Document:

EX-4.2

 Exhibit 4.2 

VALERITAS HOLDINGS, LLC 

AND 
 VALERITAS, INC.

 INVESTORS’ RIGHTS AGREEMENT 

June 23, 2014 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	 Registration Rights
	  	 	1	  
		 	 1.1
	  	 Definitions
	  	 	1	  
		 	 1.2
	  	 Request for Registration
	  	 	4	  
		 	 1.3
	  	 Company Registration
	  	 	6	  
		 	 1.4
	  	 Form S-3 Registration
	  	 	6	  
		 	 1.5
	  	 Obligations of the Company
	  	 	8	  
		 	 1.6
	  	 Information from Holder
	  	 	11	  
		 	 1.7
	  	 Expenses of Registration
	  	 	11	  
		 	 1.8
	  	 Delay of Registration
	  	 	11	  
		 	 1.9
	  	 Indemnification
	  	 	12	  
		 	 1.10
	  	 Reports Under the 1934 Act
	  	 	14	  
		 	 1.11
	  	 Assignment of Registration Rights
	  	 	14	  
		 	 1.12
	  	 Limitations on Subsequent Registration Rights
	  	 	15	  
		 	 1.13
	  	 “Market Stand-Off” Agreement
	  	 	15	  
		 	 1.14
	  	 Restrictions on Transfer
	  	 	16	  
		 	 1.15
	  	 Termination of Registration Rights
	  	 	17	  
			
	2.	 	 Covenants of the Company
	  	 	17	  
		 	 2.1
	  	 Delivery of Financial Statements
	  	 	17	  
		 	 2.2
	  	 Termination of Information Covenants
	  	 	18	  
		 	 2.3
	  	 Directed Shares
	  	 	18	  
		 	 2.4
	  	 Director Expenses
	  	 	19	  
		 	 2.5
	  	 Board of Directors
	  	 	19	  
		 	 2.6
	  	 Board Committees
	  	 	19	  
		 	 2.7
	  	 Director and Officer Liability Insurance
	  	 	19	  
		 	 2.8
	  	 Proprietary Information and Inventions Agreements
	  	 	19	  
		 	 2.9
	  	 Termination of Certain Covenants
	  	 	19	  
			
	3.	 	 Right of First Offer with Respect to New Holdings Securities
	  	 	19	  
			
	4.	 	 Right of First Offer.:
	  	 	21	  
			
	5.	 	 Additional Covenants
	  	 	22	  
			
	6.	 	 Miscellaneous
	  	 	23	  
		 	 6.1
	  	 Successors and Assigns
	  	 	23	  
		 	 6.2
	  	 Governing Law
	  	 	24	  
		 	 6.3
	  	 Counterparts
	  	 	24	  
		 	 6.4
	  	 Titles and Subtitles
	  	 	24	  
		 	 6.5
	  	 Notices
	  	 	24	  
		 	 6.6
	  	 Expenses
	  	 	24	  
		 	 6.7
	  	 Entire Agreement; Amendments and Waivers
	  	 	24	  
		 	 6.8
	  	 Severability
	  	 	25	  
		 	 6.9
	  	 Aggregation of Stock
	  	 	25	  
		 	 6.10
	  	 Additional Investors
	  	 	25	  

 INVESTORS’ RIGHTS AGREEMENT 

THIS INVESTORS’ RIGHTS AGREEMENT (the “Agreement”) is made as of the 23rd day of June, 2014, by and among VALERITAS,
INC., a Delaware corporation (the “Company”), VALERITAS HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), the stockholders of the Company listed on Schedule A hereto (each of which is
herein referred to as an “Investor”) and the members of Holdings listed on Schedule B hereto (each of which is herein referred to as a “Holdings Investor”). 

RECITALS 

WHEREAS, effective as of June 19, 2014, the Company restructured its capitalization through the merger of a wholly-owned
subsidiary of Holdings into the Company pursuant to the Agreement and Plan of Merger and Reorganization, dated June 9, 2014 (the “Merger”). As a result of the Merger, the Company became a wholly-owned subsidiary of Holdings, and the
former holders of capital stock of the Company then outstanding became holders of Holdings membership interests; 
 WHEREAS,
the Company and the Investors are parties to the Series D Preferred Stock Purchase Agreement of even date herewith (the “Purchase Agreement”); 

WHEREAS, in order to induce the Investors to purchase shares of Series D Preferred Stock (the “Series D Preferred Stock)
and invest funds in the Company pursuant to the Purchase Agreement, the Investors, Holdings and the Company hereby agree that this Agreement shall govern the rights of the Investors and Holdings to cause the Company to register shares of Common
Stock issued or issuable to them and certain other matters as set forth herein. 
 NOW, THEREFORE, the parties to this
Agreement further agree as follows: 
 1. Registration Rights. The Company covenants and agrees as follows: 

1.1 Definitions. For purposes of this Agreement: 

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

(b) The term “Act” means the Securities Act of 1933, as amended. 

(c) The term “Affiliate” means, for any entity that is a venture capital fund, private equity fund, partnership or corporation, any
affiliated venture capital, private equity funds or investment managers, partners, retired partners and stockholders of such entity, 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. For all purposes hereunder, Kaiser Permanente Ventures LLC – Series A, Kaiser Permanente Ventures LLC – Series B and The Permanente Federation LLC shall be deemed to be Affiliates of each other. 

(d) The term “Common Stock” means shares of common stock of the Company. 

(e) The term “Common Units” shall have the meaning set forth in the Holdings LLC Agreement. 

 (f) 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. 

(g) The term “Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405. 

(h) 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. 
 (i) The term “Holdings Liquidation” means such time as Holdings distributes all of
the equity securities of the Company then held by Holdings to its members pursuant to Section 4.4(b) of the Holdings LLC Agreement. 

(j) The term “Holdings LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of Holdings, dated on or
about the date hereof, as the same may be amended, restated, modified or supplemented from time to time in accordance with its terms. For the avoidance of doubt, this Agreement, together with the Holdings LLC Agreement and Holdings Voting Agreement,
constitutes the entire limited liability agreement (as such term is defined in the Delaware Limited Liability Company Act) of Holdings. 

(k) The term “Holdings Voting Agreement” means the Voting Agreement of even date herewith among Holdings and Holdings Investors, as
the same may be amended, restated, modified or supplemented from time to time in accordance with its terms. 
 (1) The term “Initial
Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Act. 
 (m) The
term “New Holdings Securities” means, collectively, equity securities of Holdings, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that
are, or may become, convertible or exchangeable into or exercisable for such equity securities. 
 (n) The term “New Securities”
means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or
exchangeable into or exercisable for such equity securities. 
 (o) The term “Preferred Stock” means shares of the Company’s
Series D Preferred Stock. 
 (p) The term “Preferred Units” shall have the meaning set forth in the Holdings LLC Agreement. 

(q) The term “Pro Rata Percentage” means (i) with respect to any Investor other than Holdings, the quotient obtained by
dividing (A) the number of shares of Preferred Stock (on an as-converted to Common Stock basis) and Common Stock held by such Investor by (B) the number of shares of Preferred Stock (on an as-converted to Common Stock basis) and Common
Stock held by all Investors (including Holdings) and (ii) with respect to any Holdings Investor, the product of (A) the quotient obtained by dividing (x) the number of Preferred Units (on an as-converted to Common

  
 2 

 
Units basis) and Common Units held by such Holdings Investor by (y) the number of Preferred Units (on an as-converted to Common Units basis) and Common Units held by all Holdings Investors
and (B) the quotient obtained by dividing (x) the number of shares of Common Stock held by Holdings by (y) the number of shares of Preferred Stock (on an as-converted to Common Stock basis) and Common Stock held by all Investors
(including Holdings). 
 (r) 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. 

(s) The term “Registrable Securities” means (i) the Common Stock held by Holdings, (ii) the Common Stock distributed to
the members of Holdings in a Holdings Liquidation, (iii) the Common Stock issuable or issued upon conversion of the Preferred Stock, (iv) 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), (ii) or (iii) above or in connection with a combination of
shares, recapitalization, merger, consolidation or other reorganization, 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, and (iv) any
other Common Stock issued to or purchased by an Investor from time to time. 
 (t) 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 which upon issuance would be,
Registrable Securities. 
 (u) The term “Required Holders” shall mean the holders of at least sixty seven percent (67%) of
the then outstanding shares of Series D Preferred Stock, voting separately as a class on an as converted to Common Stock basis. 
 (v) The
term “Restated Certificate” shall mean the Company’s Fifth Amended and Restated Certificate of Incorporation, as amended and/or restated from time to time. 

(w) The term “ROFO Investor” shall mean each Investor (other than Holdings) and each Holdings Investor. 

(x) The term “Rule 144” shall mean Rule 144 under the Act. 

(y) The term “Rule 405” shall mean Rule 405 under the Act. 

(z) The term “SEC” shall mean the Securities and Exchange Commission. 

(aa) The term “Series A Preferred Units” shall have the meaning set forth in the Holdings LLC Agreement. 

(bb) The term “Series B Preferred Units” shall have the meaning set forth in the Holdings LLC Agreement. 

(cc) The term “Series C Preferred Units” shall have the meaning set forth in the Holdings LLC Agreement. 

  
 3 

 (dd) The term “Series D Preferred Stock” shall have the meaning set forth in the
Restated Certificate. 
 (ee) The term “Series D Registrable Securities” means (i) the Common Stock issuable or issued upon
conversion of the Series D 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 or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, excluding in all cases, however, any Series D
Registrable Securities sold by a person in a transaction in which his rights under this Section 1 are not assigned. 
 (ff) The term
“Units” shall have the meaning set forth in the Holdings LLC Agreement. 
 (gg) The term “Voting Agreement” means the
Voting Agreement of even date herewith among the Company and certain of its holders of Preferred Stock and Common Stock, as may be amended and/or restated from time to time. 

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 effective date of the Initial
Offering, a written request from (i) prior to a Holdings Liquidation, Holdings, (ii) on or after the time of a Holdings Liquidation, Holders holding at least a majority of those Registrable Securities then outstanding that were distributed
in respect of Series C Preferred Units in such Holdings Liquidation (the “Majority Series C Holdings Holders”), (iii) on or after the time of a Holdings Liquidation, Holders holding at least a majority of those Registrable
Securities then outstanding that were distributed in respect of Series B Preferred Units in such Holdings Liquidation (the “Majority Series B Holdings Holders”) or (iv) the Holders of Series D Registrable Securities then
holding at least a majority of Series D Registrable Securities then outstanding (for purposes of clauses (i), (ii), (iii) and (iv) of this Section 1.2, the “Initiating Holders”) that the Company file a registration statement
under the Act covering the registration of Registrable Securities, 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 all 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). 
 (b) If the Initiating Holders
intend to distribute the Registrable Securities covered by its 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 a majority in interest of the Initiating Holders (which underwriter or
underwriters shall be reasonably acceptable to the Company). 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 

  
 4 

 
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 in the following order: (i) first, the Series D Registrable Securities held by the Investors, if any are requested to be underwritten, as determined on a pro rata basis (based on the respective holdings of Series D
Registrable Securities held by such Investors); (ii) then, the Registrable Securities held by Holdings, if any are requested to be underwritten; (iii) third, the Registrable Securities, if any, that are distributed to holders of
Series C Preferred Units at the time of a Holdings Liquidation, if any are requested to be underwritten, as determined on a pro rata basis (based on the respective holdings of such distributed Registrable Securities held by such Holders);
(iv) fourth, the Registrable Securities, if any, that are distributed to holders of Series B Preferred Units at the time of a Holdings Liquidation, if any are requested to be underwritten, as determined on a pro rata basis (based on the
respective holdings of distributed Registrable Securities held by such Holders); (v) fifth, the Registrable Securities, if any, that are distributed to holders of Series A Preferred Units at the time of a Holdings Liquidation, if any are
requested to be underwritten, as determined on a pro rata basis (based on the respective holdings of distributed Registrable Securities held by such Holders) and (vi) sixth, the Registrable Securities, if any, that are distributed to holders of
Common Units at the time of a Holdings Liquidation, if any are requested to be underwritten, as determined on a pro rata basis (based on the respective holdings of distributed Registrable Securities held by such Holders) (the “Registration
Cutback Order”). 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) during the period starting with the date sixty (60) 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 
 (iii) 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 
 (iv) 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 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 and provided further that the Company shall not register any
securities for the account of itself or any other stockholder during such one hundred twenty (120) day period (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). 

  
 5 

 1.3 Company Registration. 

(a) If (but without any obligation to do so in accordance with Section 1.2) 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 mailing of such notice by the Company in accordance with
Section 6.5, 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 the event that the underwriters determine that less than all of the Registrable Securities requested to be
registered can be included in such offering, then the Registrable Securities that are included in such offering shall be apportioned in accordance with the Registration Cutback Order. 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 or private equity fund, partnership or corporation, any Affiliates of such selling stockholder shall be deemed, together with such selling
stockholder, 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. At such time as the Company shall have qualified to effect a registration on Form S-3, (w) the
Holders then holding at least twenty percent (20%) of the Series D Registrable Securities, (x) prior to a Holdings Liquidation, Holdings, (y) on and after a Holdings Liquidation, the Holders holding at least twenty percent
(20%) of those Registrable Securities 

  
 6 

 
then outstanding that were distributed in respect of Series C Preferred Units in such Holdings Liquidation and (z) on and after a Holdings Liquidation, the Holders holding at least twenty
percent (20%) of those Registrable Securities then outstanding that were distributed in respect of Series B Preferred Units in such Holdings Liquidation shall have the right to request 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 (for purposes of this Section 1.4, the “Initiating Holders”) and 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 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 1.4: 
 (i) if Form S-3 is not available for such offering by the
Holders; 
 (ii) 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 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 and provided further that the Company shall not register any securities for the account of itself or any other stockholder during such one
hundred twenty (120) day period (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); 
 (iii) 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; or 

(iv) if the aggregate dollar value of the proposed sale of Registrable Securities is less than $5,000,000. 

(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 of the Initiating Holders. Registrations effected pursuant to
this Section 1.4 shall not be counted as requests for registration effected pursuant to Section 1.2. 

  
 7 

 1.5 Obligations of the Company. 

(a) Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously
as reasonably possible: 
 (i) 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 one hundred twenty (120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; 

(ii) 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 until the later of (i) such time as all such securities covered by
such registration statement have been disposed of by the seller or sellers thereof in accordance with the intended methods of disposition set forth in such registration statement or (ii) the expiration of the time when a prospectus relating to
such registration is required to be delivered under the Act; 
 (iii) furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus and any Free Writing 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; 
 (iv) 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; 
 (v) 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; 

(vi) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus or Free Writing
Prospectus (to the extent prepared by or on behalf of the Company) relating thereto is required to be delivered under the Act of the happening of any event as a result of which the prospectus or Free Writing 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,
and, at the request of any such Holder, the Company will, as soon as reasonably practicable, file and furnish to all such Holders a supplement or amendment to such prospectus or Free Writing Prospectus (to the extent prepared by or on behalf of the
Company) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading in
light of the circumstances under which they were made; 

  
 8 

 (vii) 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; 

(viii) 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; 
 (ix) take all reasonable actions to
ensure that any prospectus or Free Writing Prospectus utilized in connection with any registration effected pursuant to Section 1.2, 1.3 or 1.4 hereunder complies in all material respects with the Act, is filed in accordance with the Act to the
extent required thereby, is retained in accordance with the Act to the extent required thereby and, when taken together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading; 
 (x) use all reasonable efforts
to prevent 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 securities included in such
registration statement for sale in any jurisdiction, and, in the event of such issuance, the Company shall immediately notify the Holders of Registrable Securities covered by such registration statement of the receipt by the Company of such
notification and shall use all reasonable efforts promptly to obtain the withdrawal of such order, and, in the event of the withdrawal of such order, the Company shall immediately notify such Holders thereof; 

(xi) use its commercially reasonable efforts to obtain one or more “cold comfort” letters, dated as of the effective date of the
related registration statement (and, if such registration includes an underwritten public offering, dated as of the date of the closing under the underwriting agreement), signed by the Company’s independent public accountants in customary form
and covering such matters of the type customarily covered by “cold comfort” letters as the Holders holding a majority of the Registrable Securities being sold reasonably request; 

(xii) use its commercially reasonable efforts to provide, at the request of any Holder participating in such registration, on the date such
securities are delivered to the underwriters for sale pursuant to such registration or, if such securities are not being sold through underwriters, on the date the registration statement with respect to such securities becomes effective, a legal
opinion of the Company’s outside counsel, dated as of the effective date of such registration statement (and, if such registration includes an underwritten public offering, dated as of the date of the closing under the underwriting agreement),
with respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus) and such other documents relating thereto in customary form and covering such matters of the
type customarily covered by legal opinions of such nature; 
 (xiii) to the extent that the Company is a well-known seasoned issuer (as
defined in Rule 405) (a “WKSI”) at the time any request for registration is submitted to the Company in accordance with Section 1.4, (A) if so requested, file an automatic shelf registration statement (as defined in Rule 405) (an
“Automatic Shelf Registration Statement”) to effect such registration, and (B) remain a WKSI (and not become an ineligible issuer (as defined in Rule 405)) during the period during which such Automatic Shelf Registration Statement is
required to remain effective in accordance with this Agreement; 

  
 9 

 (xiv) if at any time when the Company is required to
re-evaluate its WKSI status for purposes of an Automatic Shelf Registration Statement used to effect a request for registration in accordance with Section 1.4, (A) the Company determines that it is
not a WKSI, (B) the registration statement is required to be kept effective in accordance with this Agreement and (C) the registration rights of the applicable Holders have not terminated, promptly amend the registration statement onto a
form that the Company is then eligible to use or file a new registration statement on such form, and keep such registration statement effective in accordance with the requirements otherwise applicable under this Agreement; 

(xv) if (A) a registration made pursuant to a shelf registration statement is required to be kept effective in accordance with this
Agreement after the third anniversary of the initial effective date of the shelf registration statement and (B) the registration rights of the applicable Holders have not terminated, file a new registration statement with respect to any unsold
Registrable Securities subject to the original request for registration prior to the end of the three (3) year period after the initial effective date of the shelf registration statement, and keep such registration statement effective in
accordance with the requirements otherwise applicable under this Agreement; 
 (xvi) make available for inspection by any seller of
Registrable Securities, any underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and other records, pertinent
corporate documents and properties of the Company, and cause the Company’s officers, directors, employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent
in connection with such registration statement, in each case subject to the requirement that recipients execute appropriate confidentiality agreements; and 

(xvii) otherwise use its best efforts to comply with the Act, the 1934 Act and all other applicable rules and regulations of the SEC, and
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months after the effective date of such registration statement, which earning statement shall satisfy
Section 11(a) of the Act and any applicable regulations thereunder, including Rule 158. 
 (b) Notwithstanding the provisions of this
Section 1, the Company shall be entitled to suspend, for a reasonable period of time, the 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). 

