Document:

EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE SECURITIES PURCHASABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. 

AVEDRO, INC. 
 WARRANT 

dated as of March 20, 2017 

THIS CERTIFIES THAT, for value received, OrbiMed Royalty Opportunities II, LP or its successors or permitted assigns (such Person and such
successors and assigns each being the “Warrant Holder” with respect to the Warrant held by it), at any time and from time to time on any Business Day on or prior to 5:00 p.m. (New York City time), on the Expiration Date (as
herein defined), is entitled (a) to subscribe for the purchase from Avedro, Inc., a Delaware corporation (the “Company”), 474,446 Shares at a price per Share equal to the Exercise Price (as herein defined), and
(b) to the other rights set forth herein; provided that the number of Shares issuable upon any exercise of this Warrant and the Exercise Price shall be adjusted and readjusted from time to time in accordance with Section 5. By
accepting delivery hereof, the Warrant Holder agrees to be bound by the provisions hereof. 
 IN FURTHERANCE THEREOF, the Company
irrevocably undertakes and agrees for the benefit of Warrant Holder as follows: 
 Section 1.    Definitions and
Construction. 
 (a)    Certain Definitions. As used herein (the following definitions being applicable in
both singular and plural forms): 
 “Affiliate” means, with respect to any Person, any other Person that directly or
indirectly controls, is controlled by, or is under common control with such Person. 
 “Appraised Value” means at
any time the fair market value of one (1) Share, as determined in good faith by the Board of Directors of the Company as of the applicable date as of which the determination is to be made, subject to the rights of the Requisite Holders pursuant
to Section 5(m), it being understood that in the event of a Corporate Reorganization in which the consideration to be paid for or in respect of each outstanding Share in such Corporate Reorganization consists solely of cash and/or readily
marketable securities, the value of such Share will be equal to the amount of cash paid for such Share and/or the value of the readily marketable securities as of the last trading day immediately prior to the date of such determination and in the
event of such a Corporate Reorganization, the rights of the Requisite Holders pursuant to Section 5(m) shall not apply. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are
authorized by law to close. 
 “Charter” means the Company’s Certificate of Incorporation or
other constitutional document, as may be amended from time to time. 
 “Closing Price” means, for any trading day
with respect to a Share, (a) the last reported sale price on such day on the principal national securities exchange on which the Shares are listed or admitted to trading or, if no such reported sale takes place on any such day, the average of
the closing bid and asked prices thereon, as reported in The Wall Street Journal, or (b) if such Shares shall not be listed or admitted to trading on a national securities exchange, the last reported sales price on the NASDAQ National

  
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Market System or, if no such reported sale takes place on any such day, the average of the closing bid and asked prices thereon, as reported in The Wall Street Journal, or (c) if such
Shares shall not be quoted on such National Market System nor listed or admitted to trading on a national securities exchange, then the average of the closing bid and asked prices, as reported by The Wall Street Journal for the over-the-counter market; provided that if clause (a), (b), or (c) applies and no price is reported in The Wall Street Journal for any trading day,
then the price reported in The Wall Street Journal for the most recent prior trading day shall be deemed to be the price reported for such trading day. 

“Commission” means the Securities and Exchange Commission or any other Federal agency administering the Securities Act
at the time. 
 “Common Stock” means the Company’s currently authorized common stock, $0.00001 par
value, and stock of any other class or other consideration into which such currently authorized capital stock may hereafter have been changed. 

“Corporate Reorganization” means any (i) merger, consolidation or reorganization or other similar transaction or
series of related transactions which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by being converted into voting securities of the
surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of or economic interests in the Company or such surviving or acquiring entity outstanding immediately after such merger, consolidation or
reorganization; (ii) sale, lease, exclusive license, transfer, conveyance or other disposition of all or substantially all of the assets of the Company; (iii) sale of shares of capital stock of the Company, in a single transaction or
series of related transactions, representing at least 50% of the voting power of the voting securities of or economic interests in the Company; or (iv) the acquisition by any “person” (together with his, her or its Affiliates)
or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) acquires, directly or indirectly, the beneficial ownership (as such term is defined in Rule 13d-3 promulgated under
the Exchange Act) of outstanding shares of capital stock and/or other equity securities of the Company, in a single transaction or series of related transactions (including, without limitation, one or more tender offers or exchange offers),
representing at least 50% of the voting power of or economic interests in the then outstanding shares of capital stock of the corporation; provided, that a “Corporate Reorganization” shall not include the sale and issuance by the
Company of its capital stock to venture capital investors, for capital raising purposes, in a bona fide round of preferred stock financing. 

“Exchange Act” means the Securities Exchange Act of 1934, or any successor Federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time. 
 “Exercise Amount” means
for any number of Warrant Shares as to which this Warrant is being exercised the product of (i) such number of Warrant Shares times (ii) the Exercise Price. 

“Exercise Price” means $1.00 per Share, as adjusted from time to time pursuant to Section 5. 

“Expiration Date” means March 20, 2027. 

“Initial Holder” means OrbiMed Royalty Opportunities II, LP. 

“IRA” means that certain Fifth Amended and Restated Investors’ Rights Agreement, dated as of November 13,
2015, by and among the Company, and the Investors named therein, as may be amended from time to time. 
 “Person”
means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Requisite Holders” means at any time holders of Warrant Shares and Warrants representing at least a majority of the
Warrant Shares outstanding or issuable upon the exercise of all the outstanding Warrants. 

  
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 “Securities Act” means the Securities Act of 1933, or any successor
Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

“Series AA Stock” means the Company’s Series AA Preferred Stock, $0.00001 par value per share, as
presently constituted under the Charter, and any other class, series or other designation of security into or for which such Series AA Preferred Stock is converted, substituted or exchanged pursuant to a reorganization, reclassification,
recapitalization or similar transaction. 
 “Shares” means the Company’s currently authorized Series AA Stock;
provided that, subject to provisions of Section 5(c) below, upon and after the occurrence of an event which results in the automatic or voluntary conversion of all (but not less than all) of the outstanding shares of such Shares,
including, without limitation, pursuant to the consummation of an initial public offering, then from and after the date upon which such outstanding shares are so converted “Shares” shall mean the Common Stock. 

“Warrant” means, as the context requires, this warrant and any successor warrant or warrants issued upon a whole or
partial transfer or assignment of any such Share purchase warrant or of any such successor warrant. 
 “Warrant
Shares” means the number of Shares issued or issuable upon exercise of this Warrant as set forth in the introduction hereto, as adjusted from time to time pursuant to Section 5, or in the case of other
Warrants, issuable upon exercise of those Warrants. 
 (b)    Accounting Terms and Determinations. Unless
otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with generally
accepted accounting principles. When used herein, the term “financial statements” shall include the notes and schedules thereto. References to fiscal periods are to fiscal periods of the Company. 

(c)    Computation of Time Periods. With respect to the computation of periods of time from a specified date to a
later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding.” Periods of days shall be counted in calendar days unless otherwise
stated. 
 (d)    Construction. Unless the context requires otherwise, references to the plural include the
singular and to the singular include the plural, references to any gender include any other gender, the part includes the whole, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the
inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Warrant refer to this Warrant as a whole and not to any particular
provision of this Warrant. Section, subsection, clause, exhibit and schedule references are to this Warrant, unless otherwise specified. Any reference to this Warrant includes any and all permitted alterations, amendments, changes, extensions,
modifications, renewals, or supplements thereto or thereof, as applicable. 
 (e)    Exhibits and Schedules. All
of the exhibits and schedules attached hereto shall be deemed incorporated herein by reference. 
 (f)    No
Presumption Against Any Party. Neither this Warrant nor any uncertainty or ambiguity herein or therein shall be construed or resolved using any presumption against any party hereto or thereto, whether under any rule of construction or otherwise.
On the contrary, this Warrant has been reviewed by each of the parties and their counsel and, in the case of any ambiguity or uncertainty, shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly
accomplish the purposes and intentions of all parties hereto. 

  
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 Section 2.    Exercise of Warrant. 

