Document:

ex10-21.htm

Exhibit 10.21

 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER SUCH ACT AND/OR APPLICABLE STATE SECURITIES LAWS, OR UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE ISSUER AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT REQUIRED.

BIOSIG TECHNOLOGIES, INC.

 

PROMISSORY NOTE

(non-negotiable)

 

	$30,000.00  	December 6, 2012

 

 

FOR VALUE RECEIVED, BIOSIG TECHNOLOGIES, INC., a Delaware corporation (the "Company"), hereby promises to pay to the order of Endicott Management Partners LLC, a Delaware limited liability corporation or his registered assigns (the "Holder"), the principal sum of THIRTY THOUSAND DOLLARS AND NO CENTS ($30,000.00) with no interest on the outstanding principal amount of this Promissory Note (this "Note").

The following is a statement of the rights of the Holder of this Note and the conditions to which this Note is subject, and to which the Holder, by the acceptance of this Note, agrees:

1.  Maturity. Unless sooner paid in accordance with the terms hereof, the entire

unpaid principal amount shall become fully due and payable on the earlier of (i) the Next

Financing (as defined below), (ii) February 28, 2013 or (iii) the date of the acceleration of the

maturity of this Note by the Holder upon the occurrence of an Event of Default (such earlier date, the "Maturity Date"). For purposes of this Note, “Next Financing” means the next transaction (or series of transactions, whether or not related) after the date of this Note in which the Company or any successor of the Company issues and sells shares of its capital stock, securities convertible into shares of capital stock, evidence of indebtedness, or any combination thereof, in exchange for aggregate gross proceeds of not less than Three Hundred Thousand Dollars ($300,000) (including any amounts received upon conversion or cancellation of indebtedness).

 

2.  Event of Default.

                (a) For purposes of this Note, an "Event of Default" means:

	
(i)      

	
the Company shall default in the payment of principal on this Note; or

 

  

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(ii)     

	
the Company shall fail to perform any covenant, term, provision, condition, agreement or obligation of the Company under this Note (other than for non-payment) and such failure shall continue uncured for a period of five (5) business days after notice from the Holder of such failure; or

	
(iii)    

	
the Company shall (1) become insolvent; (2) admit in writing its inability to pay its debts generally as they mature; (3) make an assignment for the benefit of creditors or commence proceedings for its dissolution; or (4) apply for or consent to the appointment of a trustee, liquidator or receiver for it or for a substantial part of its property or business; or

	
(iv)    

	
a trustee, liquidator or receiver shall be appointed for the Company or for a substantial part of its property or business without its consent and shall not be discharged within thirty (30) days after such appointment; or

	
(v)     

	
any governmental agency or any court of competent jurisdiction at the insistence of any governmental agency shall assume custody or control of the whole or any substantial portion of the properties or assets of the Company and shall not be dismissed within thirty (30) days thereafter; or

	
(vi)    

	
the Company shall sell or otherwise transfer all or substantially all of its assets; or

	
(vii)   

	
bankruptcy, reorganization, insolvency or liquidation proceedings or other proceedings, or relief under any bankruptcy law or any law for the relief of debt shall be instituted by or against the Company and, if instituted against the Company shall not be dismissed within thirty (30) days after such institution, or the Company shall by any action or answer approve of, consent to, or acquiesce in any such proceedings or admit to any material allegations of, or default in answering a petition filed in any such proceeding; or

	
(viii)  

	
the Company shall be in default of any of its indebtedness for borrowed money.

(b) Upon the occurrence of an Event of Default, the entire indebtedness due under this Note shall, at the option of the Holder, be immediately due and payable without notice. Failure to exercise such option shall not constitute a waiver of the right to exercise the same in the event of any subsequent Event of Default.

3. Prepayment.  The Company may prepay this Note at any time, in whole or in part, provided any such prepayment will be applied first to the payment of expenses due under this Note and second, if the amount of prepayment exceeds the amount of all such expenses, to the payment of principal of this Note.

 

  

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4. Use of Proceeds. The Company shall use the proceeds from this Note solely to fund the operations of the Company in the ordinary course of business.

5. Miscellaneous.

    (a) Loss, Theft, Destruction or Mutilation of Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Note and, in the case of loss, theft or destruction, delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Note, the Company shall execute and deliver, in lieu of this Note, a new note executed in the same manner as this Note, in the same principal amount as the unpaid principal amount of this Note and dated the date of this Note.

(b) Payment. All payments under this Note shall be made in lawful tender of the United States.

(c) Waivers. The Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor and all other notices or demands relative to this instrument.

(d) Waiver and Amendment. Any provision of this Note may be amended, waived or modified only by an instrument in writing signed by the party against which enforcement of the same is sought.

(e) Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing sent by mail, facsimile with printed confirmation, nationally recognized overnight carrier or personal delivery and shall be effective upon actual receipt of such notice, to the following addresses until notice is received that any such address or contact information has been changed:

To the Company:

BioSig Technologies, Inc.

12424 Wilshire Blvd Suite 745

Los Angeles, CA 90025

310.820.8100

Fax: 310.820.8115

To Holder:

Endicott Management Partners LLC

10 Red Coat Rd

Westport, CT  06880

Cell: 203.644.5200

  

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(f)  Expenses: Attorneys' Fees.  If action is instituted to enforce or collect this Note, the Company promises to pay all reasonable costs and expenses, including, without limitation, reasonable attorneys' fees and costs, incurred by the Holder in connection with such action.