  
 10 

 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. 

(c) If any such registration statement refers to any Holder by name or otherwise as the holder of any securities of the Company and if in
such Holder’s reasonable judgment, such Holder is or might be deemed to be an underwriter or a controlling person of the Company, such Holder shall have the right to (i) require the insertion therein of language, in form and substance
reasonably satisfactory to such Holder and presented to the Company in writing, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the
Company’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or
otherwise is not required by the Act or any similar federal statute then in force, require the deletion of the reference to such Holder; provided that, with respect to this clause (ii), if requested by the Company, such Holder shall furnish to the
Company an opinion of counsel to such effect, which opinion and counsel shall be reasonably satisfactory to the Company. 
 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
registrations, filings or qualifications 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 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); 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. 
 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. 

  
 11 

 1.9 Indemnification. In the event that 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 direct and indirect 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 or incorporated by reference in such registration statement (including any preliminary prospectus, final prospectus or Free Writing Prospectus contained therein
or any amendments or supplements thereto), any issuer information (as defined in Rule 433 of the Act) filed or required to be filed pursuant to Rule 433(d) under the Act or any other document incident to such registration prepared by or on behalf of
the Company or used or referred to by the Company (including, without limitation, reports and other documents filed under the 1934 Act and any document incorporated by reference therein), (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 or any other federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to action or inaction
in connection with any such registration, disclosure document or other document or report, 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 as such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 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. The indemnity agreement contained in this Section 1.9(a) shall remain in full force and effect regardless of any investigation made by or on behalf
of such Holder, underwriter, controlling person or other aforementioned persons and shall survive any transfer of Registrable Securities. 

(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 or any other federal, state, foreign or common law rule or regulation applicable to the Company or any of its subsidiaries and relating to
action or inaction in connection with any such registration, disclosure document or other document or report , 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 Section 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
as 

  
 12 

 
such expenses are incurred; provided, however, that the indemnity agreement contained in this Section 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 Section 1.9(b) exceed the net proceeds from
the offering received by such Holder. The indemnity agreement contained in this Section 1.9(b) shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, each of its directors, each of its
officers who has signed the registration statement, underwriter, controlling person, other Holders or other aforementioned persons and shall survive any transfer of Registrable Securities. 

(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 that 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. If, within a reasonable time after receipt of the notice, such indemnifying party shall not have elected to assume the defense of the action, such indemnifying party shall be
responsible for any legal or other expenses incurred by such indemnified party in connection with the defense of the action. No indemnifying party will 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. 

(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. 

  
 13 

 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; 
 (b) take such action, including the voluntary registration of its Common Stock under Section 12 of the
1934 Act, as will permit Holders to use Form S 3 for the sale of their Registrable Securities, such action to be taken as soon as practicable (but not later than ninety (90) days) after the end of the fiscal year in which the registration
statement for the Initial Offering is declared effective; 
 (c) 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 
 (d) 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. Upon a Holdings Liquidation, each Holdings Investor receiving Registrable Securities in such
Holdings Liquidation shall automatically become a Holder for all purposes of this Agreement without any further action by such Holdings Investor. 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 (a) is a subsidiary, parent, partner, limited partner, member, retired partner, stockholder or an Affiliate of a Holder,
(b) is a Holder’s family member or trust for the benefit of an individual Holder, or (c) after such assignment or transfer, holds at least one hundred thousand (100,000) shares of Registrable Securities (subject to appropriate
adjustment for stock splits, stock dividends, combinations or the like), provided that: (x) 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; (y) 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 (z) 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. 

  
 14 

 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 (i) at any time prior to a Holdings Liquidation, Holdings, (ii) at any time prior to a Holdings Liquidation, Holdings Investors owning a majority of the Series C
Preferred Units then outstanding and on or after a Holdings Liquidation, by the holders of a majority of those Registrable Securities then outstanding that were distributed in respect of Series C Preferred Units in such Holdings Liquidation,
(iii) at any time prior to a Holdings Liquidation, Holdings Investors owning a majority of the Series B Preferred Units then outstanding and on or after a Holdings Liquidation, by the holders of a majority of those Registrable Securities then
outstanding that were distributed in respect of Series B Preferred Units in such Holdings Liquidation and (iv) the Required Holders, 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; provided that (x) at any time prior to a Holdings Liquidation, no consent of the Holdings Investors owning a majority of the Series B Preferred Units then outstanding shall be required with respect to providing such rights to
holders of securities of the Company the issuance of which does not require the consent of the “Series B Required Holders” pursuant to Section 3.10(b) of the Holdings LLC Agreement, (y) and on or after a Holdings Liquidation, no
consent of the holders of a majority of those Registrable Securities then outstanding that were distributed in respect of Series B Preferred Units in such Holdings Liquidation shall be required with respect to providing such rights to holders of
securities of the Company the issuance of which does not require the consent of “Series B Required Holders” pursuant to Section 3.10(b) of the Holdings LLC Agreement and (z) no consent of the Required Holders shall be required with
respect to providing such rights to holders of securities of the Company in connection with any equity issuance by the Company. 
 1.13
“Market Stand-Off” Agreement. 
 (a) If requested by the Company and the managing underwriter, 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) (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 held immediately prior to the effectiveness of the
Registration Statement for such offering, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of 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. Notwithstanding the foregoing, if (x) during the last seventeen (17) days of the one hundred eighty (180)-day
restricted period, the Company issues an earnings release or material news or a material event relating to the Company occurs; or (y) prior to the expiration of the one hundred eighty (180)-day restricted period, the Company announces that it
will release earnings results during the sixteen (16)-day period beginning on the last day of the one hundred eighty (180)-day period, the restrictions imposed by this Section 1.13 shall continue to apply until the expiration of the eighteen
(18)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. 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 one percent (1%) stockholders of the Company
enter into similar 

  
 15 

 
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. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the Company or the underwriters shall apply to all Holders subject to such
agreements pro rata based on the number of shares subject to such agreements. 
 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, 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. 
 1.14 Restrictions on Transfer. 

(a) The Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not recognize and shall issue
stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon (i) compliance with the other conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act and (ii) compliance with the conditions or exemptions specified in Section 5 of the Voting Agreement. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Registrable
Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Each certificate representing the Registrable Securities, and any other securities issued in
respect of such securities upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 1.14(b)) be stamped or otherwise imprinted with a legend
substantially in the following form: 
 “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY
MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. 
 THE SHARES EVIDENCED HEREBY ARE SUBJECT TO A STOCK PURCHASE AGREEMENT, VOTING AGREEMENT,
AND INVESTORS’ RIGHTS AGREEMENT, AS EACH MAY BE AMENDED FROM TIME TO TIME (COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY WITHOUT COST UPON 

  
 16 

 
WRITTEN REQUEST), AND BY ACCEPTING ANY INTEREST IN SUCH SHARES, THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SAID STOCK PURCHASE
AGREEMENT, VOTING AGREEMENT, AND INVESTORS’ RIGHTS AGREEMENT, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER AND OWNERSHIP SET FORTH THEREIN.” 

(b) Before any proposed sale, pledge, or transfer of any Registrable Securities pursuant to Section 1.14(a), unless there is in effect a
registration statement under the Securities Act covering the proposed transaction, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer. Each such notice shall describe the
manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s expense by either (i) a written opinion of legal counsel who shall,
and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without registration under the Securities Act; (ii) a “no action” letter
from the SEC to the effect that the proposed sale, pledge, or transfer of such Registrable Securities without registration will not result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (iii) any other
evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Registrable Securities may be effected without registration under the Securities Act, whereupon the Holder of such
Registrable Securities shall be entitled to sell, pledge, or transfer such Registrable Securities in accordance with the terms of the notice given by the Holder to the Company. The Company will not require such a legal opinion or “no
action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes Registrable Securities to an Affiliate of such Holder for no consideration; provided that each transferee
agrees in writing to be subject to the terms of this Agreement. Each certificate or instrument evidencing the Registrable Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate
restrictive legend set forth in Section 1.14(a), except that such certificate shall not bear such restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance
with any provisions of the Securities Act. 
 1.15 Termination of Registration Rights. No Holder shall be entitled to exercise any
right provided for in this Section 1 (a) after five (5) years following the consummation of the Initial Offering, (b) as to any Holder, such earlier time after the Initial Offering at which such Holder (i) can sell all
shares held by it in compliance with Rule 144 or (ii) 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 (c) after the consummation of a Liquidation Event (as that term is defined in the Restated
Certificate). 
 2. Covenants of the Company. 

2.1 Delivery of Financial Statements. The Company shall, upon request, deliver to each 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; 

  
 17 

 (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, an unaudited balance sheet as of the end of such fiscal quarter and a capitalization table
as of the end of such fiscal quarter; 
 (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; 
 (d) with respect to the financial
statements called for in subsections (b) and (c) of this Section 2.1, an instrument executed by the Chief Financial Officer or President of the Company certifying that such financials were prepared in accordance with GAAP consistently
applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit
adjustment; 
 (e) as soon as practicable, but in any event within forty-five (45) days of the end of each quarter of each fiscal year
of the Company, a written executive summary detailing the Company’s business and financial condition, business prospects, cash flow forecast and future financing plans; and 

(f) written notice to attend, at such Investor’s own expense, an annual meeting of the stockholders which shall include a business and
financial update. 
 2.2 Termination of Information Covenants. The covenants set forth in Section 2.1 shall terminate and be of no
further force or effect upon the earlier to occur of (i) the effectiveness of the Company’s Initial Offering, (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. 
 2.3 Directed Shares. If an Initial
Offering is undertaken, the Company will use its commercially reasonable efforts to cause the managing underwriter(s) of the Initial Offering to designate a number of shares equal to twenty percent (20%) of the Common Stock to be offered in the
Initial Offering for sale to the Investors (other than Holdings) and the Holdings Investors in accordance with their respective Pro Rata Percentages. The shares designated by the underwriter(s) for sale under a directed shares program are referred
to herein as “directed shares.” The directed shares shall include the shares of Common Stock that the Investors elect to purchase in the Initial Offering pursuant to Section 1.2(c) of the Purchase Agreement. Notwithstanding any other
provision of this Section 2.3, if the managing underwriter(s) of the Initial Offering determines that it is not advisable to designate twenty percent (20%) of the Common Stock to the Investors, that number of directed shares designated to
the Investors shall be allocated first to satisfy certain Investors’ obligations pursuant to Section 1.2(c) of the Purchase Agreement. The Investors also acknowledge that notwithstanding the terms of this Agreement, the sale of any
directed shares to any person pursuant to this Agreement will only be made in compliance with Rules 2110 and 2790 of the Financial Industry Regulatory Authority and National Association of Securities Dealers Conduct Rules and federal, state, and
local laws, rules, and regulations. For purposes of this Section 2.3, (i) the term “Investor” includes for any Investor that is a venture capital fund, private equity fund, partnership or corporation, any Affiliates of such
Investor, and an Investor shall be entitled to apportion the directed shares hereby granted it among itself and its Affiliates in such proportions as it deems appropriate and (ii) the term “Holdings Investor” includes for any Holdings
Investor that is a venture capital fund, private equity fund, partnership or corporation, any Affiliates of such Holdings Investor, and a Holdings Investor shall be entitled to apportion the directed shares hereby granted it among itself and its
Affiliates in such proportions as it deems appropriate. 

  
 18 

 2.4 Director Expenses. The Company shall promptly reimburse in full each non-employee
director of the Company for all reasonable out-of-pocket expenses incurred in attending meetings of the Company’s Board of Directors or any committee thereof or in connection with the performance of his or her service as a director. 

2.5 Board of Directors. The Board of Directors shall meet at least four (4) times per year, unless otherwise agreed by a majority of
the members of the Board of Directors. 
 2.6 Board Committees. Every committee of the Board of Directors that shall be established
by the Board of Directors from time to time shall at all times include (i) at least one (1) director designated to the Board pursuant to Section 3(a) of the Voting Agreement and (ii) at least one (1) director designated to
the Board pursuant to Section 3(b), (c) and (d). 
 2.7 Annual Board Attendance Right. As long as Full Succeed
International Limited owns any shares of Series D Preferred Stock of the Company, the Company shall invite a representative of Full Succeed International Limited to attend at least one (1) meeting per year of its Board of Directors in a
nonvoting observer capacity; provided, however, that such representative shall agree to hold in confidence and trust and to act in a fiduciary manner with respect to any and all information provided in connection with such meeting; and provided
further, that the Company reserves the right to withhold any information and to exclude such representative from any such 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 result in disclosure of trade secrets or a conflict of interest, or if such Investor or its representative is a competitor or potential competitor of
the Company. 
 2.8 Director and Officer Liability Insurance. The Company has as of the date hereof and shall continue to maintain
in full force and effect, and to the extent available on commercially reasonable terms, from financially sound and reputable insurers, director and officer liability insurance in the amount of at least $4,000,000 on terms consistent with the NVCA
Venturelnsure product. In the event that the Company merges with another entity and is not the surviving corporation, or transfers all of its assets, proper provisions shall be made so that successors of the Company assume the Company’s
obligations with respect to indemnification of Directors. 
 2.9 Proprietary Information and Inventions Agreements. The Company
shall require all employees and consultants with access to confidential information to execute and deliver a Proprietary Information and Inventions Agreement in substantially the form attached as Annex 1. 

2.10 Termination of Certain Covenants. The covenants set forth in Sections 2.5 through 2.9 shall terminate and be of no further force
or effect upon the consummation of (i) the Initial Offering or (ii) a Liquidation Event in which the stockholders of the Company receive as consideration either cash or securities not subject to investment letter or other similar
restrictions on free marketability. 
 3. Right of First Offer with Respect to New Holdings Securities. Subject to the terms and
conditions specified in this Section 3, Holdings hereby grants to each Major Holdings Investor (as defined below) a right of first offer with respect to future sales by Holdings of New Holdings Securities. For purposes of this Section 3,
the term “Major Holdings Investor” means each holder of at least 1,000,000 Units on an as-converted to Common Units basis (subject to appropriate adjustment for unit splits, unit dividends, combinations or the like) and includes for any
Major Holdings Investor that is a 

  
 19 

 
venture capital fund, private equity fund, partnership or corporation, any Affiliates of such Major Holdings Investor. A Major Holdings Investor shall be entitled to apportion the right of first
offer hereby granted it among itself and its Affiliates in such proportions as it deems appropriate. Each time Holdings proposes to offer any New Holdings Securities, Holdings shall first make an offering of such New Holdings Securities to each
Major Holdings Investor in accordance with the following provisions: 
 (a) Holdings shall deliver a notice in accordance with
Section 6.5 (“Offer Notice”) to the Major Holdings Investor stating (i) its bona fide intention to offer such New Holdings Securities, (ii) the number of such New Holdings Securities to be offered and (iii) the price
and terms upon which it proposes to offer such New Holdings Securities. 
 (b) With respect to the sale of any New Holdings Securities, by
written notification received by Holdings within twenty (20) calendar days after the giving of the Offer Notice, each Major Holdings Investor may elect to purchase, at the price and on the terms specified in such Offer Notice, up to that
portion of such New Holdings Securities available to it that equals the proportion that the number of Common Units issued and held by such Major Holdings Investor (assuming full conversion and exercise of all convertible and exercisable securities
then outstanding) bears to the total number of Common Units issued and held by all of the Major Holdings Investors (assuming full conversion and exercise of all convertible and exercisable securities then outstanding). Holdings shall promptly, in
writing, inform each Major Holdings Investor that elects to purchase all the New Holdings Securities available to it (a “Fully-Exercising Holdings Investor”) of any other Major Holdings Investor’s failure to do likewise. During the
ten (10) day period commencing after such information is given, each Fully-Exercising Holdings Investor may elect to purchase that portion of the New Holdings Securities for which Major Holdings Investors
were entitled to subscribe, but which were not subscribed for by the Major Holdings Investors, that is equal to the proportion that the number of New Holdings Securities issued and held (or agreed to be purchased) by such Fully-Exercising Holdings
Investor bears to the total number of New Securities issued and held (or agreed to be purchased) by all of the Fully-Exercising Holdings Investors. 

