to the Company or its transfer agent. 
 (e) Any legend endorsed on an
instrument pursuant to applicable state securities laws and the stop-transfer instructions with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate Blue Sky authority authorizing such removal. 

2.2 Demand Registration 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request from (i) the Holders holding not
less than thirty percent (30%) of the shares of Common Stock issued or issuable upon conversion of the Series A Preferred (other than Landmark Registrable Securities) then outstanding, (ii) the Holders holding not less than fifty percent
(50%) of the Landmark Registrable Securities, (iii) the Holders holding not less than fifty percent (50%) of the shares of Common Stock issued or issuable upon conversion of the Series B Preferred (other than Landmark Registrable
Securities) then outstanding or (iv) the Holders holding not less than fifty percent (50%) of the shares of Common Stock issued or issuable upon conversion of the Series B-1 Preferred (other than Landmark Registrable Securities) then
outstanding (each, a “Demand Registration Request”), that the Company file a registration statement with respect to all or part of the Registrable Securities under the Securities Act, then the Company shall, within fifteen
(15) calendar days of the receipt thereof, give written notice of such request to all Holders, and, subject to the limitations of this Section 2.2, use its commercially reasonable efforts to effect, as expeditiously as reasonably possible
(and in any event within ninety (90) days of the date such request is given or such longer period as results from a delay for any reason from the SEC) the registration under the Securities Act of all Registrable Securities that all Holders
request to be registered pursuant to and in accordance with this Agreement. 
 (b) The Company shall not be required to effect or take any
action to effect a registration pursuant to this Section 2.2: 
 (i) prior to one hundred eighty (180) calendar days after
the effective date of the Initial Public Offering; 
 (ii) (A) solely with respect to Section 2.2(a)(i) above, after the
Company has effected two (2) registrations pursuant thereto, (B) solely with respect to Section 2.2(a)(ii) above, after the Company has effected two (2) registrations pursuant thereto, (C) solely with respect to
Section 2.2(a)(iii) above, after the Company has effected one (1) registration pursuant thereto, and (D) solely with respect to Section 2.2(a)(iv) above, after the Company has effected one (1) registration pursuant thereto,
and such registrations have been declared or ordered effective (which, for the avoidance of doubt, shall mean that the registrations shall have been continuously effective for one hundred eighty (180) calendar days, or until all Registrable
Securities covered thereby have been sold, if earlier); 

  
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 (iii) if the Holders specified in Section 2.2(a) propose to dispose of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; 
 (iv) if
the Holders specified in Section 2.2(a) propose to sell Registrable Securities, the aggregate proceeds of which are less than $10,000,000; or 

(v) during the period starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing
of a registration under the Securities Act for the purposes of a public offering of securities of the Company (including but not limited to, registration statements related to follow-on offerings of securities of the Company, but excluding Special
Registration Statements); provided that the Company shall, within thirty (30) days of its receipt of a Demand Registration Request, provide written notice to all Holders specified in Section 2.2(a) of its intent to file a
registration statement for a public offering of securities of the Company within sixty (60) days; provided further that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to
become effective; and provided further that in the case of a public offering other than an Initial Public Offering that the Initiating Holders (as defined below) are permitted to register such shares in such registration as requested to be
registered pursuant to Section 2.3 hereof; or 
 (vi) if the Company shall furnish to Holders requesting a registration statement
pursuant to this Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such registration statement to be
effected at such time, in which event the Company shall have the right to defer such filing for a period of not more than sixty (60) days after receipt of the request of the initiating Holders; provided that such right to delay a request
shall be exercised by the Company not more than twice in any twelve month period; 
 2.3 Piggyback Registrations. 

(a) The Company shall notify all Holders of Registrable Securities in writing at least twenty (20) calendar days prior to the filing of
any registration statement under the Securities Act for purposes of a public offering of securities of the Company (including, but not limited to, registration statements relating to follow-on offerings of securities of the Company, but excluding
Special Registration Statements and the Company’s Initial Public Offering so long as no other stockholders of the Company are then selling Common Stock in connection therewith) and will afford each such Holder a reasonable opportunity to
include in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder shall, within
twenty (20) calendar days after receipt of the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder
decides not to include all of such Holder’s Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent
registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, in each case subject to the terms and conditions set forth herein. 

  
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 (b) The Company shall have the right to terminate or withdraw any registration initiated by it
under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration, and shall promptly notify any Holder that has elected to include securities in such
registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with Section 2.5 below. 

2.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written
request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company will: 

(a) within ten (10) calendar days after receipt of such notice, give written notice of the proposed registration, and any related
qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon as reasonably practicable, and in any
event within forty-five (45) calendar days after the date such request is given by such Holder or Holders, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale
and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such
request as are specified in a written request given within fifteen (15) calendar days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such
registration, qualification or compliance pursuant to this Section 2.4, (A) if Form S-3 is not available to the Company for such offering, (B) if the aggregate proceeds from the sale of Registrable Securities proposed to be sold
pursuant to a Form S-3 will not exceed $2,000,000, (C) in any twelve month period, after the Company has effected four (4) registrations pursuant to this Section 2.4 in any such twelve month period, and such registrations have been
declared or ordered effective; provided that at least one (1) such registration was effected on behalf of the Holders holding Common Stock issued or issuable upon conversion of the Series A Preferred (other than Landmark Registrable
Securities), at least one (1) such registration was effected on behalf of the Holders holding Landmark Registrable Securities, at least one (1) such registration was effected on behalf of the Holders holding Series B Preferred, and at
least one (1) such registration was effected on behalf of the Holders holding Series B-1 Preferred, (D) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this Section 2.4, the
Company gives notice to such Holder or Holders of the Company’s intention to make a public offering of securities of the Company within ninety (90) days, other than pursuant to a Special Registration Statement, or (E) if the Company
shall furnish to the Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board, it would be seriously detrimental to the Company and its stockholders for such Form S-3 registration to be effected
at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this
Section 2.4; provided that such right to delay a request shall be exercised by the Company not more than twice in any twelve month period. 

  
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 Subject to the foregoing, the Company shall file a Form S-3 registration statement covering the
Registrable Securities and other securities so requested to be registered as soon as reasonably practicable after receipt of the requests of the Holders. Registrations effected pursuant to this Section 2.4 shall not be counted as demands for
registration or registrations effected pursuant to Section 2.2 or 2.3, respectively. 
 2.5 Expenses of Registration.
Except as specifically provided herein, all Registration Expenses incurred in connection with any registration effected pursuant to Section 2.2, Section 2.3 or Section 2.4 herein shall be borne by the Company. All Selling Expenses
incurred in connection with any registrations under Section 2.2 or Section 2.4 shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not,
however, be required to pay for expenses of any registration proceedings begun pursuant to Section 2.2 or Section 2.4, the request of which has been subsequently withdrawn by the Holders of securities requesting such registration unless
(a) the withdrawal is based upon material adverse information concerning the Company or a material adverse change in any market or the Company’s securities of which the Initiating Holders (as defined below) were not aware at the time of
such request or (b) (i) the Holders holding not less than fifty percent (50%) of the shares of Common Stock issued or issuable upon conversion of the Series A Preferred then outstanding, (ii) the Holders holding not less than
fifty percent (50%) of the Landmark Registrable Securities, (iii) the Holders holding not less than fifty percent (50%) of the shares of Common Stock issued or issuable upon conversion of the Series B Preferred then outstanding or
(iv) the Holders holding not less than fifty percent (50%) of the shares of Common Stock issued or issuable upon conversion of the Series B-1 Preferred then outstanding agree to forfeit their right to one requested registration pursuant to
Section 2.2(a)(i), Section 2.2(a)(ii), Section 2.2(a)(iii) or Section 2.2(a)(iv) above, respectively, in which event such right shall be forfeited by all such Holders. If the Holders are required to pay the Registration Expenses,
such expenses shall be borne by the holders of securities (including Registrable Securities) that requested such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the
Registration Expenses of a withdrawn offering pursuant to clause (a) above, then the Holders shall not forfeit their rights pursuant to a registration under Section 2.2. 

2.6 Underwriting. If the Holders initiating a registration request hereunder (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 Sections 2.2, 2.3 or 2.4 hereof and the Company shall include such
information in the written notice referred to in Sections 2.2(a), 2.3(a) or 2.4 above, as applicable. In such event, the right of any Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Initiating Holders (which underwriter or underwriters shall be reasonably acceptable to the Company). Notwithstanding any other
provision of Sections 2.2, 2.3 or 2.4 above, if the managing underwriter determines in good faith that marketing factors require a limitation of the number of securities to be underwritten (including Registrable Securities) and the managing
underwriter so advises the Company in writing, then the Company shall so advise all Holders of 

  
 -10- 

 
Registrable Securities that would otherwise be underwritten pursuant hereto, and any other potential participants in such registration, the number of shares that may be included in the
underwriting shall be allocated as follows: first to the Holders on a pro rata basis based on the total number of then outstanding Registrable Securities or other shares of capital stock (on an as-converted basis) held by such Holders and then, if
all the Shares held by Holders are included in such registration, to any other potential participants in such registration (other than Holders) on a pro rata basis; provided, however, that no such reduction shall reduce the number of
shares of Registrable Securities held by any Initiating Holder included in the registration to below 30% of the total amount of Registrable Securities then held by such Initiating Holder, unless such offering is the Initial Public Offering, in which
case the Initiating Holders may be excluded further if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. Notwithstanding the foregoing, but subject to the allocation set
forth above, in no event will shares of any party other than a Holder be included in such a registration without the written consent of (i) the Holders holding not less than fifty percent (50%) of the Series A Preferred then outstanding
and (ii) Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of capital stock of the Company owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations
and the like), and otherwise, the Holders holding not less than a majority of the shares of Common Stock then outstanding, if such inclusion would reduce the number of shares that may be included by the Holders. If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the managing underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable
Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a partnership, corporation or limited liability company, the partners, retired partners, members, retired members
and stockholders of such Holder, or the estates and family members of any such partners, retired partners, members, retired members and stockholders and any trusts for the benefit of any of the foregoing person shall be deemed to be collectively a
single “Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,”
as defined in this sentence. 
 2.7 Obligations of the Company. Whenever required to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) Prepare and file with the SEC a registration
statement with respect to such Registrable Securities (provided that before filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish legal counsel for the Holders with copies of all
such documents to be filed) and use all commercially reasonable efforts to cause such registration statement to become effective, and keep such registration statement effective for one hundred twenty (120) calendar days or until the Holder or
Holders have completed the distribution related thereto; 
 (b) Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the 

  
 -11- 

 
disposition of all securities covered by such registration statement for the period set forth in subsection (a) above; 

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

(d) Use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under Blue Sky
laws of such jurisdictions as shall be reasonably requested by the Holders (and to maintain such registrations and qualifications effective for the applicable period of time set forth in Section 2.7(a) above, and to do any and all other acts
and things that may be necessary or advisable to enable such Holders to consummate the disposition in such jurisdictions of such shares (provided that the Company will not be required to (i) qualify generally to do business in any
jurisdiction where it would not be required but for this Section 2.7(d), (ii) subject itself to taxation in any such jurisdiction or (iii) file any general consent to service of process in any such states or jurisdictions)); 

(e) In the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing underwriter(s) of such offering, and enter into such other customary agreements and take all such actions (including, without limitation, effecting a stock split or combination of shares) as such underwriter
reasonably requests in order to expedite or facilitate the disposition of such shares; 
 (f) 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 (or, if not then listed, on such exchange(s) as requested by a majority of the participating Holders or, in the
case of registrations pursuant to Section 2.2 above, the Initiating Holders); 
 (g) Notify each Holder of Registrable Securities
covered by such registration statement at any time when a prospectus relating thereto is required to be delivered under the 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 in the light of the circumstances then existing. The Company
will use commercially reasonable efforts to amend or supplement such prospectus in order to cause such prospectus to not include any 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 in the light of the circumstances then existing; 
 (h) Use commercially reasonable efforts
to furnish, on or about the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, copies of (i) the opinion, if any, of the lead legal counsel representing the
Company for the purposes of such registration issued pursuant to the underwriting agreement relating to the offering and addressed to the underwriters and (ii) the letter (including any “bring-downs” related thereto) from the
independent certified public accountants of the Company issued 

  
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pursuant to the underwriting agreement relating to the offering and addressed to the underwriters; 

(i) Provide for a transfer agent and registrar and CUSIP number for all such shares not later than the effective date of such
registration statement; 
 (j) Make available for inspection by any Holder, by any underwriter participating in any distribution
pursuant to such registration statement and by any attorney, accountant or other agent retained by any Holder or by any such underwriter all financing and other records, pertinent corporate documents and properties (other than confidential
intellectual property and trade secrets of the Company) of the Company and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such Holder, underwriter, attorney,
accountant or agent in connection with such registration statement; 
 (k) 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 (12) months beginning with the first day of
the Company’s first full calendar quarter after the effective date of the registration statement, which earnings statement shall satisfy in all respects the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated
thereunder; 
 (l) In the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any
order suspending or preventing the use of any related prospectus or suspending the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, the Company shall use its commercially reasonable
efforts promptly to obtain the withdrawal of such order; and 
 (m) Use its commercially reasonable efforts to, within the time periods
required by applicable law, file all documents and reports required to be filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, and to take any and all other actions to ensure the availability of the use
of Form S-3 to the Company and the Holders. 
 2.8 Termination of Registration Rights. A Holder’s registration rights
shall expire on the earlier of (a) the ten (10) year anniversary of the date the Company completed its Initial Public Offering and is subject to the provisions of the Exchange Act; or (b) the date that all Registrable Securities held
by and issuable to such Holder may be sold pursuant to Rule 144(b)(1) under the Securities Act, but in no event prior to the third anniversary of the Company’s Initial Public Offering. 

2.9 Furnishing Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Sections 2.2, 2.3 or 2.4 above that the selling Holders shall furnish to the Company such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of such securities as shall be required to
effect the registration of their Registrable Securities. 

  
 -13- 

 2.10 Indemnification. 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each of its officers, member, directors,
partners, stockholders, legal counsel, accountants, and any underwriter (as defined in the Securities Act) for such Holders 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 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, (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, the Exchange Act, any state securities law, or any rule or regulation
thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and will reimburse each such Holder, each of its officers, directors, partners,
legal counsel, and accountants and each person controlling such 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
or each such underwriter and each person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, loss, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission based upon written information
furnished to the Company by such Holder, each of its officers or underwriter and stated to be specifically for use therein. It is agreed that the indemnity agreement contained in this Section 2.10(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 the Company, each of its directors and officers, 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 its officers and directors, and each person controlling such other 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 in any such registration statement, prospectus, offering
circular or other document, 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, legal counsel, accountants, persons, underwriters or control persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in
each case to the extent, but only to the extent, that such untrue 

  
 -14- 

 
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 under an instrument duly executed by such Holder and stated to be in furnished by such Holder 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 written consent of such Holder (which consent shall not
be unreasonably withheld); and provided further, that in no event shall any Holder’s obligation to make an indemnity under this Section 2.10(b) exceed the gross proceeds from the offering received by such Holder (less any amounts
paid, or for which such Holder is then liable to pay, by way of indemnity or contribution under Sections 2.10(b) or (d)). 
 (c) Each party
entitled to indemnification under this Section 2.10 (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, however, that legal 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, however, 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, to
the extent such failure is not prejudicial. No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the written 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 the 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 2.10 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 to such
parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omissions; provided that in no event shall any contribution by a Holder hereunder, when 

  
 -15- 

 
combined with any amounts paid by such Holder pursuant to Section 2.10(b), exceed the net proceeds from the offering received by such Holder. 

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

(f) The obligations of the Company and Holders under this Section 2.10 shall survive completion of any offering of Registrable Securities
in a registration statement and, with respect to liability arising from an offering to which this Section 2.10 would apply that is covered by a registration filed before termination of this Agreement, such termination. No indemnifying party, in
the defense of any such claim or litigation, shall, except with the written consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which 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. 
 2.11
Transfer or Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 2 may be transferred or assigned by a Holder to a transferee or assignee of Registrable
Securities that (a) is a partner, member or other equity owner or a former partner, retired member or other equity owner or the estate of any partner, member or other equity owner or retired partner, member or other equity holder of a Holder
that is a partnership in accordance with partnership interests and made pursuant to the terms of such Holder’s partnership agreement; (b) is a wholly-owned subsidiary of a Holder that is a corporation, a parent corporation that owns all of
the capital stock of such Holder or the stockholders of the Holder in accordance with their ownership of the Holder; (c) is a member or former member of a Holder that is a limited liability company, in accordance with their interest in the
limited liability company and made pursuant to the terms of such Holder’s limited liability company agreement; (d) is a Family Member, or any custodian or trustee of any trust or any other corporation, partnership or limited liability
company for the benefit of, or the ownership interests of which are owned wholly by such Holder or any such Holder’s Family Members; (e) is an Affiliate of the Holder; (f) is an Affiliated partnership, limited liability company or
fund managed by a Holder or any of their respective directors, officers, partners or members; or (g) acquires not less than ten percent (10%) of the Registrable Securities (as adjusted for stock dividends, combinations, splits,
recapitalizations and the like) held by the transferring Holder measured as of the date such Holder became a party to this Agreement; provided, however, that (i) the transferor shall, within a reasonable time after such transfer,
furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned and (ii) such transferee shall agree to be subject to all
restrictions set forth in this Agreement. Notwithstanding anything to the contrary contained herein, any transfer of the rights granted pursuant to this Section 2.11 shall be subject to the terms of Section 4.1 of the ROFR Agreement. 

2.12 “Market Stand-Off” Agreement. 