(g) Successors and Assigns. The Company shall not have the right to assign its rights and obligations hereunder or any interest herein. Subject to the preceding sentence, the rights and obligations of the Company and the Holder of this Note shall be binding upon and benefit the successors, permitted assigns, heirs, administrators and permitted transferees of the parties.

(h) Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to any of the conflicts of law principles which would result in the application of the substantive law of another jurisdiction. This Note shall not be interpreted or construed with any presumption against the party causing this Note to be drafted.

(i) Consent to Jurisdiction. Each of the Company and the Holder (i) hereby irrevocably submits to the exclusive jurisdiction of the United States District Court sitting in the Southern District of New York and the courts of the State of New York located in New York county for the purposes of any suit, action or proceeding arising out of or relating to this Note and (ii) hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper. Each of the Company and the Holder consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address Section 5(e) hereof and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing in this Section 5(i) shall affect or limit any right to serve process in any other manner permitted by law.

[SIGNATURE PAGE FOLLOWS]

  

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IN WITNESS WHEREOF, the Company has caused this Note to be executed as of the date first above written by its duly authorized officer.

BIOSIG TECHNOLOGIES, INC.

By: /s/ Budimir S. Drakulic                                                                

      Budimir S. Drakulic

      Chief Technology Officer

 

 

 

  

5EX-4.2

 Exhibit 4.2 
 VERTICALS ONDEMAND, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS
AGREEMENT 
 May 16, 2008 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	 Registration Rights
	  	 	1	  
		  	1.1	  	 Definitions
	  	 	1	  
		  	1.2	  	 Request for Registration
	  	 	2	  
		  	1.3	  	 Company Registration
	  	 	4	  
		  	1.4	  	 Form S-3 Registration
	  	 	5	  
		  	1.5	  	 Obligations of the Company
	  	 	6	  
		  	1.6	  	 Information from Holder
	  	 	8	  
		  	1.7	  	 Expenses of Registration
	  	 	8	  
		  	1.8	  	 Delay of Registration
	  	 	8	  
		  	1.9	  	 Indemnification
	  	 	8	  
		  	1.10	  	 Reports Under the 1934 Act
	  	 	10	  
		  	1.11	  	 Assignment of Registration Rights
	  	 	11	  
		  	1.12	  	 Limitations on Subsequent Registration Rights
	  	 	11	  
		  	1.13	  	 “Market Stand-Off” Agreement
	  	 	12	  
		  	1.14	  	 Termination of Registration Rights
	  	 	13	  
			
	 2.
	  	 Covenants of the Company
	  	 	13	  
		  	2.1	  	 Delivery of Financial Statements
	  	 	13	  
		  	2.2	  	 Inspection
	  	 	13	  
		  	2.3	  	 Termination of Information and Inspection Covenants
	  	 	14	  
		  	2.4	  	 Right of First Offer
	  	 	14	  
		  	2.5	  	 Employee Agreements
	  	 	16	  
		  	2.6	  	 Proprietary Information and Inventions Agreements and Consulting Agreements
	  	 	16	  
		  	2.7	  	 Option Pool Increase
	  	 	16	  
		  	2.8	  	 Operating Plan
	  	 	16	  
		  	2.9	  	 Observer Rights
	  	 	16	  
		  	2.10	  	 Termination of Certain Covenants
	  	 	16	  
			
	 3.
	  	 Miscellaneous
	  	 	17	  
		  	3.1	  	 Successors and Assigns
	  	 	17	  
		  	3.2	  	 Governing Law
	  	 	17	  
		  	3.3	  	 Counterparts
	  	 	17	  
		  	3.4	  	 Titles and Subtitles
	  	 	17	  
		  	3.5	  	 Notices
	  	 	17	  
		  	3.6	  	 Expenses
	  	 	17	  
		  	3.7	  	 Entire Agreement; Amendments and Waivers
	  	 	17	  
		  	3.8	  	 Confidentiality
	  	 	18	  
		  	3.9	  	 Severability
	  	 	18	  
		  	3.10	  	 Aggregation of Stock
	  	 	18	  
		  	3.11	  	 Additional Investors
	  	 	18	  
		  	3.12	  	 Termination of Prior Agreement
	  	 	18	  

  
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 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 16th day of May, 2008, by and among VERTICALS ONDEMAND, INC., a Delaware
corporation (the “Company”), and the investors listed on Schedule A hereto, each of which is herein referred to as an “Investor.” 
 RECITALS 
 WHEREAS, certain of the Investors (the
“Existing Investors”) hold shares of the Company’s Series A Preferred Stock and/or shares of Common Stock issued upon conversion thereof (the “Series A Preferred Stock”) and possess registration rights, information rights,
rights of first offer and other rights pursuant to an Investors’ Rights Agreement dated as of February 23, 2007 by and among the Company and such Existing Investors (the “Prior Agreement”); 