(c) If all New Holdings Securities that Major Holdings Investors are entitled to obtain pursuant to Section 3(b) are not elected to be
obtained as provided in Section 3(b) hereof, Holdings may, during the ninety (90) day period following the expiration of the period provided in Section 3(b) hereof, offer the remaining unsubscribed portion of such New Holdings
Securities 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 Offer Notice. If Holdings does not enter into an agreement for the sale of the New Holdings Securities
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 New Holdings Securities shall not be offered unless first reoffered
to the Major Holdings Investors in accordance herewith. 
 (d) The right of first offer in this Section 3 shall not be applicable to
(i) the issuance or sale of New Holdings Securities (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements
approved by Holdings’ Board of Managers, (ii) a Qualified Public Offering, (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities or, (iv) the issuance of securities in
connection with a bona fide business acquisition by Holdings of a bona fide commercial operating entity, whether by merger, consolidation, sale of assets, sale or exchange of stock or otherwise. In addition to the foregoing, the right of first offer
in this Section 3 with respect to any Major Holdings Investor shall not be applicable to any subsequent offering of New Holdings Securities if at the time of such offering, (x) the Major Holdings Investor is not an “accredited
investor,” as that term is then defined in Rule 501(a) of the Act and (y) such offering of New Holdings Securities is otherwise being offered only to accredited investors. 

  
 20 

 (e) The rights provided in this Section 3 may not be assigned or transferred by any Major
Holdings Investor; provided, however, that a Major Holdings Investor that is a venture capital fund or private equity fund may assign or transfer such rights to an Affiliate of such venture capital fund or private equity fund. 

(f) The covenants set forth in this Section 3 shall terminate and be of no further force or effect upon a Holdings Liquidation. 

4. Right of First Offer. Subject to the terms and conditions specified in this Section 4, the Company hereby grants to each ROFO
Investor a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). A ROFO Investor shall be entitled to apportion the right of first offer hereby granted it among itself and its Affiliates in such
proportions as it deems appropriate. Each time the Company proposes to offer any New Securities, the Company shall first make an offering of such New Securities to each ROFO Investor in accordance with the following provisions: 

(a) The Company shall deliver a notice in accordance with Section 6.5 (“Notice”) to the ROFO Investor stating (i) its
bona fide intention to offer such New Securities, (ii) the number of such New Securities to be offered and (iii) the price and terms upon which it proposes to offer such New Securities. 

(b) With respect to the sale of New Securities, by written notification received by the Company within twenty (20) calendar days after
the giving of Notice, each ROFO Investor may elect to purchase, at the price and on the terms specified in the Notice, up to its Pro Rata Percentage of such New Securities available. The Company shall promptly, in writing, inform each ROFO Investor
that elects to purchase its full Pro Rata Percentage of the New Securities available to it (a “Fully-Exercising Investor”) of any other ROFO Investor’s failure to do likewise. During the ten (10) day period commencing after such
information is given, each Fully-Exercising Investor may elect to purchase that portion of the New Securities for which ROFO Investor were entitled to subscribe, but which were not subscribed for by the ROFO
Investor, that is equal to the proportion that the number of New Securities issued and held (or agreed to be purchased) by such Fully-Exercising Investor bears to the total number of New Securities issued and held (or agreed to be purchased) by all
of the Fully-Exercising Investors. 
 (c) If all New Securities that ROFO Investors are entitled to obtain pursuant to Section 4(b)
are not elected to be obtained as provided in Section 4(b) hereof, the Company may, during the ninety (90) day period following the expiration of the period provided in Section 4(b) hereof, offer the remaining unsubscribed portion of
such New Securities 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 New Securities
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 New Securities shall not be offered unless first reoffered to the
ROFO Investors in accordance herewith. 
 (d) The right of first offer in this Section 4 shall not be applicable to (i) the
issuance or sale of New Securities (or options therefor) to employees, directors, consultants and other service providers for the primary purpose of soliciting or retaining their services pursuant to plans or agreements approved by the
Company’s Board of Directors, (ii) an Initial Offering, (iii) the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities, (iv) the issuance

  
 21 

 
of securities in connection with a bona fide business acquisition by the Company of a bona fide commercial operating entity, whether by merger, consolidation, sale of assets, sale or exchange of
stock or otherwise or (v) shares of Series D Preferred Stock issued and sold by the Company at any closing under the Purchase Agreement. In addition to the foregoing, the right of first offer in this Section 4 with respect to any ROFO
Investor shall not be applicable to any subsequent offering of New Securities if at the time of such offering, (x) the ROFO Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) of the Act and
(y) such offering of New Securities is otherwise being offered only to accredited investors. 
 (e) The rights provided in this
Section 4 may not be assigned or transferred by any ROFO Investor; provided, however, that a ROFO Investor that is a venture capital fund or private equity fund may assign or transfer such rights to an Affiliate of such venture capital fund or
private equity fund. 
 (f) The covenants set forth in this Section 4 shall terminate and be of no further force or effect upon the
consummation of (i) the Initial Offering or (ii) a Liquidation Event. 
 5. Additional Covenants. 

(a) Holdings hereby covenants and agrees with each of the Holdings Investors that it shall not, by amendment, merger, consolidation or
otherwise, without the prior written consent of (i) the holders of at least a majority of the then outstanding Common Units and Preferred Units held by members of Holdings, voting together as a single class on an as converted to Common Units
basis, (ii) the Majority Series C Holdings Holders and (iii) the Majority Series B Holdings Holders, authorize or issue, or obligate itself to issue, New Holdings Securities other than (x) the Series C PIK Units and Series B PIK Units
(each as defined in the Holdings LLC Agreement) and (y) the issuance of Common Units upon conversion, if any, of the Preferred Units pursuant to the Holdings LLC Agreement. Holdings hereby acknowledges that it was formed for the purpose of
holding shares of Common Stock of the Company and covenants and agrees with each Investor that it shall not engage in any business unrelated to such purpose. 

(b) The Company hereby covenants and agrees with Holdings, each of the Investors and Holdings Investors that it shall not, by amendment,
merger, consolidation or otherwise, without the prior written consent of Holdings: 
 (i) consummate a Liquidation Event, or sell, license,
lease, transfer or otherwise dispose of material assets; 
 (ii) alter or change the rights, preferences or privileges of the Series D
Preferred Stock so as to affect adversely such shares of Series D Preferred Stock; 
 (iii) authorize or issue, or obligate itself to
issue, New Securities, other than (i) the Series D PIK Shares, (ii) the issuance of shares of Series D Preferred Stock at any closing under the Purchase agreement and (iii) the issuance of shares of Common Stock upon conversion, if
any, of the Series D Preferred Stock pursuant to Section 3 of Article IV(B) of the Restated Certificate; 
 (iv) redeem, purchase or
otherwise acquire (or pay into or set aside for a sinking fund for such purpose) any share or shares of capital stock of the Company; provided, however, that this restriction shall not apply to the repurchase of shares of Common Stock from
employees, officers, directors, consultants or other persons performing services for the Company or any subsidiary pursuant to agreements under which the Company has the option to repurchase such shares upon the occurrence of certain events, such as
the termination of employment or service, or pursuant to a right of first refusal; 

  
 22 

 (v) amend, alter or repeal any provision of the Restated Certificate or bylaws of the Company;

 (vi) incur, create, guarantee or authorize the creation of any indebtedness in excess of $25,000,000 in the aggregate, other than
indebtedness outstanding as of the date hereof; 
 (vii) make any loan or advance in excess of $100,000 to any other person or entity,
unless such entity is wholly owned by the Company; 
 (viii) make any capital expenditure that is not already included in a budget approved
by the Board of Directors of the Company; 
 (ix) hire or fire any executive officer, including the Chief Executive Officer and Chief
Financial Officer; 
 (x) change the authorized number of Board of Directors of the Company; 

(xi) acquire or merge with another entity or enter into any other material transaction involving the acquisition of the assets of such
entity; 
 (xii) sell, assign, license or otherwise dispose (in a single transaction or a series of related transactions) material
technology, intellectual property and other material assets, other than licenses granted in the ordinary course of business; 
 (xiii)
enter into material transactions with Affiliates of the Company or enter into any other transaction described in Section 144 of the General Corporation Law of the State of Delaware, except for (i) transactions contemplated by the Purchase
Agreement or the Management Agreement dated as of September 8, 2011 (as amended, the “Management Agreement”) between the Company and WCAS Management Corporation, (ii) the issuance of New Securities made in accordance with
Section 4 hereof, (iii) transactions entered into the ordinary course of business with any employee of the Company and (iv) transactions among the Company and subsidiaries of the Company; 

(xiv) make any material change in the nature of its business from that conducted as of the date hereof; or 

(xv) approve or materially amend any annual budget. 

The covenants set forth in this Section 5(b) shall terminate and be of no further force or effect upon the earlier of the consummation of
(i) the Initial Offering or (ii) a Liquidation Event. 
 6. Miscellaneous. 

6.1 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. 

  
 23 

 6.2 Governing Law. This Agreement shall be governed by and construed under the laws of
the State of New York as applied to agreements among New York residents entered into and to be performed entirely within New York. 
 6.3
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. 

6.4 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. 
 6.5 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 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 to the Voting Agreement (or at such other addresses as shall be specified
by notice given in accordance with this Section 6.5). 
 6.6 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. 

6.7 Entire Agreement; Amendments and Waivers. 

(a) This Agreement (including the Schedules, Annexes, and 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 may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of (i) the Company, (ii) prior to a Holdings Liquidation, Holdings, (iii) at any time prior to a Holdings Liquidation, Holdings Investors owning a majority of the Series C
Preferred Units then outstanding and on or after a Holdings Liquidation, by the holders of a majority of those Registrable Securities then outstanding that were distributed in respect of Series C Preferred Units in such Holdings Liquidation,
(iv) at any time prior to a Holdings Liquidation, Holdings Investors owning a majority of the Series B Preferred Units then outstanding and on or after a Holdings Liquidation, by the holders of a majority of those Registrable Securities then
outstanding that were distributed in respect of Series B Preferred Units in such Holdings Liquidation and (v) the Required Holders. Notwithstanding the foregoing, (a) this Agreement may not be amended and the observance of any term of this
Agreement may not be waived with respect to any Investor holding Series D Preferred Stock, in their capacities as such, without the written consent of such Investor holding Series D Preferred Stock, unless such amendment, termination or waiver
applies to all such Investors holding Series D Preferred Stock, in their capacities as such, in the same fashion; (b) this Agreement may not be amended and the observance of any term of this Agreement may not be waived with respect to any
Investor holding Common Stock, in their capacities as such, without the written consent of such Investor holding Common Stock, unless such amendment, termination or waiver applies to all such Investors holding Common Stock, in their capacities as
such, in the same fashion; (c) this Agreement may be amended at any time 

  
 24 

 
prior to a Holdings Liquidation without the consent of the Holdings Investors owning a majority of the Series B Preferred Units then outstanding to include New Securities in a third party led
financing, the issuance of which does not require approval of the “Series B Required Holders” pursuant to Section 3.10(b) of the Holdings LLC Agreement, including the addition of any such securities in any registration filed under
Sections 1.2, 1.3 or 1.4 hereof or to provide the holders of such New Securities demand registration of such securities so long as such amendment applies to all holders of Registrable Securities (other than holders of the New Securities) in the same
fashion; (d) this Agreement may be amended on or after a Holdings Liquidation without the consent of the holders of a majority of those Registrable Securities then outstanding that were distributed in respect of Series B Preferred Units in such
Holdings Liquidation to include New Securities in a third party led financing, the issuance of which does not require approval of the Series B Required Holders pursuant to Section 3.10(b) of the Holdings LLC Agreement, including the addition of
any such securities in any registration filed under Sections 1.2, 1.3 or 1.4 hereof or to provide the holders of such New Securities demand registration of such securities so long as such amendment applies to all holders of Registrable Securities
(other than holders of the New Securities) in the same fashion and (e) this Agreement may be amended without the consent of the Required Holders in connection with any issuance of New Securities in a third party led financing, including the
addition of any such securities in any registration filed under Sections 1.2, 1.3 or 1.4 hereof or to provide the holders of such New Securities demand registration of such securities so long as such amendment applies to all holders of Registrable
Securities (other than holders of the New Securities) in the same fashion. 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. 
 (b) This Agreement, together with the Holdings Operating Agreement and the Holdings Voting Agreement, both
of which are incorporated herein by reference, and both of which, together with this Agreement, shall constitute the entire limited liability company agreement of Holdings for purposes of the Delaware Limited Liability Company Act. To the extent any
person listed on Schedule B hereto has the right to receive units of limited liability company interest in Holdings pursuant to the Merger but has not executed and delivered the Holdings Operating Agreement or the Holdings Voting Agreement
(including pursuant to a joinder or a power of attorney or other authorization granted to an attorney in fact or agent under the Agreement and Plan of Merger and Reorganization or other documents related thereto), such person’s acceptance of
such units of limited liability company interest, or such person’s execution and delivery of this Agreement, a counterpart signature page to this Agreement, or a joinder to this Agreement, shall be deemed to constitute that person’s
agreement to be bound by the entire limited liability company agreement of Holdings, which consists of this Agreement, the Holdings Operating Agreement and the Holdings Voting Agreement. 

6.8 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. 

6.9 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. 

6.10 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of
Preferred Stock after the date hereof to someone that is not an Investor, 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 thereafter shall be deemed an “Investor” for all purposes hereunder. Schedule A hereto may be amended by the Company from time to time without the consent of the other parties hereto to add information regarding Investors that
become a party to this Agreement pursuant to this Section 5.10. 

  
 25 

 [Signature Pages Follow] 

  
 26 

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

			
	COMPANY:
	
	VALERITAS, INC.
		
	By:	 	 /s/ Kristine Peterson

	Name:	 	Kristine Peterson
	Title:	 	Chief Executive Officer
	
	HOLDINGS:
	
	VALERITAS HOLDINGS, LLC
		
	By:	 	 /s/ Kristine Peterson

	Name:	 	Kristine Peterson
	Title:	 	President

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	VALERITAS HOLDINGS, LLC
			
		 	By:	 	 /s/ Kristine Peterson

		 	Name:	 	Kristine Peterson
		 	Title:	 	President

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	WELSH, CARSON, ANDERSON & STOWE XI, L.P.
			
		 	By:	 	WCAS XI ASSOCIATES LLC,
		 		 	its General Partner
			
		 	By:	 	 /s/ Jonathan M. Rather

		 	Name:	 	Jonathan M. Rather
		 	Title:	 	Managing Member
		
		 	WCAS VALERITAS HOLDINGS, LLC
			
		 	By:	 	 /s/ Jonathan M. Rather

		 	Name:	 	Jonathan M. Rather
		 	Title:	 	President
		
		 	WCAS CAPITAL PARTNERS IV, L.P.
			
		 	By:	 	WCAS CP IV ASSOCIATES LLC,
		 		 	its General Partner
			
		 	By:	 	 /s/ Jonathan M. Rather

		 	Name:	 	Jonathan M. Rather
		 	Title:	 	Managing Member
		
		 	WCAS MANAGEMENT CORPORATION
			
		 	By:	 	 /s/ Jonathan M. Rather

		 	Name:	 	Jonathan M. Rather
		 	Title:	 	Treasurer
		
		 	WCAS XI CO-INVESTORS, LLC
			
		 	By:	 	 /s/ Jonathan M. Rather

		 	Name:	 	Jonathan M. Rather
		 	Title:	 	Managing Member

 
					
			
		 	Address:	 	c/o Welsh, Carson, Anderson & Stowe
		 		 	320 Park Avenue, Suite 2500
		 		 	New York, New York 10022
		 		 	Attn: Paul B. Queally

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
			
	INVESTORS:
	
	FULL SUCCEED INTERNATIONAL LIMITED
		
	By:	 	 /s/ Yu Le

		 	Yu Le, Director

 
			
		
	Address:	 	35/F, No. 1333 Lujiazui Ring Road
		 	Ping An Finance Tower
		 	Pu Dong, Shanghai, PRC

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	MPM BIOVENTURES IV-QP, L.P.
		