(a) If requested by the Company or an underwriter in connection with the Initial Public Offering, each Holder hereby agrees that such Holder
shall not sell, transfer, make 

  
 -16- 

 
any short sale of, grant any option for the purchase of, enter into any hedging or similar transaction with the same economic effect as a sale or otherwise transfer or dispose of any Common Stock
(or any other securities of the Company) held by such Holder (other than those included in the registration) for a period (the “Lock Up Period”) specified by the representative of the underwriters of the Common Stock (or any other
securities) of the Company not to exceed one hundred eighty (180) calendar days following the effective date of a registration statement of the Company filed under the Securities Act in connection with such offering (the “Effective
Date”), which period may be extended upon the request of the managing underwriter, to the extent required by any FINRA rules, for an additional period of up to fifteen (15) days if the Company issues or proposes to issue an earnings or
other public release within fifteen (15) days of the expiration of the 180-day lockup period; provided that all current and future officers and directors of the Company and all current and future holders of at least one percent (1%) of the
Company’s voting securities are bound by and have entered into similar agreements. In the event of an early release of securities restricted pursuant to this Section 2.12, such securities will be released from such restriction on a pro
rata basis among all Holders of the Registrable Securities; provided, however, that in no event shall any holders of the Company’s securities be released from the restrictions pursuant to this Section 2.12 until all
Holders of the Registrable Securities are released. 
 (b) Each Holder agrees to execute and deliver such other agreements as may be
reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under this Section 2.12 or that are necessary to give further effect thereto. The obligations described in this Section 2.12
shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or any other securities) subject to the foregoing restriction until the end of the relevant market
stand-off period. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 2.12
and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 
 2.13 Rule 144
Reporting. With a view to making available to the Holders the benefits of certain rules and regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration after such time as a public market
exists for the Common Stock, the Company agrees to use its commercially reasonable efforts to: 
 (a) Make and keep public information
available, as those terms are understood and defined in Rule 144, at all times after the date that the Company becomes subject to the reporting requirements of the Securities Act and the Exchange Act; 

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

(c) So long as a Holder owns any Registrable Securities required to bear the restrictive legends set forth in Section 2.1 above,
furnish to such Holder forthwith upon request: (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144, and of the Exchange Act (at any time after it has become subject to such reporting
requirements); (ii) a copy of the most recent annual or quarterly report of the Company filed with 

  
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the SEC; and (iii) such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such
securities without registration. 
 2.14 Limitation on Subsequent Registration Rights. After the date of this Agreement, the
Company shall not enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to include such shares
in a registration statement that would reduce the number of shares includable by the Holders, without the written consent of (i) so long as at least fifty percent (50%) of the Shares issued and outstanding as of the date hereof remain
outstanding, the Holders holding not less than fifty percent (50%) of the Shares then outstanding, voting together as a single class on an as-converted basis) and (ii) Landmark, so long as Landmark continues to own at least fifty percent
(50%) of the shares of capital stock of the Company owned by Landmark as of the date hereof, as adjusted for stock splits, stock dividends, recapitalizations and the like, and otherwise, the Holders holding not less than a majority of the
Landmark Registrable Securities then outstanding. 
 SECTION 3 

Covenants of the Company 

3.1 Basic Financial Information and Reporting. The Company will maintain true books and records of account in which full and
correct entries will be made of all its business transactions pursuant to a system of accounting established and administered in accordance with U.S. generally accepted accounting principles consistently applied (“GAAP”), and will
set aside on their books all such proper accruals and reserves as shall be required under GAAP consistently applied. 
 (a) As soon as
reasonably practicable after the end of each fiscal year of the Company, and in any event within one hundred twenty (120) calendar days after the end of each such fiscal year, the Company will furnish to each Holder of Shares or Registrable
Securities, a consolidated balance sheet of the Company, as of the end of such fiscal year, and a consolidated statement of income and a statement of cash flows of the Company, for such year, all prepared in accordance with GAAP and setting forth in
each case in comparative form the figures for the previous fiscal year, all in reasonable detail and audited and certified by (i) independent public accountants of national standing approved by the Board and (ii) the Chief Financial
Officer or Chief Executive Officer of the Company. 
 (b) As soon as reasonably practicable after the end of the first three fiscal quarters
of each fiscal year and in any event within forty-five (45) days thereafter (so long as reasonably practicable), the Company will furnish to (i) each stockholder who, with its Affiliates, owns not less than five percent (5%) of the
Company’s then outstanding Common Stock (as adjusted for stock splits, stock dividends and the like) on an as-converted basis, (ii) GE, so long as GE and its Affiliates continue to own at least fifty percent (50%) of the Series B
Preferred (or Common Stock issued or issuable upon conversion of the Series B Preferred) outstanding as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), (iii) NGP, so long as NGP continues to
own at least fifty percent (50%) of the Shares (or Common 

  
 -18- 

 
Stock issued or issuable upon conversion of the Shares) held by NGP as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), (iv) Angeleno, so
long as Angeleno and its Affiliates continue to own at least fifty percent (50%) of the Shares (or Common Stock issued or issuable upon conversion of the Shares) held by Angeleno or its Affiliates as of the date hereof (as adjusted for stock
splits, stock dividends, recapitalizations and the like) and (v) Element, so long as Element and its Affiliates continue to own at least fifty percent (50%) of the Shares (or Common Stock issued or issuable upon conversion of the Shares)
held by Element or its Affiliates as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like) (each, a “Major Investor”), an unaudited consolidated balance sheet of the Company as of the end
of each such period, and an unaudited consolidated statement of income and an unaudited statement of cash flows of the Company for such period and for the current fiscal year to date, all certified by the Company’s Chief Financial Officer or
Chief Executive Officer, prepared in accordance with GAAP (with the exception that no notes need be attached to such statements and period-end audit adjustments may not have been made) and setting forth in each case in comparative form the figures
from the previous fiscal quarter and from the Budget and Operating Plan (as defined below). 
 (c) As soon as reasonably practicable after
each month, and in any event within thirty (30) calendar days after each such month, the Company will furnish to each Major Investor an unaudited consolidated balance sheet of the Company as of the end of each such period, and an unaudited
consolidated statement of income and an unaudited statement of cash flows of the Company for such period and for the current fiscal year to date, all certified by the Company’s Chief Financial Officer or Chief Executive Officer, prepared in
accordance with GAAP (with the exception that no notes need be attached to such statements and period-end audit adjustments may not have been made) and setting forth in each case in comparative form the figures from the previous month and from the
Budget and Operating Plan. 
 (d) The Company will furnish to each Major Investor at least thirty (30) calendar days prior to the
beginning of each fiscal year a detailed business plan for the upcoming fiscal year that includes an operating budget for such year (the “Budget and Operating Plan”). 

(e) Notwithstanding anything contained in this Section 3.1 to the contrary, the Company, in its reasonable discretion, shall have the
right to exclude from any information provided by it to GE or its Affiliates pursuant to this Section 3.1 or elsewhere any information on any competitive aspect of the wind energy industry (including, without limitation, any information
relating to a specific subsidiary, facility or portion thereof, customer or prospective customer); provided further that (i) any financial statements delivered to GE or its Affiliates by the Company pursuant to this Section 3.1 need
only contain holding company consolidated reports, non-wind segment reports, and summary information and (ii) the Company will provide to GE the following information with respect to each new blade manufacturing facility developed by the
Company on or after the date hereof (each such new facility, a “New Plant”): (A) total gross revenue on a quarterly basis for such New Plant, (B) EBITDA on a quarterly basis for such New Plant, (C) the date on which
the ground breaking for such New Plant occurs, (D) the date on which such New Plant opens, (E) the date on which the first blade is shipped from such New Plant, (F) the approximate date on which such New Plant achieves fifty percent
(50%) of such New Plant’s planned capacity (the “50% Planned Capacity”), (G) the aggregate investment schedule (the “Investment Schedule”) for the construction of such New Plant

  
 -19- 

 
(regardless of the source of funds) and (H) a quarterly report of such Investment Schedule will be provided until such time as such New Plant achieves 50% of its Planned Capacity, such
report to consist of a statement as to whether the Company is on target with respect to such Investment Schedule (i.e., within plus or minus fifteen percent (15%) of such Investment Schedule) or, in the event the Company is not on target with
respect to such Investment Schedule, an indication by the Company of the fifteen percent (15%) range by which the Company is not on target with respect to such Investment Schedule (e.g., if the Company is 25% under the Investment Schedule, then
the Company will indicate that it is within 15%-30% under the Investment Schedule). The Company and GE will work together in good faith to determine if any additional financial metrics will be provided to GE or its Affiliates by the Company, which
determination will be made on the basis of the type of information in question and in light of competitive considerations relating to the wind energy industry (including, without limitation, competitive considerations relating to the wind energy
industry with respect to any specific subsidiary, facility or portion thereof, customer or prospective customer). 
 3.2 Inspection
Rights and Confidentiality. 
 (a) The Major Investors (other than GE) shall have the right to visit and inspect any of the
properties of the Company, and to discuss the affairs, finances and accounts of the Company with its officers, and to review such information as is reasonably requested all during normal business hours and upon reasonable notice. GE shall have the
right to inspect, and the Company shall afford GE reasonable access to, any property of the Company where products are being manufactured for GE or its Affiliates; provided, however, that GE shall not have the right to inspect
(A) any property of the Company where the products therein are being manufactured solely for customers of the Company other than GE or its Affiliates or (B) any portion of any properties of the Company where the products therein are being
manufactured for customers of the Company other than GE or its Affiliates. In addition, GE shall have the right to inspect, and the Company shall afford GE reasonable access to, any property of the Company, among other things, to audit and inspect
the Company’s compliance with Environmental Law (as defined in the Purchase Agreement); provided, however, that GE shall not have the right to inspect (A) any property of the Company where the products therein are being
manufactured solely for wind energy customers of the Company other than GE or its Affiliates or (B) any portion of any property of the Company where the products therein are being manufactured for wind energy customers of the Company other than
GE or its Affiliates. The Company shall use commercially reasonable efforts to make its officers available to the Major Investors during all such visits and inspections. 

(b) Each Holder agrees to keep confidential and not misuse any Company information that the Company identifies as being confidential or
proprietary (so long as such information is not in the public domain) that is obtained by such Holder, except that such Holder may disclose such proprietary or confidential information (i) to any partner, member, subsidiary, parent or such
other agent of such Holder for the purpose of evaluating its investment in the Company as long as such partner, member, subsidiary, parent or agent is advised of and bound to the confidentiality provisions of this Section 3.2(b) or comparable
restrictions; (ii) at such time as it enters the public domain through no fault of such Holder; (iii) that is communicated to it free of any obligation of confidentiality; (iv) that is developed by such Holder or its agents
independently of and without reference to any confidential information communicated by the 

  
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Company; or (v) as required by applicable law. Nothing in this Section 3.2(b) shall in any way amend, alter, supersede, terminate or waive any provisions of the Confidentiality
Agreement dated as of March 4, 2008, by and between TPI, Inc. and GE Capital Equity Capital Group, Inc., as amended (the “GE Confidentiality Agreement”), which shall remain in full force and effect in accordance with its terms
and shall supersede the provisions of this Section 3.2(b) to the extent there are any conflicts between the GE Confidentiality Agreement and this Section 3.2(b). Nothing in this Section 3.2(b) shall in any way amend, alter, supersede,
terminate or waive any provisions of the Confidentiality Agreement, dated as of April 20, 2009, by and between the Company and Element (the “Element Confidentiality Agreement”), which shall remain in full force and effect in
accordance with its terms and shall supersede the provisions of this Section 3.2(b) to the extent there are any conflicts between the Element Confidentiality Agreement and this Section 3.2(b). 

3.3 Board Observer. 

(a) The Company shall allow one representative designated by NGP to attend all meetings of the Board in a nonvoting capacity (the
“Observer Rights”), and in connection therewith, the Company shall give such representatives copies of all notices, minutes, consents and other materials, financial or otherwise, which the Company provides to its Board;
provided, however, that such representative shall sign a confidentiality agreement in a form that is agreeable to both Angeleno and the Company; and provided further that the Company reserves the right to exclude such representative
from access to any material or meeting or portion thereof if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege. Notwithstanding anything to the contrary contained
herein, if at any time an individual nominated by Angeleno pursuant to Section 5.3(b)(iii) of the ROFR Agreement is not a director of the Company, then at such time the Company shall allow one representative designated by Angeleno to have the
same Observer Rights as provided to NGP under this Agreement, subject to fulfillment by such representative of the same conditions imposed upon the representative designated by NGP under this Agreement. 

(b) GE shall be entitled to receive copies of all materials provided at regular or special meetings of the Board as and when such materials
are provided to members of the Board, which such information may be redacted by the Company, in its reasonable discretion, in the same manner described in Section 3.1(e) above (the “GE Board Materials”). The Board shall invite
up to three (3) representatives designated by GE to meet with management of the Company on each date the Board holds a meeting (such meetings to take place no less often than on a quarterly basis). On each such date, the Company shall cause
management to be available to meet with GE for a period of time reasonably sufficient to discuss the GE Board Materials and any other business of the Company that the Company determines, in its reasonable discretion, does not relate to any
competitive aspect of the wind energy industry (including, without limitation, any specific subsidiary, facility or portion thereof, customer or prospective customer that relates to the wind energy industry). In addition, the Board may invite one
representative designated by GE to attend any meetings of the Board (and, if applicable, portions thereof) during which no matters relating to any competitive aspect of the wind energy industry (including, without limitation, any specific
subsidiary, facility or portion thereof, customer or prospective customer that relates to the wind energy industry) will be discussed, in a nonvoting capacity; provided, however, that any information disclosed during such meetings (or,
if 

  
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applicable, portions thereof) shall be subject to the GE Confidentiality Agreement; and provided, further, that the Company reserves the right to exclude such representative from
access to any material or meeting or portion thereof (A) if the Company believes upon advice of counsel that such exclusion is reasonably necessary to preserve the attorney-client privilege or (B) that relates to any competitive aspect of
the wind energy industry (including, without limitation, any specific subsidiary, facility or portion thereof, customer or prospective customer that relates to the wind energy industry). Subject to signing a confidentiality agreement in a form that
is reasonably agreeable to both the Holders of Series B Preferred and the Company, each Holder of Series B Preferred holding not less than one hundred (100) shares of Series B Preferred and each Holder of Series B-1 Preferred holding not less
than one hundred (100) shares of Series B-1 Preferred (in each case, as adjusted for stock dividends, combinations, splits, recapitalizations and the like), in addition to the GE designee described above, shall be entitled to receive the GE
Board Materials and to participate in any such meetings with members of management of the Company. 
 3.4 Expenses and Frequency of
Meetings. The Company shall reimburse all reasonable out-of-pocket expenses incurred by any non-employee director of the Company and by individuals with Observer Rights in connection with attendance at Board meetings (including any meetings
of committees of the Board) and any other meetings or events attended on behalf of the Company at the request of the Board. The Board will meet at least on a quarterly basis. The Company shall also reimburse all reasonable out-of-pocket expenses
incurred by one representative of GE in connection with his or her attendance at Board meetings or meetings with management of the Company in connection with such Board meetings. 

3.5 Directors’ Liability, Indemnification and Insurance. The Restated Certificate and the Company’s Bylaws, each as
may be amended from time to time, shall provide (a) for the elimination of the liability of directors to the maximum extent permitted by law and (b) for indemnification of directors for acts on behalf of the Company to the maximum extent
permitted by law. If not obtained prior to the Closing, the Company shall obtain and maintain director’s and officer’s liability insurance in the amount and on terms reasonably acceptable to the Board. 

3.6 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for issuance and delivery upon
the conversion of the Shares, all Common Stock issuable from time to time upon such conversion. 
 3.7 Option Plan; Vesting; Stock
Repurchase. 
 (a) Unless otherwise approved by the Board, all stock options and other stock equivalents granted or issued on or
after the date of this Agreement to employees, directors, consultants, advisors and other service providers shall be subject to time-based vesting as follows: twenty percent (20%) of such stock shall vest at the one (1) year anniversary
following the date of issuance, or such other date as determined by the Board, and one-forty eighth (1/48) of the remaining unvested portion shall vest each month thereafter until the five (5) year anniversary of the date of issuance, or
such other date as determined by the Board; provided that the optionee remains a full-time service provider as of the end of each such vesting period. 

(b) With respect to any shares of restricted stock issued on or after the date of this Agreement, the Company’s repurchase option shall
provide, unless otherwise determined by 

  
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the Board, that upon such person’s termination of employment or service with the Company, with or without cause, the Company or its assignee (to the extent permitted by applicable securities
laws) shall have the option to purchase at the lower of cost and fair market value any unvested shares of stock owned by such person. 

3.8 Confidential Information and Invention Assignment Agreement. The Company shall require all of its current and future
officers, key employees and consultants to execute and deliver a Confidential Information and Invention Assignment Agreement in form and substance satisfactory to the Company’s counsel or the Board. 

3.9 Market Stand-Off Agreement. The Company shall cause (a) all entities and individuals that become stockholders of the
Company after the Closing, (b) all employees, executives, consultants, advisors and other service providers to the Company who receive stock options of the Company after the Closing, and (c) all persons and entities who receive warrants or
other rights to receive the Company’s capital stock after the Closing to be bound by market stand-off restrictions substantially similar to the market stand-off agreement contained in Section 2.12 above. 

3.10 Compliance with Laws. 

(a) The Company shall comply in all material respects with all applicable laws, rules, regulations and orders, noncompliance with which could
adversely affect the Company’s business or condition, financial or otherwise including, without limitation, the filing of all tax returns and payment of all taxes and assessments when due by the Company unless such amounts are in dispute. 