WHEREAS, the Prior Agreement may be amended, and any provision therein waived, with the consent of the Company, and the holders of
a majority of the outstanding Registrable Securities (as such term is defined in the Prior Agreement); 
 WHEREAS, the
Existing Investors as holders of a majority of the outstanding Registrable Securities (as such term is defined in the Prior Agreement) of the Company desire to terminate the Prior Agreement and to accept the rights created pursuant hereto in lieu of
the rights granted to them under the Prior Agreement; and 
 WHEREAS, certain Investors are parties to the Series B
Preferred Stock Purchase Agreement of even date herewith by and among the Company and certain of the Investors (the “Series B Agreement”), which provides that as a condition to the closing of the sale of the Series B Preferred Stock (the
“Series B Preferred Stock,” collectively with the Series A Preferred Stock, the “Preferred Stock”), this Agreement must be executed and delivered by such Investors, Existing Investors holding a majority of the outstanding
Registrable Securities (as such term is defined in the Prior Agreement) of the Company, and the Company. 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the Existing Investors hereby agree that the Prior Agreement shall be superseded and replaced in its entirety by this Agreement, and the parties hereto further
agree as follows: 
 1. Registration Rights. The Company covenants and agrees as follows: 

1.1 Definitions. For purposes of this Section 1: 
 (a) The term “Act” means the Securities Act of 1933, as amended. 
 (b)
The term “Form S-3” means such form under the Act as in effect on the date hereof or any registration form under the Act subsequently adopted by the SEC that permits inclusion or incorporation of substantial information by reference to
other documents filed by the Company with the SEC. 

 (c) The term “Holder” means any person owning or having the right to acquire
Registrable Securities or any assignee thereof in accordance with Section 1.11 hereof. 
 (d) The term “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 

(e) The term “1934 Act” means the Securities Exchange Act of 1934, as amended. 

(f) The terms “register,” “registered,” and “registration” refer to a registration effected by preparing
and filing a registration statement or similar document in compliance with the Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(g) The term “Registrable Securities” means (i) the Common Stock issuable or issued upon conversion of the Preferred
Stock, and (ii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security that is issued as) a dividend or other distribution with respect to, or in exchange for, or in
replacement of, the shares referenced in (i) above, excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned. 

(h) The number of shares of “Registrable Securities” outstanding shall be determined by the number of shares of Common Stock
outstanding that are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities that are, Registrable Securities. 
 (i) The term “Rule 144” shall mean Rule 144 under the Act. 
 (j) The
term “Rule 144(k)” shall mean subsection (k) of Rule 144 under the Act. 
 (k) The term “SEC” shall
mean the Securities and Exchange Commission. 
 1.2 Request for Registration. 

(a) Subject to the conditions of this Section 1.2, if the Company shall receive at any time after the earlier of (i) five
(5) years after the date of this Agreement or (ii) six (6) months after the effective date of the Initial Offering, a written request from the Holders of at least fifty percent (50%) of the Series B Preferred Stock (for purposes
of this Section 1.2, the “Initiating Holders”) that the Company file a registration statement under the Act covering the registration of Registrable Securities with an anticipated aggregate offering price of more than $20,000,000,
then the Company shall, within twenty (20) days of the receipt thereof, give written notice of such request to all Holders, and subject to the limitations of this Section 1.2, use its commercially reasonable efforts to effect, as soon as
practicable, the registration under the Act of all Registrable Securities that the Holders request to be registered in a written request received by the Company within twenty (20) days of the mailing of the Company’s notice pursuant to
this Section 1.2(a) to the Holders in accordance with Section 3.5. 

  
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 (b) If the Initiating Holders intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice referred to in Section 1.2(a). 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 (unless otherwise mutually agreed by a majority in interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be reasonably acceptable to a majority in interest of the Initiating Holders).
Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Company that marketing factors require a limitation on the number of securities underwritten (including Registrable Securities), then the Company shall so
advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to the Holders of such Registrable Securities pro rata based on
the number of Registrable Securities held by all such Holders (including the Initiating Holders). In no event shall any Registrable Securities be excluded from such underwriting unless all other securities are first excluded. Any Registrable
Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 
 (c) Notwithstanding the
foregoing, the Company shall not be required to effect a registration pursuant to this Section 1.2: 
 (i) in any
particular jurisdiction in which the Company would be required to execute a general consent to service of process in effecting such registration, unless the Company is already subject to service in such jurisdiction and except as may be required
under the Act; or 
 (ii) after the Company has effected two (2) registrations pursuant to this Section 1.2, and such
registrations have been declared or ordered effective; or 
 (iii) during the period starting with the date ninety
(90) days prior to the Company’s good faith estimate of the date of the filing of and ending on a date one hundred eighty (180) days following the effective date of a Company-initiated registration subject to Section 1.3 below,
provided that the Company is actively employing in good faith all commercially reasonable efforts to cause such registration statement to become effective; or 
 (iv) if the Initiating Holders propose to dispose of Registrable Securities that may be registered on Form S-3 pursuant to Section 1.4 hereof; or 

(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.2 a certificate signed
by the Company’s Chief 

  
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Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, 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 one hundred twenty (120) days after receipt of the request of the Initiating
Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period. 
 1.3
Company Registration. 
 (a) If (but without any obligation to do so) the Company proposes to register (including for
this purpose a registration effected by the Company for stockholders other than the Holders) any of its stock or other securities under the Act in connection with the public offering of such securities (other than a registration relating solely to
the sale of securities of participants in a Company stock plan, a registration relating to a corporate reorganization or transaction under Rule 145 of the Act, a registration on any form that does not include substantially the same information as
would be required to be included in a registration statement covering the sale of the Registrable Securities, or a registration in which the only Common Stock being registered is Common Stock issuable upon conversion of debt securities that are also
being registered), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after notice by the Company in accordance with
Section 3.5, the Company shall, subject to the provisions of Section 1.3(c), use all commercially reasonable efforts to cause to be registered under the Act all of the Registrable Securities that each such Holder requests to be registered.