		 	BY: MPM BIOVENTURES IV GP LLC,
		 	ITS GENERAL PARTNER
		
		 	BY: MPM BIOVENTURES IV LLC,
		 	ITS MANAGING MEMBER
			
		 	By:	 	 /s/ Todd Foley

		 	Name:	 	 Todd Foley

		 	Title:	 	Member
		
		 	MPM BIOVENTURES IV GMBH & CO. BETEILIGUNGS KG
		
		 	BY: MPM BIOVENTURES IV GP LLC,
		 	IN ITS CAPACITY AS THE MANAGING LIMITED PARTNER
		
		 	BY: MPM BIOVENTURES IV LLC,
		 	ITS MANAGING MEMBER
			
		 	By:	 	 /s/ Todd Foley

		 	Name:	 	 Todd Foley

		 	Title:	 	Member
		
		 	MPM ASSET MANAGEMENT INVESTORS BV4 LLC
		
		 	BY: MPM BIOVENTURES IV LLC,
		 	ITS MANAGER
			
		 	By:	 	 /s/ Todd Foley

		 	Name:	 	 Todd Foley

		 	Title:	 	Member
		
	Address:	 	The John Hancock Tower
		 	200 Clarendon Street, 54th Floor
		 	 Boston, MA 02116

tfoley@mpmcapital.com

vkailian@mpmcapital.com

		 	617.425.9200

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	ONSET VI, L.P.
		
		 	BY: ONSET VI MANAGEMENT, LLC,
		 	ITS GENERAL PARTNER
			
		 	By:	 	 /s/ John Ryan

		 	Name:	 	 John Ryan

		 	Title:	 	Managing Director
		
	Address:	 	2490 Sand Hill Rd.
		 	Menlo Park CA 94025
		 	bea@onset.com
		 	john@onset.com
		 	650.529.0700

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	PITANGO VENTURE CAPITAL FUND V, L.P.
		
		 	BY: PITANGO V.C. FUND V, L.P.,
		 	ITS GENERAL PARTNER
		
		 	BY: PITANGO G.P. CAPITAL HOLDINGS LTD.,
		 	ITS GENERAL PARTNER
			
		 	By:	 	

		 		 	  

		 	Name:	 	
		 	Title:	 	
		 		 	  

		
		 	PITANGO VENTURE CAPITAL PRINCIPALS FUND V, L.P.
		
		 	BY: PITANGO V.C. FUND V, L.P.,
		 	ITS GENERAL PARTNER
		
		 	BY: PITANGO G.P. CAPITAL HOLDINGS LTD.,
		 	ITS GENERAL PARTNER
			
		 	By:	 	

		 		 	  

		 	Name:	 	
		 	Title:	 	
		 		 	  

		
	Address:	 	11 HaMenofim Street, Building B
		 	Herzlia 46725 Israel
		 	daphna.c@pitango.com
		 	ittai.h@pitango.com
		 	zeev.b@pitango.com
		 	650.357.9080

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
	
	 AUDA CAPITAL IV CO-INVESTMENT GMBH & CO. KG

		
	 By:
	 	  Auda Capital IV Co-Investment Fund GP L.P.

 its Managing Limited Partner

	 By:
	 	  Auda Capital IV Co-Investment Fund LLC

 its General Partner

	 By:    
	 	  Auda Private Equity LLC

 its Managing Member

 
					
			
		 	By:	 	 /s/ Stephen B. Wesson /s/ Tim Avery  

		 	Name:	 	 Stephen B. Wesson      / Tim Avery

		 	Title:	 	 Managing Director       /
CFO/CCO

 
					
	
	 AUDA CAPITAL IV CO-INVESTMENT FUND L.P.

		
	 By:
	 	  Auda Capital IV Co-Investment Fund GP L.P.

 its Managing Limited Partner

	 By:
	 	  Auda Capital IV Co-Investment Fund LLC

 its General Partner

	 By:    
	 	  Auda Private Equity LLC

 its Managing Member

 
					
			
		 	By:	 	 /s/ Stephen B. Wesson /s/ Tim Avery  

		 	Name:	 	 Stephen B. Wesson      / Tim Avery

		 	Title:	 	 Managing Director       /
CFO/CCO

 
					
	
	 AUDA VALERITAS SEGREGATED PORTFOLIO

a segregated portfolio of Auda Capital IV Co-Investment Fund SPC

		
	 By:
	 	
/s/ Stephen B. Wesson /s/ Tim Avery          
  

	 Name:
	 	 Stephen B. Wesson      / Tim Avery

	 Title:
	 	 Managing Director       / CFO/CCO

		
	Address:	 	c/o Auda International L.P.
		 	888 Seventh Avenue, 41st Floor
		 	New York, NY 10151
		 	Tel.: (212) 593-2306
		 	Fax: (212) 593-2974
		 	Email: andrye@auda.com

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	ABINGWORTH BIOVENTURES V LP
		
		 	BY: ABlNGWORTH LLP, ITS MANAGER
			
		 	By:	 	 /s/ James Abell

		 	Name:	 	JAMES ABELL
		 	Title:	 	 PARTNER

		
	Address:	 	Abingworth LLP
		 	38 Jermyn Street
		 	London SW1Y 6DN
		 	United Kingdom
		 	Attn: General Counsel
		 	Fax: +44 (0) 207 534 1539

  

SIGNATURE PAGE TO VOTING AGREEMENT 

VALERITAS, INC. 

 
					
	INVESTORS:
		
		 	ADVANCED TECHNOLOGY VENTURES VIII, L.P.
		
		 	BY: ATV ASSOCIATES VIII, L.L.C.
		 	ITS GENERAL PARTNER
			
		 	By:	 	 /s/ Jean George

		 	Name:	 	Jean George
		 	Title:	 	 Managing Director

		
	Address:	 	500 Boylston Street, Suite 1380
		 	Boston, MA 02116
		 	617-850-9700
		 	abruce@atvcapital.com
		 	dcunnane@atvcapital.com

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
		 	INVESTORS:
		
		 	HLM VENTURE PARTNERS II, L.P.
		
		 	BY: HLM VENTURE ASSOCIATES, LLC
		 	ITS GENERAL PARTNER
			
		 	By:	 	 /s/ Daniel J. Galles

		 	Name:	 	Daniel J. Galles
		 	Title:	 	Authorized Signatory
		
	Address:	 	HLM Venture Partners
		 	222 Berkeley Street
		 	Boston, MA 02116
		 	vfabiani@hlmvp.com
		 	617-266-0030
		
		 	With a copy to:
		 	Dan Galles
		 	HLM Venture Partners
		 	201 Mission Street
		 	Suite 2240
		 	San Francisco, CA 94105

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	THE PERMANENTE FEDERATION LLC – SERIES J
			
		 	By:	 	 /s/ Glen Hentges

		 	Name:	 	 GLEN HENTGES

		 	Title:	 	 CFO

		
		 	KAISER PERMANENTE VENTURES, LLC – SERIES A
			
		 	By:	 	 /s/ Thomas Meier

		 	Name:	 	 THOMAS MEIER

		 	Title:	 	 SVP & TREASURER

		
		 	KAISER PERMANENTE VENTURES, LLC – SERIES B
			
		 	By:	 	 /s/ Thomas Meier

		 	Name:	 	 THOMAS MEIER

		 	Title:	 	 SVP & TREASURER

					
			
		 	Address:	 	One Kaiser Plaza, 22nd Floor
		 		 	Oakland, CA 94612
		 		 	Attn: Chris M. Grant
		 		 	510-271-5687

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	CHL MEDICAL PARTNERS III, L.P.
		
		 	BY: CHL MEDICAL PARTNERS III, LLC,
		 	ITS GENERAL PARTNER
			
		 	By:	 	 /s/ Gregory Weinhoff

		 	Name:	 	 GREGORY WEINHOFF

		 	Title:	 	 VICE PRESIDENT

		
		 	CHL MEDICAL PARTNERS III SIDE FUND, L.P.
		
		 	BY: CHL MEDICAL PARTNERS III, LLC,
		 	ITS GENERAL PARTNER
			
		 	By:	 	 /s/ Gregory Weinhoff

		 	Name:	 	 GREGORY WEINHOFF

		 	Title:	 	 Vice President

 
					
			
		 	Address:	 	1055 Washington Boulevard
		 		 	6th Floor
		 		 	Stamford, CT 06901
		 		 	apermenis@chlmedical.com
		 		 	gweinhoff@chlmedical.com
		 		 	203.324.7700

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
									
	INVESTORS:	 	
		
		 	TULLIS OPPORTUNITY FUND, L.P.
			
		 	By:	 	Tullis Opportunity Fund, L.L.C.,
		 		 	Its general partner
					
		 		 	By:	 	 /s/ James L. L. Tullis
	 	
		 		 	Name:	 	James L. L. Tullis	 	
		 		 	Title:	 	Manager	 	
		
		 	TULLIS OPPORTUNITY FUND II, L.P.
			
		 	By:	 	Tullis Opportunity Fund II, L.L.C.,
		 		 	Its general partner
					
		 		 	By:	 	 /s/ James L. L. Tullis
	 	
		 		 	Name:	 	James L. L. Tullis	 	
		 		 	Title:	 	Manager	 	
			
		 	Address:	 	c/o Tullis-Dickerson & Co., Inc.
		 		 		 	55 Old Field Point Rd
		 		 		 	Greenwich, CT 06830
		 		 		 	Attn: James L. L. Tullis
		 		 		 	Fax: (203) 629-9293
		 		 		 	Email: jtullis@tullisfunds.com

 
									
		
		 	PED-VLRTS, LLC
				
		 	By:	 	 /s/ E. Gray Lee
	 	
		 	Name:	 	 E. GRAY LEE
	 	
		 	Title:	 	 SVP
	 	

 
									
				
		 	Address:	 	 4525 Harding Rd.
	 	
		 		 	Suite 200	 	
		 	  

		 		 	Nashville, TN 37205	 	
		 	  

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	 /s/ Elizabeth Gordon

		 	ELIZABETH GORDON
			
		 	Address:	 	1537 4th Street, #15
		 		 	San Rafael, CA 94901
			
		 		 	With a copy to:
		 		 	Louis Leeburg
		 		 	14441 N. 14th Street
		 		 	Phoenix, AZ 85022
		
		 	 /s/ Evan Norton

		 	Evan Norton
			
		 	Address:	 	 1020 ASHLAND AVE

		 	 	 	WILMETTE, IL 60091
		 	 	 	USA

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 
					
	INVESTORS:
		
		 	SAINT JOHN’S UNIVERSITY
			
		 	By:	 	 /s/ Richard Adamson

		 	Name:	 	 Richard Adamson

		 	Title:	 	 Vice President & Treasurer

			
		 	Address:	 	 2850 Abbey Plaza

		 	 	 	PO Box 2222
		 	 	 	Collegeville, MN 56321

  

[SIGNATURE PAGE TO INVESTORS’ RIGHTS
AGREEMENT] 

 Schedule A 

Valeritas Holdings, LLC 
 WCAS Valeritas Holdings, LLC 

WCAS Capital Partners IV, L.P. 
 WCAS Management Corporation

 WCAS XI Co-Investors, LLC 
 Full Succeed International
Limited 
 MPM BioVentures IV-QP, L.P. 
 MPM BioVentures IV
GmbH & Co. Beteiligungs KG 
 MPM Asset Management Investors BV4 LLC 

ONSET VI, L.P. 
 Pitango Venture Capital Fund V, L.P. 

Pitango Venture Capital Principals Fund V, L.P. 
 Auda Capital
IV Co-Investment GMBH & Co. KG 
 Auda Capital IV Co-Investment Fund L.P. 

Auda Valeritas Segregated Portfolio 
 Abingworth BioVentures V
LP 
 Advanced Technology Ventures VIII, L.P. 
 HLM Venture
Partners II, L.P. 
 The Permanente Federation LLC - Series I 

Kaiser Permanente Ventures, LLC – Series A 
 Kaiser
Permanente Ventures, LLC – Series B 
 CHL Medical Partners III, LP 

 CHL Medical Partners III Side Fund, LP 

Tullis Opportunity Fund, L.P. 
 Tullis Opportunity Fund II, L.P.

 PED-VLRTS, LLC 
 Elizabeth Gordon 

St. John’s University 
 Evan Norton 

 Schedule B 

Abingworth Bioventures V LP 
 Advanced Technology Ventures VIII,
L.P. 
 Agate Medical Investments Cayman L.P. 
 Agate Medical
Investments L.P 
 Auda Capital IV Co-Investment Fund L.P. 

Auda Capital IV Co-Investment GmbH & Co. KG 
 Auda
Valeritas Segregated Portfolio 
 Bioventures Investors Limited Partnership 

Brian Beutel 
 CHL Medical Partners III Side Fund, L.P. 

CHL Medical Partners III, L.P, 
 John Curtin 

Joe Fitzgerald 
 John E. Davis III and Betty F. Davis, JTWROS 

Kenneth L. Franke and Grace L. Franke Living Trust 
 Elizabeth
Gordon 
 Highbridge International LLC 
 HLM Venture Partners
II, L.P. 
 I. I. Y. Mordechay Ltd. 
 Kaiser Permanente
Ventures, LLC - Series A 
 Kaiser Permanente Ventures, LLC - Series B 

Meyers Family Revocable Trust 
 MPM Asset Management Investors BV4
LLC 
 MPM BioVentures IV GmbH & Co. Beteiligungs KG 

MPM BioVentures IV-QP, L.P 
 Evan Norton 

Onset VI, L.P. 
 PED-VLRTS, LLC 

Pitango Venture Capital Fund V, L.P. 
 Pitango Venture Capital
Principals Fund V, L.P. 
 Southferry #2, L.P. 
 The Board of
Trustees of the Leland Stanford Junior University (DAPER I) 
 The Board of Trustees of the Leland Stanford Junior University (SBSTI) 

The Permanente Federation LLC- Series I 
 Tullis Opportunity Fund
II, L.P. 
 Tullis Opportunity Fund, L.P. 
 Saint John’s
University 
 U.S. Venture Partners IX, L.P. 
 U.S. Venture
Partners X 
 USVP X Affiliates 
 WCAS Capital Partners IV, L.P.

 WCAS Management Corporation 
 WCAS Valeritas Holdings, LLC

 WCAS XI Co-Investors LLC 

 Kathy Aycok 
 Mandy
Bentley 
 Joseph Brown 
 Michele Carter 

Dan Connors 
 Yash Dave 

Arleen DeCicco 
 Timothy E. Last 

Steven F. Levesque 
 Glenda Lewis 

Ronald Manning 
 Massachusetts Development Finance Agency 

Devin V. McAllister 
 Lisa J. McGuinness 

Heather Merolli 
 Deborah J. Nagy 

Hung Nguyen 
 Michael Price 

William Rebello 
 Tam Pham 

Greg Sellman 
 Mike Stout 

Poul Strange 
 Christine Tanaka 

Oscar Tamayo 
 Mark D. Taylor 

The Estate of Frank Baldino, Jr. 
 The Helen L. Levesque 2012
Trust, Helen L. Levesque, Trustee 

 Annex 1 

VALERITAS, INC. 