(b) The Company shall comply with all applicable Environmental Laws, the noncompliance with which could adversely affect the Company’s
business or condition, financial or otherwise; provided, however, that no failure to comply with an applicable Environmental Law that would otherwise be deemed a breach of this Section 3.10(b) will be deemed a breach of this
Section 3.10(b) if (i) such breach is not material and (ii) such breach is cured by the Company within ninety (90) days after the Company becomes aware of the breach; provided further, that so long as the Company is using
its reasonable best efforts to cure a breach described in (i) above, an Investor’s sole and exclusive remedy (notwithstanding anything to the contrary set forth herein) for a breach of this Section 3.10(b) in connection with such
breach shall be to bring a claim for specific performance. 
 3.11 Required Board Approvals. Until the consummation of a
Qualified IPO, in addition to any other vote or consent required herein or by law, the affirmative vote or written consent of the Board (including the affirmative vote of the Series A Director) shall be required for the Company to: 

(a) incur any expense or make capital expenditures in excess of 110% of the Board-approved capital expenditure budget in effect at such
time; 
 (b) amend or modify the Company’s equity incentive plans or adopt any new equity plan, or grant of any stock option or
stock equivalent providing for vesting provisions that 

  
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differ from the Company’s standard vesting schedule or acceleration of vesting upon a Liquidation Event (as such term is defined in the Restated Certificate); 

(c) establish or enter into any material joint venture or strategic creation of the partnership other than joint ventures or strategic
partnerships relating to the next four new production facilities as contemplated by the Company’s presentation to NGP on August 23, 2007 (including with respect to the financial projections per such presentation) (the “Contemplated
Facilities”); 
 (d) approve the Budget and Operating Plan; 

(e) transfer or license any of the Company’s intellectual property other than in the ordinary course of business; 

(f) make any acquisition or investments in any twelve (12) month period, the value of which is in excess of $5,000,000 in the
aggregate, other than investments to expand the Company’s current production facilities or investments to construct, outfit, or ramp-up production at the Contemplated Facilities; 

(g) commence construction of any new manufacturing facility or manufacturing facility expansion other than at the Contemplated
Facilities; 
 (h) create, assume or incur indebtedness other than (i) debt incurred in the ordinary course of the Company’s
business, (ii) debt incurred to expand any of the Company’s current production facilities, as contemplated by the Budget and Operating Plan, or (iii) debt incurred to construct, outfit, or ramp-up production at the Contemplated
Facilities, as contemplated by the Budget and Operating Plan; or 
 (i) declare bankruptcy, dissolve or voluntarily liquidate or wind
up. 
 3.12 Termination of Covenants; Assignment of Covenants. Unless terminated earlier pursuant to the terms and provisions
hereof, the covenants of the Company contained in this Section 3 shall terminate and be of no further force and effect upon the consummation of the Qualified IPO. The rights of the Investors and/or Major Investors contained in this
Section 3 may be transferred or assigned by an Investor to a transferee or assignee of the Shares or Registrable Securities that (a) is a partner, member or other equity owner or a former partner, retired member or other equity owner of
the estate of any partner, member or other equity owner or retired partner, member or other equity holder of an Investor or Major Investor that is a partnership, in accordance with partnership interests and made pursuant to the terms of such
Investor’s or Major Investor’s partnership agreement; (b) is a wholly-owned subsidiary of an Investor or Major Investor that is a corporation, a parent corporation that owns all of the capital stock of such Investor or Major Investor
or the stockholders of such Investor or Major Investor in accordance with their ownership of such Investor or Major Investor; (c) is a member or former member of an Investor or Major Investor that is a limited liability company, in accordance
with their interest in the limited liability company and made pursuant to the terms of such an Investor’s or Major Investor’s limited liability company agreement; (d) is a Family Member, or any custodian or trustee of any trust or any
other corporation, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such 

  
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Investor or Major Investor or any such Investor’s or Major Investor’s Family Members; (e) is an Affiliate of the Investor or Major Investor; (f) is an Affiliated partnership,
limited liability company or fund managed by an Investor or Major Investor or any of their respective directors, officers, partners or members; or (g) acquires not less than ten percent (10%) of the Registrable Securities (as adjusted for
stock dividends, combinations, splits, recapitalizations and the like) held by the transferring Investor or Major Investor measured as of the date of such Investor or Major Investor became a party to this Agreement; provided, however, that
(i) the transferor shall, within a reasonable time after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to which such rights and obligations are being
assigned and (ii) such transferee shall agree in writing to be subject to all restrictions set forth in this Agreement. Notwithstanding anything to the contrary contained herein, any transfer of the rights granted pursuant to this
Section 3.12 shall be subject to the terms of Section 4.1 of the ROFR Agreement. 
 SECTION 4 

Rights of First Refusal 

4.1 Subsequent Offerings. Each Major Investor shall have a right of first refusal to purchase up to its pro rata share of
all New Securities (as defined below) that the Company may, from time to time, propose to sell and issue after the date of this Agreement. Each Major Investor’s pro rata share shall be equal to the ratio of (a) the Common Stock
issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Shares and any other Derivative Securities then held by such Major Investor to (b) the Common Stock of the Company then outstanding
(assuming full conversion and/or exercise, as applicable, of all Shares and other Derivative Securities) held by the Major Investors. The term “New Securities” shall, subject to Section 4.6 hereof, mean (i) any Common
Stock, preferred stock or any other security of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock, preferred stock or any other security (including any option to
purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, preferred stock or any other security or (iv) any such warrant or right. 

4.2 Exercise of Rights. If the Company proposes to issue any New Securities, it shall give each Major Investor written notice of
its intention, describing the New Securities, the price and the terms and conditions upon which the Company proposes to issue the same. Each Major Investor shall have twenty (20) days from the giving of such notice to agree to purchase up to
its pro rata share of the New Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating therein the quantity of New Securities to be purchased. Notwithstanding the
foregoing, the Company shall not be required to offer or sell such New Securities to any Major Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 

4.3 Issuance of New Securities to Other Persons. If not all of the Major Investors elect to purchase their pro rata share
of the New Securities, then the Company shall promptly notify in writing the Major Investors (the “Exercising Major Investors”) who do so elect and shall offer such Exercising Major Investors the right to acquire such unsubscribed
shares (the 

  
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“Unsubscribed Shares”). Each such Exercising Major Investor shall have ten (10) days after receipt of such notice to notify the Company of its election to purchase up to its
pro rata share of the Unsubscribed Shares which is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Shares and any other Derivative
Securities then held by such Exercising Major Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Shares and any other Derivative Securities then held by all
Exercising Major Investors who wish to purchase such Unsubscribed Shares. If the Exercising Major Investors fail to exercise in full the rights of first refusal, the Company shall have ninety (90) days thereafter to sell the New Securities in
respect of which the Major Investor’s rights were not exercised, at a price and upon general terms and conditions not more favorable to the purchasers thereof than specified in the Company’s notice to the Major Investors pursuant to
Section 4.2 hereof. If the Company has not sold such New Securities within the ninety (90) day period following the expiration of the ten (10) day period for each Exercising Major Investor to elect to purchase the Unsubscribed Shares,
the Company shall not thereafter issue or sell any New Securities, without first offering such securities to the Major Investors in the manner provided above. 

4.4 Termination and Waiver of Rights of First Refusal. The rights of first refusal established by this Section 4 shall not
apply to, and shall terminate upon the Company’s Qualified IPO. The rights of first refusal or any provision established by this Section 4 may be amended, or any provision waived, with the written consent of (i) the Holders holding
not less than seventy percent (70%) of the Series A Preferred then outstanding, (ii) GE, so long as GE continues to own at least fifty percent (50%) of the shares of Series B Preferred then outstanding, and otherwise, the Holders
holding not less than a majority of the shares of Series B Preferred then outstanding, (iii) Element, so long as Element and its Affiliates continue to own at least fifty percent (50%) of the Series B-1 Preferred then outstanding, and
otherwise, the Holders holding not less than a majority of the shares of Series B-1 Preferred then outstanding and (iv) Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of capital stock of the
Company owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and otherwise, Holders of a majority of the Landmark Registrable Securities then outstanding. Notwithstanding any
provision to the contrary contained in this Section 4, or Section 4 of the Existing Agreement, each Investor hereby waives such Investor’s (and only such Investor’s) right of first refusal set forth in Section 4 of the
Existing Agreement with respect to the Series C Preferred sold and issued pursuant to the Purchase Agreement. 
 4.5 Transfer of
Rights of First Refusal; Affiliates of Investors. The rights of first refusal of each Major Investor under this Section 4 may be assigned to the same parties, subject to the same restrictions, as any transfer of the rights pursuant to
Section 3.12 above. Each Major Investor shall be entitled to apportion the right of first refusal hereby granted it among itself and its general partners, limited partners, members and Affiliates in such proportions as it deems appropriate.
Notwithstanding anything to the contrary contained herein, any transfer of the rights granted pursuant to this Section 4.5 shall be subject to the terms of Section 4.1 of the ROFR Agreement. 

  
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 4.6 Excluded Securities. The rights of first refusal established by this
Section 4 shall have no application to New Securities that are not determined to be or deemed to be “Additional Shares of Common Stock” as defined in the Restated Certificate. 

SECTION 5 

Miscellaneous 

5.1 Amendment and Waiver. 

(a) Except as otherwise expressly provided herein, the provisions of this Agreement, the obligations of the Company and the rights of the
Holders may be amended, modified or waived only upon the written consent of (i) the Company, (ii) the Holders holding not less than fifty percent (50%) of the Series A Preferred then outstanding, (iii) GE, so long as GE continues
to own at least fifty percent (50%) of the shares of Series B Preferred then outstanding, and otherwise, the Holders holding not less than a majority of the shares of Series B Preferred then outstanding, (iv) Element, so long as Element
and its Affiliates continue to own at least fifty percent (50%) of the Series B-1 Preferred then outstanding, and otherwise, the Holders holding not less than a majority of the shares of Series B-1 Preferred then outstanding and
(v) Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of capital stock of the Company owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the
like), and otherwise, the Holders holding not less than a majority of the Landmark Registrable Securities then outstanding; provided, however, the written consent of GE or the Holders of the Series B Preferred described in clause
(iii) above and the written consent of Element or the Holders of the Series B-1 Preferred described in clause (iv) above shall not be required for any amendment or modification to this Agreement effected solely to afford rights to the
Holders of a Permitted Security (as defined in the Company’s Fourth Amended and Restated Certificate of Incorporation) that are, individually and in the aggregate, not greater than nor senior to the rights afforded to GE or the Holders of the
Series B Preferred (other than with respect to the granting of demand registration rights or granting rights under Sections 3.1(a), 3.1(b), 3.1(c), 3.1(d), 3.2(a), 3.3(b), 3.4 or 3.11 equivalent to those granted to the Series A Preferred herein)
(such rights in the aggregate, the “GE Permitted Rights”) or Element or the Holders of the Series B-1 Preferred hereunder, as applicable, as of the date hereof (other than with respect to
the granting rights under Sections 3.1(a), 3.1(b), 3.1(c), 3.1(d), 3.4 or 3.11 equivalent to those granted to the Series A Preferred herein) (such rights in the aggregate, the “Element Permitted Rights,” and together with the GE
Permitted Rights, the “Permitted Rights”), so long as such amendment or modification does not contain provisions other than Permitted Rights and does not increase the obligations of GE or the Holders of the Series B Preferred or
Element or the Holders of the Series B-1 Preferred hereunder, as the case may be; provided, further, that the written consent of GE or the Holders of the Series B Preferred described in clause (iii) above shall in any event be
required to amend, waive, alter or repeal (i) the voting thresholds set forth in Sections 2.2(a), clause (i) of Section 2.14, clause (ii) of Section 4.4 or Section 5.1(a) as it applies to the voting thresholds of GE or
the Series B Preferred, (ii) the definition of “Major Investor,” as that term is used in Sections 3.1 and 3.2 (other than in connection with the granting of Permitted Rights), (iii) the second sentence of
Section 3.2(a), (iv) the penultimate sentence of Section 3.2(b), (v) Section 3.3(b), (vi) Section 2.4(ii)(C) (as it applies to the right of the Series B Preferred to obligate the Company to effect one (1)

  
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registration on Form S-3) and (vii) any other provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights,
privileges, preferences, or obligations of GE or the Holders of the Series B Preferred that is disproportionate from the effect of such amendment, waiver, alteration, or repeal on any other Holder of Shares (it being understood that the grant of
demand registration rights or rights under Sections 3.1(a), 3.1(b), 3.1(c), 3.1(d), 3.2(a), 3.3(a), 3.4 or 3.11 equivalent to those granted to the Series A Preferred or the Series B-1 Preferred herein shall not be deemed to have a material adverse
effect upon any of the rights, privileges, preferences or obligations of GE or the Holders of Series B Preferred); provided, further, that the written consent of the Holders holding not less than seventy percent (70%) of the Series A
Preferred then outstanding shall be required to amend, waive, alter or repeal (i) the voting thresholds set forth in Sections 2.2(a), clause (i) of 2.14, 4.4, or 5.1(a), (ii) the definition of “Major Investor,” as that term
is used in Sections 3.1 and 3.2 (other than in connection with the granting of Permitted Rights), (iii) any of the provisions in Sections 3.3 or 3.4, (iv) Section 2.4 to add a voting threshold, (v) Section 2.4(ii)(C) (as it
applies to the right of the Series A Preferred to obligate the Company to effect one (1) registration on Form S-3), or (vi) any other provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse
effect upon any of the rights, privileges, preferences, or obligations of Angeleno or its Affiliates that is disproportionate from the effect of such amendment, waiver, alteration, or repeal on any other Holder of Shares; provided,
further, that the written consent of Element or the Holders of the Series B-1 Preferred described in clause (iv) above shall be required to amend, waive, alter or repeal (i) the voting thresholds set forth in Sections 2.2(a), clause
(i) of 2.14, 4.4, or 5.1(a), (ii) the definition of “Major Investor,” as that term is used in Sections 3.1 and 3.2 (other than in connection with the granting of Permitted Rights), (iii) any of the provisions in Sections 3.3
or 3.4, (iv) Section 2.4 to add a voting threshold, (v) Section 2.4(ii)(C) (as it applies to the right of the Series B-1 Preferred to obligate the Company to effect one (1) registration on Form S-3), or (vi) any other
provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights, privileges, preferences, or obligations of Element or its Affiliates or the Holders of the Series B-1 Preferred
that is disproportionate from the effect of such amendment, waiver, alteration, or repeal on any other Holder of Shares (it being understood that the grant of rights under Sections 3.1(a), 3.1(b), 3.1(c), 3.1(d), 3.4 or 3.11 equivalent to those
granted to the Series A Preferred or the Series B Preferred herein shall not be deemed to have a material adverse effect upon any of the rights, privileges, preferences or obligations of Element or the Holders of Series B-1 Preferred);
provided, further, that the written consent of the holders of at least seventy percent (70%) of the Holders of the Series C Preferred shall be required to amend, waive, alter or repeal any other provision in this Agreement if such
amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights, privileges, preferences, or obligations of the Holders of the Series C Preferred that is disproportionate from the effect of such amendment, waiver,
alteration, or repeal on any other Holder of Shares. 
 (b) Any amendment or waiver effected in accordance with this Agreement shall be
binding upon each Investor and Holder of Registrable Securities in accordance with the terms hereof. 
 (c) Notwithstanding anything to the
contrary contained herein, if the Company shall issue additional shares of Series C Preferred pursuant to the Purchase Agreement, any purchaser of such shares of Series C Preferred may become a party to this Agreement by

  
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executing and delivering an additional counterpart signature page to this Agreement and shall be deemed (i) an “Investor,” (ii) if agreed to by the Company, a “Major
Investor” and (iii) a party hereunder. 
 5.2 Governing Law. This Agreement shall be governed in all respects by and
construed under the internal laws of the State of Delaware as such laws are applied to agreements that are entered into by and among Delaware residents while located in Delaware and that are to be performed entirely within Delaware, without regard
to principles of conflicts of law. 
 5.3 Jurisdiction; Venue. The parties (a) hereby irrevocably and unconditionally
submit to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon
this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the federal and state courts located within the geographic boundaries of the United States District Court for
the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject
matter hereof may not be enforced in or by such court. 
 5.4 Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY
VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR OTHER PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

5.5 Equitable Remedies. The parties hereto agree that irreparable harm would occur in the event that any of the terms and
provisions of this Agreement were not performed fully by the parties hereto in accordance with their specific terms or conditions or were otherwise breached, and that money damages are an inadequate remedy for breach of this Agreement because of the
difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed in accordance with its terms or conditions or is otherwise breached. It is accordingly
hereby agreed that the parties hereto shall be entitled to seek an injunction or injunctions to restrain, enjoin and prevent breaches of this Agreement by the other parties and to enforce specifically the terms and provisions of this Agreement in
any court of the United States or any state having jurisdiction, such remedy being in addition to and not in lieu of, any other rights and remedies to which the parties are entitled to at law or in equity. 

5.6 Successors and Assigns. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto and shall inure to the benefit of and be enforceable by each person who shall be a holder of Registrable Securities from time to time. 

  
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 5.7 Entire Agreement. This Agreement (including the exhibit hereto), the ROFR
Agreement, the Purchase Agreement (including the exhibits and schedules thereto), the GE Confidentiality Agreement and the Element Confidentiality Agreement, constitute the full and entire understanding and agreement among the parties hereto with
regard to the subjects hereof and thereof, and no party shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein
and therein. 
 5.8 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held
to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein. 
 5.9 Delays or Omissions. It is agreed that no delay or omission to exercise any
right, power, or remedy accruing to any Holder, upon any breach, default or noncompliance of the Company under this Agreement shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on any Holder’s part of any breach,
default or noncompliance under this Agreement or any waiver on such Holder’s part 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, by law, or otherwise afforded to Holders, shall be cumulative and not alternative. 
 5.10
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 otherwise: 

(a) if to the Company, one copy should be sent to its address or facsimile number set forth on the signature pages hereof and addressed
to the attention of the Chief Executive Officer, or at such other address or facsimile number as the Company shall have furnished to the Investors, with a copy to (which shall not constitute notice) to H. David Henken, Esq., Goodwin Procter LLP,
Exchange Place, 53 State Street, Boston, MA 02109; 
 (b) if to an Investor, at 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, with, (i) in the case of NGP, a copy (which shall not constitute notice) to Robert D. Sanchez, Esq., Wilson Sonsini
Goodrich & Rosati, P.C., 1700 K Street, N.W., Fifth Floor, Washington, D.C. 20006, (ii) in the case of Landmark, a copy (which shall not constitute notice) to H. David Henken, Esq., Goodwin Procter LLP, Exchange Place, 53 State Street,
Boston, MA 02109, (iii) in the case of Angeleno, a copy (which shall not constitute notice) to Franklin Reddick, Esq., Akin Gump Strauss Hauer & Feld LLP, 2029 Century Park East, Suite 2400, Los Angeles, CA 90067, (iv) in the case
of GE, a copy (which shall not constitute notice) to General Counsel-Equity and Account Manager TPI, GE Capital Equity, 201 Merritt 7, P.O. Box 52011, Norwalk, CT 06856, and (v) in the case of Element, a copy (which shall not

  
 -30- 

 
constitute notice) to Andrew Hamilton, Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, PA 19103. 

(c) if to any other Holder, at such address, facsimile number or electronic mail address as shown in the Company’s records, or, until any
such Holder so furnishes an address, facsimile number or electronic mail address to the Company, then to and at the address of the last Holder of such Registrable Securities for which the Company has contact information in its records. 