 (b) Right to Terminate Registration. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 1.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses of such withdrawn registration shall be borne by the Company
in accordance with Section 1.7 hereof. 
 (c) Underwriting Requirements. In connection with any offering involving
an underwriting of shares of the Company’s capital stock, the Company shall not be required under this Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as
agreed upon between the Company and the underwriters selected by the Company (or by other persons entitled to select the underwriters) and enter into an underwriting agreement in customary form with such underwriters, and then only in such quantity
as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by stockholders to be included in such offering
exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required to include in the offering only that number
of such securities, including Registrable Securities, that the underwriters determine in their sole discretion will not jeopardize the success of the offering. In no event shall any Registrable Securities be excluded from such offering unless all
other stockholders’ securities have been first excluded. In the event that the underwriters determine that less than all of the Registrable Securities requested to be registered 

  
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can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned pro rata among the selling Holders based on the number of Registrable
Securities held by all selling Holders or in such other proportions as shall mutually be agreed to by all such selling Holders. Notwithstanding the foregoing, in no event shall the amount of securities of the selling Holders included in the offering
be reduced below twenty percent (20%) of the total amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case the selling Holders may be excluded if the
underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a Holder of
Registrable Securities and that is a venture capital fund, partnership or corporation, the affiliated venture capital funds, partners, retired partners and stockholders of such Holder, or the estates and family members of any such partners and
retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate
amount of Registrable Securities owned by all such related entities and individuals. 
 1.4 Form S-3 Registration. In
case the Company shall receive from a Holder or Holders of at least 25% of the Registrable Securities (for purposes of this Section 1.4, the “Initiating Holder(s)”) a written request or requests that the Company effect a registration
on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or Holders, the Company shall: 
 (a) promptly give written notice of the proposed registration, and any related qualification or compliance, to all other Holders; and 

(b) use all commercially reasonable efforts to effect, as soon as practicable, 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 Holders’ Registrable Securities as are specified in such request, together with all or such portion of the Registrable
Securities of any other Holders joining in such request as are specified in a written request given within fifteen (15) days after written notice from the Company in accordance with Section 3.5, provided, however, that the Company shall
not be obligated to effect any such registration, qualification or compliance, pursuant to this section 1.4: 
 (i) if Form S-3
is not available for such offering by the Holders; 
 (ii) if the Holders, together with the holders of any other securities of
the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $5,000,000;

 (iii) if the Company shall furnish to Holders requesting a registration statement pursuant to this Section 1.4 a
certificate signed by the Company’s Chief Executive Officer or Chairman of the Board stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its 

  
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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 one hundred twenty
(120) days after receipt of the request of the Initiating Holders, provided that such right shall be exercised by the Company not more than once in any twelve (12)-month period; 

(iv) if the Company has, within the twelve (12) month period preceding the date of such request, already effected one registration
on Form S-3 for the Holders pursuant to this Section 1.4; or 
 (v) in any particular jurisdiction in which the Company
would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance. 
 (c) If the Initiating Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made
pursuant to this Section 1.4 and the Company shall include such information in the written notice referred to in Section 1.4(a). The provisions of Section 1.2(b) shall be applicable to such request (with the substitution of
Section 1.4 for references to Section 1.2). 
 (d) Subject to the foregoing, the Company shall file a registration
statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Initiating Holders. Registrations effected pursuant to this Section 1.4
shall not be counted as requests for registration effected pursuant to Sections 1.2. 
 1.5 Obligations of the Company.
Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use all commercially reasonable efforts to cause such registration statement to become effective,
and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for a period of up to sixty (60) days or, if earlier, until the distribution contemplated in the
Registration Statement has been completed; 
 (b) prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement;

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

  
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 (d) use all commercially reasonable efforts to register and qualify the securities covered
by such registration statement under such other securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to
qualify to do business or to file a general consent to service of process in any such states or jurisdictions; 
 (e) in the
event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering; 

(f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto
is required to be delivered under the Act 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; 
 (g) cause all such Registrable Securities registered pursuant to this Section 1 to be listed on a national exchange or trading system and on each securities exchange and trading system on which
similar securities issued by the Company are then listed; and 
 (h) provide a transfer agent and registrar for all Registrable
Securities registered pursuant to this Agreement and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 Notwithstanding the provisions of this Section 1, the Company shall be entitled to postpone or suspend, for a reasonable period of time, the effectiveness or use of, or trading under, any
registration statement if the Company shall determine that any such sale of any securities pursuant to such registration statement would in the good faith judgment of the Board of Directors of the Company: 

(i) materially impede, delay or interfere with any material pending or proposed financing, acquisition, corporate reorganization or
other similar transaction involving the Company for which the Board of Directors of the Company has authorized negotiations; 

(ii) materially adversely impair the consummation of any pending or proposed material offering or sale of any class of securities by the
Company; or 
 (iii) require disclosure of material nonpublic information that, if disclosed at such time, would be materially
harmful to the interests of the Company and its stockholders; provided, however, that during any such period all executive officers and directors of the Company are also prohibited from selling securities of the Company (or any
security of any of the Company’s subsidiaries or affiliates). 
 In the event of the suspension of effectiveness of any
registration statement pursuant to this Section 1.5, the applicable time period during which such registration statement is to remain effective shall be extended by that number of days equal to the number of days the effectiveness of such
registration statement was suspended. 