EMPLOYEE CONFIDENTIALITY AND INVENTIONS ASSIGNMENT AGREEMENT 

In partial consideration and as a condition of my employment by VALERITAS, INC. (“Company”) and
effective as of the date that my employment by the Company commences, I, the undersigned, agree to the following terms of this EMPLOYEE CONFIDENTIALITY AND INVENTION
ASSIGNMENT AGREEMENT (the “Agreement”) as follows: 

 

 (i) NONDISCLOSURE OF CONFIDENTIAL
INFORMATION. 
 A. Confidential Information. During the term of my employment, I may receive and
otherwise be exposed to confidential and proprietary information relating to the Company’s business, strategies, designs and technologies, or to the Company’s suppliers or customers. Such confidential and proprietary information may
include but not be limited to confidential and proprietary information supplied to me with the legend “Confidential and Proprietary,” or equivalent, and any of the following, whether or not marked as confidential or proprietary: the
Company’s marketing strategies, any Company customer information or user data, the Company’s financial information, including without limitation sales, costs, profits and pricing methods, the Company’s internal organization, employee
and consultant information and customer lists, the Company’s designs, the Company’s technology, including discoveries, ideas, Inventions (as defined below), research and development efforts, processes, source code, methods, know-how, and
all derivatives, improvements and enhancements related to any of the above which are created or developed by me while I am employed by the Company and information of third parties as to which Company has an obligation of confidentiality (all of the
above collectively referred to as “Confidential Information”). 
 B. Duties. I acknowledge the confidential and secret
character of the Confidential Information, and agree that the Confidential Information is the exclusive and extremely valuable property of Company. Accordingly, I agree not to reproduce any of the

 
Confidential Information without the applicable prior written consent of Company, not to use the Confidential Information except in the performance of my authorized duties as an employee of
Company, and not to disclose all or any part of the Confidential Information in any form to any third party, either during or after the term of my employment. Upon termination of my employment, I agree to cease using and to return to Company all
whole and partial copies and derivatives of the Confidential Information, whether in my possession or under my direct or indirect control. 
 (ii)
PROPERTY OF THE COMPANY. All notes, memoranda, reports, drawings, blueprints, manuals, materials, data and other papers and records of every kind which shall come into
my possession at any time after the commencement of my employment with the Company, relating to any Inventions (as defined below) or Confidential Information, shall be the sole and exclusive property of the Company. This property shall be
surrendered to the Company upon termination of my employment with the Company, or upon request by the Company, at any other time either during or after the termination of such employment. I further agree that in the event of termination of my
employment with the Company I will execute a Termination Certificate, substantially in the form attached hereto as Exhibit 1. 
 (iii)
INVENTIONS. 
 A. Disclosure. I shall disclose promptly in writing to an officer or to
attorneys of the Company any idea, invention, work of authorship, whether patentable or unpatentable, copyrightable or uncopyrightable, including, but not limited to, any computer program, code,

 

 
documentation, improvement, method, process, discovery, concept, algorithm, development, secret process or contribution (any of the foregoing items hereinafter referred to as an
“Invention”) I may conceive, make, develop or work on, in whole or in part, solely or jointly with others. The disclosure required by this Section applies (a) during the period of my employment with the Company and for one year
thereafter; (b) with respect to all Inventions whether or not they are conceived, made, developed or worked on by me during my regular hours of employment with the Company; (c) whether or not the Invention was made at the suggestion of the
Company; (d) whether or not the Invention was reduced to drawings, written description, documentation, models or other tangible form; and (e) whether or not the Invention is related to the general line of business engaged in by the
Company. 
 B. Assignment of Inventions to Company; Exemption of Certain Inventions. I hereby assign to the Company without
royalty or any other further consideration my entire right, title and interest in and to all Inventions that (a) relate to the subject matters related to my employment or (b) I conceive, make, develop or work on during the period of my
employment with the Company and for one (1) year thereafter, except those Inventions that I develop entirely on my own time after the date of my employment with the Company without using the Company’s equipment, supplies, facilities or
Confidential Information, unless those Inventions either (i) relate at the time of conception or reduction to practice of the Invention to the Company’s business, or actual or demonstrably anticipated research or development of the
Company; or (ii) result from any work performed by me for the Company. 
 C. Records. I will make and maintain adequate
and current written records of all Inventions covered by Section 3.1. These records shall be and remain the property of the Company. 
 D.
Patents and Other Rights. Subject to Section 3.2, I will assist the Company in obtaining, maintaining and enforcing patents,

 
invention assignments and copyright assignments, and other proprietary rights in connection with any Invention covered by Section 3.1, and otherwise will assist the Company as reasonably required
to perfect in the Company the rights, title and other interests in my work product granted to the Company under this Agreement. Reasonable costs related to such assistance, if required, will be paid by the Company. I further agree that my
obligations under this Section 3.4 shall continue beyond the termination of my employment with the Company, but if I am called upon to render such assistance after the termination of such employment, I shall be entitled to a fair and reasonable
rate of compensation for such assistance. I shall, in addition, be entitled to reimbursement of any expenses incurred at the request of the Company relating to such assistance. If the Company is unable for any reason, after reasonable effort, to
secure my signature on any document needed in connection with the actions specified above, I hereby irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is
coupled with an interest, to act for and in my behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 3.4 with the same legal force and effect as if executed by me.

 E. Prior Contracts and Inventions; Information Belonging to Third Parties. I represent and warrant that, except as set
forth on Exhibit 2 hereto, there are no other contracts to assign Inventions that are now in existence between any other person or entity and me. I further represent that (a) I am not obligated under any consulting, employment or other
agreement which would affect the Company’s rights or my duties under this Agreement, (b) there is no action, investigation, or proceeding pending or threatened, or any basis therefor known to me involving my prior employment or any
consultancy or the use of any information or techniques alleged to be proprietary to any former employer, and (c) the performance of my duties as an employee of the Company will not breach, or constitute a default

 

 
under any agreement to which I am bound, including, without limitation, any agreement limiting the use or disclosure of proprietary information acquired in confidence prior to engagement by the
Company. I will not, in connection with my employment by the Company, use or disclose to the Company any confidential, trade secret or other proprietary information of any previous employer or other person to which I am not lawfully entitled. As a
matter of record, I attach as Exhibit 2 of this Agreement a brief description of all Inventions made or conceived by me prior to my employment with the Company which I desire to be excluded from this Agreement (“Background Technology”). I
hereby grant Company a non-exclusive, royalty-free, perpetual and irrevocable, worldwide right to use and sublicense the use of Background Technology for the purpose of making, developing, marketing,
reproducing, distributing, publicly performing and displaying, selling, importing and supporting Company products and services, either directly or through multiple tiers of distribution. 

(iv) ADDITIONAL ACTIVITIES. I agree that during the period of my employment by the Company I will
not, without the Company’s express written consent, engage in any employment or business activity which is competitive with, or would otherwise conflict with, my employment by the Company. I agree further that for the period of my employment by
the Company and for one (1) year after the date of termination of my employment by the Company I will not, either directly or through others, solicit or attempt to solicit any employee, independent contractor or consultant of the Company to
terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or entity. 

(v) EMPLOYMENT. I agree and understand that nothing in this Agreement shall confer any rights with respect to
continuation of employment by the Company, nor shall it interfere in any way with my rights or the Company’s rights to terminate my employment at any time with or without cause.

 (vi) MISCELLANEOUS. The parties’ rights and obligations under this Agreement will
bind and inure to the benefit of their respective successors, heirs, executors, and administrators and permitted assigns. I will not assign this Agreement or its obligations hereunder without the prior written consent of the Company and any such
purported assignment shall be null and void. The obligations pursuant to Sections 1, 2 and 3 of this Agreement shall apply at any time during which I was previously employed, or am in the future employed, by the Company whether as an employee or
consultant if no other agreement governs non-disclosure and assignment of inventions during such period. This Agreement constitutes the parties’ final, exclusive and complete understanding and agreement with respect to the subject matter
hereof, and supersede all prior and contemporaneous understandings and agreements relating to its subject matter. This Agreement may not be waived, modified, amended or assigned unless mutually agreed upon in writing by both parties. In the event
any provision of this Agreement is found to be legally unenforceable, such unenforceability shall not prevent enforcement of any other provision of the Agreement. I acknowledge that the Company will suffer substantial damages not readily
ascertainable or compensable in terms of money in the event of the breach of any of my obligations under this Agreement. I therefore agree that the Company shall be entitled (without limitation of any other rights or remedies otherwise available to
the Company) to obtain an injunction from any court of competent jurisdiction prohibiting the continuance or recurrence of any breach of this Agreement. The rights and obligations of the parties under this Agreement shall be governed in all respects
by the laws of the State of New Jersey exclusively, without regard to its conflict of law provisions. I agree that upon Company’s request, all disputes arising hereunder shall be adjudicated in the state and federal courts having jurisdiction
over disputes arising in Morris County, New Jersey, and I hereby agree to consent to the personal jurisdiction of such courts. Any notices required or permitted hereunder shall be given to the appropriate party at the address specified above or at
such other 

 

 
address as the party shall specify in wntmg. Such notice shall be deemed given upon personal delivery, or sent by certified or registered mail, postage prepaid, three (3) days after the date
of mailing. This Agreement may

 
be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

 

  
 [Signature Page
Follows] 

 IN WITNESS WHEREOF, I have executed this document as of the      day of
            , 2014. 
  

	
	  

	Employee

 AGREED AND ACKNOWLEDGED: 
  

			
	VALERITAS, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 [Signature Page to Employee Confidentiality and Inventions Assignment Agreement] 

 EXHIBIT 1 

Termination Certificate 

I, the undersigned, hereby certify that I do not have in my possession, nor have I failed to return, any documents or materials relating to
the business of Valeritas, Inc. or its affiliates (“Company”), or copies thereof, including, without limitation, any item of Confidential Information listed in Section 3 of the Company’s Employee Confidentiality And Inventions
Assignment Agreement (the “Agreement”) to which I am a party. 
 I further certify that I have complied with all of the terms of
the Agreement signed by me, including the reporting of any Inventions (as defined in the Agreement) covered by the Agreement. 
 I further
agree that in compliance with the Agreement, I will preserve as confidential any information relating to the Company or any of it business partners, clients, consultants or licensees which has been disclosed to me in confidence during the course of
my employment by the Company unless authorized in writing to do so by an officer of the Company. 
  

							
	Date:	 	  
	 		 	  

				
		 		 		 	(Employee’s Signature)
				
		 		 		 	  

				
		 		 		 	(Printed or Typed Name of Employee)

 EXHIBIT 2 

Background Technology 

(List here prior contracts to assign Inventions that are now in existence between any other person or entity and you.) 

(List here previous Inventions which you desire to have specifically excluded from the operation of this Agreement. Continue on reverse side
if necessary.)EX-10.3

 Exhibit 10.3 

THE SECURITIES REPRESENTED BY THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED EXCEPT IN COMPLIANCE THEREWITH. 
 THIS DEBT INSTRUMENT IS BEING ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (“OlD”) WITHIN THE MEANING OF SECTION 1273(a) OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”). THE HOLDER MAY OBTAIN THE “ISSUE PRICE”, THE AMOUNT OF
ORIGINAL ISSUE DISCOUNT, THE “ISSUE DATE” AND THE YIELD TO MATURITY OF THIS DEBT INSTRUMENT BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO: THE ISSUER, C/O WELSH, CARSON, ANDERSON & STOWE, 320 PARK AVENUE, SUITE 2500, NEW YORK, NEW
YORK 10022. 
  

			
	No. 1	  	$5,000,000

 VALERITAS, INC. 

DUE September 8, 2021 
 THIS
NOTE (this “Note”) is a duly authorized issue of notes of Valeritas, Inc., a Delaware corporation (the “Issuer”), designated as its 10% Notes Due September 8, 2021 (the “Maturity Date”), in an
aggregate principal amount of Five Million U.S. Dollars (U.S. $5,000,000) (the “Note”). 
 FOR VALUE RECEIVED, the Issuer
promises to pay to WCAS Capital Partners IV, L.P., a Delaware limited partnership (“CP IV”), or a transferee thereof (together with CP IV’s successors and transferees, the “Holder”), the aggregate principal sum
of Five Million U.S. Dollars (U.S. $5,000,000) on the Maturity Date and to pay interest (each, an “Interest Payment”) on the principal sum outstanding from time to time under this Note (the “Outstanding Principal
Amount”). Interest on this Note will accrue at the rate per annum equal to 10% and will be due and payable in cash in arrears each June 30 and December 31 (each an “Interest Payment Date”), commencing with December 31,
2011. If the Issuer fails to pay any Outstanding Principal Amount and any interest thereon when due, at maturity, on redemption, upon acceleration or otherwise (the amount of such payment, a “Payment Amount”), then any portion of
the Payment Amount shall bear interest, payable on demand, at a rate per annum equal to 12% (or, if less, the maximum interest rate then permitted by applicable law) from the due date thereof (whether at maturity, upon acceleration or otherwise)
until paid in full in cash. 
 Interest will be computed on the basis of a 360-day year of twelve 30-day months. If an Interest Payment Date
is not a Business Day, then the Interest Payment otherwise payable on such Interest Payment Date shall be due and payable on the Business Day immediately following such Interest Payment Date. Interest Payments will be paid to the Person in whose
name this Note is registered on the Notes Register on the Business Day prior to the applicable payment date. The Issuer shall maintain the Notes Register at its principal office in which it shall provide for the registration of Notes and of
transfers and exchanges thereof. 

 This Note is subject to the following additional provisions: 

ARTICLE 1 

DEFINITIONS 
 For
purposes of this Note, the following terms shall have the following meanings. 
 “Affiliate” shall mean, with respect to a Person,
any other Person directly or indirectly Controlling, Controlled by, or under common Control with, such first Person. “Control” shall mean, with respect to a Person, possession by another Person, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such first Person, whether through the ownership of voting securities, by contract or otherwise. The words “Controlling” and “Controlled” have correlative meanings.
Without limiting the generality of the foregoing, a Person shall be deemed to be “controlled” by another Person if such other Person possesses, directly or indirectly, power to vote 10% or more of the securities having ordinary voting
powers for the election of directors, managing general partners or equivalent governing body of such Person. 
 “Business Day”
means any day other than a Saturday, Sunday or any other day on which commercial banks in the City of New York are authorized or required by law to remain closed. 

“Capitalized Lease Obligation” means, with respect to any Person, the obligations of such Person as lessee under a lease (or other
similar arrangement) which at the time would be required to be capitalized on a balance sheet of such lessee in accordance with GAAP; and, for the purposes of this Note, the amount of such obligations at any time shall be the capitalized amount
thereof at such time determined in accordance with GAAP. 
 “Cash Equivalents” shall mean investments in (i) certificates of
deposit, time deposits, eurodollar time deposits and other interest bearing deposits or accounts (including, without limitation, money market accounts) with any United States commercial banks (including, without limitation, United States branches of
foreign banks) having, or whose parent corporation has, a combined capital and surplus of at least $500,000,000, which mature within one (1) year from the date of investment, (ii) obligations issued or unconditionally guaranteed or insured
by the United States government, any agency or instrumentality thereof and backed by the full faith and credit of the United States government, which obligations mature within one (1) year from the date of investment, (iii) direct
obligations issued by any United States state or political subdivision thereof, which mature within one (1) year from the date of investment and have a rating of at least A-2 from Standard & Poor’s Corporation or P-2 from Moody’s
Investors Service on the date of investment or (iv) commercial paper which has a rating of at least A-1 from Standard & Poor’s Ratings Group, a division of McGraw Hill, Inc., or any successor, or P-2 from Moody’s Investors
Service, or any successor, on the date of investment. 

  
 2 

 “Change of Control” means (a) a merger or consolidation involving the Issuer or a
sale, exchange, conveyance or other disposition of voting securities of the Issuer to a person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), in a single transaction or series of related transactions, if, as
a result of such merger, consolidation, sale, exchange conveyance or other disposition, the stockholders of Issuer immediately prior to such merger, consolidation, exchange, conveyance or other disposition (determined at the time of the first of
such series of transactions) beneficially own (within the meaning of Section 13(d)(3) of the Exchange Act) less than a majority of the voting power of the Issuer (or, if applicable, successor to the Issuer or acquiring entity (or parent thereof))
immediately after such merger, consolidation, sale, exchange, conveyance or other disposition or series of such transactions; (b) any person or “group” (within the meaning of Sections 13(d)(3) of the Exchange Act), other than the
Permitted Holders is or becomes the beneficial owner, directly or indirectly, a majority of the total voting power of all of the issued and outstanding Equity Interests of the Issuer entitled to vote for the election of directors of the Issuer;
(c) a single transaction or series of related transactions pursuant to which any person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) acquires all or substantially all of the Issuer’s assets
determined on a consolidated basis, including through the purchase of equity securities of one or more Subsidiaries of the Issuer (it being understood that a sale (or multiple related sales) of one or more Subsidiaries of the Issuer (whether by way
or merger, consolidation, reorganization or sale of all or substantially all of the Subsidiaries’ assets or securities) which constitutes all or substantially all of the consolidated assets of the Issuer shall be deemed a sale of substantially
all of the assets of the Issuer for purposes of this definition); and (d) any person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act), other than any of the Permitted Holders, shall succeed in having a
majority of its or their nominees elected to the Board of Directors of the Issuer. 
 “Code” means the United States Internal
Revenue Code of 1986, as amended. 
 “Consolidated EBITDA” means, for any period, the sum of (a) Consolidated Net Income of
the Issuer for such period, plus (b) an amount which, in the determination of Consolidated Net Income for such period, has been deducted for, without duplication, (i) total interest expense; (ii) the provision for taxes based on
income or profits; (iii) the total amount of depreciation and amortization expense; (iv) the amount of management, monitoring, consulting, transaction and advisory fees paid or accrued during such period to the Sponsors in accordance with
the Management Agreement; and (v) non-cash expenses related to goodwill, trademarks and other intangible asset impairment; and minus (c) to the extent added in determining Consolidated Net Income for such period, the sum of the
following for such period (without duplication): (1) interest income for such period and (2) other non-cash income or gains. 