Each such notice or other communication shall for all purposes of this Agreement be treated as effective or as having been given:
(a) upon delivery, if personally delivered; (b) three (3) business days after pre-paid deposit for next business day delivery with a commercial courier service (e.g., DHL or FedEx); (c) five (5) business days after
deposit, postage pre-paid, with first class airmail (which airmail must be certified or registered); or (d) upon confirmation of facsimile transfer or electronic mail when sent by facsimile or electronic mail with a confirmation copy delivered
by one of the other acceptable means of delivery. 
 5.11 Titles and Subtitles. The titles of the sections and subsections of
this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 5.12 Non-Business
Days. Notwithstanding anything to the contrary contained herein, in the event that any calendar day referred to in this Agreement falls on a Saturday, a Sunday or a U.S. holiday (each a “Non-Business Day”), then any
transaction or notice that must be effected or delivered on such a Non-Business Day will instead be required to be effected or delivered on the next day that is not a Non-Business Day. 

5.13 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. 
 5.14 Telecopy Execution and Delivery. A facsimile, telecopy or other
reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar electronic transmission device pursuant to which the
signature of or on behalf of such party can be seen, and 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 an original of this
Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 5.15 Aggregation of Stock. All Shares and Common
Stock of the Company held or acquired by affiliated entities or persons of a Holder or Investor (including but not limited to: (a) a partner, member or other equity owner or a former partner, member or other equity owner or the estate of any
partner, member or other equity owner or retired partner, member or other equity holder of a Holder or Investor that is a partnership; (b) a wholly-owned subsidiary of such Holder or Investor that is a corporation, a parent corporation that
owns all of the capital stock of such Holder or Investor or the stockholders of such Holder or Investor; (c) a Family Member, or any custodian or trustee of any trust or any other corporation partnership or limited liability company for the
benefit of, or the ownership interests of which are owned wholly by such Holder or Investor or any such Holder or Investor’s Family Members; (d) a member or former 

  
 -31- 

 
member of an Investor that is a limited liability company; (e) an Affiliate of such Holder or Investor; or (f) funds under common management) shall be aggregated together for the
purpose of determining the availability of any rights under this Agreement which are triggered by the beneficial ownership of a threshold number of shares of the Company’s capital stock. 

5.16 Restatement of Existing Agreement. This Agreement amends and restates, in its entirety, the Existing Agreement, which as of
the date hereof shall have no further force and effect. 
 (Remainder of the page intentionally left blank) 

  
 -32- 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated Investor
Rights Agreement as of the date set forth in the first paragraph hereof. 
  

			
	“COMPANY”
	
	TPI COMPOSITES, INC.
		
	By:		 /s/ Steven C. Lockard

		
	Name:		 Steven C. Lockard

		
	Title:		 President & CEO

			
		
	Address:		8501 North Scottsdale Road
			Gainey Center II, Suite 280
			Scottsdale, AZ 85253
		
	Fax Number:		(480) 305-8315

  
 (Signature Page to
Third Amended and Restated Investor Rights Agreement) 

 
					
	“INVESTOR”
	
	LANDMARK GROWTH CAPITAL PARTNERS, L.P.
		
	By:	 	 Landmark Growth Capital Partners, LLC

Its General Partner

		
	By:	 	 Landmark Equity Advisors LLC
 Its
Managing Member

			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

	
	LANDMARK IAM GROWTH CAPITAL, L.P.
		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

  
 (Signature Page to
Third Amended and Restated Investor Rights Agreement) 

 
					
	“INVESTOR”
	
	NGP ENERGY TECHNOLOGY PARTNERS, L.P.
		
	By:	 	NGP ETP, L.L.C., its General Partner
			
		 	By:	 	 /s/ Philip J. Deutch

			
		 	Name:	 	Philip J. Deutch
			
		 	Title:	 	Managing Partner

  
 (Signature Page to
Third Amended and Restated Investor Rights Agreement) 

 
					
	“INVESTOR”
	
	ANGELENO INVESTORS II, LP
		
	By:	 	Angeleno Group Management II, LLC
		 	Its General Partner
		
	By:	 	Angeleno Group, LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Daniel Weiss

		 	Name:	 	Daniel Weiss
		 	Title:	 	Member

  
 (Signature Page to
Third Amended and Restated Investor Rights Agreement) 

 IN WITNESS WHEREOF, the parties hereto have executed this Series C Convertible Preferred Stock
Purchase Agreement as of the date set forth in the first paragraph hereof. 
  

			
	GE CAPITAL EQUITY INVESTMENTS, INC.
		
	By:	 	 /s/ Michael J. Donnelly

	Name:	 	 Michael J. Donnelly

	Title:	 	 MD - GE Equity

  
 (Signature Page to
Series C Convertible Preferred Stock Purchase Agreement) 

 
			
	“INVESTOR”
	
	ELEMENT PARTNERS II, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael DeRosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member
	
	ELEMENT PARTNERS II INTRAFUND, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael DeRosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member

  
 (Signature Page to
Third Amended and Restated Investor Rights Agreement) 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
  

	
	 Investor

	Element Partners II, L.P.
	Three Radnor Corp. Ctr., Suite 410
	100 Matsonford Road
	Radnor, PA 19087
	Attn: Michael DeRosa
	Fax No.: (610) 964-8005
	
	Element Partners II Intrafund, L.P.
	Three Radnor Corp. Ctr., Suite 410
	100 Matsonford Road
	Radnor, PA 19087
	Attn: Michael DeRosa
	Fax No.: (610) 964-8005
	
	GE Capital Equity Investments, Inc.
	201 Merritt 7, 1st Floor
	Norwalk, CT 06851
	Attn: Michael Donnelly
	Fax No.: (203) 357-6537
	
	NGP Energy Technology Partners, L.P.
	1700 K Street, N.W.
	Suite 750
	Washington, D.C. 20006
	Attn: Philip J. Deutch
	Fax No.: (202) 536-3921
	
	Landmark Growth Capital Partners, L.P.
	10 Mill Pond Road
	Simsbury, CT 06070
	Fax No.: (860) 408-4608
	
	Landmark IAM Growth Capital, L.P.
	10 Mill Pond Road
	Simsbury, CT 06070
	Fax No.: (860) 408-4608

	
	 Investor

	Angeleno Investors II, LP
	2029 Century Park East, Suite 2980
	Los Angeles, CA 90067
	Attn: Daniel Weiss
	Fax No.: (310) 552-2727
	
	Marc E. Jones
	651 Lowell Ave.
	Palo Alto, CA 94301
	Fax No.: (650) 328-3402

 EXECUTION VERSION 

AMENDMENT NO. 1 TO THE THIRD AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

This Amendment No. 1 to the Third Amended and Restated Investor Rights Agreement (this “Amendment”) is made as of
June 30, 2014, by and among TPI Composites, Inc., a Delaware corporation (the “Company”), and the parties listed on the signature pages hereto. Capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to such terms in the Third Amended and Restated Investor Rights Agreement, dated as of June 17, 2010, by and among the Company and the parties named therein (the “Agreement”). 

WHEREAS, pursuant to Section 16 of the Agreement, and subject to the qualifications set forth therein, the Agreement may be amended by a
written instrument executed by (a) the Company, (b) the Holders holding not less than fifty percent (50%) of the outstanding Series A Preferred, (c) GE, so long as GE continues to own at least fifty percent (50%) of the
shares of outstanding Series B Preferred, (d) Element, so long as Element and its Affiliates continue to own at least fifty percent (50%) of the outstanding Series B-1 Preferred then outstanding, and (e) Landmark, so long as Landmark
continues to own at least fifty percent (50%) of the shares of capital stock of the Company owned by Landmark as of the date of the Agreement (as adjusted for stock splits, stock dividends, recapitalizations and the like); and 

WHEREAS, any such amendment so effected shall be binding on all parties to the Agreement. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby
agree as follows: 
 1. The Agreement is hereby amended by the addition of the following new Section 2.15: 

“2.15 Sale of Secondary Shares in an IPO. Notwithstanding anything to the contrary contained herein, in connection with the
Initial Public Offering, subject to the approval of the managing underwriter of the Initial Public Offering and compliance with all applicable laws and regulations, in the event that there is an opportunity for so-called “secondary shares”
to be sold in connection with the Initial Public Offering, the total amount of secondary shares of Common Stock available to be sold shall be allocated as follows: 15.18% to Angeleno, 32.54% to Element Partners II, L.P., 0.50% to Element Partners II
Intrafund, L.P., 1.79% to GE and the remaining 50% should be allocated to all the Investors pro rata based upon the aggregate number of shares of capital stock of the Company held by each such Investor on a fully-diluted basis immediately prior to
the Initial Public Offering.” 
 2. Except as expressly amended herein, the Agreement shall remain in full force and effect. 

3. This Amendment shall be governed in all respects by and construed under the internal laws of the State of Delaware as such laws are applied to agreements
that are entered into by and among Delaware residents while located in Delaware and that are to be performed entirely within Delaware, without regard to principles of conflicts of law. 

4. This Amendment 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. This 

 
Amendment may also be executed and delivered by facsimile signature (or execution by other electronic means) and 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. 
 [Remainder of Page Intentionally Left Blank] 

  
 2 

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

  

			
	TPI COMPOSITES, INC.
		
	By:	 	 /s/ William E. Siwek

	Name:	 	William E. Siwek
	Title:	 	CFO

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement] 

 
			
	“INVESTOR”
	
	ELEMENT PARTNERS II, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael DeRosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member
	
	ELEMENT PARTNERS II INTRAFUND, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael DeRosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement] 

 
					
	“INVESTOR”
	
	NGP ENERGY TECHNOLOGY PARTNERS, L.P.
		
	By:	 	NGP ETP, L.L.C., its General Partner
			
		 	By:	 	/s/ Philip J. Deutch
			
		 	Name:	 	Philip J. Deutch
			
		 	Title:	 	Managing Partner

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement] 

 
					
	“INVESTOR”
	
	LANDMARK GROWTH CAPITAL PARTNERS, L.P.
		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Advisor

	
	LANDMARK IAM GROWTH CAPITAL, L.P.
		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Advisor

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement] 

 
					
	“INVESTOR”
	
	ANGELENO INVESTORS II, LP
		
	By:	 	Angeleno Group Management II, LLC
		 	Its General Partner
		
	By:	 	Angeleno Group, LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Daniel Weiss

		 	Name:	 	Daniel Weiss
		 	Title:	 	Member

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement] 

 
			
	“INVESTOR”
	
	GE VENTURES LTD.
		
	By:	 	 /s/ Thomas J. Buccellato

	Name:	 	Thomas J. Buccellato
	Title:	 	CFO - GE Ventures

  
 [Signature Page to
Amendment No. 1 to the 
 Third Amended and Restated Investor Rights Agreement]EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
 TPI
COMPOSITES, INC. 
 THIRD AMENDED AND RESTATED RIGHT OF FIRST REFUSAL, CO-SALE AND 

VOTING AGREEMENT 
 This THIRD AMENDED AND
RESTATED RIGHT OF FIRST REFUSAL, CO-SALE AND VOTING AGREEMENT (this “Agreement”) is made and entered into as of June 17, 2010 by and among TPI Composites, Inc., a Delaware corporation (the “Company”), each of
the persons and/or entities listed on Exhibit A attached hereto (as the same may be supplemented and amended from time to time as provided to herein) (collectively, the “Investors”), and each of the persons and/or
entities listed on Exhibit B attached hereto (as the same may be supplemented and amended from time to time as provided to herein) (collectively, the “Restricted Stockholders”). The Investors and the Restricted
Stockholders are referred to collectively herein as the “Stockholders.” 
 RECITALS 

WHEREAS, certain of the Investors are purchasing shares of the Company’s Series C Convertible Preferred Stock, par value $0.01 per share
(the “Series C Preferred”), pursuant to that certain Series C Convertible Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date herewith; 

WHEREAS, certain of the Investors purchased shares of the Company’s Series A Convertible Preferred Stock, par value $0.01 per share (the
“Series A Preferred”), pursuant to that certain Series A Convertible Preferred Stock Purchase Agreement on October 9, 2007; 

WHEREAS, certain of the Investors purchased shares of the Company’s Series B Convertible Preferred Stock, par value $0.01 per share (the
“Series B Preferred”), pursuant to that certain Amended and Restated Series B Convertible Preferred Stock Purchase Agreement on December 30, 2008; 

WHEREAS, certain of the Investors purchased shares of the Company’s Series B-1 Convertible Preferred Stock, par value $0.01 per share
(the “Series B-1 Preferred”), pursuant to that certain Series B-1 Convertible Preferred Stock Purchase Agreement (the “Series B-1 Purchase Agreement”) on May 22, 2009; 

WHEREAS, certain of the Investors purchased shares of the Company’s Series B-1 Preferred pursuant to that certain Series B-1 Convertible
Preferred Stock Purchase Agreement (the “Series B-1 Follow-On Purchase Agreement”) on November 13, 2009; 
 WHEREAS,
the Company and certain of the parties hereto are parties to that certain Second Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement dated as of May 22, 2009, as amended (the “Existing Agreement”); 

WHEREAS, pursuant to Section 8.6(a) of the Existing Agreement, the Existing Agreement may be amended by the written consent of (i) the
Company, (ii) Landmark, (iii) GE, (iv) Element and (v) the holders of at least seventy percent (70%) of the outstanding shares of Series A Preferred; 

 WHEREAS, the parties to this Agreement include the Company, Landmark, GE, Element and the holders
of at least seventy percent (70%) of the outstanding shares of Series A Preferred; 
 WHEREAS, the Company’s Fifth Amended and Restated
Certificate of Incorporation (as may be amended from time to time) (the “Restated Certificate”) provides that (A) the holders of a majority of the Series A Preferred, voting as a separate class, shall be entitled to elect one (1)
member (the “Series A Director”) of the Company’s Board of Directors (the “Board”); (B) the holders of a majority of the Series B-1 Preferred, voting as a separate class, shall be entitled to elect one (1)
member (the “Series B-1 Director”) of the Board; (C) the holders of a majority of the Series C Preferred, voting as a separate class, shall be entitled to elect one (1) member (the “Series C Director”) of the Board;
(D) the holders of a majority of the Common Stock, voting as a separate class, shall be entitled to elect four (4) members (the “Common Directors”) of the Board; (E) the holders of a majority of the Common Stock and a
majority of the Series A Preferred, each voting as a separate class, shall be entitled to elect one (1) member of the Board (the “Mutual Director”); and (F) the holders of a majority of Common Stock and a majority of the Series A
Preferred, each voting as a separate class shall be entitled to increase the Board (the directors resulting from such increase and elected in accordance with this Clause (F), the “Joint Directors”); in each case, at each meeting or
pursuant to each consent of the Company’s stockholders for the election of directors; 
 WHEREAS, the obligations in the Purchase
Agreement are conditioned upon the execution and delivery of this Agreement by the Company, certain of the Investors and the Stockholders; and 

WHEREAS, in consideration of the Company’s sale and certain of the Investors’ purchase of the Series C Preferred, the Company,
certain of the Investors and the Stockholders have agreed to the right of first refusal, co-sale, voting and other provisions set forth below. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing recitals and the mutual promises, representations, warranties and covenants hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
  

	 	1.	CERTAIN DEFINITIONS 

 1.1 “Affiliate” shall mean, with respect to
a party hereto (or such party’s successors and assigns), any person or entity that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such person or entity (or such
person’s or entity’s successors and assigns). For purposes of this definition, a person or entity shall be deemed to be “controlled by” another person or entity if the other possesses, directly or indirectly, power either (i) to
vote fifty percent (50%) or more of the securities having ordinary voting power for the election of directors of such person or entity, or (ii) to direct or cause the direction of the management and policies of such person or entity whether by
contract or otherwise; provided, however, that for purposes of clarity, in addition to the foregoing, with 

  
 -2- 

 
respect to any venture capital investor, “Affiliate” shall include any partnership, limited liability company or fund sharing a common management company or similar entity. 

1.2 “Angeleno” shall mean Angeleno Investors II, L.P. 

1.3 “Capital Stock” shall mean shares of the Company’s Common Stock, par value $0.01 per share (the
“Common Stock”), shares of the Company’s Preferred Stock, par value $0.01 per share (the “Preferred Stock”), including the Series A Preferred, the Series B Preferred, the Series B-1 Preferred and the Series C
Preferred, and any other shares of the Company’s Common Stock or Preferred Stock issued or issuable upon exercise or conversion of any option, warrant or other security or right of any kind convertible into or exchangeable for such Common Stock
or Preferred Stock. 
 1.4 “Derivative Securities” shall mean any securities or rights convertible into, or
exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.5
“Element” shall mean Element Partners II, L.P., Element Partners II Intrafund II, L.P. and their Affiliates. 
 1.6
“Eligible Investor” shall mean (i) any Investor who or which, at the time in question, holds at least five percent (5%) of the then outstanding shares of Capital Stock on an as-converted to Common Stock basis, (ii) GE, so long
as GE and its Affiliates continue to own at least fifty percent (50%) of the Series B Preferred (or Common Stock issued or issuable upon conversion of the Series B Preferred) outstanding as of the date hereof (as adjusted for stock splits, stock
dividends, recapitalizations and the like), (iii) NGP, so long as NGP and its Affiliates continue to own at least fifty percent (50%) of the Preferred Stock held by NGP as of the date hereof (as adjusted for stock splits, stock dividends,
recapitalizations and the like), (iv) Angeleno, so long as Angeleno and its Affiliates continue to own at least fifty percent (50%) of the Preferred Stock held by Angeleno as of the date hereof (as adjusted for stock splits, stock dividends,
recapitalizations and the like) and (v) Element, so long as Element and its Affiliates continue to own at least fifty percent (50%) of the Preferred Stock held by Element as of the date hereof (as adjusted for stock splits, stock dividends,
recapitalizations and the like). 
 1.7 “GE” shall mean GE Capital Equity Investments, Inc. 

1.8 “Landmark” shall mean Landmark IAM Growth Capital, L.P. and Landmark Growth Capital Partners, L.P. and their
Affiliates. 
 1.9 “Liquidation Event” shall have the meaning ascribed to it in the Restated Certificate. 

1.10 “Liquid Securities” shall mean (i) any security that can be immediately sold to the general public without the
necessity of any federal, state or local government consent, approval or filing (other than any notice filings of the type required pursuant to Rule 144(h) under the Securities Act or Section 13 or 16 of the Securities Exchange Act of 1934, as
amended) and (ii) such security is listed on a national securities exchange (including NASDAQ). 