  
 7 

 1.6 Information from Holder. It shall be a condition precedent to the obligations of
the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it,
and the intended method of disposition of such securities as shall be reasonably required to effect the registration of such Holder’s Registrable Securities. 
 1.7 Expenses of Registration. All expenses other than underwriting discounts and commissions incurred in connection with each registration, filing or qualification pursuant to Sections 1.2, 1.3 and
1.4, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling
Holders (not to exceed $30,000) shall be borne by the Company. Notwithstanding the foregoing, the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 or Section 1.4 if the
registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses pro rata based upon the number of Registrable
Securities that were to be included in the withdrawn registration), unless, in the case of a registration requested under Section 1.2, the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand
registration pursuant to Section 1.2 and provided, however, that if at the time of such withdrawal, the Holders have learned of a material adverse change in the condition, business or prospects of the Company from that known to the Holders at
the time of their request and have withdrawn the request with reasonable promptness following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights
pursuant to Section 1.2 and 1.4. 
 1.8 Delay of Registration. No Holder shall have any right to obtain or seek an
injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

1.9 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1:

 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, officers,
directors and stockholders of each Holder, legal counsel and accountants for each Holder, any underwriter (as defined in the Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Act or the
1934 Act, against any losses, claims, damages or liabilities (joint or several) to which they may become subject under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement
of a material fact contained in such registration statement, including any 

  
 8 

 
preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state in such registration statement a
material fact required to be stated therein, or necessary to make the statements therein not misleading or (iii) any violation or alleged violation by the Company of the Act, the 1934 Act, any state securities laws or any rule or regulation
promulgated under the Act, the 1934 Act or any state securities laws, and the Company will reimburse each such Holder, underwriter, controlling person or other aforementioned person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 1.9(a) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action
to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, controlling
person or other aforementioned person; provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any Holder or underwriter or other aforementioned person, or any
person controlling such Holder or underwriter, from whom the person asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the most current prospectus was not sent or given by or on behalf of such
Holder or underwriter or other aforementioned person to such person, if required by law to have been so delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or
supplemented) would have cured the defect giving rise to such loss, claim, damage or liability. 
 (b) To the extent permitted
by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Act, legal
counsel and accountants for the Company, any underwriter, any other Holder selling securities in such registration statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages or liabilities
(joint or several) to which any of the foregoing persons may become subject, under the Act, the 1934 Act, any state securities laws or any rule or regulation promulgated under the Act, the 1934 Act or any state securities laws, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any person intended to be indemnified pursuant to this subsection 1.9(b) for any legal or other expenses reasonably
incurred by such person in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this subsection 1.9(b) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld), and provided that in no event shall any indemnity under this
subsection 1.9(b) exceed the net proceeds from the offering received by such Holder. 

  
 9 

 (c) Promptly after receipt by an indemnified party under this Section 1.9 of notice of
the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.9, deliver to the indemnifying party a written
notice of the commencement thereof and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof
with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate
counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action, if prejudicial to its ability
to defend such action, shall relieve such indemnifying party of liability to the indemnified party under this Section 1.9 to the extent of such prejudice, but the omission to so deliver written notice to the indemnifying party will not relieve
it of any liability that it may have to any indemnified party otherwise than under this Section 1.9. 
 (d) If the
indemnification provided for in this Section 1.9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying
party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect
the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand 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; provided, however, that no contribution by any Holder, when combined with any amounts paid by such Holder pursuant to Section 1.9(b), shall exceed the net proceeds from the offering received by such Holder. The
relative fault of the indemnifying party and 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 or alleged omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

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

(f) The obligations of the Company and Holders under this Section 1.9 shall survive the completion of any offering of Registrable
Securities in a registration statement under this Section 1 and otherwise. 
 1.10 Reports Under the 1934 Act. With
a view to making available to the Holders the benefits of Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on
Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are understood and defined
in Rule 144, at all times after the effective date of the Initial Offering; 

  
 10 

 (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Act and the 1934 Act; and 
 (c) furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement
filed by the Company), the Act and the 1934 Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies),
(ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to avail any Holder of any rule or
regulation of the SEC that permits the selling of any such securities without registration or pursuant to such form. 
 1.11
Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to a transferee or assignee of such
securities that (i) is a subsidiary, parent, partner, limited partner, retired partner, member, former member, affiliated venture capital fund or stockholder of a Holder, (ii) is a Holder’s family member or trust for the benefit of an
individual Holder, or (iii) after such assignment or transfer, holds at least 10,000,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations or the like), provided: (a) the
Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned; (b) such
transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including, without limitation, the provisions of Section 1.13 below; and (c) such assignment shall be effective only if
immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Act. 
 1.12 Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of the Holders of at least 75% of the
Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include any of such securities in any
registration filed under Section 1.2, Section 1.3 or Section 1.4 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the
inclusion of such securities will not reduce the amount of the Registrable Securities of the Holders that are included or (b) to demand registration of their securities. 