(a)    Exercise and Payment. The Warrant Holder may exercise this Warrant in whole or in part, at any time or from
time to time on any Business Day on or prior to the Expiration Date, by delivering to the Company a duly executed notice (a “Notice of Exercise”) in the form of Exhibit A and (1) by payment to
the Company of the Exercise Price per Warrant Share, at the election of the Warrant Holder, either (i) by wire transfer of immediately available funds to the account of the Company in an amount equal to the Exercise Amount, (ii) by
receiving from the Company the number of Warrant Shares equal to (A) the number of Warrant Shares as to which this Warrant is being exercised minus (B) the number of Warrant Shares having a value, based on the Closing Price on the trading
day immediately prior to the date of such exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day), equal to the Exercise Amount, or (iii) any combination of the foregoing and (2) surrender of this
Warrant in accordance with Section 2(c). The Company acknowledges that the provisions of clause (ii) are intended, in part, to ensure that a full or partial exchange of this Warrant pursuant to such clause
(ii) will qualify as a conversion, within the meaning of paragraph (d)(3)(ii) of Rule 144 under the Securities Act. At the request of any Holder, the Company will accept reasonable modifications to the exchange procedures provided for in this
Section in order to accomplish such intent. For all purposes of this Warrant (other than this Section 2(a)), any reference herein to the exercise of this Warrant shall be deemed to include a reference to the exchange of this Warrant into Shares
in accordance with the terms of clause (ii). 
 (b)    Effectiveness and Delivery. As soon as practicable but not
later than five Business Days after the Company shall have received such Notice of Exercise and payment in accordance with Section 2(a), the Company shall execute and deliver or cause to be executed and delivered, in
accordance with such Notice of Exercise, a certificate or certificates representing the number of Shares specified in such Notice of Exercise, issued in the name of the Warrant Holder or in such other name or names of any Person or Persons
designated in such Notice of Exercise. This Warrant shall be deemed to have been exercised and such Share certificate or certificates shall be deemed to have been issued, and the Warrant Holder or other Person or Persons designated in such Notice of
Exercise shall be deemed for all purposes to have become a holder of record of Shares, all as of the date that such Notice of Exercise and payment shall have been received by the Company. 

(c)    Surrender of Warrant. The Warrant Holder shall surrender this Warrant to the Company when it delivers the
Notice of Exercise, and in the event of a partial exercise of the Warrant, the Company shall execute and deliver to the Warrant Holder, at the time the Company delivers the Share certificate or certificates issued pursuant to such Notice of
Exercise, a new Warrant for the unexercised portion of the Warrant, but in all other respects identical to this Warrant. 

(d)    Legend. Each certificate for Warrant Shares issued upon exercise of this Warrant, unless at the time of
exercise such Warrant Shares are registered under the Securities Act, shall bear the following legend: 
 THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS, UNLESS AN EXEMPTION FROM
SUCH REGISTRATION IS AVAILABLE. 
 Any certificate for Warrant Shares issued at any time in exchange or substitution for any certificate
bearing such legend (unless at that time such Warrant Shares are registered under the Securities Act) shall also bear such legend unless, in the advice of counsel to the Company, the Warrant Shares 

  
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represented thereby need no longer be subject to restrictions on resale under the Securities Act and, if requested by the Company, shall be accompanied at Warrant 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 Commission to the effect that the proposed sale, pledge, or transfer of such Warrant Shares without registration will not result in a recommendation by the staff of the Commission
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 Warrant Shares may be effected without registration under
the Securities Act, whereupon the Warrant Holder shall be entitled to sell, pledge, or transfer such Warrant Shares in accordance with the terms of the notice given by the Warrant Holder to the Company. 

(e)    Fractional Shares. The Company shall not be required to issue fractions of Shares upon an exercise of the
Warrant. If any fraction of a Share would, but for this restriction, be issuable upon an exercise of the Warrant, in lieu of delivering such fractional Share, the Company shall pay to the Warrant Holder, in cash, an amount equal to the same fraction
times the Closing Price on the trading day immediately prior to the date of such exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day). 

(f)    Expenses and Taxes. The Company shall pay all expenses, taxes and owner charges payable in connection with
the preparation, issuance and delivery of certificates for the Warrant Shares and any new Warrants, except that if the certificates for the Warrant Shares or the new Warrants are to be registered in a name or names other than the name of the Warrant
Holder, funds sufficient to pay all transfer taxes payable as a result of such transfer shall be paid by the Warrant Holder at the time of its delivery of the Notice of Exercise or promptly upon receipt of a written request by the Company for
payment. 
 (g)    Automatic Cashless Exercise. To the extent that there has not been an exercise by the Warrant
Holder pursuant to Section 2(a) hereof, any portion of the Warrant that remains unexercised shall be exercised automatically in whole (not in part), upon the Expiration Date. Payment by the Warrant Holder upon such automatic exercise shall be
in the form of the Warrant Holder receiving from the Company the number of Warrant Shares equal to (i) the number of Warrant Shares as to which this Warrant is being automatically exercised minus (ii) the number of Warrant Shares having a
value, based on the Closing Price on the trading day immediately prior to the date of such automatic exercise (or if there is no such Closing Price, then based on the Appraised Value as of such day), equal to the Exercise Amount. 

Section 3.    Investment Representation. By accepting the Warrant, the Warrant Holder represents: 

(a)    It is acquiring the Warrant for its own account for investment purposes and not with the view to any sale or
distribution, that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or the Warrant Shares except under circumstances as will not result in a violation of applicable securities laws. 

(b)    It understands (i) that the Shares issuable upon exercise of this Warrant are not registered under the
Securities Act or qualified under applicable state securities laws on the ground that the issuance contemplated by this Warrant will be exempt from the registration and qualifications requirements thereof, and (ii) that the Company’s
reliance on such exemption is predicated on the representations set forth in this Section 3. 

  
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 (c)    It has such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of its investment, has the ability to bear the economic risks of its investment, and that it is an “accredited investor” as that term is defined in Rule 501 under the Securities
Act. 
 (d)    It understands that if the Company does not register with the Commission pursuant to Section 12 of
the Exchange Act, or file reports pursuant to Section 15(d) of the Exchange Act, or if a registration statement covering the securities under the Securities Act is not in effect when it desires to sell (i) the rights to purchase the Shares
pursuant to this Warrant or (ii) the Shares issuable upon exercise of the right to purchase, it may be required to hold such securities for an indefinite period. It also understands that any sale of (x) its rights hereunder to purchase
Shares or (y) Shares issued or issuable hereunder which might be made by it in reliance upon Rule 144 under the Securities Act may be made only in accordance with the terms and conditions of such rule. 

(e)    It understands that it is bound by the provisions of Section 2.11 of the IRA with respect to the Warrant
Shares. 
 Section 4.    Validity of Warrant and Issuance of Shares. 

(a)    The Company represents and warrants that this Warrant has been duly authorized, is validly issued, and constitutes
the valid and binding obligation of the Company. 
 (b)    The Company further represents and warrants that on the date
hereof it has duly authorized and reserved, and the Company hereby agrees that it will at all times until the Expiration Date have duly authorized and reserved, such number of Shares as will be sufficient to permit the exercise in full of the
Warrant, and that all such Shares are and will be duly authorized and, when issued upon exercise of the Warrant in accordance with its terms, will be validly issued, fully paid and non-assessable, and free and
clear of all security interests, claims, liens, equities and other encumbrances. 
 Section 5.    Antidilution
Provisions. The Exercise Price in effect at any time, and the number of Warrant Shares that may be purchased upon any exercise of the Warrant, shall be subject to change or adjustment as follows: 

(a)    Share Reorganization. Except in connection with a Corporate Reorganization, if the Company shall subdivide
its outstanding Shares into a greater number of Shares, by way of a stock split, stock dividend or otherwise, or consolidate its outstanding Shares into a smaller number of Shares (any such event being herein called a “Share
Reorganization”) then (i) the Exercise Price shall be adjusted, effective immediately after the effective date of such Share Reorganization, to a price determined by multiplying the Exercise Price in effect immediately prior to
such effective date by a fraction, the numerator of which shall be the number of Shares outstanding on such effective date before giving effect to such Share Reorganization and the denominator of which shall be the number of Shares outstanding after
giving effect to such Share Reorganization, and (ii) the number of Shares subject to purchase upon exercise of this Warrant shall be adjusted, effective at such time, to a number determined by multiplying the number of Shares subject to
purchase immediately before such Share Reorganization by a fraction, the numerator of which shall be the number of Shares outstanding after giving effect to such Share Reorganization and the denominator of which shall be the number of Shares
outstanding immediately before giving effect to such Share Reorganization. 
 (b)    Antidilution Rights.
Additional antidilution rights applicable to the Shares purchasable hereunder are as set forth in the Charter and shall be applicable with respect to the Shares issuable hereunder. The Company shall promptly provide the Warrant Holder with any
restatement, amendment, 