  
 -3- 

 1.11 “NGP” shall mean NGP Energy Technology Partners, L.P., and its
Affiliates. 
 1.12 “Qualified IPO” shall have the meaning ascribed to it in the Restated Certificate. 

1.13 “Right of First Refusal” means the rights of first refusal provided to the Company and the Eligible Investors in
Sections 2.2 and 2.3 of this Agreement, and “Rights of First Refusal” shall mean more than one of the foregoing. 
 1.14
“Selling Holders” shall mean the Restricted Stockholders listed on Exhibit B attached hereto and the Investors and any successors and assigns thereof. 

1.15 “Transfer” shall include any sale, transfer, exchange, assignment, encumbrance, hypothecation, pledge, conveyance
in trust, gift, transfer by bequest, devise or descent or other transfer or disposition of any kind including, but not limited to, transfers to receivers, levying creditors, trustees or receivers in bankruptcy proceedings or general assignees for
the benefit of creditors, whether voluntary or by operation of law, directly or indirectly, of any shares of Capital Stock. 
 Capitalized
words not otherwise defined herein shall have the meaning given them in the Purchase Agreement. 
  

	 	2.	TRANSFERS BY SELLING HOLDERS 

 2.1 Notice of Transfer. Before a Selling
Holder may Transfer any shares of Capital Stock, such Selling Holder must comply with the provisions of this Section 2. If a Selling Holder proposes to Transfer any shares of Capital Stock, then such Selling Holder shall promptly give written
notice (the “Transfer Notice”) simultaneously to the Company and to each of the Eligible Investors. The Transfer Notice shall describe in reasonable detail the proposed Transfer including, without limitation, the Selling
Holder’s bona fide intention to Transfer the shares of Capital Stock, the number of shares of Capital Stock to be Transferred, the nature of such Transfer, the bona fide cash price or, in reasonable detail, such other
consideration for which the Selling Holder proposes to Transfer the shares (the “Offered Price”) and the name and address of each prospective purchaser or transferee. In the event that the proposed Transfer is being made pursuant to
the provisions of Section 3.1 below, the Transfer Notice shall state under which provision of Section 3.1 the proposed Transfer is being made. Whenever a Selling Holder proposes to Transfer any shares of Capital Stock for consideration
other than cash, the value of such non-cash consideration shall be the fair market value as determined in accordance with Section 2.4. Notwithstanding anything to the contrary contained herein, any Transfer of shares of Capital Stock pursuant
to this Section 2 shall be subject to the terms of Section 4.1 below. 
 2.2 Eligible Investor Right of First
Refusal. 
 (a) Each Eligible Investor shall have the right, for a period of fifteen (15) calendar days following receipt of
the Transfer Notice, exercisable upon written notice to the Selling Holder (the “Stockholder Notice”), to purchase such Eligible Investor’s pro rata  

  
 -4- 

 
share of the Capital Stock subject to the Transfer Notice and on the same terms and conditions as set forth therein. Except as set forth in Section 2.2(c) below, such Eligible Investors that
so exercise their rights (the “Participating Investors,” and each, a “Participating Investor”) shall effect the purchase of the Capital Stock, including payment of the purchase price, not more than ten (10) calendar
days after delivery of the Stockholder Notice, and at such time the Selling Holder shall deliver to the Participating Investors the certificate(s) representing the Capital Stock to be purchased by the Participating Investors, each such certificate
properly endorsed for transfer. 
 (b) Each Participating Investor’s pro rata share shall be equal to the product obtained by
multiplying (i) the aggregate number of shares of Capital Stock covered by the Transfer Notice by (ii) a fraction, the numerator of which is the number of shares of Common Stock issued and held, or issuable (directly or indirectly) upon conversion
and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held at the time of the proposed Transfer by such Participating Investor and the denominator of which is the total number of shares of Common Stock
(assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities) held by all Eligible Investors (other than the Selling Holder) at the time of the proposed Transfer described in the Transfer Notice.
Subject to Section 4.1, each Participating Investor shall be entitled to apportion the right of first refusal hereby granted it among itself and its general partners, limited partners, members and Affiliates in such proportions as it deems
appropriate. 
 (c) In the event that not all of the Eligible Investors elect to purchase their pro rata share of the Capital Stock
available pursuant to their rights under Section 2.2(a) above within the time period set forth therein, then the Selling Holder shall promptly give written notice to each of the Participating Investors (the “Selling Holder’s
Overallotment Notice”) who purchased all of their pro rata share of such available Capital Stock (each, a “Fully Participating Investor”), which shall set forth the number of shares of Capital Stock not purchased by
the Eligible Investors, and shall offer such Fully Participating Investors the right to acquire such unsubscribed shares. Each Fully Participating Investor shall have five (5) calendar days after receipt of the Selling Holder’s Overallotment
Notice to deliver a written notice to the Selling Holder (the “Fully Participating Investor’s Overallotment Notice”) of its election to purchase its pro rata share of the unsubscribed shares on the same terms and
conditions as set forth in the Selling Holder’s Overallotment Notice; provided, however, that for purposes of this Section 2.2(c), the denominator described in clause (ii) of Section 2.2(b) above shall be the total
number of shares of Common Stock (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities) held by all Fully Participating Investors at the time of the proposed Transfer described in the
Transfer Notice. Each Fully Participating Investor shall then effect the purchase of the Capital Stock, including payment of the Offered Price, not more than five (5) calendar days after delivery of its Fully Participating Investor’s
Overallotment Notice, and at such time, the Selling Holder shall deliver to the Fully Participating Investor the certificate(s) representing the Capital Stock to be purchased by the Fully Participating Investor, each such certificate properly
endorsed for transfer. 
 2.3 Company Right of Refusal. If the Eligible Investors fail to provide notice of their election to
exercise their right to purchase all of the Capital Stock subject to the Transfer Notice within the fifteen (15) day period set forth in Section 2.2 above, or if the Eligible 

  
 -5- 

 
Investors exercise the right to purchase less than all of the Capital Stock subject to the Transfer Notice, then the Selling Holder shall give prompt notice to the Company (the “Second
Transfer Notice”) which shall set forth the number of shares of Capital Stock not purchased by the Eligible Investors and shall offer such shares to the Company. The Company shall have fifteen (15) calendar days after receipt of the Second
Transfer Notice to deliver a written notice to the Selling Holder (the “Company Notice”) of its election to purchase any or all of the Capital Stock subject to the Second Transfer Notice on the same terms and conditions as set forth
in the Transfer Notice. To the extent the Company elects to purchase such shares, it shall then effect the purchase of the Capital Stock, including payment of the purchase price, not more than ten (10) calendar days after delivery of the Company
Notice, and at such time, the Selling Holder shall deliver to the Company the certificate(s) representing the Capital Stock to be purchased by the Company, each such certificate properly endorsed for transfer. To the extent the rights of the Company
under this paragraph are inconsistent with those set forth in the Company’s Bylaws, the rights under this paragraph shall prevail. 

2.4 Purchase Price. 

(a) The purchase price for the offered shares to be purchased by the Company or by an Eligible Investor exercising its Right of First Refusal
will be the Offered Price, and will be payable as set forth in Section 2.4(b) below. If the consideration proposed to be paid for the Capital Stock is in property, services or other non-cash consideration, the fair market value of the
consideration shall be as determined in good faith by the Board. If the Company or any Participating Investor cannot for any reason pay for the Capital Stock in the same form of non-cash consideration, the Company or such Participating Investor may
pay the cash value equivalent thereof, as determined in good faith by the Board. 
 (b) Payment of the Offered Price will be made, at the
option of the party exercising its Right of First Refusal, (i) in cash (by check), (ii) by wire transfer or (iii) by cancellation of all or a portion of any outstanding indebtedness of the Selling Holder to the Company or the Eligible Investor, as
the case may be, or (iv) by any combination of the foregoing. 
 2.5 Right of Co-Sale. 

(a) If the Eligible Investors and the Company fail to exercise their rights to purchase all of the Capital Stock pursuant to Sections 2.2 and
2.3 above, then following the exercise or expiration of the rights of purchase set forth in Sections 2.2 and 2.3, the Selling Holder shall deliver to the Company and each Eligible Investor (for all purposes of this Section 2.5, other than
Participating Investors) written notice (the “Co-Sale Notice”) that each such Eligible Investor shall have the right, exercisable upon written notice to such Selling Holder with a copy to the Company within ten (10) calendar days
after receipt of the Co-Sale Notice, to participate in such proposed Transfer of Capital Stock on the same terms and conditions as the Selling Holder. Such notice shall indicate the number of shares of Capital Stock up to that number of shares
determined under Section 2.5(b) that such Eligible Investor wishes to sell under such Eligible Investor’s right to participate. To the extent one or more of such Eligible Investors exercise such right of participation in accordance with
the terms and conditions set 

  
 -6- 

 
forth below, the number of shares of Capital Stock that such Selling Holder may sell in the transaction shall be correspondingly reduced. 

(b) Each such Eligible Investor may sell all or any part of that number of shares of Capital Stock equal to the product obtained by
multiplying (i) the aggregate number of shares of Capital Stock covered by the Co-Sale Notice (which shall be the number of shares of Capital Stock set forth in the Transfer Notice not purchased by the Company pursuant to Section 2.3 above or
by the Eligible Investors pursuant to Section 2.2 above) by (ii) a fraction, the numerator of which is the number of shares of Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of
the Preferred Stock and any other Derivative Securities then held at the time of the proposed Transfer by such Eligible Investor and the denominator of which is the total number of shares of Common Stock (assuming full conversion and/or exercise, as
applicable, of all Preferred Stock and other Derivative Securities) held by all Eligible Investors at the time of the proposed Transfer and the Selling Holder (provided that the Selling Holder is not an Eligible Investor). If not all of such
Eligible Investors elect to sell their shares of Capital Stock proposed to be Transferred within such ten (10) calendar day period, then the Selling Holder shall promptly notify in writing the Eligible Investors who do so elect and shall offer such
Eligible Investors the additional right to participate in the sale of such additional shares of Capital Stock proposed to be Transferred on the same percentage basis as set forth above in this Section 2.5(b); provided, however,
that the denominator described in clause (ii) of this Section 2.5(b) shall be the total number of shares of Common Stock (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities) held by
all Eligible Investors electing to participate in the proposed Transfer pursuant to this Section 2.5 (each a “Co-Sale Participant”) and the Selling Holder (provided that the Selling Holder is not an Eligible Investor). Each
Co-Sale Participant shall have five (5) calendar days after receipt of such notice to notify the Selling Holder in writing with a copy to the Company of its election to sell all or a portion thereof of the unsubscribed shares. Each Co-Sale
Participant shall be entitled to apportion the right of first refusal hereby granted it among itself and its general partners, limited partners, members and Affiliates in such proportions as it deems appropriate. 

(c) Each Co-Sale Participant shall effect its participation in the proposed Transfer by promptly delivering to the Selling Holder for
transfer to the prospective purchaser one or more certificates (or, if such Co-Sale Participant alleges that such certificate has been lost, stolen or destroyed, a lost certificate affidavit and agreement reasonably acceptable to the Company to
indemnify the Company against any claim that may be made against the Company on account of the alleged loss, theft or destruction of such certificate), properly endorsed for transfer, which represent the type and number of shares of Capital Stock
that such Co-Sale Participant elects to sell. In the event that the prospective purchaser objects to the delivery of Preferred Stock of the Company in lieu of Common Stock, such Co-Sale Participant shall convert such Preferred Stock into Common
Stock and deliver Common Stock to the prospective purchaser. The Company agrees to make any such conversion concurrent with and contingent upon the actual transfer of such shares to the purchaser. 

(d) The stock certificate or certificates (or lost certificate affidavit and agreement) that the Co-Sale Participant delivers to such Selling
Holder pursuant to Section 2.5(c) above shall be transferred to the prospective purchaser in consummation of the sale of the 

  
 -7- 

 
Capital Stock pursuant to the terms and conditions specified in the Co-Sale Notice, and the Selling Holder shall concurrently therewith remit to such Co-Sale Participant that portion of the sale
proceeds to which such Co-Sale Participant is entitled by reason of its participation in such sale. To the extent that any prospective purchaser prohibits such assignment or otherwise refuses to purchase shares or other securities from a Co-Sale
Participant exercising its rights of co-sale hereunder, such Selling Holder shall not sell to such prospective purchaser any Capital Stock unless and until, simultaneously with such sale, such Selling Holder shall purchase such shares or other
securities from such Co-Sale Participant on the same terms and conditions specified in the Co-Sale Notice. 
 (e) The exercise or
non-exercise of the rights of any Eligible Investor hereunder to participate in one or more Transfers of Capital Stock made by any Selling Holder shall not adversely affect such Eligible Investor’s right to participate in subsequent Transfers
of Capital Stock subject to this Section 2. 
 (f) To the extent that (i) the Eligible Investors and/or the Company fail to exercise
their rights to purchase all of the Capital Stock pursuant to Sections 2.2 and 2.3 above and (ii) the Eligible Investors do not elect to participate in the sale of the Capital Stock subject to the Co-Sale Notice, such Selling Holder may, not later
than forty-five (45) calendar days following delivery to the Company of the Co-Sale Notice, enter into an agreement providing for the closing of the Transfer of such Capital Stock covered by the Co-Sale Notice (and not otherwise reduced as a result
of the application of the co-sale provisions herein) within thirty (30) calendar days of such agreement on terms and conditions not more favorable to the transferor than those described in the Co-Sale Notice. Any proposed Transfer on terms and
conditions more favorable than those described in the Co-Sale Notice, as well as any subsequent proposed Transfer of any of the Capital Stock by a Selling Holder, shall again be subject to the first refusal and co-sale rights of the Company and/or
the Eligible Investors and shall require compliance by a Selling Holder with the procedures described in this Section 2. 
  

	 	3.	EXEMPT TRANSFERS 

 3.1 Exempted Transfers. Notwithstanding the foregoing,
the first refusal and co-sale rights of the Eligible Investors and the Company set forth in Section 2 above shall not apply to any Transfer by a Selling Holder to an individual or entity that (a) is a partner, member, or other equity owner or
retired partner, member or other equity owner of a Selling Holder that is a partnership so long as such Transfer is in accordance with partnership interests and made pursuant to the terms of such Selling Holder’s partnership agreement; (b) is a
wholly-owned subsidiary of a Selling Holder that is a corporation, a parent corporation that owns all of the capital stock of the Selling Holder or the stockholders of such Selling Holder in accordance with their ownership of such Selling Holder;
(c) is a member or former member of any Selling Holder that is a limited liability company so long as such Transfer is in accordance with their interest in the limited liability company and made pursuant to the terms of such Selling Holder’s
limited liability company agreement; (d) is a spouse, child (natural or adopted), or any other direct lineal descendants of such Selling Holder (or his or her spouse) (each, a “Family Member”), or any custodian or trustee of any
trust or any other corporation, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Selling Holder or any such Selling Holder’s Family Members; (e) subject to

  
 -8- 

 
applicable securities laws, is an Affiliate of such Selling Holder; (f) subject to applicable securities laws, is an Affiliated partnership, limited liability company or fund managed by a Selling
Holder or any of their respective directors, officers, partners or members; or (g) does not involve any change in beneficial ownership; provided, however, that in the event of any Transfer made pursuant to one of the exemptions
provided above, (i) the Selling Holder shall inform the Company and the Eligible Investors of such Transfer prior to effecting it, and (ii) the transferee shall enter into a written agreement to be bound by and comply with all provisions of this
Agreement as if such transferee were an original Selling Holder hereunder, including without limitation Section 2 above. Such transferee shall be treated as a “Selling Holder” for purposes of this Agreement and such Capital Stock and
Selling Holder shall be subject to all obligations and restrictions contained herein to the extent such obligations and restrictions including, without limitation, the first refusal and the co-sale obligations contained herein, apply to shares of
Capital Stock and to Selling Holders pursuant to the terms of this Agreement. Notwithstanding anything to the contrary contained herein, any Transfer of shares of Capital Stock pursuant to this Section 3.1 shall be subject to the terms of
Section 4.1 below. 
 3.2 Exempted Offerings. Notwithstanding the foregoing, the first refusal and co-sale rights of the
Stockholders and the Company set forth in Section 2 above shall not apply to (a) the sale of any Capital Stock to the public pursuant to a registration statement filed with, and declared effective by, the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the “Securities Act”), or (b) any Transfer to the Company or a Stockholder pursuant to the terms of this Agreement. 