“Consolidated Net Income” means, for any period, with respect to any Person and its Subsidiaries on a consolidated basis, net income
as determined in accordance with GAAP; provided that Consolidated Net Income for any such period shall exclude, without duplication, 

(i) any net after-tax extraordinary, unusual or non-recurring gains, losses or charges; 

(ii) the cumulative effect of a change in accounting principle(s) during such period; 

  
 3 

 (iii) any net after-tax gains or losses realized upon the disposition of assets outside the
ordinary course of business (including any gain or loss realized upon the disposition of any Equity Interests of any Person) and any net after-tax gains or losses on disposal of disposed, abandoned or discontinued operations; 

(iv) equity-based awards and compensation expense, non-cash compensation charges, including any such charges arising from stock options,
restricted stock grants or other equity-incentive programs; 
 (v) any net after-tax income or loss
(less all fees and expenses or charges relating thereto) attributable to the early extinguishment of Indebtedness; and 
 (vi) effects of any
adjustments in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research and development, deferred revenue, debt line items and any other noncash charges resulting from the application of purchase
accounting in relation to any consummated acquisition or the amortization or write-off of any amounts thereof. 
 “Consolidated Total
Debt” means, as of any date of determination, (a) the aggregate stated balance sheet amount of Indebtedness of the Issuer and its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with
GAAP, minus (b) the aggregate amount of cash and Cash Equivalents (in each case, free and clear of all Liens) included in the consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of such date; provided, that
Consolidated Total Debt shall not include Indebtedness in respect of (i) any letter of credit, except to the extent of unreimbursed amounts under standby letters of credit or (ii) obligations under Swap Contracts. 

“Default” shall mean any of the events specified in Section 11.01, which after the giving of notice or the lapse of time
set forth in Section 11.01, or both, would constitute an Event of Default. 
 “Disposition” means with respect to any
Property, any sale, lease, sale and leaseback, assignment (other than an assignment for security), conveyance, transfer or other disposition thereof, and the terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Equity Interests” means, with respect to any Person, any Equity Interest of such Person which, by its terms, or by the
terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable, or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity
Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control, Initial Public Offering or asset sale so long as any rights of the holders thereof upon the occurrence of a Change of Control, Initial Public
Offering or asset sale event shall be subject to the occurrence of the Maturity Date), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, or (c) is or becomes
convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety one (91) days after the Maturity Date. 

  
 4 

 “Equity Interests” means, with respect to any Person, shares of capital stock (or other
ownership or profit interests in), limited liability company interests, membership interests or other equivalents of such Person, warrants, options or other rights for the purchase or other acquisition from such Person of shares of capital stock of
(or other ownership or profit interests in), limited liability company interests, membership interests or other equivalents such Person, securities convertible into or exchangeable for shares of capital stock (or other ownership or profit interests
in), limited liability company interests, membership interests or other equivalents of such Person or warrants, rights or options for the purchase or other acquisition from such Person of such shares (or such other interests), and other ownership or
profit interests in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are authorized or otherwise
existing on any date of determination. 
 “Events of Default” has the meaning set forth in Section 11.01. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Guaranty” or “Guaranteed,” as shall mean any agreement, undertaking or arrangement by which any Person guarantees or
otherwise becomes or is contingently liable upon the Indebtedness of any other Person (other than by endorsements of instruments in the course of collection). The amount of any Guaranty hereunder shall (subject to any limitations set forth therein)
be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the obligations in respect of which such Guaranty is made. 

“Holder” has the meaning set forth on the first page of this Note. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect
to advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property
acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding accrued expenses and trade accounts payable incurred in the ordinary course of business), (e) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby
has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capitalized Lease Obligations of such Person, (h) the face amount of all obligations, contingent or otherwise, of such Person as an account party
in respect of letters of credit and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (j) all net obligations of such Person under interest rate protection, swap
agreements and collar agreements (such obligations to be equal to the termination value of such agreement giving rise to such obligation that would be payable by such person at such time) and (k) Disqualified Equity Interests. 

“Indemnitee” has the meaning set forth in Article 20. 

  
 5 

 “Initial Public Offering” shall mean the initial public offering of the common stock of
the IPO Issuer. 
 “Interest Payment Date” has the meaning set forth on the first page of this Note. 

“Interest Payment” has the meaning set forth on the first page of this Note. 

“Investment” shall mean, with respect to the Issuer or any of its Restricted Subsidiaries, any loan, advance or extension of credit
(other than to customers in the ordinary course of business) by such Person to, or any Guaranty or other contingent liability with respect to the Equity Interests, indebtedness or other obligations of, or any contributions to the capital of, any
other Person, or any ownership, purchase or other acquisition by such Person of any interest in any Equity Interests or other securities of such other Person. The amount of any Investment shall be the original principal or capital amount thereof,
less all returns of principal or equity thereon and other cash returns thereof, less all liabilities expressly assumed by a Person (other than the Issuer or any of its Subsidiaries) in connection with the sale of such Investment and shall, if made
by the transfer or exchange of property other than cash, be deemed to have been made in an original principal or capital amount equal to the fair market value of such property at the time of such Investment. 

“IPO Issuer” shall mean the Issuer or any parent company of the Issuer. 

“Issue Date” means September 8, 2011. 

“Issuer” has the meaning set forth on the first page of this Note. 

“Leverage Ratio” means as of the any date of determination, the ratio of (a) Consolidated Total Debt as of such date to
(b) Consolidated EBITDA for the four consecutive fiscal quarter period most recently ended for which financial statements described in Section 5.01(a) or (b) of the Issuer are available. 

“Lien” shall mean, with respect to any property, any mortgage, lien, pledge, negative pledge or other agreement not to pledge,
charge, security interest, title retention agreement, levy, execution, seizure, attachment, garnishment or other encumbrance of any kind in respect of such property, whether created by statute, contract, the common law or otherwise, and whether or
not choate, vested or perfected. 
 “Management Agreement” shall mean that certain management agreement dated as of
September 8, 2011 between the Sponsor and the Issuer, as the same may be amended, modified or replaced from time to time following the Issue Date. 

“Mandatory Redemption Date” has the meaning set forth in Section 2.01(b). 

“Material Adverse Effect” shall mean any material adverse effect upon any of the following: (a) the business, assets,
properties, liabilities, financial condition, or results of operations of the Issuer and its Restricted Subsidiaries on a consolidated basis, taken as a whole, or (b) upon the binding nature, validity, or enforceability of the Notes, or
(c) the ability of the Issuer and its Restricted Subsidiaries to perform the payment obligations under the Notes. 

  
 6 

 “Maturity Date” has the meaning set forth on the first page of this Note. 

“Net Proceeds (Asset Sales)” shall mean, with respect to any sale or other disposition of material assets (excluding any asset
disposition permitted by Section 6.02 (other than clause (j) thereof)) by the Issuer or any Restricted Subsidiary, the positive difference between (a) the aggregate amount of cash or Cash Equivalents received (including proceeds of
insurance paid with respect to lost or damaged assets, awards arising from condemnation of assets or taking by eminent domain and including by way of sale or discounting of a note, installment receivable or other receivable (but, in each case, only
as and when received)), and (b) the sum of (i) all legal, title and recording tax expenses, commissions and other reasonable fees and expenses (including, without limitation, attorneys’ fees, accountants’ fees, consultant
fees’, investment banking fees, brokerage fees and commissions), incurred in connection with such event or the procurement of any such cash or Cash Equivalents and all federal, state, provincial, foreign and local taxes required to be paid or
accrued as a liability as a consequence of such event, (ii) all payments made by the Issuer or its Restricted Subsidiaries on any Indebtedness which is secured by the assets subject to such asset sale or other disposition in accordance with the
terms of any Lien upon or with respect to such assets or which must by the terms of such Lien, or in order to obtain a necessary consent to such asset sale or other disposition or by applicable law, be repaid out of the proceeds from such asset sale
or other disposition, (iii) any reasonable reserves established in connection therewith, (iv) reasonable holdbacks and (v) indemnity obligations (fixed or contingent) relating thereto. 

“Note” has the meaning set forth on the first page of this Note. 

“Noteholders” means the registered Holders from time to time of the Notes. 

“Notes Register” means the register maintained by the Issuer, which includes a list of the names and addresses of each Holder, as
well as the Outstanding Principal Amount and interest amount owing to such Holder from time to time. The entries in the Notes Register shall be conclusive, and the Issuer may treat each Person whose name is recorded in the Register pursuant to the
terms hereof as a Holder hereunder for all purposes of this Note. The Notes Register shall be available for inspection by any Holder, at any reasonable time and from time to time upon reasonable prior notice. 

“Notes” has the meaning set forth on the first page of this Note. 

“Optional Redemption Date” has the meaning set forth in Section 2.0l(a). 

“Optional Redemption Notice” has the meaning set forth in Section 2.01(a). 

“Outstanding Principal Amount” has the meaning set forth on the first page of this Note. 

“Payment Amount” has the meaning set forth on the second page of this Note. 

“Permitted Holders” shall mean each of (i) the Sponsor and (ii) limited partners of the Sponsor. 

  
 7 

 “Permitted Transferee” means a holder of the Note pursuant to a valid transfer or
assignment in compliance with Article 15. 
 “Person” means any individual, sole proprietorship, partnership, joint venture,
trust, unincorporated organization, association, corporation, limited liability company, institution, public benefit corporation, other entity or government (whether federal, state, county, city, municipal, local, foreign, or otherwise, including
any instrumentality, division, agency, body or department thereof). 
 “Property” means any right or interest in or to property of
any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Equity Interests. 

“Qualified Equity Interests” means any Equity Interests that are not Disqualified Equity Interests. 

“Redemption Date” has the meaning set forth in Section 2.01(b). 

“Redemption Price” has the meaning set forth in Section 2.01(a). 

“Required Noteholders” means, as of any date, the holders of more than 50% of the Notes. 

“Restricted Payment” shall mean (a) any direct or indirect distribution or dividend to any Person on account of any Equity
Interests of the Issuer or any of its Restricted Subsidiaries (other than dividends payable solely in stock of or other Equity Interests in such Person and stock splits), including, without limitation, any direct or indirect distribution or dividend
to any Person on account of any warrants or other rights or options to acquire Equity Interests of the Issuer or any of its Restricted Subsidiaries, (b) any payment (including, without limitation, any sinking fund payment, prepayment or
installment payment) on account of the purchase, redemption, defeasance or other acquisition or retirement of any Equity Interest in the Issuer or any of its Restricted Subsidiaries, including, without limitation, any warrants or other rights or
options to acquire shares of capital stock or other Equity Interests in the Issuer or any of its Restricted Subsidiaries, (c) any payment of principal of, or interest on, or payment into a sinking fund for the retirement of, or any defeasance
of, subordinated debt of the Issuer or any of its Restricted Subsidiaries or (d) any management, consulting or similar fees, or any interest thereon, payable by the Issuer or any of its Restricted Subsidiaries to any of their respective
Affiliates. 
 “Restricted Subsidiary” means any Subsidiary of the Issuer which is not an Unrestricted Subsidiary. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Senior Debt” means any Indebtedness of the Issuer or one of its Restricted Subsidiaries permitted to be incurred under the terms of
the Notes, unless the instrument under which such Indebtedness is incurred expressly provides that it is on a parity with or subordinated in right of payment to the Notes; provided, however, that Senior Debt shall not include: 

(A) accounts payable or any other obligations of the Issuer or a Restricted Subsidiary to trade creditors created or assumed
by the Issuer or a Restricted Subsidiary in the ordinary course of business in connection with the obtaining of materials or services (including guarantees thereof or instruments evidencing such liabilities); 

  
 8 

 (B) any liability for U.S. Federal, state, local or other taxes owed or owing by
the Issuer or a Restricted Subsidiary; 
 (C) any obligation of the Issuer or a Restricted Subsidiary to any Subsidiary; or

 (D) any obligations with respect to any Equity Interests of the Issuer. 

“Sponsor” means each of Welsh, Carson, Anderson & Stowe XI, L.P., CP IV and WCAS Management Corporation, and each of their
respective Affiliates and related investment funds and the individual general partners of each of the foregoing partnerships. 

“Subsidiary” shall mean, as applied to any Person, any corporation of which more than fifty percent (50%) of the outstanding
stock having ordinary voting power to elect a majority of its board of directors, regardless of the existence at the time of a right of the holders of any class or classes of securities of such corporation to exercise such voting power by reason of
the happening of any contingency, or any partnership or limited liability company of which more than fifty percent (50%) of the outstanding Equity Interests, is at the time owned directly or indirectly by such Person, or by one or more
Subsidiaries of such Person, or by such Person and one or more Subsidiaries of such Person. 
 “Swap Contract” shall mean
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any
such obligations or liabilities under any Master Agreement. 
 “Unrestricted Subsidiary” means (a) any Subsidiary of the
Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Issuer in the manner provided herein and (b) any Subsidiary of an Unrestricted Subsidiary. The Issuer may designate any of its newly acquired or
newly formed Subsidiaries after the date hereof to be an 

  
 9 

 
Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or holds any Lien on any property of, the Issuer or any other Subsidiary of
the Issuer that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated has total assets of $10,000 or less at the time of designation. The value of the total assets of the Subsidiary to
be designated as an Unrestricted Subsidiary shall be determined in good faith by the Issuer’s board of directors or similar governing body and certified to the Holder. The Issuer may designate any Unrestricted Subsidiary as a Restricted
Subsidiary; provided, however, that immediately after giving effect to such designation no Default or Event of Default shall have occurred and be continuing or result therefrom. 

ARTICLE 2 

REDEMPTION 

Section 2.01 (a) Redemption at Option of the Issuer. At any time and from time to time after the Issue Date, the Issuer may
deliver a written notice to the Holder (the “Optional Redemption Notice”), indicating that the Issuer has elected to redeem, and is requiring the Holder to submit for redemption, subject to Section 2.01(d), all or any
portion of this Note for an amount in cash as set forth below (the “Redemption Price”). The Redemption Price with respect to any such date shall be equal to 100% of the Outstanding Principal Amount of this Note to be redeemed, plus
accrued and unpaid interest on such Outstanding Principal Amount to the Redemption Date. 
 The Optional Redemption Notice shall be sent by
facsimile and overnight courier to the Holder and shall indicate (w) the date fixed for redemption, which shall be not less than five (5) Business Days or more than 30 days after the effective date of the Optional Redemption Notice (the
“Optional Redemption Date”), (x) the Outstanding Principal Amount of this Note to be redeemed, (y) the place or places where this Note is to be surrendered for payment of the Redemption Price and (z) that interest on
the portion of this Note to be redeemed will cease to accrue on such Optional Redemption Date. An Optional Redemption Notice may not be conditional. 

(b) Mandatory Redemption. 

(i) Change of Control. The Issuer shall redeem concurrently with any Change of Control all of the Notes for an amount in cash equal to
the Redemption Price. 
 (ii) Repayments Upon Sales of Assets. Subject to prior application in accordance with the terms of any
documentation governing any Senior Debt, unless otherwise agreed by the Required Noteholders, on the fifth Business Day following the receipt of Net Proceeds (Asset Sales) in an aggregate amount greater than $15,000,000 for each fiscal year of the
Issuer other than sale of inventory in the ordinary course of business, the Notes shall be repaid in an amount equal to such Net Proceeds (Asset Sales), together with any accrued interest on the portion of the Notes repaid; provided,
however, that no such repayment shall be required if the Issuer notifies the Noteholders on or before the date such repayment would otherwise be required under this Section 2.01(b)(ii) that the Issuer or its Subsidiaries intend to
use any or all of such Net Proceeds 

  
 10 

 
(Asset Sales) to invest in capital assets or Investments in the business of the Issuer or its Subsidiaries within twelve (12) months of the date of such sale, lease, transfer or other
disposition, in which case, the repayment of the Notes which is otherwise required under this Section 2.01(b)(ii) up to the amount of the Net Proceeds (Asset Sales) to be reinvested pursuant to this Section 2.01(b)(ii) need
not be made, but if all or part of such Net Proceeds (Asset Sales) are not used within such twelve (12) month period (or committed to be reinvested and actually so reinvested within 90 days after such 12 month period), then the Notes shall be
repaid by an amount equal to the Net Proceeds (Asset Sales) calculated based on the portion of Net Proceeds (Asset Sales) not invested pursuant to this Section 2.01(b)(ii) on the day immediately following such twelve (12) month
period (or 90 day period thereafter to the extent so committed to be reinvested within such 12 month period). Such repayments shall be applied to the principal amount of the Notes, on a pro rata basis. Notwithstanding the foregoing provisions
of this Section 2.01(b)(ii), if at the time the Issuer would otherwise be required to required to repay the Notes pursuant to this Section 2.01(b)(ii), the Issuer does not have access to the applicable Net Proceeds (Assets
Sales) as a result of a restriction contained in any documentation governing any Senior Debt, then the Issuer shall have no obligation to repay the Notes pursuant to this Section 2.0l(b)(ii) until such time as and to the extent such
restriction no longer applies. 
 The date of any such consummation pursuant to clause (i) or (ii) above is referred to herein as
a “Mandatory Redemption Date”, and any Optional Redemption Date or Mandatory Redemption Date is referred to herein as a “Redemption Date”. 