  
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modification or waiver of the Charter; provided, that no such restatement, amendment, modification or waiver shall impair or reduce the antidilution rights applicable to the Shares as of
the date hereof unless such restatement, amendment, modification or waiver affects the rights of the Warrant Holder with respect to the Shares in the same manner as it affects all other holders of such Shares. The Company shall provide the Warrant
Holder with prior written notice of any issuance of its stock or other equity security to occur after the date hereof, which notice shall include (i) the price at which such stock or security is to be sold, (ii) the number of shares to be
issued, and (iii) such other information as necessary for the Warrant Holder to determine if a dilutive event has occurred. For the avoidance of doubt, there shall be no duplicate antidilution adjustment pursuant to the foregoing subsection
(a) of this Section 5 or this subsection (b), and the Charter. 
 (c)    “Pay to
Play” Rights. In the event that any “pay to play” terms or conditions (i.e., terms or conditions that require a holder of the Shares to purchase securities in a future round of equity financing or else lose the benefit of
anitdilution protections or other rights applicable to the Shares or have such Shares automatically convert into Common Stock or another class or series of capital stock) in the Charter are triggered in connection with any future round of equity
financing (a “Trigger Event”), then, in each such event, the purchase rights under this Warrant shall automatically adjust to provide the Warrant Holder, upon the later exercise hereof, with the same securities and/or rights
that the Warrant Holder would have received had the Warrant Holder (x) exercised this Warrant prior to such Trigger Event, and (y) participated in the applicable equity financing in an amount sufficient to be deemed to have fully
participated for purposes of such “pay to play” provision. 
 (d)    Special Distributions. If the
Company shall issue or distribute to any holder or holders of Shares, evidences of indebtedness, any other securities of the Company or any cash, property or other assets (excluding a Share Reorganization or a Corporate Reorganization), whether or
not accompanied by a purchase, redemption or other acquisition of Shares (any such nonexcluded event being herein called a “Special Distribution”), then the Warrant Holder shall be entitled to a
pro-rata Share of such Special Distribution as though the Warrant Holder had fully exercised this Warrant immediately prior to the record date for such Special Distribution, and the Company shall pay or
distribute such pro-rata share to Warrant Holder when paid or distributed to the holders of the Shares. A reclassification of the Shares (other than a change in par value, or from par value to no par value or
from no par value to par value) into shares of any other class of stock shall be deemed to be a distribution by the Company to the holders of its Shares of such class of stock and, if the outstanding Shares shall be changed into a larger or smaller
number of Shares as part of such reclassification, a Share Reorganization. 
 (e)    Corporate Reorganization.
Without limiting any of the other provisions hereof, if any Corporate Reorganization shall be effected, then the Company shall ensure that lawful and adequate provision shall be made whereby each Warrant Holder shall be entitled to receive, upon
exercise of this Warrant, the number of shares of capital stock or other securities or property (collectively, “Reference Property”) that such Warrant Holders would have received in connection with such Corporate Reorganization if
such Warrant Holders had exercised this Warrant immediately prior to the Corporate Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be made in the application of
the provisions of this Warrant with respect to the rights and interests of the Warrant Holders after the Corporate Reorganization to the end that the provisions of this Warrant (including adjustments of the Exercise Price and adjustments to ensure
that the provisions of this Section 5 shall thereafter be applicable, as nearly as possible, to the purchase rights under this Warrant in relation to any Reference Property thereafter acquirable upon exercise of such purchase rights) shall
continue to be applicable in their entirety, and to the greatest extent possible. Without limiting the foregoing, in connection with any Corporate Reorganization, upon the closing thereof, the Company shall ensure that the successor or surviving
entity shall assume the obligations of this Warrant; provided that the foregoing assumption requirement shall not apply if the consideration to 

  
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be paid for or in respect of the outstanding Shares in such Corporate Reorganization consists solely of cash and/or readily marketable securities. In connection with a Corporate Reorganization
and upon Warrant Holder’s written election to the Company, the Company shall cause this Warrant Agreement to be exchanged for the consideration that Warrant Holder would have received if Warrant Holder had chosen to exercise its right to have
Shares issued pursuant to Section 2(a)(ii) without actually exercising such right, acquiring such Shares and exchanging such Shares for such consideration. If the successor or surviving entity in a Corporate Reorganization shall refuse to
assume the obligations of the Company pursuant to this Warrant, the Company shall give the Warrant Holder written notice at least five (5) Business Days prior to the closing of the Corporate Reorganization of such fact and the Warrant Holder
shall have the option to either exercise this Warrant in connection with the Corporate Reorganization or put this Warrant to the Company for a per share amount in cash payable by the Company to the Warrant Holder upon the closing of such Corporate
Reorganization equal to the difference between the Appraised Value and the Exercise Price. 
 (f)    Adjustment
Rules. 
 (i)    Any adjustments pursuant to this Section 5 shall be made successively whenever any event
referred to herein shall occur, except that, notwithstanding any other provision of this Section 5, no adjustment shall be made to the number of Warrant Shares to be delivered to the Warrant Holder (or to the Exercise Price) if such adjustment
represents less than 1% of the number of Warrant Shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any
adjustments so carried forward shall amount to 1% or more of the number of Warrant Shares to be so delivered. 

(ii)    No adjustments shall be made pursuant to this Section 5 in respect of the issuance of Warrant Shares upon
exercise of the Warrant; 
 (iii) If the Company shall take a record of the holders of its Shares for any purpose referred to in this
Section 5, then (x) such record date shall be deemed to be the date of the issuance, sale, distribution or grant in question and (y) if the Company shall legally abandon such action prior to effecting such action, no adjustment shall
be made pursuant to this Section 5 in respect of such action. 
 (iv)    In computing adjustments under this
Section 5, (A) fractional interests in Shares shall be taken into account to the nearest one-thousandth of a Share, and (B) calculations of the Exercise Price shall be carried to the nearest one-thousandth of one cent. 
 (g)    Proceedings Prior to Any Action Requiring
Adjustment. As a condition precedent to the taking of any action which would require an adjustment pursuant to this Section 5, the Company shall take any action which may be necessary, including obtaining regulatory
approvals or exemptions, in order that the Company may thereafter validly and legally issue as fully paid and nonassessable all Shares which the Warrant Holder is entitled to receive upon exercise of the Warrant. 

(h)    Notice of Adjustment. Not less than 10 days prior to the record date or effective date, as the case may be,
of any action which requires or might require an adjustment or readjustment pursuant to this Section 5, the Company shall give notice to the Warrant Holder of such event, describing such event in reasonable detail and
specifying the record date or effective date, as the case may be, and, if determinable, the required adjustment and computation thereof. If the required adjustment is not determinable as the time of such notice, the Company shall give notice to the
Warrant Holder of such adjustment and computation as soon as reasonably practicable after such adjustment becomes determinable. 

  
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 (i)    Subsequent Warrants. Irrespective of any adjustments in
the Exercise Price or the number of Warrant Shares issuable upon exercise of this Warrant, any successor or replacement warrants issued theretofore or thereafter may continue to express the same Exercise Price per Share and number and kind of
Warrant Shares as are stated in this Warrant. 
 (j)    Disputes. Any dispute which arises between the Warrant
Holder and the Company with respect to the calculation of the adjusted Exercise Price or Warrant Shares issuable upon exercise shall be determined by the independent auditors of the Company, and such determination shall be binding upon the Company
and the holders of the Warrants and the Warrant Shares if made in good faith and without manifest error. 
 (k)    No
Avoidance. The Company shall not, by amendment of its certificate of incorporation or by-laws or through any consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action
as may be necessary or appropriate in order to protect the rights of the holder of this Warrant against dilution or other impairment as if the holder was a shareholder of the Company entitled to the benefit of fiduciary duties afforded to
shareholders under Delaware law. The foregoing notwithstanding, the Company shall not have been deemed to have avoided Warrant Holder’s rights hereunder: (i) if it amends its Certificate of Incorporation, or the holders of the Shares waive
rights thereunder, in a manner that does not affect the Warrant Shares in an adversely different manner from the effect that such amendments or waivers have generally on the rights, preferences, privileges or restrictions of the other holders of
Shares or (ii) if the Company, through a Corporate Reorganization (provided the Company is otherwise in compliance with this Warrant), affects the Warrant Holder’s rights hereunder in a manner that does not affect the Warrant Shares
adversely different from the effect that such transactions have generally on the rights, preferences, privileges or restrictions of the other holders of Shares. 