 

	 	4.	PROHIBITED TRANSFERS; PUT OPTION 

 4.1 Prohibited Transfers. 

(a) No Selling Holder shall Transfer any Capital Stock (or assign any rights hereunder) to any Competitor or Customer of the Company without
the Company’s prior written consent. 
 (b) A “Competitor” means (i) any person or entity that, either directly or
indirectly, for its own account (whether alone or jointly with others), or as the holder of a 25% or greater ownership interest in any entity, engages in any business activity that competes in the wind energy business or manufactures a brand or type
of wind blades that competes with those of the Company and/or its subsidiaries, including, without limitation, GE Energy Infrastructure, a division of General Electric Company, Aerpac, Vestas, Nordex, LM Glasfiber and Abeking & Rasmussen, Toray
(an “Actual Competitor”) or (ii) any Affiliate of an Actual Competitor (a “Competitor Affiliate”); provided, however, that a Competitor Affiliate shall not be deemed a Competitor hereunder if (x) such
Competitor Affiliate is not itself an Actual Competitor, (y) such Competitor Affiliate is only a Competitor Affiliate by virtue of it being under “common control” with an Actual Competitor and (z) the Company has entered into a
confidentiality agreement (an “Affiliate Confidentiality Agreement”) with such Competitor Affiliate preventing the disclosure of confidential information by such Competitor Affiliate to its Affiliate that is an Actual Competitor. If
an Eligible Investor requests in writing that the Company enter into an Affiliate Confidentiality Agreement with a Competitor Affiliate that meets the requirements set forth in clauses (x) and (y) above, the Company shall do so unless the holders of
a majority of 

  
 -9- 

 
the outstanding Series A Preferred (excluding such Eligible Investor for all purposes of such vote), the holders of a majority of the outstanding Series B Preferred (excluding such Eligible
Investor for all purposes of such vote), the holders of a majority of the outstanding Series B-1 Preferred (excluding such Eligible Investor for all purposes of such vote) and the holders of a majority of the outstanding Common Stock (excluding such
Eligible Investor for all purposes of such vote), each voting as a separate class, determine that such Competitor Affiliate is an Actual Competitor. The Company shall provide written notice of a request by an Eligible Investor that the Company enter
into an Affiliate Confidentiality Agreement to all holders of outstanding Common Stock, Series A Preferred, Series B Preferred and Series B-1 Preferred within ten (10) days of its receipt of such request. The parties hereto acknowledge and agree
that as of the date hereof GE is neither an Actual Competitor nor is it otherwise deemed to be a Competitor by virtue of it having signed an Affiliate Confidentiality Agreement and satisfying the aforementioned requirements not to be deemed to be a
Competitor. 
 (c) A “Customer” means (i) any person or entity that, either directly or indirectly, for its own account
(whether alone or jointly with others), or as the holder of a 25% or greater ownership interest in any entity, purchases any products or services produced and sold by the Company (an “Actual Customer”) or (ii) any Affiliate of an
Actual Customer (a “Customer Affiliate”); provided, however, that a Customer Affiliate shall not be deemed a Customer hereunder if (x) such Customer Affiliate is not itself an Actual Customer, (y) such Customer
Affiliate is only a Customer Affiliate by virtue of it being under “common control” with an Actual Customer and (z) the Company has entered into an Affiliate Confidentiality Agreement with such Customer Affiliate preventing the disclosure
of confidential information by such Customer Affiliate to its Affiliate that is an Actual Customer. If an Eligible Investor requests in writing that the Company enter into an Affiliate Confidentiality Agreement with a Customer Affiliate that meets
the requirements set forth in clauses (x) and (y) above, the Company shall do so unless the holders of a majority of the outstanding Series A Preferred (excluding such Eligible Investor for all purposes of such vote), the holders of a majority of
the outstanding Series B Preferred (excluding such Eligible Investor for all purposes of such vote), the holders of a majority of the outstanding Series B-1 Preferred (excluding such Eligible Investor for all purposes of such vote) and the holders
of a majority of the outstanding Common Stock (excluding such Eligible Investor for all purposes of such vote), each voting as a separate class, determine that such Customer Affiliate is an Actual Customer. The Company shall provide written notice
of a request by an Eligible Investor that the Company enter into an Affiliate Confidentiality Agreement to all holders of outstanding Common Stock, Series A Preferred, Series B Preferred and Series B-1 Preferred within ten (10) days of its receipt
of such request. The parties hereto acknowledge and agree that as of the date hereof GE is neither an Actual Customer nor is it otherwise deemed to be a Customer by virtue of it having signed an Affiliate Confidentiality Agreement and satisfying the
aforementioned requirements not to be deemed to be a Customer. 
 (d) Notwithstanding anything contained herein to the contrary, GE shall
be permitted to Transfer any Capital Stock (or assign any rights hereunder) to any entity that is controlled by General Electric Capital Corporation or its subsidiaries so long as (i) such entity is not an Actual Competitor or an Actual Customer and
(ii) such entity enters into or becomes a party to an Affiliate Confidentiality Agreement with the Company or becomes a party to the Confidentiality Agreement dated as of March 4, 2008 by and between TPI, Inc. (“TPI,

  
 -10- 

 
Inc.”) and GE Capital Equity Capital Group, Inc., as amended (the “GE Confidentiality Agreement”) by signing a joinder agreement with TPI, Inc., which such joinder
agreement TPI, Inc. shall sign promptly following a request to do so, so long as the party being added to the GE Confidentiality Agreement pursuant to the joinder agreement is General Electric Capital Corporation or one of its subsidiaries;
provided, however, that in no event shall GE Energy Infrastructure, a division of General Electric Company, or its subsidiaries directly or indirectly hold any equity securities in any such entity or the Company without the prior
written consent of the Company. 
 (e) In the event that a Selling Holder should Transfer any Capital Stock in contravention of the co-sale
rights of each Eligible Investor under Section 2.5 above, or in violation of the terms of this Section 4.1 (a “Prohibited Transfer”), each such Eligible Investor, in addition to such other remedies as may be available at
law, in equity or hereunder, shall have the put option provided below, and such Selling Holder shall be bound by the applicable provisions of such option. 

4.2 Put Option. In the event of a Prohibited Transfer, each such Eligible Investor shall have the right, in addition to such
remedies as may be available by law, in equity or hereunder, to sell to such Selling Holder and such Selling Holder shall have the obligation to purchase the type and number of shares of Capital Stock equal to the number of shares each such Eligible
Investor would have been entitled to Transfer to the purchaser under Section 2.5 above had the Prohibited Transfer been effected pursuant to and in compliance with the terms hereof. Such sale shall be made on the following terms and conditions:

 (a) The price per share at which the shares of Capital Stock are to be sold to the Selling Holder shall be equal to the price per share
paid by the purchaser to such Selling Holder in such Prohibited Transfer. The Selling Holder shall also reimburse each Eligible Investor for any and all fees and expenses, including legal fees and expenses, incurred in connection with the exercise
or the attempted exercise of the Eligible Investor’s rights under this section. 
 (b) Within ninety (90) calendar days after the date
on which an Eligible Investor received notice of the Prohibited Transfer or otherwise became aware of the Prohibited Transfer, such Eligible Investor shall, if exercising the option created hereby, deliver to the Selling Holder the certificate or
certificates (or lost certificate affidavit and agreement) representing the shares to be sold, each such certificate properly endorsed for transfer. 

(c) Such Selling Holder shall, upon receipt of the certificate or certificates (or lost certificate affidavit and agreement) for the shares
to be sold by an Eligible Investor, pursuant to this Section 4, pay the aggregate purchase price therefor and the amount of reimbursable fees and expenses, as specified in Section 4.2(a) above, in cash or by other means acceptable to the
Investor. 

  
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	 	5.	DIRECTOR VOTING AGREEMENTS; DRAG ALONG; VOTING AGREEMENT 

 5.1 Agreement to
Vote. Each Investor hereby agrees to hold all of the shares of voting Capital Stock of the Company registered in its name or beneficially owned by them (and any securities of the Company issued with respect to, upon conversion of, or in
exchange or substitution of such voting Capital Stock, and any other voting securities of the Company subsequently acquired by such Investor) (hereinafter collectively referred to as the “Investor Shares”) subject to, and to vote
the Investor Shares at a regular or special meeting of the stockholders of the Company (or by written consent) in accordance with, the provisions of this Agreement. Each Restricted Stockholder hereby agrees on behalf of himself or itself to hold all
of the shares of voting Capital Stock registered in its name or beneficially owned by it (and any securities of the Company issued with respect to, upon conversion of, or in exchange or substitution for such securities, and any other voting
securities of the Company subsequently acquired by such Restricted Stockholder) (hereinafter collectively referred to as the “Common Stockholder Shares,” together with the Investor Shares, the “Voting
Securities”) subject to, and to vote the Common Stockholder Shares at a regular or special meeting of Stockholders (or by written consent) in accordance with, the provisions of this Agreement. 

5.2 Board Size. The holders of Investor Shares and Common Stockholder Shares shall vote at a regular or special meeting of
Stockholders (or by written consent) the Voting Securities owned by such Stockholders to ensure that the size of the Board shall be set and remain at nine (9) directors; provided, however, that such Board size (i) may be subsequently
increased or decreased pursuant to an amendment of this Agreement in accordance with Section 8.6 hereof and the Company’s Restated Certificate or (ii) may be increased or decreased in connection with the election or removal of any Joint
Designees. 
 5.3 Election of Directors. 

(a) At each annual meeting of the stockholders of the Company, or at any meeting of the stockholders of the Company at which members of the
Board are to be elected or whenever members of the Board are to be elected by written consent of the stockholders of the Company, the Stockholders agree to vote or act with respect to the Voting Securities so as to elect, the following individuals:

 (i) The one (1) Series A Designee (as defined below) as the Series A Director; and 

(ii) The one (1) Series B-1 Designee (as defined below) as the Series B-1 Director; and 

(iii) The one (1) Series C Designee (as defined below) as the Series C Director; and 

(iv) The four (4) Common Designees (as defined below) as the Common Directors; and 

  
 -12- 

 (v) The one (1) CEO Designee (as defined below) as the Mutual Director; and 

(vi) Any Joint Designees (as defined below) as the Joint Directors. 

(b) Designation of Directors. 

The designees to the Board described above (each, a “Designee”) shall be selected as follows: 

(i) The “Series A Designee” shall be chosen by NGP for so long as NGP holds not less than twenty percent (20%) of the shares
of Series A Preferred and/or Common Stock issued upon conversion thereof originally issued to NGP (as adjusted for stock splits, stock dividends, recapitalizations and the like). It is understood that for so long as NGP shall be entitled to such
nominee on the Board pursuant to this Section 5.3(b)(i), then such Series A Designee shall be elected as the Series A Director. As of the date hereof, the Series A Designee is Philip Deutch. 

(ii) The “Series B-1 Designee” shall be chosen by Element for so long as Element holds not less than fifty percent (50%) of
the shares of Series B-1 Preferred owned by Element as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like). It is understood that for so long as Element shall be entitled to such nominee on the Board
pursuant to this Section 5.3(b)(ii), then such Series B-1 Designee shall be elected as the Series B-1 Director. The obligation of the Stockholders to vote or act with respect to the Voting Securities so as to elect the Series B-1 Designee shall
remain in effect even if less than twenty percent (20%) of the shares of Series A Preferred originally issued remain outstanding. As of the date hereof, the Series B-1 Designee is Michael DeRosa. 

(iii) The “Series C Designee” shall be chosen by Angeleno for so long as Angeleno holds not less than fifty percent (50%) of
the shares of Series C Preferred owned by Angeleno as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like). It is understood that for so long as Angeleno shall be entitled to such nominee on the Board
pursuant to this Section 5.3(b)(iii), then such Series C Designee shall be elected as the Series C Director. The obligation of the Stockholders to vote or act with respect to the Voting Securities so as to elect the Series C Designee shall
remain in effect even if less than twenty percent (20%) of the shares of Series A Preferred originally issued remain outstanding. As of the date hereof, the Series C Designee is Daniel Weiss. 

(iv) The “Common Designees” shall be chosen by Investors associated with Landmark for so long as Landmark holds not less
than fifty percent (50%) of the shares of Common Stock owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and otherwise, by the holders of not less than a majority of the shares
of Common Stock then outstanding. As of the date hereof, three (3) of the Common Designees are Paul Giovacchini, Scott Humber and Wayne Monie. It is understood that for so long as Landmark shall be entitled to such nominees on the Board pursuant to
this 

  
 -13- 

 
Section 5.3(b)(iv), then the Common Designees shall be elected in their capacity as the Common Directors. 

(v) The “CEO Designee” shall be the Company’s then-current Chief Executive Officer. In the event that the person
serving as the CEO Designee ceases to serve as the Chief Executive Officer of the Company, each Stockholder, on behalf of itself and any transferee or assignee of any shares of the Company’s Voting Securities, agrees to (A) vote all Voting
Securities for the removal of such director at the request of a majority of the Board excluding the director to be so removed and (B) upon any such removal, elect such person’s replacement as Chief Executive Officer of the Company as the new
CEO Designee. 
 (vi) The “Joint Designees” shall be chosen, subject to the terms of Section C.5(b)(vi) of Article IV of
the Restated Certificate, by Investors holding a majority of the outstanding shares of Series A Preferred and a majority of the outstanding shares of Common Stock, each voting as a separate class. As of the date hereof, the Joint Designees are Jack
Henry and Pat Wood, III. 
 5.4 Drag Along. 

(a) If, on or before October 9, 2012, the Company has not been subject to a Liquidation Event or a Qualified IPO (each, a
“Liquidity Event”), the Board shall actively pursue a Liquidity Event if so requested by (i) the holders of at least fifty percent (50%) of the then outstanding shares of the Preferred Stock (including the Common Stock issued or
issuable upon conversion of the Preferred Stock) or (ii) the holders of a majority of the then outstanding shares of Common Stock. If the Company obtains the requisite approval from (x) the Board and (y) the Company’s stockholders (as required
by Delaware law and the Restated Certificate) for a Liquidity Event, then each Stockholder agrees that such Stockholder shall: (i) vote any and all Voting Securities held by such Stockholder, or as to which such Stockholder has voting power, in
favor of the consummation of the proposed Liquidity Event, at any meeting of stockholders of the Company at which such transactions are considered, by proxy or in any written consent of stockholders of the Company relating thereto, (ii) if
applicable, tender all shares of Capital Stock held by such Stockholder, or as to which such Stockholder has power of disposition, which are the subject of such proposed Liquidity Event in accordance with the terms of the proposed Liquidity Event,
(iii) consent to and raise no objection against the proposed Liquidity Event, (iv) if applicable, waive any dissenters’ rights, preemptive rights, appraisal rights or similar rights, as the case may be, and (v) use its reasonable efforts to
take all other actions, including entering into appropriate agreements and other documents, reasonably required in order to effectuate fully the Liquidity Event. 

(b) Notwithstanding the foregoing, a holder of Series A Preferred will not be required to comply with Section 5.4(a) if the amount of
cash proceeds or Liquid Securities per share of Series A Preferred received by such holder upon the Liquidity Event is less than the Series A Liquidation Amount (as such term is defined in the Restated Certificate). Notwithstanding the foregoing, a
holder of Series B Preferred will not be required to comply with Section 5.4(a) if the amount of cash proceeds or Liquid Securities per share of Series B Preferred received by such holder upon the Liquidity Event is less than the Series B
Liquidation Amount (as such term is defined in the Restated Certificate). Notwithstanding the foregoing, a 

  
 -14- 

 
holder of Series B-1 Preferred will not be required to comply with Section 5.4(a) if the amount of cash proceeds or Liquid Securities per share of Series B-1 Preferred received by such
holder upon the Liquidity Event is less than the Series B-1 Liquidation Amount (as such term is defined in the Restated Certificate). Notwithstanding the foregoing, a holder of Series C Preferred will not be required to comply with
Section 5.4(a) if the amount of cash proceeds or Liquid Securities per share of Series C Preferred received by such holder upon the Liquidity Event is less than the Series C Liquidation Amount (as such term is defined in the Restated
Certificate). 
 (c) Notwithstanding the foregoing, a Stockholder will not be required to comply with Section 5.4(a) above in
connection with any proposed Liquidation Event (the “Proposed Sale”) unless: 
 (i) any representations and warranties to
be made by such Stockholder in connection with the Proposed Sale are limited to customary representations and warranties related to authority, ownership and the ability to convey title to such shares of as follows: (A) the Stockholder holds all
right, title and interest in and to the shares of Capital Stock such Stockholder purports to hold, free and clear of all liens and encumbrances, (B) the obligations of the Stockholder in connection with the transaction have been duly authorized, if
applicable, (C) the documents to be entered into by the Stockholder have been duly executed by the Stockholder and delivered to the acquirer and are enforceable against the Stockholder in accordance with their respective terms, (D) neither the
execution and delivery of documents to be entered into in connection with the transaction, nor the performance of the Stockholder’s obligations thereunder, will cause a breach or violation of the terms of any material agreement, law or
judgment, order or decree of any court or governmental agency, and (E) any other reasonably requested customary representations and warranties for such Stockholders; 

(ii) the Stockholder shall not be liable for the inaccuracy of any representation or warranty made by any other person or entity in
connection with the Proposed Sale, other than the Company on a pro rata basis as described below (except to the extent that funds may be paid out of an escrow established to cover breaches of representations, warranties and covenants of the Company
as well as breaches by any stockholder of any of identical representations, warranties and covenants provided by all stockholders); 

(iii) the liability for indemnification, if any, of such Stockholder in the Proposed Sale and for the inaccuracy of any representations and
warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other person (except to the extent that funds may be paid out of an escrow established to cover breaches of representations, warranties and
covenants of the Company as well as breaches by any stockholder of any of identical representations, warranties and covenants provided by all stockholders, and is pro rata in proportion to the amount of consideration paid to such Stockholder in
connection with such Proposed Sale (in accordance with the provisions of the Restated Certificate); 
 (iv) liability shall be limited to
such Stockholder’s applicable share (determined based on the respective proceeds payable to each Stockholder in connection with such Proposed Sale in accordance with the provisions of the Restated Certificate) of a negotiated aggregate
indemnification amount that applies to all stockholders on a pro rata basis 

  
 -15- 

 
but that in no event exceeds the amount of consideration otherwise payable to such Stockholder in connection with such Proposed Sale, except with respect to claims related to fraud by such
Stockholder, the liability for which need not be limited as to such Stockholder; and 
 (v) the dollar amount of the escrow, if any, in
connection with such Proposed Sale is (A) less than or equal to fifteen percent (15%) of the aggregate consideration payable in connection with such Proposed Sale and (B) less than or equal to thirty percent (30%) of the aggregate consideration
payable to the equityholders of the Company in connection with such Proposed Sale. 
 (d) The Company shall cause to be included in all
instruments (including the Company’s stock incentive plans and all future grants and/or agreements thereunder and all future agreements pursuant to which the Company issues any securities) pursuant to which it issues shares of Capital Stock or
other securities, including, without limitation, issuances of restricted stock, stock options, convertible securities and warrants, (i) “drag-along” provisions substantially identical to those provided for in this Section 5.4 and (ii)
“market stand-off provisions” substantially identical to those provided for in the Company’s Third Amended and Restated Investor Rights Agreement of even date herewith, by and among the Company and the parties thereto (the
“Investor Rights Agreement”). In addition, the Company shall cause each future holder of at least one percent (1%) of the Company’s then outstanding shares of Capital Stock to become a party to this Agreement as a
“Restricted Stockholder.” 
 (e) If the Company or the holders of any of the Company’s securities enter into any negotiation
or transaction for which Rule 506 (or any similar rule then in effect) promulgated by the Securities Exchange Commission under the Securities Act may be available with respect to such negotiation or transaction (including, without limitation, a
merger, consolidation or other reorganization), all holders of Voting Securities who are not “accredited investors” (as such term is defined in Rule 501 (or any similar rule then in effect) promulgated by the Securities Exchange Commission
under the Securities Act (“Rule 501”) will, at the request of the Company, consent to the appointment of a purchaser representative as defined in Rule 501 on their behalf, which purchaser representative shall be acceptable to
the Company. The fees and expenses of such purchaser representative shall be paid from the proceeds to be distributed to such holders of Voting Securities. 