(c) Procedures. If the Issuer has elected to exercise its redemption right pursuant to Section 2.0l(a), or in the case of a
mandatory redemption event described in Section 2.0l(b), the Issuer shall pay to the Holder, in cash, on the Redemption Date, by wire transfer of immediately available funds to an account designated in writing by the Holder, an amount
equal to the Redemption Price. In the event that less than the entire Outstanding Principal Amount of this Note is being redeemed, then the Issuer shall, at its own expense, issue and deliver to the Holder within five (5) Business Days after
delivery to the Issuer of this Note, a replacement Note for the Outstanding Principal Amount of this Note not redeemed by the Issuer. 
 If
the Issuer has elected to exercise its redemption right pursuant to Section 2.01(a), or in the case of a mandatory redemption event described in Section 2.0l(b) this Note (or portion hereof to be redeemed) shall, on the Redemption
Date, become due and payable at the applicable Redemption Price and from and after such date (unless the Issuer shall default in the payment of the Redemption Price) this Note (or portion hereof that was redeemed) shall cease to bear interest. Upon
surrender of this Note for redemption in accordance with said notice, this Note (or portion hereof to be redeemed) shall be paid by the Issuer at the Redemption Price. 

(d) If the applicable Redemption Date is an Interest Payment Date, the Interest Payment becoming due on such date shall be payable to the
Holder. Notwithstanding anything herein to the contrary, the Issuer may only exercise its rights pursuant to Section 2.0l(a) so as to redeem Notes from all Noteholders in proportion to the Outstanding Principal Amount of all Notes held
by each such Noteholder on the applicable Redemption Date. 

  
 11 

 ARTICLE 3 

NO REISSUANCE OF NOTE 

No Notes acquired by the Issuer by reason of redemption, purchase, conversion or otherwise shall be reissued, and all such Notes shall be
retired. Except as contemplated by Section 2.0l(c), no additional Notes shall be authorized or issued without the consent of the Required Noteholders. 

ARTICLE 4 
 NO
IMPAIRMENT 
 Except as otherwise approved in writing by the Required Noteholders, the Issuer shall not intentionally take
any action which would impair the rights and privileges of this Note set forth herein or the Holder hereof. 
 ARTICLE 5 

AFFIRMATIVE COVENANTS 

Section 5.01 Financial Statements and Reports. The Issuer shall furnish to the Holder the following financial information: 

(a) Annual Financial Statements. Within 120 days after the end of each fiscal year of the Issuer, the audited consolidated balance
sheet of the Issuer and its Restricted Subsidiaries as of the end of such fiscal year and the related audited consolidated statements of operations for such fiscal year and for the previous fiscal year, the related audited consolidated statements of
cash flow and stockholders’ equity for such fiscal year and for the previous fiscal year, which shall be accompanied by an opinion of an independent certified public accountants of recognized United States standing. 

(b) Quarterly Financial Statements. Within 45 days after the last day of each of the first three fiscal quarters of the Issuer, the
consolidated balance sheet of the Issuer and its Restricted Subsidiaries as of the end of such fiscal quarter, and the related consolidated statements of operations and the related consolidated statements of cash flows for such fiscal quarter, which
shall set forth in comparative form such figures as of the end of and for such fiscal quarter from the prior fiscal year and shall be certified by the Issuer in a certificate executed on behalf of the Issuer by its chief financial officer to have
been prepared in accordance with GAAP and to present fairly in all material respects the financial position of the Issuer on a consolidated basis with its Restricted Subsidiaries as of the end of such period and the results of operations for such
period, and for the elapsed portion of the fiscal year ended with the last day of such period, subject only to normal year end and audit adjustments and the absence of footnotes and supplementary information. 

(c) No Default. Concurrently with each delivery of financial statements pursuant to clauses (a) or (b) of this
Section 5.01 a certificate executed on behalf of the Issuer by the chief financial officer certifying that no event has occurred and is continuing which constitutes a Default or Event of Default, or describing each such event and the remedial
steps being taken by the Issuer. 

  
 12 

 (d) Other Information. Promptly, such additional financial and other information
(x) concerning the Issuer or any of its Restricted Subsidiaries as the Holder may from time to time reasonably request or (y) delivered by the Issuer to its creditors under any documentation governing any Senior Debt. 

Section 5.02 Notice of Material Events. The Issuer will give prompt notice to the Holder of (i) any event or condition that
constitutes an Event of Default or Default, and (ii) of any litigation or proceeding affecting the Issuer or its Restricted Subsidiaries, which could reasonably be expected to result in a Material Adverse Effect. 

Section 5.03 Existence. The Issuer will and will cause each of its Restricted Subsidiaries to preserve and maintain its legal
existence, except as otherwise permitted hereunder. 
 Section 5.04 Notice of Changes in Organizational Documents. If there is
any change in the certificate of incorporation or by-laws of the Issuer or any of its Restricted Subsidiaries, the Issuer will promptly notify the Holder thereof and deliver the revised copies thereof to the Holder. 

Section 5.05 Compliance with Applicable Law. The Issuer will, and will cause each of its Restricted Subsidiaries to, comply in all
respects with the requirements of all applicable law, except where the failure to do so individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. 

Section 5.06 Maintenance of Properties. The Issuer will, and will cause each of its Restricted Subsidiaries to, maintain or cause
to be maintained in the ordinary course of business in good repair, working order and condition (reasonable wear and tear excepted) all material properties used in their respective businesses (whether owned or held under lease), other than obsolete
equipment or unused assets. 
 Section 5.07 Accounting Methods and Financial Records. The Issuer will, and will cause each of
its Restricted Subsidiaries to, maintain a system of accounting established and administered in accordance with GAAP in all material respects, keep adequate records and books of account in which complete entries in all material respects will be made
in accordance with GAAP in all material respects and reflecting all transactions required to be reflected by GAAP and keep accurate and complete records in all material respects of their respective material properties and assets. 

Section 5.08 Insurance. The Issuer will, and will cause each of its Restricted Subsidiaries to maintain insurance including, but
not limited to, business interruption coverage, personal property coverage, workmen’s compensation coverage and directors and officers coverage from responsible companies in such amounts and against such risks to the Issuer and each of its
Subsidiaries as is prudent for similarly situated companies engaged in similarly situated industries and such types, with such limits and deductibles and containing such other terms and conditions as are prudent in the reasonable business judgment
of the Issuer. 

  
 13 

 Section 5.09 Payment of Taxes. The Issuer will, and will cause each of its Restricted
Subsidiaries to, pay and discharge all taxes, including, without limitation, withholding taxes, assessments and governmental charges or levies required to be paid by them or imposed upon them or their income or profits or upon any properties
belonging to them, prior to the date on which penalties attach thereto; except that no such tax, assessment, charge, levy or claim need be paid (x) which is being diligently contested in good faith by appropriate proceedings and for which
adequate reserves shall have been set aside in accordance with GAAP on the appropriate books, but only so long as such tax, assessment, charge, levy or claim does not become a Lien or charge and no foreclosure, distraint, sale or similar proceedings
shall have been commenced. The Issuer will, and will cause each of its Restricted Subsidiaries to, timely file all income and material non-income information returns required by federal, state or local tax authorities before penalties attach
thereto. 
 Section 5.10 Visits and Inspections. The Issuer will, and will cause each of its Restricted Subsidiaries to, permit
representatives of the Holder, upon reasonable prior written notice, to (i) visit and inspect the properties of the Issuer or any of its Restricted Subsidiaries during business hours, (ii) inspect and make extracts from and copies of their
respective books and records, and (iii) discuss with their respective principal officers their respective businesses, assets, liabilities, financial positions, results of operations and business prospects. The Issuer and each of its Restricted
Subsidiaries will also permit representatives of the Holder to discuss with their respective accountants the Issuer’s and its Restricted Subsidiaries’ businesses, assets, liabilities, financial positions, results of operations and business
prospects to the extent the Issuer is given the opportunity to be present. 
 ARTICLE 6 

NEGATIVE COVENANTS 

So long as any amount payable under this Note remains unpaid, the Issuer covenants and agrees that the Issuer shall not and shall not permit
any of its Restricted Subsidiaries to: 
 Section 6.01 Limitations on Indebtedness. Incur or assume any Indebtedness unless
after giving pro forma effect to such incurrence on a pro forma basis, the Leverage Ratio would not be greater than 3 to 1. 

Notwithstanding the foregoing, the Issuer and its Restricted Subsidiaries may incur the following Indebtedness: 

(a) Indebtedness incurred pursuant to the Notes, including the accrual and/or capitalization of interest on this Note and any applicable fees,
costs or expenses associated therewith; 
 (b) Indebtedness outstanding on the date hereof and listed on Schedule 6.01(b) and any
refinancing, extension or replacement thereof; 

  
 14 

 (c) Indebtedness of Issuer or any of its Restricted Subsidiaries to the Issuer or any other
Restricted Subsidiary, so long as to the extent such Indebtedness is owing by Issuer, it is subordinated to the obligations hereunder; 

(d) Guarantees of other Indebtedness permitted pursuant to this Section 6.01; 

(e) Indebtedness in respect of Swap Contracts designed to hedge against the Issuer’s or any Restricted Subsidiary’s exposure to
interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes; 

(f) Indebtedness to current or former officers, managers, consultants, directors and employees, their respective estates, spouses or former
spouses to finance the purchase or redemption of Equity Interests of Issuer or any direct or indirect parent of Issuer permitted by Section 6.04; 

(g) Indebtedness with respect to Capitalized Lease Obligations or with respect to purchase of equipment; or 

(h) Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees, supporting
obligations, bankers’ acceptances, performance bonds, surety bonds, statutory bonds, appeal bonds, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims. 

Section 6.02 Disposition of Assets. At any time sell, lease, abandon, or otherwise dispose of any assets, other than: 

(a) Dispositions of inventory in the ordinary course of business; 

(b) (i) Dispositions of obsolete, surplus or worn out property in the ordinary course of business and Dispositions in the ordinary
course of business of property no longer used or useful in the conduct of the business of the Issuer or any of its Restricted Subsidiaries and (ii) Dispositions of property no longer used or useful in the conduct of the business of the Issuer
and its Restricted Subsidiaries outside the ordinary course of business in an aggregate amount not to exceed $500,000 per annum; 
 (c)
Dispositions of immaterial assets in the ordinary course of business; 
 (d) Dispositions of property to the extent that (x) such
property is exchanged for credit against the purchase price of similar replacement property or (y) the proceeds of such Disposition are promptly applied to the purchase price of such replacement property; 

(e) Dispositions of property to the Issuer or any Restricted Subsidiary; 

(f) to the extent constituting Dispositions, the making of Investments permitted by Section 6.03 and Restricted Payments
permitted by Section 6.04; 

  
 15 

 (g) Dispositions of cash and Cash Equivalents; 

(h) leases, subleases, licenses or sublicenses (including the provision of software or the licensing of other intellectual property rights)
and terminations thereof, and which do not materially interfere with the business of the Issuer and its Restricted Subsidiaries, taken as a whole; 

(i) transfers of property subject to casualty events or condemnation or eminent domain; 

(j) Dispositions of property not otherwise permitted under this Section 6.02 in an aggregate amount in any year not to exceed
10.0% of Consolidated EBITDA for the most recently ended four quarter fiscal period at the time any Disposition is made pursuant to this clause (j); 

(k) Dispositions or discounts without recourse of accounts receivable in connection with the compromise or collection thereof in the ordinary
course of business; 
 (l) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or
greater value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as determined in good faith by the management of the Issuer; 

(m) Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the
joint venture parties set forth in joint venture arrangements and similar binding arrangements; 
 (n) the unwinding of any Swap Contracts
pursuant to its terms; 
 (o) sales of non-core assets acquired in connection with Investments; provided that the aggregate amount
of such sales shall not exceed 25.0% of the fair market value of the acquired entity or business; and 
 (p) Disposition of the Equity
Interests of an Unrestricted Subsidiary for fair market value as determined in good faith by the Issuer’s board of directors or similar governing body. 

Section 6.03 Investments. Directly or indirectly make any Investment except that the Issuer and its Restricted Subsidiaries may
make: 
 (q) Investments to purchase Cash Equivalents; 

(r) Investments in the Issuer or a Restricted Subsidiary; 

(s) Investments in any Person (i) that will, upon the making of such Investment, become a Restricted Subsidiary or (ii) if as a
result of such Investment such Person is merged or consolidated with or into, or transfers or conveys all or substantially all its Property to, the Company or a Restricted Subsidiary; 

  
 16 

 (t) (i) intercompany loans and advances permitted pursuant to Section 6.01; and
(ii) capital contributions or other Investments by the Issuer or any of its Restricted Subsidiary in the Issuer or one of its Restricted Subsidiaries; 

(u) loans or advances to officers, directors, consultants and employees of the Issuer or any of its Restricted Subsidiaries (i) for
reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase of Equity Interests of the Issuer and (iii) for any other purposes
not described in the foregoing clauses (i) and (ii); provided that the aggregate principal amount outstanding at any time under clause (iii) above shall not exceed $500,000; 

(v) Investments (i) consisting of advances to customers or extensions of credit in the nature of accounts receivable or notes receivable
arising from the grant of trade credit in the ordinary course of business, and (ii) received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of
business; 
 (w) Investments consisting of Restricted Payments permitted by Section 6.04 and Guarantees of Indebtedness
permitted pursuant to this Section 6.01; 
 (x) Investments existing or contemplated on the Issue Date and set forth on Schedule
6.03(h) and any modification, replacement, renewal, reinvestment or extension thereof; provided that the amount of any original Investment under this clause (h) is not increased except by the terms of such Investment as of the Issue
Date or as otherwise permitted by Section 6.03; 
 (y) Investments in the ordinary course of business consisting of UCC Article 3
endorsements for collection or deposit and UCC Article 4 customary trade arrangements with customers consistent with past practices; 
 (z)
Investments (including debt obligations and Equity Interests) received in connection with permitted dispositions under Section 6.02, the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations
of, or other disputes with, customers and suppliers arising in the ordinary course of business or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(aa) other Investments, in an aggregate amount outstanding pursuant to this clause (k) at any time not to exceed $1,000,000 (net of any
return in respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts); 

(bb) advances of payroll payments to officers and employees and advances of fees and payments to directors and consultants, in each case, in
the ordinary course of business; 
 (cc) Investments to the extent that payment for such Investments is made solely with Equity Interests
of the Issuer or proceeds thereof or capital contributions in respect thereof; 

  
 17 

 (dd) Investments of a Restricted Subsidiary acquired after the Issue Date or of a corporation
merged or amalgamated or consolidated into the Issuer or merged, amalgamated or consolidated with a Restricted Subsidiary, after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such
acquisition, merger, amalgamation or consolidation, and were in existence on the date of such acquisition, merger or consolidation; 
 (ee)
Guarantees by the Issuer or any of its Restricted Subsidiaries of leases (other than capitalized leases) or of other obligations that do not constitute Indebtedness, in each case entered into in the ordinary course of business; and 

(ff) Investments in deposit accounts and securities accounts opened in the ordinary course of business. 