(l)    Adjustment of Par Value. If for any reason (including the operation of the adjustment provisions set forth in
this Warrant), the Exercise Price on any date of exercise of this Warrant shall not be lawful and adequate consideration for the issuance of the relevant Warrant Shares, then the Company shall take such steps as are necessary (including the
amendment of its certificate of incorporation so as to reduce the par value of the Shares) to cause such Exercise Price to be adequate and lawful consideration on the date the payment thereof is due, but if the Company shall fail to take such steps,
then the Company acknowledges that the Warrant Holder shall have been damaged by the Company in an amount equal to an amount, which, when added to the total Exercise Price for the relevant Warrant Shares, would equal lawful and adequate
consideration for the issuance of such Warrant Shares, and the Company irrevocably agrees that if the Warrant Holder shall then forgive the right to recover such damages from the Company, such forgiveness shall constitute, and Company shall accept
such forgiveness as, additional lawful consideration for the issuance of the relevant Warrant Shares. 

(m)    Appraisal. 

(i)    If the Requisite Holders shall, for any reason whatsoever, disagree with the Company’s determination of the
Appraised Value of a Share, then such holders shall by notice to the Company (an “Appraisal Notice”) given within sixty (60) days after the Company notifies the holders of such determination, elect to dispute such
determination, and such dispute shall be resolved as set forth in clause (ii) of this Section. 
 (ii)    The
Company shall within ten (10) days after an Appraisal Notice shall have been given, engage an independent investment bank of national repute (the “Appraiser”), which Appraiser is consented to by the Requisite Holders
(such consent not to be unreasonably withheld, 

  
 9 

 
conditioned or delayed) and retained pursuant to an engagement letter between the Company and the Appraiser with respect to such valuation in form and substance reasonably acceptable to Requisite
Holders, to make an independent determination of the Appraised Value of a Share; such value shall be determined without deduction for (a) liquidity considerations, (b) minority shareholder status, or (c) any liquidation or other
preference or any right of redemption in favor of any other equity securities of the Company. The costs of engagement of such investment bank for any such determination of Appraised Value shall be paid by the Company. 

Section 6.    Registration Rights. The Warrant Holder shall be entitled to the benefit of the registration
rights as if they were a Holder thereunder with respect to the Warrant Shares provided in Section 2 of the IRA, and any subsequent holder hereof shall be entitled to such rights. The Company represents and warrants that the written consent of
holders of a majority of the Registrable Securities (as defined in the IRA) have been obtained to the grant of such rights to the Warrant Holder hereunder. 

Section 7.    Transfer of Warrant. The Warrant Holder upon transfer of the Warrant must deliver to the Company
a duly executed Warrant Assignment in the form of Exhibit B and upon surrender of this Warrant to the Company, the Company shall execute and deliver a new Warrant with appropriate changes to reflect such Assignment, in the
name or names of the assignee or assignees specified in the Warrant Assignment or other instrument of assignment and, if the Warrant Holder’s entire interest is not being transferred or assigned, in the name of the Warrant Holder, and upon the
Company’s execution and delivery of such new Warrant, this Warrant shall promptly be cancelled; and provided that any assignee shall have all of the rights of an Initial Holder hereunder. The Warrant Holder shall pay any transfer tax
imposed in connection with such assignment (if any). Any transfer or exchange of this Warrant shall be without charge to the Warrant Holder (except as provided above with respect to transfer taxes, if any) and any new Warrant issued shall be dated
the date hereof. 
 Section 8.    Identity of Transfer Agent. The transfer agent for the Shares is
the Secretary of the Company. Upon the appointment of any subsequent transfer agent for the Shares, the Company will mail to the Warrant Holder a statement setting forth the name and address of such transfer agent. 

Section 9.    Covenants. The Company agrees that: 

(a)    Information. So long as this Warrant remains outstanding or any Initial Holder holds any Warrant Shares, the
Warrant Holder (or Initial Holder) will be deemed to be a “Major Investor” (as that term is defined in the IRA) for purposes of Sections 3.1 and 3.2 of the IRA. 

(b)    Securities Filings; Rules 144 & 144A. The Company will (i) file any reports
required to be filed by it under the Securities Act, the Exchange Act or the rules and regulations adopted by the Commission thereunder, (ii) use reasonable efforts to cooperate with the Warrant Holder and each holder of Warrant Shares in
supplying such information concerning the Company as may be necessary for the Warrant Holder or holder of Warrant Shares to complete and file any information reporting forms currently or hereafter required by the Commission as a condition to the
availability of an exemption from the Securities Act for the sale of any Warrants or Warrant Shares, (iii) take such further action as the Warrant Holder may reasonably request to the extent required from time to time to enable the Warrant
Holder to sell Warrant Shares without restriction and without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 or 144A under the Securities Act, as such Rules may be amended from time to time,
or any similar rule or regulation hereafter adopted by the Commission, and (iv) upon the request of the Warrant Holder, deliver to the Warrant Holder a written statement as to whether it has complied with such reporting requirements;
provided that this subsection (b) shall not require the Company to make any filing under the Securities Act or Exchange Act which the Company is not otherwise obligated to make. 

  
 10 

 (c)    Obtaining of Governmental Approvals and Stock Exchange
Listings. The Company will, at its own expense, (i) obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities which may from time to time be required of the Company in order to satisfy
its obligations hereunder, and (ii) take all action which may be necessary so that the Warrant Shares, immediately upon their issuance upon the exercise of the Warrants, will be listed on each securities exchange, if any, on which the Shares
are then listed. 
 (d)    [Intentionally omitted.] 

(e)    Structural Dilution. So long as this Warrant remains outstanding, the Company shall not permit any of its
Subsidiaries to issue, sell, distribute or otherwise grant in any manner (including by assumption) any rights to subscribe for or to purchase, or any warrants or options for the purchase of any equity securities of such Subsidiary or any securities
convertible into or exchangeable for such equity securities (or any rights to subscribe for or to purchase, or any warrants or options for the purchase of any such convertible or exchangeable securities), whether or not immediately exercisable or
exercisable prior to the Expiration Date or thereafter. 
 (f)    Notices Of Corporate Action. In the event of:

 (i)    any taking by the Company of a record of the holders of any class of securities for the purpose of determining
the holders thereof who are entitled to receive any distribution, or any right to subscribe for, purchase or otherwise acquire any Shares or any other securities or property, or to receive any other right, or 

(ii)    any capital reorganization of the Company, any reclassification or recapitalization of the capital stock of the
Company, any consolidation or merger involving the Company and any other Person or any transfer of all or substantially all the assets of the Company to any other Person, or any Corporate Reorganization, or 

(iii)    any voluntary or involuntary dissolution, liquidation or winding-up of the
Company, 
 the Company will mail to the Warrant Holder a notice specifying (i) the date or expected date on which any such record is
to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right, (ii) the date or expected date on which any such reorganization, reclassification, recapitalization,
consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, (iii) the time, if any such time is to be fixed, as of which the holders of record of Shares (or other securities
under Section 5(e)) shall be entitled to exchange their Shares (or other securities under Section 5(e)) for the securities or other property deliverable upon such reorganization, reclassification, recapitalization, consolidation, merger,
transfer, dissolution, liquidation or winding-up and a description in reasonable detail of the transaction and (iv) the date of such issuance, together with a description of the security so issued and the
consideration received by the Company therefor. Such notice shall be mailed at least thirty (30) days prior to the date therein specified. 

Section 10.    Lost, Mutilated or Missing Warrants. Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of any Warrant, and, in the case of loss, theft or destruction, upon receipt of indemnification satisfactory to the Company (in the case of an Initial Holder its unsecured, unbonded
agreement of indemnity or affidavit of loss shall be sufficient) or, in the case of mutilation, upon surrender and cancellation of the mutilated Warrant, the Company shall execute and deliver a new Warrant of like tenor and representing the right to
purchase the same aggregate number of Warrant Shares. 