5.5 Irrevocability of Votes; Proxy. The voting agreements contained herein are coupled with an interest and may not be revoked
during the term of this Agreement. To secure the Stockholders’ obligations to vote (including by written consent) their respective shares in accordance with this Agreement, each Stockholder hereby appoints the Chairman of the Board or the Chief
Executive Officer, or either of their respective designees, as such Stockholder’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote (including by written consent) all of such
Stockholder’s Voting Securities in favor of the matters set forth in this Agreement, if and only if, such Stockholder fails to vote (including by written consent) all of such Stockholder’s Voting Securities in accordance with the
provisions of this Agreement within five (5) days of the Company’s or any other party’s written request for such Stockholder’s written consent or signature. The proxy and power granted by each Stockholder pursuant to this section
are coupled with an interest and are given to secure the 

  
 -16- 

 
performance of such party’s duties under this Agreement. Each such proxy and power will be irrevocable for the term hereof. The proxy and power, so long as any party hereto is an individual,
will survive the death, incompetency and disability of such party or any other individual holder of the shares and, so long as any party hereto is an entity, will survive the merger or reorganization of such party or any other entity holding any
shares of Capital Stock of each Stockholder. 
 5.6 Additional Shares. In the event that subsequent to the date of this
Agreement any shares or other securities (other than pursuant to a Liquidation Event) are issued on, or in exchange for, any of the Voting Securities by reason of any stock dividend, stock split, consolidation of shares, reclassification or
consolidation involving the Company, such shares or securities shall be deemed to be Voting Securities for purposes of this Agreement. 

5.7 Replacement and Removal of Designees. 

(a) In the event that any Stockholder or group of Stockholders shall determine to remove from office any Designee of such Stockholder or
group of Stockholders in accordance with Section 5.3 above, for any or no reason, with or without cause, each and every one of the Stockholders shall take all actions necessary to cause such removal to be effected promptly. 

(b) In the event of the death, termination, removal or resignation of any member of the Board (including the Mutual Director), each and every
one of the Stockholders shall take all actions necessary and appropriate to cause such vacancy to be filled by an individual designated by the Stockholder or group of Stockholders entitled to designate a Board member to fill such vacancy. 

(c) The Stockholders will not vote any Voting Securities of the Company owned directly or indirectly by them to elect or remove any director
in contravention of any other provision of this Agreement. 
 5.8 Termination. The provisions in Section 5 of this
Agreement shall terminate upon the earlier to occur of (a) the consummation of a Liquidation Event, (b) the closing of a Qualified IPO or (c) upon the written consent of (i) the Company, (ii) Landmark, so long as Landmark
continues to own at least fifty percent (50%) of the shares of Common Stock owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and otherwise, the holders holding not less
than a majority of the shares of Common Stock then outstanding, (iii) the holders of at least seventy percent (70%) of the then outstanding shares of Series A Preferred (or Common Stock issued or issuable upon conversion of the Series A
Preferred), so long as at least twenty percent (20%) of the shares of Series A Preferred (or Common Stock issued or issuable upon conversion of the Series A Preferred) issued as of the date hereof remain outstanding (as adjusted for stock
splits, stock dividends, recapitalizations and the like), (iv) GE, so long as GE and its Affiliates continue to own at least fifty percent (50%) of the Series B Preferred (or Common Stock issued or issuable upon conversion of the Series B
Preferred) then outstanding, and otherwise, the holders of at least fifty percent (50%) of the then outstanding shares of Series B Preferred and (v) Element, so long as Element and its Affiliates continue to own at least fifty percent
(50%) of the Series B-1 

  
 -17- 

 
Preferred then outstanding, and otherwise, the holders of at least fifty percent (50%) of the then outstanding shares of Series B-1 Preferred. 

 

	 	6.	LEGENDS 

 6.1 Shares held by Selling Holders. All certificates representing
any shares of Capital Stock held by Selling Holders subject to the provisions of this Agreement shall, in addition to such other legends as may be required, have endorsed thereon a legend to substantially the following effect: 

THE RIGHT TO SELL, TRANSFER OR OTHERWISE DISPOSE OF OR PLEDGE THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN
RESTRICTIONS, WHICH INCLUDE RIGHT OF FIRST REFUSAL AND CO-SALE RESTRICTIONS ON THE SALE OF THE SECURITIES, SET FORTH IN A THIRD AMENDED AND RESTATED RIGHT OF FIRST REFUSAL, CO-SALE AND VOTING AGREEMENT. A COPY OF SUCH AGREEMENT IS ON FILE AT THE
ISSUER’S PRINCIPAL PLACE OF BUSINESS. 
 6.2 Stockholder Stock. All certificates representing any shares of (or held by)
a Stockholder subject to the provisions of this Agreement shall, in addition to such other legends as may be required, have endorsed thereon a legend to substantially the following effect: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN COVENANTS AS SET FORTH IN A THIRD AMENDED AND RESTATED RIGHT OF FIRST
REFUSAL, CO-SALE AND VOTING AGREEMENT. A COPY OF SUCH AGREEMENT IS ON FILE AT THE ISSUER’S PRINCIPAL PLACE OF BUSINESS. 
 6.3
Certificate Endorsement. Each Stockholder holding certificate(s) that are to be endorsed with the legend(s) set forth above shall take any and all actions, and shall cause any transferee or any other holder of said certificate(s) (as the
case may be) to take any and all actions, to cause such certificates to be so endorsed, including without limitation the return of such certificate(s) to the Company for proper endorsement. 

 

	 	7.	TRANSFER OF STOCK 

 7.1 General. To ensure compliance with the restrictions
referred to herein, each Stockholder agrees that the Company may issue appropriate “stop-transfer” instructions. The Company shall not (a) permit any transfer on its books of any of its shares which shall have been Transferred in
violation of any of the provisions set forth in this Agreement or (b) treat as owner of such shares or to accord the right to vote as owner or to pay dividends to any transferee to whom such shares shall have been Transferred in violation of
any of the provisions set forth in this Agreement. 

  
 -18- 

 7.2 Transfers by Stockholders. Without limiting any other provision of this
Agreement, in the event of any Transfer of Capital Stock by a Stockholder, the transferee shall enter into a written agreement to be bound by and comply with all provisions of this Agreement, as if such transferee were an original Stockholder
hereunder. Such transferee shall be treated either as an “Eligible Investor” or as a “Selling Holder”, as applicable (based upon whether the Capital Stock was Transferred by a Selling Holder or Eligible Investor) for purposes of
this Agreement and shall be subject to all obligations and restrictions contained herein to the extent such obligations and restrictions apply to Selling Holders pursuant to the terms of this Agreement. 

 

	 	8.	MISCELLANEOUS 

 8.1 Governing Law. This Agreement shall be governed in all
respects by and construed under the internal laws of the State of Delaware as such laws are applied to agreements that are entered into by and among Delaware residents while located in Delaware and that are to be performed entirely within Delaware,
without regard to principles of conflicts of law. 
 8.2 Jurisdiction; Venue. The parties (a) hereby irrevocably and
unconditionally submit to the jurisdiction of the federal and state courts located within the geographic boundaries of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out
of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the federal and state courts located within the geographic boundaries of the United States
District Court for the District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of
the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement
or the subject matter hereof may not be enforced in or by such court. 
 8.3 Waiver of Jury Trial. EACH OF THE PARTIES
HERETO HEREBY VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR OTHER PROCEEDING BROUGHT IN CONNECTION WITH THIS AGREEMENT, ANY OF THE OTHER AGREEMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

8.4 Equitable Remedies. Each of the parties hereto acknowledges and agrees that irreparable harm would occur in the event that
any of the terms and provisions of this Agreement, including but not limited to those of Section 5 hereof, were not performed fully by the parties hereto in accordance with their specific terms or conditions or were otherwise breached, and that
money damages are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties hereto in the event that this Agreement is not performed in
accordance with its terms or conditions or is otherwise breached. It is accordingly hereby agreed that the parties hereto shall be entitled to seek a temporary or permanent injunction or temporary or permanent injunctions to restrain, enjoin and
prevent breaches of this Agreement by the other parties and to enforce specifically such terms and provisions of this Agreement in any court of 

  
 -19- 

 
the United States or any state having jurisdiction, such remedy being cumulative and in addition to (and not in lieu of) any other rights and remedies to which the parties are entitled to at law
or in equity. Each party hereto specifically waives any claim or defense that there is an adequate remedy at law for any breach or threatened breach of Section 5 hereof. 

8.5 Assignment of Rights. Subject to the provisions of this Agreement, this Agreement and the rights and obligations of the
parties hereunder shall inure to the benefit of, and be binding upon, their respective successors, assigns and legal representatives. In furtherance and not in limitation of the foregoing, the rights of the Eligible Investors contained in this
Agreement may be transferred or assigned by an Eligible Investor to a transferee or assignee of Capital Stock that (a) is a partner, member, or other equity owner or retired partner, member or other equity owner of an Eligible Investor that is
a partnership so long as such Transfer is in accordance with partnership interests and made pursuant to the terms of such Eligible Investor’s partnership agreement; (b) is a wholly owned subsidiary of an Eligible Investor that is a
corporation, a parent corporation that owns all of the capital stock of such Eligible Investor or the stockholders of such Eligible Investor in accordance with their ownership of such Eligible Investor; (c) is a member or former member of any
Eligible Investor that is a limited liability company so long as such Transfer is in accordance with their interest in the limited liability company and made pursuant to the terms of such Eligible Investor’s limited liability company agreement;
(d) is a Family Member or any custodian or trustee of any trust or any other corporation, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Eligible Investor or any such
Eligible Investor’s Family Members; (e) is an Affiliate of such Eligible Investor; (f) is an Affiliated partnership, limited liability company or fund managed by an Eligible Investor or any of their respective directors, officers,
partners or members; or (g) acquires not less than ten percent (10%) of the shares of Capital Stock (as adjusted for stock splits, stock dividends, recapitalizations and the like) held by the Eligible Investor measured as of the date such
Eligible Investor became a party to this Agreement; provided, however, that (i) the transferor shall, within a reasonable time after such transfer, furnish to the Company written notice of the name and address of such transferee
or assignee and the securities with respect to which such transfer or assignment is being made and (ii) such transferee shall agree to be subject to all restrictions set forth in this Agreement. Notwithstanding anything to the contrary
contained herein, any assignment of rights or obligations pursuant to this Section 8.5 shall be subject to the terms of Section 4.1 above. 

8.6 Amendment and Waiver. 

(a) Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and
either retroactively or prospectively) or this Agreement terminated, only by the written consent of (i) the Company, (ii) Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of Capital Stock owned
by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and otherwise, the holders holding not less than a majority of the shares of Common Stock then outstanding, (iii) the holders of
at least a majority of the then outstanding shares of Series A Preferred and/or Common Stock issued upon the conversion thereof, (iv) GE, so long as GE continues to own at least fifty percent (50%) of the shares of Series B Preferred then
outstanding, and otherwise, the holders of at least a majority of the then outstanding shares of Series B Preferred and (v) Element, so long as 

  
 -20- 

 
Element and its Affiliates continue to own at least fifty percent (50%) of the Series B-1 Preferred then outstanding, and otherwise, the holders of at least fifty percent (50%) of the
then outstanding shares of Series B-1 Preferred; provided, however, the written consent of GE, the holders of Series B Preferred, Element and the holders of Series B-1 Preferred, as the case may be, described in clauses (iv) and
(v) above shall not be required for any amendment or modification to this Agreement effected solely to afford rights to the holders of a Permitted Security (as defined in the Company’s Fifth Amended and Restated Certificate of
Incorporation) that are, individually and in the aggregate, not greater than nor senior to the rights afforded to GE, the holders of the Series B Preferred, Element or the holders of the Series B-1 Preferred, respectively, hereunder as of the date
hereof (other than with respect to any entitlement to designate or elect one or more directors) (such rights in the aggregate, the “Permitted Rights”), so long as such amendment or modification does not contain provisions other than
Permitted Rights and does not increase the obligations of GE, the holders of the Series B Preferred, Element or the holders of the Series B-1 Preferred hereunder; provided, further, that the written consent of holders holding not less than
seventy percent (70%) of the then outstanding shares of Series A Preferred and/or Common Stock issued upon the conversion thereof shall be required to amend, waive, alter, or repeal (i) the voting thresholds in Sections 5.4(a),
the provisions of the first sentence of 5.4(b), 5.4(c) as applicable to the Series A Preferred, 5.8, 8.6(a) or 8.7 or the definition of “Eligible Investor” as it applies to the Holders of the Series A Preferred, or (ii) any other
provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights, privileges, preferences, or obligations of Angeleno or its Affiliates that is disproportionate from the effect
of such amendment, waiver, alteration, or repeal on any other holders of shares of Preferred Stock provided, further, that the written consent of GE or the holders of the Series B Preferred described in clause (iv) above shall in
any event be required to amend, waive, alter or repeal (i) the provisions of Section 4.1 as they apply to GE or the Series B Preferred, (ii) the provisions of the second sentence of Section 5.4(b) and
Section 5.4(c) as applicable to GE or the Series B Preferred, (iii) the voting thresholds of Sections 8.6(a) or 8.7, as applicable to GE or the Series B Preferred, (iv) the definition of “Eligible Investor” as it
applies to GE or the Holders of the Series B Preferred; and (v) any other provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights, privileges, preferences, or
obligations of GE or the Holders of the Series B Preferred that is disproportionate from the effect of such amendment, waiver, alteration, or repeal on any other holders of shares of Preferred Stock; provided, further, that the written
consent of Element or the Holders of the Series B-1 Preferred described in clause (v) above shall in any event be required to amend, waive, alter or repeal (i) the voting thresholds in Sections 5.4(a), the provisions of the third sentence
of 5.4(b), 5.4(c) as applicable to Element or the Series B-1 Preferred, 5.8, 8.6(a) or 8.7, or the definition of “Eligible Investor” as it applies to Element or the Holders of the
Series B-1 Preferred, or (ii) any other provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect upon any of the rights, privileges,
preferences, or obligations of Element or the Holders of the Series B-1 Preferred that is disproportionate from the effect of such amendment, waiver, alteration, or repeal on any other holders of shares
of Preferred Stock; provided, further, that the written consent of the holders of at least seventy percent (70%) of the then outstanding shares of Series C Preferred shall in any event be required to amend, waive, alter or repeal
(i) the provisions of the fourth sentence of Section 5.4(b) or this proviso of Section 8.6(a), or (ii) any other provision in this Agreement if such amendment, waiver, alteration, or repeal will have a material adverse effect

  
 -21- 

 
upon any of the rights, privileges, preferences, or obligations of the holders of the Series C Preferred that is disproportionate from the effect of such amendment, waiver, alteration, or repeal
on any other holders of shares of Preferred Stock; provided, further, that (w) the provisions of Section 5.3(a)(i) and 5.3(b)(i) may not be amended or terminated without the written consent of NGP, so long as NGP continues to
own at least twenty percent (20%) of the shares of Series A Preferred and/or Common Stock issued upon the conversion thereof originally issued to NGP (as adjusted for stock splits, stock dividends, recapitalizations and the like), (x) the
provisions of Section 5.3(a)(ii) and 5.3(b)(ii) may not be amended or terminated without the written consent of Element, so long as Element continues to own at least fifty percent (50%) of the shares of Series B-1 Preferred owned by
Element as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), (y) the provisions of Section 5.3(a)(iii) and 5.3(b)(iii) may not be amended or terminated without the written consent of
Angeleno, so long as Angeleno continues to own at least fifty percent (50%) of the shares of Series C Preferred owned by Angeleno as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and
(z) the provisions of Section 5.3(a)(iv) and 5.3(b)(iv) may not be amended or terminated without the written consent of Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of Capital Stock owned
by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the like), and otherwise, the holders holding not less than a majority of the shares of Common Stock then outstanding. 

(b) Notwithstanding anything to the contrary contained herein, if the Company shall issue additional shares of its Preferred Stock pursuant
to the Purchase Agreement, any purchaser of such shares of Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed (i) an
“Investor,” (ii) if agreed to by the Company, an “Eligible Investor” and (iii) a party hereunder. 
 (c) In
addition, the Company shall cause any and all future holders of at least one percent (1%) of the Company’s then outstanding shares of Capital Stock who are not parties to this Agreement, to become party to this Agreement by executing a
joinder agreement and be listed on Exhibit B attached hereto at the time or immediately after the time they become such stockholders of the Company (in which case no consent of any Stockholders shall be required). In furtherance of this
obligation, the Company shall require, pursuant to its Stock Plan (as such term is defined in the Purchase Agreement), that any holder of an option, warrant or other right to receive Common Stock, as a condition to receipt of the Common Stock
underlying such option, warrant or right, become party to this Agreement. 
 (d) Any amendment or waiver effected in accordance with this
Section 8.6 shall be binding upon the Company, each Stockholder and its successors and assigns. 
 8.7 Term. The rights
granted to the Eligible Investors in Sections 2, 3 and 4 hereof shall terminate upon the earliest to occur of (i) the closing of a Qualified IPO, (ii) a Liquidation Event (as such term is defined in the Restated Certificate) or
(iii) the date on which this Agreement is terminated by a writing executed by (w) the holders of at least seventy percent (70%) of the then outstanding shares of Series A Preferred (or shares of Common Stock issued or issuable upon
conversion thereof), (x) the holders of at least fifty percent (50%) of the then outstanding shares of Series B Preferred (or shares of Common Stock issued or issuable upon 

  
 -22- 

 
conversion thereof), (y) the holders of at least fifty percent (50%) of the then outstanding shares of Series B-1 Preferred (or shares of Common Stock issued or issuable upon conversion
thereof) and (z) Landmark, so long as Landmark continues to own at least fifty percent (50%) of the shares of Capital Stock owned by Landmark as of the date hereof (as adjusted for stock splits, stock dividends, recapitalizations and the
like), and otherwise, the holders holding not less than a majority of the shares of Common Stock then outstanding. The Company’s Right of First Refusal shall terminate upon the earliest to occur of (i) a written election of the Company
pursuant to an action by the Board, or (ii) the occurrence of (ii) in the preceding sentence. 
 8.8 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 otherwise: 

(a) if to the Company, one copy should be sent to its address or facsimile number set forth on the signature pages hereof and addressed
to the attention of the Chief Executive Officer, or at such other address or facsimile number as the Company shall have furnished to the Investors, with a copy (which shall not constitute notice) to H. David Henken, Esq., Goodwin Procter LLP,
Exchange Place, 53 State Street, Boston, MA 02109; and 
 (b) if to a Stockholder, at the Stockholder’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, with, (i) in the case of NGP, a copy (which shall not constitute notice) to Robert D. Sanchez, Esq., Wilson Sonsini
Goodrich & Rosati, P.C., 1700 K Street, N.W., Fifth Floor, Washington, D.C. 20006, (ii) in the case of Landmark, a copy (which shall not constitute notice) to H. David Henken, Esq., Goodwin Procter LLP, Exchange Place, 53 State Street,
Boston, MA 02109, (iii) in the case of Angeleno, a copy (which shall not constitute notice) to Franklin Reddick, Esq., Akin Gump Strauss Hauer & Feld LLP, 2029 Century Park East, Suite 2400, Los Angeles, CA 90067, (iv) in the case
of GE, a copy (which shall not constitute notice) to General Counsel-Equity and Account Manager TPI, GE Capital Equity, 201 Merritt 7, P.O. Box 52011, Norwalk, CT 06856, and (v) in the case of Element, a copy (which shall not constitute notice)
to Andrew Hamilton, Morgan, Lewis & Bockius LLP, 1701 Market Street, Philadelphia, PA 19103. 
 Each such notice or other
communication shall for all purposes of this Agreement be treated as effective or as having been given: (i) upon delivery, if personally delivered; (ii) three (3) business days after pre-paid deposit for next business day delivery
with a commercial courier service (e.g., DHL or FedEx); (iii) five (5) business days after deposit, postage pre-paid, with first class airmail (which airmail must be certified or registered); or (iv) upon confirmation of
facsimile transfer or electronic mail when sent by facsimile or electronic mail, with a confirmation copy delivered by one of the other acceptable means of delivery. 