Section 6.04 Restricted Payments. Directly or indirectly declare or make any Restricted Payment except that: 

(gg) each Restricted Subsidiary may make Restricted Payments to the Issuer, and other Restricted Subsidiaries of the Issuer (and, in the case
of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Issuer and any other Restricted Subsidiary and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests of the
relevant class of Equity Interests); 
 (hh) the Issuer and each Restricted Subsidiary may declare and make dividend payments or other
Restricted Payments payable solely in Equity Interests; 
 (ii) repurchases of Equity Interests in the Issuer (or any direct or indirect
parent thereof) deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants, 

(jj) the Issuer may pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Issuer, by any
future, present or former employee, officer, director, manager or consultant of the Issuer or any of its Restricted Subsidiaries upon the death, disability, retirement or termination of employment of any such Person or pursuant to any employee,
manager or director equity plan, employee, manager or director stock option plan or any other employee, manager or director benefit plan or any agreement (including any stock subscription or shareholder agreement) with any such employee, director,
officer or consultant; provided that the aggregate amount of Restricted Payments made pursuant to this clause (d) shall not exceed an aggregate amount of $500,000 in any calendar year; 

(kk) notwithstanding anything to the contrary herein, the Issuer may make regularly scheduled payments of interest on any subordinated debt
in accordance with its terms and the applicable subordination agreement; 
 (ll) the Issuer may make payments for the reimbursement of
expenses of board members in connection with the performance of their duties as directors; 
 (mm) the Issuer may make consummate
transactions expressly permitted pursuant to Section 6.03 and Section 6.05; and 

  
 18 

 (nn) the Issuer may make other Restricted Payments with the proceeds of, in each case to the
extent not otherwise applied: (i) the net proceeds from the sale of (or capital contributions in respect of) Equity Interests of the Issuer and (ii) the net proceeds from the sale of the Equity Interests of (or dividend or distribution
received from) an Unrestricted Subsidiary, provided that, the amount available to be applied for Restricted Payments pursuant to this clause (iii) shall be net of the aggregate amount of Investments made in Unrestricted Subsidiaries
pursuant to Section 6.03(k). 
 Section 6.05 Affiliate Transactions. At any time engage in any transaction with an
Affiliate (other than the Issuer or one of its Restricted Subsidiaries), or make an assignment or other transfer of any of its properties or assets to any such Affiliate, in each case, on terms materially less advantageous to the Issuer or such
Restricted Subsidiary than would be the case if such transaction had been effected with a non-Affiliate, except: 
 (oo) as specifically
provided herein (including the payment of any sums permitted under Section 6.04 hereof and transactions under Section 6.03); 

(pp) as may be described on Schedule 2 attached hereto or any amendment or modification thereto or replacement thereof (so long as any
such amendment, modification or replacement is not disadvantageous to the Noteholders in any material respect as compared to the applicable agreement in effect on the Issue Date); 

(qq) for agreements and arrangements entered into with employees of the Issuer or any of its Restricted Subsidiaries as part of normal
compensation, incentive compensation and expense reimbursement; 
 (rr) the payment or performance of obligations under the Management
Agreement; 
 (ss) the payment of reasonable and customary fees, bonuses, severance, retirement packages, paid to, and indemnities provided
on behalf of, officers, directors, employees or consultants of the Issuer or any of its Restricted Subsidiaries; 
 (tt) the issuance of
Equity Interests of the Issuer to the extent not otherwise restricted hereunder; 
 (uu) the payment of reasonable out-of-pocket costs and
expenses relating to registration rights and indemnities provided to shareholders; and 
 (vv) other transactions to the extent that the
amount of such transaction does not exceed $250,000 and the aggregate amount of all such transactions during any one fiscal year of the Issuer does not exceed $500,000. 

Section 6.06 Limitation on Upstream Dividends and Loans by Subsidiaries. Except for (i) restrictions imposed by applicable
law and (ii) restrictions imposed by the Notes and any documentation governing any Senior Debt, permit any of its Restricted Subsidiaries to enter into or agree, or otherwise become subject, to any agreement, contract or other arrangement with
any Person pursuant to the terms of which (a) such Subsidiary is or would be prohibited or otherwise 

  
 19 

 
restricted from declaring or paying any cash dividends or distributions on any class of its Equity Interests owned directly or indirectly by the Issuer or from making any other distribution on
account of any class of any such Equity Interests owned directly or indirectly by the Issuer; or (b) such Restricted Subsidiary would be prohibited from making loans to the Issuer or repaying loans or advances to the Issuer; provided
that the foregoing clauses shall not apply to contractual obligations which (i) are binding on a Restricted Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Issuer, so long as such contractual
obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Issuer, (ii) arise in connection with any Disposition permitted by Section 6.02 and relate solely to the assets or
Person subject to such Disposition, or (iii) are customary restrictions in leases, subleases, licenses, sublicenses or asset sale agreements otherwise permitted hereby so long as such restrictions relate to the assets subject thereto. 

ARTICLE 7 

OBLIGATIONS ABSOLUTE 

No provision of this Note shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of,
and interest on, this Note at the time, place and rate, and in the manner, herein prescribed. 
 ARTICLE 8 

WAIVERS OF DEMAND, ETC. 

The Issuer hereby expressly waives (to the extent permitted by applicable law) demand and presentment for payment, notice of nonpayment,
protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, bringing of suit and diligence in taking any action to collect amounts called for hereunder and will be directly and primarily liable for the payment of
all sums owing and to be owing hereon, regardless of and without any notice, diligence, act or omission as or with respect to the collection of any amount called for hereunder. 

ARTICLE 9 

REPLACEMENT NOTES 

In the event that the Holder notifies the Issuer that this Note has been lost, stolen or destroyed, a replacement Note identical in all
respects to the original Note (except for registration number and Outstanding Principal Amount, if different than that shown on the original Note) shall be issued by the Issuer to the Holder; provided that the Holder executes and delivers to
the Issuer an agreement reasonably satisfactory to the Issuer to indemnify the Issuer from any loss incurred by it in connection with such lost, stolen or destroyed Note. 

  
 20 

 ARTICLE 10 

PAYMENT OF EXPENSES 

The Issuer agrees to pay all reasonable expenses, including reasonable attorneys’ fees, which may be incurred by the Holder in connection
with any waiver or consent hereunder, any amendment hereof, any Event of Default or alleged Event of Default hereunder or in enforcing the provisions of this Note and/or collecting any amount due under this Note. 

ARTICLE 11 

DEFAULTS AND REMEDIES 

Section 11.01 Events of Default. If any one or more of the following events (each, an “Event of Default”) occurs
and is continuing: 
 (a) any default by the Issuer in any payment of interest on this Note when the same becomes due and payable, and such
default continuing for a period of 180 calendar days; 
 (b) any default by the Issuer in the payment of any principal on this Note when the
same becomes due and payable at the Maturity Date, upon acceleration or otherwise; 
 (c) the Issuer shall default in the observance or
performance of any other agreement contained in this Note (other than as provided in paragraphs (a) and (b) of this Section 11.01), and such default shall continue un-remedied for a period of thirty (30) calendar days after the
receipt of notice of such default shall have been given to the Issuer by the Required Noteholders; 
 (d) any representation or warranty
made or deemed made by the Issuer herein or in any other document furnished by it at any time under or in connection with this Note shall prove to have been inaccurate in any material respect on or as of the date made or deemed made or furnished;

 (e) there shall be entered and remain unstayed a decree or order for relief in respect of the Issuer or any of its Restricted
Subsidiaries under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable foreign, Federal or state bankruptcy law or other similar law, or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or similar official of the Issuer or any of its Restricted Subsidiaries, or of any substantial part of their respective properties, or ordering the winding-up or liquidation of the affairs of the Issuer or any of its
Restricted Subsidiaries; or an involuntary petition shall be filed against the Issuer or any of its Restricted Subsidiaries and a temporary stay entered, and (i) such petition and stay shall not be diligently contested, or (ii) any such
petition and stay shall continue undismissed for a period of sixty (60) consecutive days; 
 (f) the Issuer or any of its Restricted
Subsidiaries shall file a petition, answer or consent seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable foreign, Federal or state bankruptcy law or other similar law, or the
Issuer or any of its Restricted Subsidiaries shall consent to the institution of proceedings thereunder or to the filing of any such petition or to the appointment or taking of possession of a 

  
 21 

 
receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any of its Restricted Subsidiaries or of any substantial part of their respective
properties, or the Issuer or any of its Restricted Subsidiaries shall take any action in furtherance of any such action; 
 (g) there is
entered by any court or arbitration panel against the Issuer or any of its Restricted Subsidiaries a final non-appealable monetary judgment, decree or award not covered by insurance or indemnification, for the payment of money which exceeds singly
or in the aggregate with other such judgments, $5,000,000, and if, within sixty days after the entry, issue or levy thereof, such judgment, shall not have been paid or discharged or stayed pending appeal or removed to bond, or if, after the
expiration of any such stay, such judgment, warrant or process shall not have been paid or discharged or removed to bond within 60 days thereafter; 

(h) there shall occur (i) any payment default (after giving effect to all grace periods and notices) under any instrument, document or
agreement relating to any Indebtedness of the Issuer or any of its Restricted Subsidiaries in an aggregate principal amount exceeding $5,000,000; (ii) any event or condition the occurrence of which would permit acceleration of such
Indebtedness, or which, as a result of a failure to comply with the terms thereof, would make such Indebtedness otherwise due and payable, and which event or condition has not been cured within any applicable cure period or waived in writing prior
to any declaration of an Event of Default or acceleration of the Loans hereunder; or (iii) an acceleration of any Senior Debt; or 

(i) Any Note or any material provision thereof, shall at any time and for any reason (other than as expressly permitted hereunder or
thereunder or the satisfaction in full of all the obligations under this Note) be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by the Issuer or any of its Restricted Subsidiaries seeking to
establish the invalidity or unenforceability thereof (exclusive of questions of interpretation of any provision thereof or satisfaction of the Obligations), or the Issuer or any of its Restricted Subsidiaries shall deny that it has any liability or
obligation for the payment of principal or interest purported to be created under any Note (other than for payment of the Obligations); or 

(j) Any Change of Control shall occur; 

then, the Required Noteholders may, at their option, by notice to the Issuer, declare all the Notes to be forthwith due and payable, whereupon
the principal of the Notes, together with accrued interest thereon, shall become forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Issuer; provided,
however, that in any event described in Section ll.0l(e) or (f), all the Notes, together with interest accrued thereon, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of
which are hereby expressly waived by the Issuer. 
 Section 11.02 Acceleration. The Required Noteholders may rescind an
acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of
acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. A delay or omission by the Required 

  
 22 

 
Noteholders or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of
Default. No remedy is exclusive of any other remedy. All available remedies are, to the extent permitted by law, cumulative. 

Section 11.03 Waiver of Past Defaults. Waiver of Past Defaults. The Required Noteholders may waive any past or existing Default
and its consequences. When a Default is waived, it is deemed cured, and any Event of Default arising therefrom shall be deemed to have been cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. No
failure to exercise and no delay in exercising, on the part of the Required Noteholders or any Holder, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law. 
 Section 11.04 Waiver of Stay or Extension Laws. The Issuer (to the extent it
may lawfully do so) shall not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants
or the performance of this Note, and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Holder, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 12 

SUBORDINATION 

Section 12.01 Agreement to Subordinate. If requested by a holder of Senior Debt, the Holder agrees to subordinate the Indebtedness
and other obligations evidenced by this Note pursuant to the terms and conditions of a subordination agreement reasonably satisfactory to the Holder. 

ARTICLE 13 
 SAVINGS
CLAUSE 
 In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or
otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in
any way be affected or impaired thereby. 

  
 23 

 ARTICLE 14 

ENTIRE AGREEMENT; AMENDMENTS 

This Note constitutes the full and entire understanding and agreement between the Issuer and the Holder with respect to the subject hereof.
Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the Issuer and the Required Noteholders. Notwithstanding the foregoing, if (x) any amendment or waiver of any
provision or term of this Note is proposed at any time after the dissolution of CP IV and/or the distribution of Notes to the members of CP IV and (y) such amendment or waiver would reduce the principal of, or rate of interest on, any Note or
postpone the date fixed for any payment of principal and/or interest on any Note, such amendment or waiver shall require the written consent of a majority in interest of all Holders of Notes other than CP IV and its Affiliates (determined by
reference to the aggregate principal amount of Notes held by such other Holders). 
 ARTICLE 15 

TRANSFER; ASSIGNMENT, ETC. 

Prior to an Initial Public Offering this Note shall not be assignable by Holder except with prior consent of a Board Majority of the Minority
(as such term is defined in the Issuer’s Certificate of Incorporation, as amended), such consent not to be unreasonably withheld and after an Initial Public Offering there shall be no such restriction on assignment. Subject to the foregoing
sentence, Holder may exchange any Note for Notes of different denominations, by surrendering such Note to the Issuer together with written instructions for the issuance of one or more new Notes specifying the respective principal amounts of each new
Note. Subject to any restrictions under applicable law, with the prior written consent of the Required Noteholders, a Holder may transfer a Note to a new Holder, by surrendering such Note to the Issuer duly endorsed for transfer or accompanied by a
duly executed instrument of transfer naming the new Holder, together with written instructions for the issuance of one or more new Notes specifying the respective principal amounts of each new Note and the name of each new Holder and each address
therefor. In each case, the Issuer shall simultaneously deliver to such Holder or its designee such new Notes and shall mark the surrendered Notes as canceled. In lieu of the foregoing procedures, a Holder may, with the prior written consent of the
Required Note Holders, assign a Note (in whole but not in part) to a new Holder by sending written notice to the Issuer of such assignment specifying the new Holder’s name and address; in such case, the Issuer shall promptly acknowledge such
assignment in writing to both the old and new Holder. The Issuer shall not be required to recognize any subsequent Holder of a Note unless and until the Issuer has received reasonable assurance that all applicable transfer taxes have been paid. 

ARTICLE 16 
 NO
WAIVER 
 No failure on the part of the Holder to exercise, and no delay in exercising, any right, remedy or power hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise by the Holder of any right, remedy or power hereunder preclude any other or future 

  
 24 

 
exercise of any other right, remedy or power. Each and every right, remedy or power hereby granted to the Holder or allowed it by law or other agreement shall be cumulative and not exclusive of
any other, and may be exercised by the Holder from time to time. 
 ARTICLE 17 

NOTICES 
 Unless
otherwise provided herein, any notices, consents, waivers or other communications required or permitted to be given under the terms of this Note must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered
personally, (ii) upon receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party) or (iii) one Business Day after deposit with a nationally
recognized overnight delivery service, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 

If to the Issuer: 
  

	
	 Valeritas, Inc.

750 Route 202 South
 Suite
100
 Bridgewater NJ 08807

Attention: Chief Financial Officer

Telephone: 908-927-9920

Facsimile: 908-927-9927

 With a copy to: 
  

	
	 Morgan, Lewis & Bockius, LLP

502 Carnegie Center

Princeton NJ 08540

Telephone number: 609-919-6600

Facsimile number: 609-919-6701

Attention: Steven M. Cohen, Esquire

 If to the Holder, to its address and facsimile number appearing in the Notes Register, or to such other
address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each other party five (5) Business Days prior to the effectiveness of such change. Written confirmation
of receipt (x) given by the recipient of such notice, consent, waiver or other communication, (y) mechanically or electronically generated by the sender’s facsimile machine containing the time, date, recipient facsimile number and an
image of the first page of such transmission or (z) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in
accordance with clause (i), (ii) or (iii) above, respectively. 

  
 25 

 ARTICLE 18 

HOME OFFICE PAYMENT; MISCELLANEOUS 

The Issuer shall make all cash payments due on this Note in immediately available funds to a bank account of the Holder specified in writing
by the Holder to the Issuer. Whenever the sense of this Note requires, words in the singular shall be deemed to include the plural and words in the plural shall be deemed to include the singular. Paragraph headings are for convenience only and shall
not affect the meaning of this document. 
 ARTICLE 19 

CHOICE OF LAW AND VENUE; WAIVER OF
JURY TRIAL 
 This Note shall be governed by and construed in accordance with the law of the State of New
York. The Issuer hereby irrevocably consents to the exclusive jurisdiction of the United States District Court for the Southern District of New York or any New York State court sitting in New York City (and of the appropriate appellate courts
therefrom) in any suit, action or proceeding seeking to enforce any provision of, or based on any suit, action or proceeding arising out of or in connection with, this Note or the transactions contemplated hereby and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has
been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party
agrees’ that service of process on such party as provided in this Article 19 shall be deemed effective service of process on such party. THE ISSUER HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATED TO THIS NOTE. 
 ARTICLE 20 

INDEMNITY 
 The
Issuer agrees to indemnify and hold harmless each Noteholder and each of their respective Affiliates, employees, representatives, shareholders, officers, directors, trustees, agents and advisors (any of the foregoing shall be an
“Indemnitee”) from and against any and all claims, liabilities, losses, damages, actions, reasonable attorneys’ fees and expenses (as such fees and expenses are incurred) and demands by any party, including the costs of
investigating and defending such claims, whether or not the Issuer, any Subsidiary thereof or the Person seeking indemnification is the prevailing party arising out of (i) the Notes or otherwise under this agreement, or any transaction
contemplated hereby or thereby, (ii) any claims against the Noteholders, or any of them, by any shareholder or other investor in or lender to the Issuer or any 

  
 26 

 
Subsidiary thereof, by any brokers or finders or investment advisers or investment bankers retained by the Issuer or by any other third party, arising out of this Note; provided that no
Indemnitee will be indemnified hereunder for its gross negligence or willful misconduct. 
 [Remainder of this page intentionally left blank]

  
 27 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its officer
thereunto duly authorized. 
 Dated: September 8, 2011 
  

					
	VALERITAS, INC.
		
	By:	 	 /s/ Kristine Peterson

		 	Name:	 	Kristine Peterson
		 	Title:	 	CEO

  

			
	ACKNOWLEDGED AND AGREED
	as of the date first above written:
	
	WCAS CAPITAL PARTNERS IV, L.P.
		
	By:	 	WCAS CP IV Associates LLC,
		 	its General Partner
		
	By:	 	 /s/ Jonathan Rather

		 	Name: JONATHAN RATHER
		 	Title: Managing Member

  

SIGNATURE PAGE TO PROMISSORY NOTE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00240-of-00352.parquet"}]]