  
 11 

 1.13 “Market Stand-Off” Agreement. 

(a) Each Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during the period
commencing on the date of the final prospectus relating to the Company’s Initial Offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days or such longer
period, not to exceed 18 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or any successor regulation) (i) lend, offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Common Stock,
whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 1.13 shall apply only to the
Company’s initial offering of equity securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Holders if all officers, directors and greater than five
percent (5%) stockholders of the Company enter into similar agreements. The underwriters in connection with the Company’s Initial Offering are intended third-party beneficiaries of this Section 1.13 and shall have the right, power and
authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in the Company’s Initial Offering that are consistent with
this Section 1.13 or that are necessary to give further effect thereto. 
 In order to enforce the foregoing covenant, the
Company may impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

(b) Each Holder agrees that a legend reading substantially as follows shall be placed on all certificates representing all Registrable
Securities of each Holder (and the shares or securities of every other person subject to the restriction contained in this Section 1.13): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, (OR
SUCH LONGER PERIOD, NOT TO EXCEED 18 DAYS AFTER THE EXPIRATION OF THE 180-DAY PERIOD, AS THE UNDERWRITERS OR THE COMPANY SHALL REQUEST IN ORDER TO FACILITATE COMPLIANCE WITH NASD RULE 2711 OR ANY SUCCESSOR REGULATION) AS SET FORTH IN AN AGREEMENT
BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES. 

  
 12 

 1.14 Termination of Registration Rights. No Holder shall be entitled to exercise any
right provided for in this Section 1 upon the earlier of (i) three (3) years following the consummation of the Initial Offering, (ii) as to any Holder, such time after the Initial Offering at which such Holder (A) can sell
all shares held by it in compliance with Rule 144(k) or (B) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any affiliate of the Holder with
whom such Holder must aggregate its sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144 or (iii) after the consummation of a Liquidation Event, as that term is defined in the
Company’s Restated Certificate of Incorporation (as amended from time to time). 
 2. Covenants of the Company.

 2.1 Delivery of Financial Statements. The Company shall, upon request, deliver to each Investor (or transferee of an
Investor) who holds at least 10,000,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations or the like) (a “Major Investor”): 

(a) as soon as practicable, but in any event within one hundred twenty (120) days after the end of each fiscal year of the Company,
an income statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail,
prepared in accordance with generally accepted accounting principles (“GAAP”), and audited and certified by independent public accountants of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters
of each fiscal year of the Company, an unaudited income statement, statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; and 

(c) within thirty (30) days of the end of each month, an unaudited income statement and statement of cash flows and balance sheet
for and as of the end of such month, in reasonable detail. 
 2.2 Inspection. The Company shall permit each Major
Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such
reasonable times as may be requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information that it reasonably considers to be a trade secret or
similar confidential information, or that could adversely affect the attorney-client privilege between the Company and its counsel. 

  
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 2.3 Termination of Information and Inspection Covenants. The covenants set forth in
Sections 2.1 and 2.2 shall terminate and be of no further force or effect upon the earlier to occur of (i) the Company’s sale of its Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on
Form S-1 under the Act that results in aggregate proceeds to the Company in excess of $25,000,000, (ii) when the Company first becomes subject to the periodic reporting requirements of Sections 12(g) or 15(d) of the 1934 Act, whichever event
shall first occur or (iii) the consummation of a Liquidation Event, as that term is defined in the Company’s Restated Certificate of Incorporation (as amended from time to time). 

2.4 Right of First Offer. Subject to the terms and conditions specified in this Section 2.4, the Company hereby grants to
each Major Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.4, the term “Major Investor” includes any general partners and affiliates of
a Major Investor. A Major Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its partners and affiliates in such proportions as it deems appropriate. 

Each time the Company proposes to offer any shares of, or securities convertible into or exchangeable or exercisable for any shares of,
its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 
 (a) The Company shall deliver a notice in accordance with Section 3.5 (“Notice”) to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number
of such Shares to be offered and (iii) the price and terms upon which it proposes to offer such Shares. 
 (b) By written
notification received by the Company within twenty (20) calendar days after Notice by the Company in accordance with Section 3.5, each Major Investor may elect to purchase, at the price and on the terms specified in the Notice, up to that
portion of such Shares that equals the proportion that the number of shares of Common Stock that are Registrable Securities issued and held by such Major Investor (assuming full conversion and exercise of all convertible and exercisable securities
then outstanding) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). The Company shall promptly, in writing,
inform each Major Investor that elects to purchase all the shares available to it (a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing after such
information is given in accordance with Section 3.5, each Fully-Exercising Investor may elect to purchase that portion of the Shares for which Major Investors were entitled to subscribe, but which were not subscribed for by the Major Investors,
that is equal to the proportion that the number of shares of Registrable Securities issued and held by such Fully-Exercising Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion of the Preferred
Stock then held, by all Fully-Exercising Investors who wish to purchase some of the unsubscribed shares. 