  
 11 

 Section 11.    Waivers; Amendments. Any provision of this
Warrant may be amended or waived with (but only with) the written consent of the Company and the Requisite Holders. Any amendment or waiver effected in compliance with this Section shall be binding upon the Company and the Warrant Holder. The
Company shall give prompt notice to the Warrant Holder of any amendment or waiver effected in compliance with this Section. No failure or delay of the Company or the Warrant Holder in exercising any power or right hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereon or the exercise of any other right or power.
No notice or demand on the Company in any case shall entitle the Company to any other or future notice or demand in similar or other circumstances. The rights and remedies of the Company and the Warrant Holder hereunder are cumulative and not
exclusive of any rights or remedies which it would otherwise have. 
 Section 12.    Miscellaneous. 

(a)    Shareholder Rights. The Warrant shall not entitle any Warrant Holder, prior to the exercise of the Warrant,
to any voting rights as a shareholder of the Company. 
 (b)    Expenses. The Company shall pay all reasonable
expenses of the Warrant Holder, including reasonable fees and disbursements of counsel, in connection with the preparation of the Warrant, any waiver or consent hereunder or any amendment or modification hereof (regardless of whether the same
becomes effective), or the enforcement of the provisions hereof; provided that the Company shall not be required to pay any expenses of the Warrant Holder arising solely in connection with a transfer of the Warrant or the removal of any
legend on the Warrant or Warrant Shares. 
 (c)    Successors and Assigns. All the provisions of this Warrant by
or for the benefit of the Company or the Warrant Holder shall bind and inure to the benefit of their respective successors and assigns. 

(d)    Severability. In case any one or more of the provisions contained in this Warrant shall be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

(e)    Notices. Any notice or other communication hereunder shall be in writing and shall be sufficient if sent by
first-class mail or courier, postage prepaid, and addressed as follows: (a) if to the Company, addressed to the Company at its address for notices as set forth below its signature hereon or any other address as the Company may hereafter notify
to the Warrant Holder and(b) if to the Warrant Holder, addressed to such address as the Warrant Holder may hereafter from time to time notify to the Company for the purposes of notice hereunder. 

(f)    Equitable Remedies. Without limiting the rights of the Company and the Warrant Holder to pursue all other
legal and equitable rights available to such party for the other parties’ failure to perform its obligations hereunder, the Company and the Warrant Holder each hereto acknowledge and agree that the remedy at law for any failure to perform any
obligations hereunder would be inadequate and that each shall be entitled to specific performance, injunctive relief or other equitable remedies in the event of any such failure. 

  
 12 

 (g)    Continued Effect. Rights and benefits conferred on the
holders of Warrant Shares pursuant to the provisions hereof (including Section 6) shall continue to inure to the benefit of, and shall be enforceable by, such holders, notwithstanding the surrender of the Warrant to, and
its cancellation by, the Company upon the full or partial exercise or repurchase hereof. 

(h)    Confidentiality. The Warrant Holder agrees to keep confidential any proprietary information relating to the
Company delivered by the Company hereunder pursuant to Section 3.5 of the IRA; provided that nothing herein or pursuant to such Section 3.5 shall prevent the Warrant Holder from disclosing such information: (i) to any holder of
Warrants or Warrant Shares, (ii) in connection with the exercise of any remedy, or the resolution of any dispute hereunder, or (iii) as otherwise expressly contemplated by this Warrant. 

(i)    Governing Law. THIS WARRANT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK. 
 (j)    Section Headings. The section headings used herein are for convenience of reference
only and shall not be construed in any way to affect the interpretation of any provisions of the Warrant. 

  
 13 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its
authorized signatory as of the day and year first above written. 
  

			
	AVEDRO, INC., a Delaware corporation
		
	By	 	        /s/ Reza Zadno
	Name:	 	        Reza Zadno
	Title:	 	        CEO
	
	Address for Notices:
	
	 201 Jones Road
  

Waltham, MA 02451

	
	Telephone:
	Facsimile:

 Signature Page to Warrant 

 Exhibit A to Warrant 

Form of Notice of Exercise 

____________________,20___ 
 To:
[________________________] 
 Reference is made to the Warrant dated __________. Terms defined therein are used herein as therein defined.

 The undersigned, pursuant to the provisions set forth in the Warrant, hereby irrevocably elects and agrees to purchase _______ Shares,
and makes payment herewith in full therefor at the Exercise Price of $_______________ in the following form: ___________________________________________________________. 

[If the number of Shares as to which the Warrant is being exercised is less than all of the Shares purchasable thereunder, the undersigned
hereby requests that a new Warrant representing the remaining balance of the Shares be registered in the name of ______________, whose address is: _______________________________.] 

The undersigned hereby represents that it is exercising the Warrant for its own account or the account of an Affiliate for investment purposes
and not with the view to any sale or distribution and that the Warrant Holder will not offer, sell or otherwise dispose of the Warrant or any underlying Warrant Shares in violation of applicable securities laws. 

 

			
	[NAME OF WARRANT HOLDER]

 
			
		
	By	 	 

 
			
	Name:
	Title:
	
	[ADDRESS OF WARRANT HOLDER]

 Exhibit B to Warrant 

Form of Warrant Assignment 

Reference is made to the Warrant dated ____________, issued by [_______________________]. Terms defined therein are used herein as therein
defined. 
 FOR VALUE RECEIVED ____________________ (the “Assignor”) hereby sells, assigns and transfers all of the rights of the
Assignor as set forth in such Warrant, with respect to the number of Warrant Shares covered thereby as set forth below, to the Assignee(s) as set forth below: 

Number of Warrant Shares 
  

					
	    Name(s) of Assignee(s)	 	Address(es)	 	Number of Warrant Shares    
		 		 	

 All notices to be given by the Company to the Assignor as Warrant Holder shall be sent to the Assignee(s) at
the above listed address(es), and, if the number of Shares being hereby assigned is less than all of the Shares covered by the Warrant held by the Assignor, then also to the Assignor. 

In accordance with Section 7 of the Warrant, the Assignor requests that the Company execute and deliver a new Warrant or Warrants in the
name or names of the assignee or assignees, as is appropriate, or, if the number of Shares being hereby assigned is less than all of the Shares covered by the Warrant held by the Assignor, new Warrants in the name or names of the assignee or the
assignees, as is appropriate, and in the name of the Assignor. 
 The undersigned represents that the Assignee has represented to the
Assignor that the Assignee is acquiring the Warrant for its own account or the account of an Affiliate for investment purposes and not with the view to any sale or distribution, and that the Assignee will not offer, sell or otherwise dispose of the
Warrant or the Warrant Shares except under circumstances as will not result in a violation of applicable securities laws. 
 Dated: _________________, 20___

  

			
	[NAME OF ASSIGNOR]

 
			
		
	By	 	 

 
			
	Name:
	Title:

 
			
	
	[ADDRESS OF ASSIGNOR]EX-10.2

 Exhibit 10.2 

AVEDRO, INC. 

(f/k/a THERMALVISION, INC.) 

2003 STOCK PLAN 

ADOPTED ON APRIL 8, 2003 

BOARD AUTHORIZED POOL INCREASE ON APRIL 10,
2004 
 BOARD AUTHORIZED POOL INCREASE ON
OCTOBER 13, 2005 
 BOARD AUTHORIZED POOL INCREASE
ON JANUARY 17, 2008 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	 ESTABLISHMENT AND PURPOSE
	  	 	1	 
			