8.9 Severability. In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never
been contained herein. 

  
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 8.10 Entire Agreement. This Agreement and the exhibits hereto, the Investor Rights
Agreement, the Purchase Agreement, the Restated Certificate and the GE Confidentiality Agreement, constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof and no party shall be
liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically set forth herein and therein. Any and all previous agreements among the parties relative to the specific subject matter
hereof are superseded by this Agreement. 
 8.11 Titles and Subtitles. The titles of sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 
 8.12 Non-Business
Days. Notwithstanding anything to the contrary contained herein, in the event that any calendar day referred to in this Agreement falls on a Saturday, a Sunday or a U.S. holiday (each a “Non-Business Day”), then any
transaction or notice that must be effected or delivered on such a Non-Business Day will instead be required to be effected or delivered on the next day that is not a Non-Business Day. 

8.13 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. 
 8.14 Telecopy Execution and Delivery. A facsimile,
telecopy or other reproduction of this Agreement may be executed by one or more parties hereto, and an executed copy of this Agreement may be delivered by one or more parties hereto by facsimile or similar electronic transmission device pursuant to
which the signature of or on behalf of such party can be seen, and 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 an original of
this Agreement as well as any facsimile, telecopy or other reproduction hereof. 
 8.15 Aggregation of Stock. For the purposes
of determining the availability of any rights under this Agreement, all shares of Capital Stock held or acquired by Affiliated or related entities or persons of a Stockholder (including but not limited to: (a) a partner, member or other equity
owner or a former partner, member or other equity owner or the estate of any partner, member or other equity owner or retired partner, member or other equity holder of a Stockholder that is a partnership; (b) a wholly owned subsidiary of a
Stockholder that is a corporation, a parent corporation that owns all of the capital stock of such Stockholder or the stockholders of the Stockholder; (c) a Family Member, or any custodian or trustee of any trust or any other corporation,
partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by such Stockholder or any such Stockholder’s Family Members; (d) a member or former member of a Stockholder that is a
limited liability company; (e) an Affiliate of the Stockholder; or (f) funds under common management) shall be aggregated together for the purpose of determining the availability of any rights under this Agreement which are triggered by
the beneficial ownership of a threshold number of shares of the Company’s Capital Stock. 

  
 -24- 

 8.16 Restatement of Existing Agreement. This Agreement amends and restates in its
entirety the Existing Agreement which, as of the date hereof shall have no further force and effect. 
 (The remainder of this page
intentionally left blank.) 

  
 -25- 

 IN WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated Right of
First Refusal, Co-Sale and Voting Agreement as of the date set forth in the first paragraph hereof. 
  

			
	“COMPANY”
	
	TPI COMPOSITES, INC. 
		
	By:	 	 /s/ Steven C. Lockard

	Name:	 	 Steven C. Lockard

	Title:	 	 President & CEO

 

			
	Address:	 	 8501 North Scottsdale Road
 Gainey Center II,
Suite 280
 Scottsdale, AZ 85253

	Fax Number:	 	(480) 305-8315

  
 (Signature Page to
Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
					
	“INVESTOR”
	
	LANDMARK GROWTH CAPITAL PARTNERS, L.P.
		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

	
	LANDMARK IAM GROWTH CAPITAL, L.P.
		
	By:	 	 Landmark Growth Capital Partners, LLC

Its General Partner

		
	By:	 	 Landmark Equity Advisors LLC
 Its
Managing Member

			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
					
	“INVESTOR”
	
	NGP ENERGY TECHNOLOGY PARTNERS, L.P.
		
	By:	 	NGP ETP, L.L.C., its General Partner
			
		 	By:	 	 /s/ Philip J. Deutch

			
		 	Name:	 	Philip J. Deutch
			
		 	Title:	 	Managing Partner

  
 (Signature Page to
Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
					
	“INVESTOR”
	
	ANGELENO INVESTORS II, LP
		
	By:	 	Angeleno Group Management II, LLC
		 	Its General Partner
		
	By:	 	Angeleno Group, LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Daniel Weiss

		 	Name:	 	Daniel Weiss
		 	Title:	 	Member

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
			
	“INVESTOR”
	
	GE CAPITAL EQUITY INVESTMENTS, INC.
		
	By:	 	 /s/ Michael J. Donnelly

	Name:	 	Michael J. Donnelly
	Title:	 	MD - GE Equity

  

			
	Address:	 	 201 Merritt 7, 1st Floor

Norwalk, CT 06851

	Fax No:	 	(203) 357-6527

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
			
	“INVESTOR”
	
	ELEMENT PARTNERS II, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael Derosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member
	
	ELEMENT PARTNERS II INTRAFUND, L.P.
		
	By:	 	Element Partners II G.P., L.P.
	Its:	 	General Partner
		
	By:	 	Element II G.P., LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Michael DeRosa

	Name:	 	Michael DeRosa
	Title:	 	Managing Member

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
					
	“RESTRICTED STOCKHOLDERS”
	
	LANDMARK GROWTH CAPITAL PARTNERS, L.P.
		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

	
	 LANDMARK IAM GROWTH CAPITAL, L.P.

		
	By:	 	Landmark Growth Capital Partners, LLC
		 	Its General Partner
		
	By:	 	Landmark Equity Advisors LLC
		 	Its Managing Member
			
		 	By:	 	 /s/ Paul G. Giovacchini

			
		 	Name:	 	 Paul G. Giovacchini

			
		 	Title:	 	 Vice President

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 
	
	“RESTRICTED STOCKHOLDERS”
	
	 /s/ Steven Lockard

	Steven Lockard
	
	 /s/ Wayne Monie

	Wayne Monie
	
	 /s/ John Ragan

	John Ragan
	
	  

	Jeffrey Vancura
	
	 /s/ Steve Nolet

	Steve Nolet
	
	 /s/ Ed DaSilva

	Ed DaSilva
	
	 /s/ Roger McAlpine

	Roger McAlpine
	
	 /s/ Jim Hannan

	Jim Hannan
	
	 /s/ John Goldsberry

	John Goldsberry

  
 (Signature Page to
the Third Amended and Restated Right of First Refusal, Co-Sale and Voting Agreement) 

 EXHIBIT A 

SCHEDULE OF INVESTORS 
 Element Partners
II, L.P. 
 Three Radnor Corp. Ctr., Suite 410 
 100 Matsonford
Road 
 Radnor, PA 19087 
 Attn: Michael DeRosa 

Fax: (610) 964-8005 
 Element Partners II Intrafund, L.P.

 Three Radnor Corp. Ctr., Suite 410 
 100 Matsonford Road 

Radnor, PA 19087 
 Attn: Michael DeRosa 

Fax: (610) 964-8005 
 GE Capital Equity Investments, Inc.

 201 Merritt 7, 1st Floor 

Norwalk, CT 06851 
 Attn: Michael Donnelly 

Fax No.: (203) 357-6537 
 NGP Energy Technology Partners,
L.P. 
 1700 K Street, N.W. 
 Suite 750 

Washington, DC 20006 
 Attn: Philip J. Deutch 

Fax No.: (202) 536-3921 
 Landmark Growth Capital Partners,
L.P. 
 10 Mill Pond Road 
 Simsbury, CT 06070 

Fax No.: (860) 408-4608 
 Landmark IAM Growth Capital, L.P.

 10 Mill Pond Road 
 Simsbury, CT 06070 

Fax No.: (860) 408-4608 
 Angeleno Investors II, LP 

2029 Century Park East 
 Suite 2980 

Los Angeles, CA 90067 
 Attn: Daniel Weiss 

 Fax No.: (310) 552-2727 

Marc E. Jones 
 651 Lowell Ave. 

Palo Alto, CA 94301 
 Fax No.: (650) 328-3402 

 EXHIBIT B 

SCHEDULE OF RESTRICTED STOCKHOLDERS 

Landmark Growth Capital Partners, L.P. 

Landmark IAM Growth Capital, L.P. 

Steven Lockard 
 Wayne Monie

 John Ragan 
 Jeffrey
Vancura 
 Steve Nolet 
 Ed
DaSilva 
 Roger McAlpine 

Jim Hannan 
 John Goldsberry

 TPI COMPOSITES, INC. 

Consent and Amendment 

This CONSENT AND AMENDMENT, dated as of August 11, 2010, is made by and among (a) the holders of a majority of the outstanding
shares of Common Stock, par value $0.01 per share, of TPI Composites, Inc., a Delaware corporation (the “Company”), (b) the holders of at least seventy percent (70%) of the outstanding shares of Series A Convertible
Preferred Stock, par value $0.01 per share, of the Company, (c) the holders of a majority of the outstanding shares of Series B Convertible Preferred Stock, par value $0.01 per share, of the Company, (d) the holders of a majority of the
outstanding shares of Series B-l Convertible Preferred Stock, par value $0.01 per share, of the Company, (e) the holders of a majority of the outstanding shares of Series C Convertible Preferred Stock, par value $0.01 per share, of the Company,
each voting as a separate class and (f) the Company. 
 WHEREAS, the Company’s Board of Directors (the
“Board”) desires to increase the size of the Board from nine (9) directors to ten (10) directors in accordance with Article II, Section 2 of the Amended and Restated By-Laws of the Company; 

WHEREAS, in accordance with Section 8.6 of that certain Third Amended and Restated Right of First Refusal, Co-Sale and Voting
Agreement, dated as of June 17, 2010, by and among the Company and the other parties listed therein (the “Voting Agreement”), the parties hereto desire to amend Section 5.2 of the Voting Agreement in connection with the
foregoing increase; and 
 WHEREAS, the undersigned holders of Common Stock of the Company desire that Stephen Bransfield be
appointed by the Board as a director (and a Common Designee (as defined in the Voting Agreement)) to fill the directorship created by the increase in the size of the Board. 

NOW, THEREFORE: 
 1. The
Company and the undersigned holders of capital stock of the Company hereby agree that Section 5.2 of Voting Agreement is hereby amended and restated in its entirety as follows: 

“Board Size. The holders of Investor Shares and Common Stockholder Shares shall vote at a regular or
special meeting of Stockholders (or by written consent) the Voting Securities owned by such Stockholders to ensure that the size of the Board shall be set and remain at ten (10) directors; provided, however, that such Board size
(i) may be subsequently increased or decreased pursuant to an amendment of this Agreement in accordance with Section 8.6 hereof and the Company’s Restated Certificate or (ii) may be increased or decreased in connection with the
election or removal of any Joint Designees.” 
 2. The undersigned holders of Series A Convertible Preferred Stock of the Company
hereby consent, pursuant to the Article IV, Part C, Section 5(c)(v) of the Company’s Fifth 

 
Amended and Restated Certificate of Incorporation, as amended (the “Charter”), to the increase in the size of the Board from nine (9) directors to ten (10) directors.

 3. The undersigned holders of Common Stock of the Company hereby request that, pursuant to Section 223 of the General Corporation
Law of the State of Delaware and Article II, Section 3 of the Amended and Restated Bylaws of the Company, the Board elect and appoint Stephen Bransfield to the Board as a director of the Company (and a Common Designee) to fill the directorship
created by the increase in the size of the Board. 
 4. For purposes of clarity, and after giving effect to the election of Stephen
Bransfield as a director of the Company (and a Common Designee), the undersigned holders of Common Stock, Series A Convertible Preferred Stock, Series B-l Convertible Preferred Stock and Series C Convertible Preferred Stock of the Company hereby
acknowledge that, immediately upon the effectiveness of this Consent and Amendment, (a) the Board of Directors shall consist of ten (10) members and (b) (i) Philip Deutch is the Series A Designee (as defined in the Voting
Agreement), (ii) Michael DeRosa is the Series B-l Designee, (iii) Daniel Weiss is the Series C Designee, (iv) Paul Giovacchini, Scott Humber, Wayne Monie and Stephen Bransfield are the Common Designees, (v) Steven Lockard is the
CEO Designee (as defined in the Voting Agreement) and (vi) Jack Henry and Pat Wood III are the Joint Designees. 
 5. That the officers
of the Company, and each of them acting singly, be and hereby are, authorized, empowered and directed (a) to execute, enseal and deliver in the name of and on behalf of the Company any and all documents, agreements and instruments to effectuate
any of the foregoing approvals, all with such changes therein as any of such officers may deem reasonably necessary or desirable and in the best interests of the Company and (b) to take such action, or to cause the Company or any other person
to take such action as may in the judgment of the officer so acting be reasonably necessary or desirable in connection with, or in furtherance of, any of the foregoing approvals, and in the best interests of the Company and the execution and
delivery of any such document, agreement or instrument or the taking of any such action shall be conclusive evidence of such officer’s authority hereunder to so act. 

6. That this Consent and Amendment may be executed in counterparts, including by facsimile or other electronic transmission, each of which
shall be deemed to be an original, but all of which taken together shall constitute one and the same instrument. 
 7. That this Consent and
Amendment shall be filed with the records of stockholders of the Company. 
 [Remainder of Page Intentionally Left Blank] 

  
 2 

 EXECUTED as of the date set forth below. 

 

							
	Dated: August 19, 2010	 		 	TPI COMPOSITES, INC.
				
		 		 	By:	 	 /s/ Steven C. Lockard

		 		 	Name:	 	Steven C. Lockard
		 		 	Title:	 	President + CEO

 [Signature Page to Consent and Amendment] 

									
		  		 	EXECUTED as of the date set forth below.
			
	Dated: August 19, 2010	  		 	LANDMARK GROWTH CAPITAL
 PARTNERS, L.P.

			
		  		 	By: Landmark Growth Capital Partners, LLC
 Its General Partners

			
		  		 	By: Landmark Equity Advisors LLC
 Its Managing Member

					
		  		 		  	By:	 	 /s/ Paul G. Giovacchini

		  		 		  	Name:	 	 Paul G. Giovacchini

		  		 		  	Title:	 	 Vice President

			
	Dated: August 19, 2010	  		 	LANDMARK IAM GROWTH CAPITAL, L.P.
			
		  		 	By: Landmark Growth Capital Partners, LLC
 Its General Partners

			
		  		 	By: Landmark Equity Advisors LLC
 Its Managing Member

					
		  		 		  	By:	 	 /s/ Paul G. Giovacchini

		  		 		  	Name:	 	 Paul G. Giovacchini

		  		 		  	Title:	 	 Vice President

 [Signature Page to Consent and Amendment] 

 EXECUTED as of the date set forth below. 

 

									
	Dated: August 19, 2010	 		 	ANGELENO INVESTORS II, LP
				
		 		 	BY:	 	 Angeleno Group Management II, LLC

Its General Partner

				
		 		 	BY:	 	 Angeleno Group, LLC
 Its Managing
Member

					
		 		 		 	By:	 	 /s/ Daniel Weiss

		 		 		 	Name:	 	Daniel Weiss
		 		 		 	Title:	 	Member

 [Signature Page to Consent and Amendment] 

 EXECUTED as of the date set forth below. 

 

							
	Dated: August 19, 2010	 		 	GE CAPITAL EQUITY INVESTMENTS, INC.
				
		 		 	By:	 	 /s/ Robert J. Roderick

		 		 	Name:	 	 Robert J. Roderick

		 		 	Title:	 	 SVP & Duly Authorized Signatory

 [Signature Page to Consent and Amendment] 

 EXECUTED as of the date set forth below. 

 

							
	Dated: August 19, 2010	 		 	ELEMENT PARTNERS II, L.P.
				
		 		 	By:	 	Element Partners II G.P., L.P.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	Element II G.P., LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Michael DeRosa

		 		 	Name:	 	Michael DeRosa
		 		 	Title:	 	Managing Member

  

							
	Dated: August 19, 2010	 		 	ELEMENT PARTNERS II INTRAFUND, L.P.
				
		 		 	By:	 	Element Partners II G.P., L.P.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	Element II G.P., LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	 /s/ Michael DeRosa

		 		 	Name:	 	Michael DeRosa
		 		 	Title:	 	Managing Member

 [Signature Page to Consent and Amendment] 

 EXECUTED as of the date set forth below. 

 

									
	Dated: August 19, 2010	 		 	NGP ENERGY TECHNOLOGY PARTNERS, L.P.
				
		 		 	By:	 	NGP ETP, L.L.C., its General Partner
					
		 		 		 	By:	 	 /s/ Philip J. Deutch

		 		 		 	Name:	 	Philip J. Deutch
		 		 		 	Title:	 	Managing Partner

 [Signature Page to Consent and Amendment]

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