  
 14 

 (c) If all Shares that Major Investors are entitled to obtain pursuant to subsection 2.4(b)
are not elected to be obtained as provided in subsection 2.4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in subsection 2.4(b) hereof, offer the remaining unsubscribed portion of
such Shares to any person or persons at a price not less than that, and upon terms no more favorable to the offeree than those, specified in the Notice. If the Company does not enter into an agreement for the sale of the Shares within such period,
or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares shall not be offered unless first reoffered to the Major Investors in accordance
herewith. 
 (d) The right of first offer in this Section 2.4 shall not be applicable to (i) the issuance or sale of
shares of Common Stock (or options therefor) to employees, directors, consultants and other service providers pursuant to plans or agreements approved by the Company’s Board of Directors, (ii) the issuance of securities pursuant to a bona
fide, firmly underwritten public offering of shares of Common Stock registered under the Act whereby all shares of Preferred Stock convert into Common Stock, (iii) the issuance of securities pursuant to the conversion or exercise of convertible
or exercisable securities outstanding on the date hereof, (iv) the issuance of securities in connection with a bona fide business acquisition of or by the Company, whether by merger, consolidation, sale of assets, sale or exchange of stock or
otherwise approved by the Board of Directors, (v) the issuance and sale of Series B Preferred Stock pursuant to the Series B Agreement, (vi) the issuance of stock, warrants or other securities or rights to persons or entities with which
the Company has business relationships or in connection with strategic transactions, provided such issuances are primarily for other than equity financing purposes and provided that such issuances are approved by the Board of Directors,
(vii) the issuance of stock, warrants or other securities or rights pursuant to equipment lease financings or bank credit arrangements, provided such issuance are primarily for other than equity financing purposes and provided that such
issuances are approved by the Board of Directors, or (viii) the issuance of securities that, with the unanimous approval of the Board of Directors, are not offered to any existing stockholder of the Company. In addition to the foregoing, the
right of first offer in this Section 2.4 shall not be applicable with respect to any Major Investor in any subsequent offering of Shares if (i) at the time of such offering, the Major Investor is not an “accredited investor,” as
that term is then defined in Rule 501(a) of the Act and (ii) such offering of Shares is otherwise being offered only to accredited investors. 
 (e) The rights provided in this Section 2.4 may not be assigned or transferred by any Major Investor; provided, however, that a Major Investor that is a venture capital fund may assign or transfer
such rights to an affiliated venture capital fund or partner of such venture capital fund. 
 (f) The covenants set forth in
this Section 2.4 shall terminate and be of no further force or effect upon the consummation of (i) the Company’s sale of its Common Stock in a firm commitment underwritten public offering pursuant to a registration statement on Form
S-1 under the Act that results in aggregate proceeds to the Company in excess of $25,000,000 or (ii) a Liquidation Event, as that term is defined in the Company’s Restated Certificate of Incorporation (as amended from time to time).

  
 15 

 2.5 Employee Agreements. Unless approved by the Board of Directors of the Company,
all future employees of the Company who shall purchase, or receive options to purchase, shares of the Company’s Common Stock following the date hereof shall be required to execute stock purchase or option agreements providing for
(i) vesting of shares over a four-year period with the first 6.25% of such shares vesting following three (3) months of continued employment or services, and the remaining shares vesting in equal monthly installments over the following 45
months thereafter and (ii) a 180-day lockup period in connection with the Company’s initial public offering, plus such additional period as may reasonably be requested by the Company or such underwriter to accommodate regulatory
restrictions on (i) the publication or other distribution of research reports or (ii) analyst recommendations and opinions, including (without limitation) the restrictions set forth in Rule 2711(f)(4) of the National Association of
Securities Dealers and Rule 472(f)(4) of the New York Stock Exchange, as amended, or any similar successor rules. The Company shall retain a right of first refusal on transfers until the Company’s initial public offering and the right to
repurchase unvested shares at cost, and no transfers of unvested shares will be allowed except for transfers for estate planning purposes. 
 2.6 Proprietary Information and Inventions Agreements and Consulting Agreements. The Company shall require all current and future employees and consultants with access to confidential information
to execute and deliver a Proprietary Information and Inventions Agreement or Consulting Agreement, as the case may be, in substantially the form approved by the Company’s Board of Directors. 

2.7 Option Pool Increase. The number of shares of Common Stock reserved for issuance under the Company’s 2007 Stock Option
Plan or any similar plan shall not exceed 40,000,000 shares without prior approval of the Board of Directors. 
 2.8
Operating Plan. As soon as is practicable, but in any event within thirty (30) days after the start of each fiscal year, the Board of Directors (including the approval of at least one director elected solely by the holders of Series B
Preferred Stock (the “Series B Director”)) shall approve an annual operating plan of the Company. 
 2.9 Observer
Rights. As long as Craig Ramsey owns not less than 10,000,000 shares of Series A Preferred Stock (or an equivalent amount of Common Stock issued upon conversion thereof and appropriately adjusted for any stock split, dividend, combination or the
like), the Company shall invite Mr. Ramsey to attend all meetings of its Board of Directors in a nonvoting observer capacity and, in this respect, shall give such representative copies of all notices, minutes, consents and other materials that
it provides to its directors; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to all information so provided; and, provided further, that the Company reserves the
right to withhold any information and to exclude such representative from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its
counsel or would result in disclosure of trade secrets to such representative or if such Investor or its representative is or is affiliated with a direct competitor of the Company. 