	 SECTION 2.
	 	 ADMINISTRATION
	  	 	1	 
			
	 (a)
	 	 Committees of the Board of Directors
	  	 	1	 
			
	 (b)
	 	 Authority of the Board of Directors
	  	 	1	 
			
	 SECTION 3.
	 	 ELIGIBILITY
	  	 	1	 
			
	 (a)
	 	 General Rule
	  	 	1	 
			
	 (b)
	 	 Ten-Percent Stockholders
	  	 	1	 
			
	 SECTION 4.
	 	 STOCK SUBJECT TO PLAN
	  	 	2	 
			
	 (a)
	 	 Basic Limitation
	  	 	2	 
			
	 (b)
	 	 Additional Shares
	  	 	2	 
			
	 SECTION 5.
	 	 TERMS AND CONDITIONS OF AWARDS OR SALES
	  	 	2	 
			
	 (a)
	 	 Stock Purchase Agreement
	  	 	2	 
			
	 (b)
	 	 Duration of Offers and Nontransferability of Rights
	  	 	2	 
			
	 (c)
	 	 Purchase Price
	  	 	2	 
			
	 (d)
	 	 Withholding Taxes
	  	 	3	 
			
	 (e)
	 	 Restrictions on Transfer of Shares
	  	 	3	 
			
	 SECTION 6.
	 	 TERMS AND CONDITIONS OF OPTIONS
	  	 	3	 
			
	 (a)
	 	 Stock Option Agreement
	  	 	3	 
			
	 (b)
	 	 Number of Shares
	  	 	3	 
			
	 (c)
	 	 Exercise Price
	  	 	3	 
			
	 (d)
	 	 Exercisability
	  	 	3	 
			
	 (e)
	 	 Accelerated Exercisability
	  	 	3	 
			
	 (f)
	 	 Term
	  	 	4	 
			
	 (g)
	 	 Restrictions on Transfer of Shares
	  	 	4	 
			
	 (h)
	 	 Transferability of Options
	  	 	4	 
			
	 (i)
	 	 Withholding Taxes
	  	 	4	 
			
	 (j)
	 	 No Rights as a Stockholder
	  	 	4	 
			
	 (k)
	 	 Modification, Extension and Assumption of Options
	  	 	4	 

  
 i 

 Table of Contents 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 7.
	 	 PAYMENT FOR SHARES
	  	 	5	 
			
	 (a)
	 	 General Rule
	  	 	5	 
			
	 (b)
	 	 Surrender of Stock
	  	 	5	 
			
	 (c)
	 	 Services Rendered
	  	 	5	 
			
	 (d)
	 	 Promissory Note
	  	 	5	 
			
	 (e)
	 	 Exercise/Sale
	  	 	5	 
			
	 (f)
	 	 Exercise/Pledge
	  	 	5	 
			
	 SECTION 8.
	 	 ADJUSTMENT OF SHARES
	  	 	5	 
			
	 (a)
	 	 General
	  	 	5	 
			
	 (b)
	 	 Mergers and Consolidations
	  	 	6	 
			
	 (c)
	 	 Reservation of Rights
	  	 	6	 
			
	 SECTION 9.
	 	 SECURITIES LAW REQUIREMENTS
	  	 	6	 
			
	 SECTION 10.
	 	 NO RETENTION RIGHTS
	  	 	7	 
			
	 SECTION 11.
	 	 DURATION AND AMENDMENTS
	  	 	7	 
			
	 (a)
	 	 Term of the Plan
	  	 	7	 
			
	 (b)
	 	 Right to Amend or Terminate the Plan
	  	 	7	 
			
	 (c)
	 	 Effect of Amendment or Termination
	  	 	7	 
			
	 SECTION 12.
	 	 DEFINITIONS
	  	 	7	 

  
 ii 

 AVEDRO, INC. 2003 STOCK PLAN 

 

	SECTION 1.	 ESTABLISHMENT AND PURPOSE. 

The purpose of the Plan is to offer selected persons an opportunity to acquire a proprietary interest in the success of the Company, or to
increase such interest, by purchasing Shares of the Company’s Stock. The Plan provides both for the direct award or sale of Shares and for the grant of Options to purchase Shares. Options granted under the Plan may include Nonstatutory Options
as well as ISOs intended to qualify under Section 422 of the Code. 
 Capitalized terms are defined in Section 12. 

 

	SECTION 2.	 ADMINISTRATION. 

(a)    Committees of the Board of Directors. The Plan may be administered by one or more Committees. Each
Committee shall consist of one or more members of the Board of Directors who have been appointed by the Board of Directors. Each Committee shall have such authority and be responsible for such functions as the Board of Directors has assigned to it.
If no Committee has been appointed, the entire Board of Directors shall administer the Plan. Any reference to the Board of Directors in the Plan shall be construed as a reference to the Committee (if any) to whom the Board of Directors has assigned
a particular function. 
 (b)    Authority of the Board of Directors. Subject to the provisions of the
Plan, the Board of Directors shall have full authority and discretion to take any actions it deems necessary or advisable for the administration of the Plan. All decisions, interpretations and other actions of the Board of Directors shall be final
and binding on all Purchasers, all Optionees and all persons deriving their rights from a Purchaser or Optionee. 
  

	SECTION 3.	 ELIGIBILITY. 

(a)    General Rule. Only Employees, Outside Directors and Consultants shall be eligible for the grant of
Nonstatutory Options or the direct award or sale of Shares. Only Employees shall be eligible for the grant of ISOs. 

(b)    Ten-Percent Stockholders. A person who owns more than 10% of
the total combined voting power of all classes of outstanding stock of the Company, its Parent or any of its Subsidiaries shall not be eligible for the grant of an ISO unless (i) the Exercise Price is at least 110% of the Fair Market Value of a
Share on the date of grant and (ii) such ISO by its terms is not exercisable after the expiration of five years from the date of grant. For purposes of this Subsection (b), in determining stock ownership, the attribution rules of
Section 424(d) of the Code shall be applied. 

  
 1 

	SECTION 4.	 STOCK SUBJECT TO PLAN. 

(a)    Basic Limitation. Not more than 7,293,3361 Shares
may be issued under the Plan (subject to Subsection (b) below and Section 8). The number of Shares that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the number of Shares that then remain
available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be authorized but unissued
Shares or treasury Shares. 
 (b)    Additional Shares. In the event that Shares previously issued under
the Plan are reacquired by the Company pursuant to a forfeiture provision, right of repurchase or right of first refusal, such Shares shall be added to the number of Shares then available for issuance under the Plan. However, the aggregate number of
Shares issued upon the exercise of ISOs (including Shares reacquired by the Company) shall in no event exceed 200% of the number specified in Subsection (a) above. In the event that an outstanding Option or other right for any reason expires or
is canceled, the Shares allocable to the unexercised portion of such Option or other right shall not reduce the number of Shares available for issuance under the Plan. 
  

	SECTION 5.	 TERMS AND CONDITIONS OF AWARDS OR SALES. 

(a)    Stock Purchase Agreement. Each award or sale of Shares under the Plan (other than upon exercise of an
Option) shall be evidenced by a Stock Purchase Agreement between the Purchaser and the Company. Such award or sale shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not
inconsistent with the Plan and which the Board of Directors deems appropriate for inclusion in a Stock Purchase Agreement. The provisions of the various Stock Purchase Agreements entered into under the Plan need not be identical. 

(b)    Duration of Offers and Nontransferability of Rights. Any right to acquire Shares under the Plan
(other than an Option) shall automatically expire if not exercised by the Purchaser within 30 days after the grant of such right was communicated to the Purchaser by the Company. Such right shall not be transferable and shall be exercisable only by
the Purchaser to whom such right was granted. 
 (c)    Purchase Price. The Purchase Price of Shares to be
offered under the Plan, if newly issued, shall not be less than the par value of such Shares. Subject to the preceding sentence, the Board of Directors shall determine the Purchase Price at its sole discretion. The Purchase Price shall be payable in
a form described in Section 7. 
  
  

	1	 Pool increase from 57,300 to 127,300 per unanimous written consent of the Board of Directors of the Company on
4/10/04 and written consent of the stockholders. 

 Pool increase from 127,300 to 1,627,300 per unanimous written consent of the Board of
Directors of the Company on 10/13/05 and written consent of the stockholders. 
 Pool increase from 1,627,300 to 7,293,336 per unanimous written consent of
the Board of Directors of the Company on 1/17/08 and written consent of the stockholders. 

  
 2 

 (d)    Withholding Taxes. As a condition to the purchase
of Shares, the Purchaser shall make such arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such purchase. 

(e)    Restrictions on Transfer of Shares. Any Shares awarded or sold under the Plan shall be subject to
such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Purchase Agreement and shall
apply in addition to any restrictions that may apply to holders of Shares generally. A Stock Purchase Agreement may provide for accelerated vesting in the event of the Purchaser’s death, disability or retirement or other events. 

 

	SECTION 6.	 TERMS AND CONDITIONS OF OPTIONS. 