2.10 Termination of Certain Covenants. The covenants set forth in Sections 2.5, 2.6, 2.7, 2.8 and 2.9 shall terminate and be of
no further force or effect upon the 

  
 16 

 
consummation of (i) the Company’s sale of its Common Stock or other securities pursuant to Registration Statement under the Act (other than a registration statement relating either to
the sale of securities to employees of the Company pursuant to its stock option, stock purchase or similar plan or a SEC Rule 145 transaction) or (ii) a Liquidation Event, as that term is defined in the Company’s Restated Certificate of
Incorporation (as amended from time to time). 
 3. Miscellaneous. 

3.1 Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the
benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any shares of Registrable Securities). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the
parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

3.2 Governing Law. This Agreement shall be governed by and construed under the laws of the State of California as applied to
agreements among California residents entered into and to be performed entirely within California. 
 3.3 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

3.5 Notices. All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed
effectively given: (i) upon personal delivery to the party to be notified, (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day,
(iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the respective parties at the addresses set forth on the signature pages attached hereto (or at such other addresses as shall be specified by notice given in
accordance with this Section 3.5). 
 3.6 Expenses. If any action at law or in equity is necessary to enforce or
interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled. 

3.7 Entire Agreement; Amendments and Waivers. This Agreement (including the Exhibits hereto, if any) constitutes the full and
entire understanding and agreement among the parties with regard to the subjects hereof and thereof. Any term of this Agreement (other than Section 2.1, Section 2.2, Section 2.3 and Section 2.4) may be amended and the observance
of any term of this Agreement may be waived (either generally or in a particular 

  
 17 

 
instance and either retroactively or prospectively) only with the written consent of the Company and the holders of at least 75% of the Registrable Securities. The provisions of Section 2.1,
Section 2.2, Section 2.3 and Section 2.4 may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and the holders of at least 75% of
the Registrable Securities that are held by Major Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any Registrable Securities, each future holder of all such Registrable Securities,
and the Company. 
 3.8 Confidentiality. Each Investor agrees to use, and to use its best efforts to insure that its
authorized representatives use, the same degree of care as such Investor uses to protect its own confidential information (but in no event less than reasonable care) to keep confidential the information provided to it pursuant to Section 3
above and any other information furnished to it which the Company identifies as being confidential or proprietary (so long as such information is not in the public domain); provided, however, that such restriction shall not apply to information that
(i) was in the public domain prior to the time it was furnished to such recipient, (ii) is at the time of the alleged breach (through no willful or improper action or inaction by such recipient) generally available to the public,
(iii) was rightfully disclosed to such recipient by a third party without restriction or (iv) as of the time of the alleged breach, had been independently developed (as evidenced by written records) without any use of the Company’s
confidential information. Notwithstanding anything herein to the contrary, the provisions of this Section 3.8 shall not apply to (i) information required to be disclosed by applicable law and (ii) information disclosed to a Holder
that is an investment fund to its limited partners, partners, members and affiliates to allow such Holder to comply with its reasonable obligations and arrangements with such person or entities; provided that such limited partners, partners, members
and affiliates are subject to substantially similar confidentiality obligations. 
 3.9 Severability. If one or more
provisions of this Agreement are held to be unenforceable under applicable law, such provision(s) shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms. 
 3.10 Aggregation of Stock. All shares of Registrable Securities held or
acquired by affiliated entities (including affiliated venture capital funds) or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

3.11 Additional Investors. Notwithstanding Section 3.7, no consent shall be necessary to add additional Investors as
signatories to this Agreement, provided that such Investors have purchased Series B Preferred Stock pursuant to a subsequent closing provision of the Series B Agreement. 
 3.12 Termination of Prior Agreement. Upon the effectiveness of this Agreement, the Prior Agreement shall terminate and be of no further force and effect, and shall be superseded and replaced in its
entirety by this Agreement. 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

					
		 	VERTICALS ONDEMAND, INC.
			
		 	By:	 	 /s/ Peter Gassner

		 		 	Peter Gassner
		 		 	Chief Executive Officer
		
	Address:	 	309 Ray Street
		 	Pleasanton, CA 94566

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	EMERGENCE CAPITAL PARTNERS II, L.P.
		
	By:	 	 Emergence Equity Partners II, L.P.,
 its General Partner

		
	By:	 	 Emergence GP Partners, LLC,

its General Partner

		
	By:	 	 /s/ Gordon Ritter

		
	Name:	 	 Gordon Ritter

	Title:	 	Manager

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

	
	INVESTOR:
	
	 /s/ Mark Armenante

	
	Mark Armenante

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

	
	INVESTOR:
	
	 /s/ Craig Ramsey

	
	Craig Ramsey

 IN WITNESS WHEREOF, the parties have executed this Amended and Restated Investors’
Rights Agreement as of the date first above written. 
  

	
	INVESTOR:
	
	 /s/ Young Sohn

	
	Young Sohn

 SCHEDULE A 

INVESTORS 

Emergence Capital Partners II, L.P. 
 Mark Armenante 
 Craig Ramsey 

Young Sohn

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