(a)    Stock Option Agreement. Each grant of an Option under the Plan shall be evidenced by a Stock Option
Agreement between the Optionee and the Company. Such Option shall be subject to all applicable terms and conditions of the Plan and may be subject to any other terms and conditions which are not inconsistent with the Plan and which the Board of
Directors deems appropriate for inclusion in a Stock Option Agreement. The provisions of the various Stock Option Agreements entered into under the Plan need not be identical. 

(b)    Number of Shares. Each Stock Option Agreement shall specify the number of Shares that are subject to
the Option and shall provide for the adjustment of such number in accordance with Section 8. The Stock Option Agreement shall also specify whether the Option is an ISO or a Nonstatutory Option. 

(c)    Exercise Price. Each Stock Option Agreement shall specify the Exercise Price. The Exercise Price of
an ISO shall not be less than 100% of the Fair Market Value of a Share on the date of grant, and a higher percentage may be required by Section 3(b). The Exercise Price of a Nonstatutory Option to purchase newly issued Shares shall not be less
than 30% of the Fair Market Value of a Share on the date of grant. Subject to the preceding two sentences, the Exercise Price under an Option shall be determined by the Board of Directors at its sole discretion. The Exercise Price shall be payable
in a form described in Section 7. 
 (d)    Exercisability. Each Stock Option Agreement shall specify
the date when all or any installment of the Option is to become exercisable. No Option shall be exercisable unless the Optionee has delivered an executed copy of the Stock Option Agreement to the Company. The Board of Directors shall determine the
exercisability provisions of any Stock Option Agreement at its sole discretion. 
 (e)    Accelerated
Exercisability. Unless the applicable Stock Option Agreement provides otherwise, all of an Optionee’s Options shall become exercisable in full if (i) the Company is subject to a Change in Control before the Optionee’s Service
terminates, (ii) such Options do not remain outstanding, (iii) such Options are not assumed by the surviving corporation or its parent and (iv) the surviving corporation or its parent does not substitute options with substantially the
same terms for such Options. A Stock Option Agreement may also provide for accelerated exercisability in the event of the Optionee’s death, disability or retirement or other events. 

  
 3 

 (f)    Term. The Stock Option Agreement shall specify the
term of the Option. The term shall not exceed 10 years from the date of grant, and in the case of an ISO a shorter term may be required by Section 3(b). Subject to the preceding sentence, the Board of Directors at its sole discretion shall
determine when an Option is to expire. A Stock Option Agreement may provide for expiration prior to the end of its term in the event of the termination of the Optionee’s Service or death. 

(g)    Restrictions on Transfer of Shares. Any Shares issued upon exercise of an Option shall be subject to
such special forfeiture conditions, rights of repurchase, rights of first refusal and other transfer restrictions as the Board of Directors may determine. Such restrictions shall be set forth in the applicable Stock Option Agreement and shall apply
in addition to any restrictions that may apply to holders of Shares generally. 
 (h)    Transferability of
Options. An Option shall be transferable by the Optionee only by (i) a beneficiary designation, (ii) a will or (iii) the laws of descent and distribution, except as provided in the next sentence. If the applicable Stock Option
Agreement so provides, a Nonstatutory Option shall also be transferable by the Optionee by (i) a gift to a member of the Optionee’s Immediate Family or (ii) a gift to an inter vivos or testamentary trust in which members of the
Optionee’s Immediate Family have a beneficial interest of more than 50% and which provides that such Nonstatutory Option is to be transferred to the beneficiaries upon the Optionee’s death. An ISO may be exercised during the lifetime of
the Optionee only by the Optionee or by the Optionee’s guardian or legal representative. 

(i)    Withholding Taxes. As a condition to the exercise of an Option, the Optionee shall make such
arrangements as the Board of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with such exercise. The Optionee shall also make such arrangements as the Board
of Directors may require for the satisfaction of any federal, state, local or foreign withholding tax obligations that may arise in connection with the disposition of Shares acquired by exercising an Option. 

(j)    No Rights as a Stockholder. An Optionee, or a transferee of an Optionee, shall have no rights as a
stockholder with respect to any Shares covered by the Optionee’s Option until such person becomes entitled to receive such Shares by filing a notice of exercise and paying the Exercise Price pursuant to the terms of such Option. 

(k)    Modification, Extension and Assumption of Options. Within the limitations of the Plan, the Board of
Directors may modify, extend or assume outstanding Options or may accept the cancellation of outstanding Options (whether granted by the Company or another issuer) in return for the grant of new Options for the same or a different number of Shares
and at the same or a different Exercise Price. The foregoing notwithstanding, no modification of an Option shall, without the consent of the Optionee, impair the Optionee’s rights or increase the Optionee’s obligations under such Option.

  
 4 

	SECTION 7.	 PAYMENT FOR SHARES. 

(a)    General Rule. The entire Purchase Price or Exercise Price of Shares issued under the Plan shall be
payable in cash or cash equivalents at the time when such Shares are purchased, except as otherwise provided in this Section 7. 

(b)    Surrender of Stock. To the extent that a Stock Option Agreement so provides, all or any part of the
Exercise Price may be paid by surrendering, or attesting to the ownership of, Shares that are already owned by the Optionee. Such Shares shall be surrendered to the Company in good form for transfer and shall be valued at their Fair Market Value on
the date when the Option is exercised. The Optionee shall not surrender, or attest to the ownership of, Shares in payment of the Exercise Price if such action would cause the Company to recognize compensation expense (or additional compensation
expense) with respect to the Option for financial reporting purposes. 
 (c)    Services Rendered. At the
discretion of the Board of Directors, Shares may be awarded under the Plan in consideration of services rendered to the Company, a Parent or a Subsidiary prior to the award. 

(d)    Promissory Note. To the extent that a Stock Option Agreement or Stock Purchase Agreement so provides,
all or a portion of the Exercise Price or Purchase Price (as the case may be) of Shares issued under the Plan may be paid with a full-recourse promissory note. However, the par value of the Shares, if newly issued, shall be paid in cash or cash
equivalents. The Shares shall be pledged as security for payment of the principal amount of the promissory note and interest thereon. The interest rate payable under the terms of the promissory note shall not be less than the minimum rate (if any)
required to avoid the imputation of additional interest under the Code. Subject to the foregoing, the Board of Directors (at its sole discretion) shall specify the term, interest rate, amortization requirements (if any) and other provisions of such
note. 
 (e)    Exercise/Sale. To the extent that a Stock Option Agreement so provides, and if Stock is
publicly traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to
the Company in payment of all or part of the Exercise Price and any withholding taxes. 

(f)    Exercise/Pledge. To the extent that a Stock Option Agreement so provides, and if Stock is publicly
traded, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or
part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes. 
  

	SECTION 8.	 ADJUSTMENT OF SHARES. 

(a)    General. In the event of a subdivision of the outstanding Stock, a declaration of a dividend payable
in Shares or a combination or consolidation of the outstanding Stock into a 

  
 5 

 
lesser number of Shares, corresponding adjustments shall automatically be made in each of (i) the number of Shares available for future grants under Section 4, (ii) the number of Shares
covered by each outstanding Option and (iii) the Exercise Price under each outstanding Option. In the event of a declaration of an extraordinary dividend payable in a form other than Shares in an amount that has a material effect on the Fair
Market Value of the Stock, a recapitalization, a spin-off, a reclassification or a similar occurrence, the Board of Directors at its sole discretion may make appropriate adjustments in one or more of
(i) the number of Shares available for future grants under Section 4, (ii) the number of Shares covered by each outstanding Option or (iii) the Exercise Price under each outstanding Option. 

(b)    Mergers and Consolidations. In the event that the Company is a party to a merger or consolidation,
outstanding Options shall be subject to the agreement of merger or consolidation. Such agreement shall provide for: 

(i)    The continuation of such outstanding Options by the Company (if the Company is the surviving corporation); 

(ii)    The assumption of the Plan and such outstanding Options by the surviving corporation or its parent; 

(iii)    The substitution by the surviving corporation or its parent of options with substantially the same terms for such
outstanding Options; 
 (iv)    The full exercisability of such outstanding Options and full vesting of the Shares
subject to such Options, followed by the cancellation of such Options; or 
 (v)    The settlement of the full value of
such outstanding Options (whether or not then exercisable) in cash or cash equivalents, followed by the cancellation of such Options. 

(c)    Reservation of Rights. Except as provided in this Section 8, an Optionee or Purchaser shall have
no rights by reason of (i) any subdivision or consolidation of shares of stock of any class, (ii) the payment of any dividend or (iii) any other increase or decrease in the number of shares of stock of any class. Any issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number or Exercise Price of Shares subject to an Option.
The grant of an Option pursuant to the Plan shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to
dissolve, liquidate, sell or transfer all or any part of its business or assets. 
  

	SECTION 9.	 SECURITIES LAW REQUIREMENTS. 

Shares shall not be issued under the Plan unless the issuance and delivery of such Shares comply with (or are exempt from) all applicable
requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded. 

  
 6 

	SECTION 10.	 NO RETENTION RIGHTS. 

Nothing in the Plan or in any right or Option granted under the Plan shall confer upon the Purchaser or Optionee any right to continue in
Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are
hereby expressly reserved by each, to terminate his or her Service at any time and for any reason, with or without cause. 
  

	SECTION 11.	 DURATION AND AMENDMENTS. 

(a)    Term of the Plan. The Plan, as set forth herein, shall become effective on the date of its adoption by
the Board of Directors, subject to the approval of the Company’s stockholders. If the stockholders fail to approve the Plan within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales that have already
occurred under the Plan shall be rescinded and no additional grants, exercises or sales shall thereafter be made under the Plan. The Plan shall terminate automatically 10 years after the later of (i) its adoption by the Board of Directors or
(ii) the most recent increase in the number of Shares reserved under Section 4 that was approved by the Company’s stockholders. The Plan may be terminated on any earlier date pursuant to Subsection (b) below. 

(b)    Right to Amend or Terminate the Plan. The Board of Directors may amend, suspend or terminate the Plan
at any time and for any reason; provided, however, that any amendment of the Plan shall be subject to the approval of the Company’s stockholders if it (i) increases the number of Shares available for issuance under the Plan (except as
provided in Section 8) or (ii) materially changes the class of persons who are eligible for the grant of ISOs. Stockholder approval shall not be required for any other amendment of the Plan. If the stockholders fail to approve an increase
in the number of Shares reserved under Section 4 within 12 months after its adoption by the Board of Directors, then any grants, exercises or sales that have already occurred in reliance on such increase shall be rescinded and no additional
grants, exercises or sales shall thereafter be made in reliance on such increase. 
 (c)    Effect of
Amendment or Termination. No Shares shall be issued or sold under the Plan after the termination thereof, except upon exercise of an Option granted prior to such termination. The termination of the Plan, or any amendment thereof, shall not
affect any Share previously issued or any Option previously granted under the Plan. 
  

	SECTION 12.	 DEFINITIONS. 

(a)    “Board of Directors” shall mean the Board of Directors of the Company, as constituted from
time to time. 

  
 7 

 (b)    “Change in Control” shall mean
(i) the consummation of a merger or consolidation of the Company with or into another entity or (ii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation of the Company shall
not constitute a “Change in Control” if immediately after such merger or consolidation a majority of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of such
continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the
Company’s capital stock immediately prior to such merger or consolidation. 
 (c)    “Code”
shall mean the Internal Revenue Code of 1986, as amended. 
 (d)    “Committee” shall mean a
committee of the Board of Directors, as described in Section 2(a). 
 (e)    “Company”
shall mean Avedro, Inc., a Delaware corporation. 
 (f)    “Consultant” shall mean a person who
performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding Employees and Outside Directors. 

(g)    “Employee” shall mean any individual who is a
common-law employee of the Company, a Parent or a Subsidiary. 

(h)    “Exercise Price” shall mean the amount for which one Share may be purchased upon exercise
of an Option, as specified by the Board of Directors in the applicable Stock Option Agreement. 

(i)    “Fair Market Value” shall mean the fair market value of a Share, as determined by the Board
of Directors in good faith. Such determination shall be conclusive and binding on all persons. 

(j)    “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent,
grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law or sister-in-law and shall include adoptive relationships. 

(k)    “ISO” shall mean an employee incentive stock option described in Section 422(b) of the
Code. 
 (l)    “Nonstatutory Option” shall mean a stock option not described in Sections 422(b)
or 423(b) of the Code. 
 (m)    “Option” shall mean an ISO or Nonstatutory Option granted under
the Plan and entitling the holder to purchase Shares. 
 (n)    “Optionee” shall mean a person
who holds an Option. 

  
 8 

 (o)    “Outside Director” shall mean a member of
the Board of Directors who is not an Employee. 
 (p)    “Parent” shall mean any corporation
(other than the Company) in an unbroken chain of corporations ending with the Company, if each of the corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. A corporation that attains the status of a Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date. 

(q)    “Plan” shall mean this Avedro, Inc. 2003 Stock Plan. 

(r)    “Purchase Price” shall mean the consideration for which one Share may be acquired under the
Plan (other than upon exercise of an Option), as specified by the Board of Directors. 

(s)    “Purchaser” shall mean a person to whom the Board of Directors has offered the right to
acquire Shares under the Plan (other than upon exercise of an Option). 
 (t)    “Service” shall
mean service as an Employee, Outside Director or Consultant. 
 (u)    “Share” shall mean one
share of Stock, as adjusted in accordance with Section 8 (if applicable). 
 (v)    “Stock”
shall mean the Common Stock of the Company, with a par value of $0.00001 per Share. 
 (w)    “Stock
Option Agreement” shall mean the agreement between the Company and an Optionee that contains the terms, conditions and restrictions pertaining to the Optionee’s Option. 

(x)    “Stock Purchase Agreement” shall mean the agreement between the Company and a Purchaser who
acquires Shares under the Plan that contains the terms, conditions and restrictions pertaining to the acquisition of such Shares. 

(y)    “Subsidiary” shall mean any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations
in such chain. A corporation that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such date. 

  
 9 

 FOURTH AMENDMENT TO 

AVEDRO, INC. 
 2003
STOCK PLAN 
 WHEREAS, the Board of Directors (the “Board”) of Avedro, Inc.
(the “Company”) previously approved and adopted the 2003 Stock Plan, as amended (the “Plan”) of the Company; and 

WHEREAS, the Board and the stockholders of the Company have determined that it is in the best interest of
the Company to amend the Plan as set forth in this Fourth Amendment to the Plan. 
 NOW,
THEREFORE, the Plan is amended as follows: 
 1.    Section 4(a) of the Plan is hereby
amended by replacing such section in its entirety with the following: 
 (a)    Basic Limitation. Not more
than 13,303,141 Shares may be issued under the Plan (subject to Subsection (b) below and Section 8). The number of Shares that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the number of
Shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan may be
authorized but unissued Shares or treasury Shares. 
 2.    All other terms and conditions of the Plan shall remain in
full force and effect. 
 3.    Capitalized terms used herein and not otherwise defined herein shall have the meanings
set forth in the Plan. 
 DATE APPROVED BY THE BOARD OF
DIRECTORS:    June 30, 2011 
 DATE APPROVED BY THE
STOCKHOLDERS:              June 29, 2011 

 FIFTH AMENDMENT TO 

AVEDRO, INC. 
 2003
STOCK PLAN 
 WHEREAS, the Board of Directors (the “Board”) of Avedro, Inc.
(the “Company”) previously approved and adopted the 2003 Stock Plan, as amended (the “Plan”) of the Company; and 

WHEREAS, the Board and the stockholders of the Company have determined that it is in the best interest of
the Company to amend the Plan as set forth in this Fifth Amendment to the Plan. 
 NOW,
THEREFORE, the Plan is amended as follows: 
 1.    Section 4(a) of the Plan is
hereby amended by replacing such section in its entirety with the following: 
 (b)    Basic Limitation.
Not more than 11,003,141 Shares may be issued under the Plan (subject to Subsection (b) below and Section 8). The number of Shares that are subject to Options or other rights outstanding at any time under the Plan shall not exceed the
number of Shares that then remain available for issuance under the Plan. The Company, during the term of the Plan, shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan. Shares offered under the Plan
may be authorized but unissued Shares or treasury Shares. 
 2.    All other terms and conditions of the Plan shall
remain in full force and effect. 
 3.    Capitalized terms used herein and not otherwise defined herein shall have the
meanings set forth in the Plan. 
 DATE APPROVED BY THE BOARD OF
DIRECTORS:     October 5, 2012 
 DATE APPROVED BY
THE STOCKHOLDERS:                October 5, 2012

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