Document:

EX-10.21

 Exhibit 10.21 

NEXVET BIOPHARMA PUBLIC LIMITED COMPANY 

REGISTRATION RIGHTS AGREEMENT 

22 January 2015 

 TABLE OF CONTENTS 

 

									
		 		  		  	 	Page	  
			
	1.	 	Definitions	  	 	1	  
			
	2.	 	Registration Rights	  	 	4	  
		 	2.1	  	 Demand Registration
	  	 	4	  
		 	2.2	  	 Company Registration
	  	 	5	  
		 	2.3	  	 Underwriting Requirements
	  	 	5	  
		 	2.4	  	 Obligations of the Company
	  	 	6	  
		 	2.5	  	 Furnish Information
	  	 	8	  
		 	2.6	  	 Expenses of Registration
	  	 	9	  
		 	2.7	  	 Delay of Registration
	  	 	9	  
		 	2.8	  	 Indemnification
	  	 	9	  
		 	2.9	  	 Reports Under Exchange Act
	  	 	11	  
		 	2.10	  	 Limitations on Subsequent Registration Rights
	  	 	12	  
		 	2.11	  	 “Market Stand-off” Agreement
	  	 	12	  
		 	2.12	  	 Restrictions on Transfer
	  	 	13	  
		 	2.13	  	 Termination of Registration Rights
	  	 	14	  
			
	3.	 	Miscellaneous	  	 	14	  
		 	3.1	  	 Limitation of Liability of Fund Trustee
	  	 	14	  
		 	3.2	  	 Successors and Assigns
	  	 	15	  
		 	3.3	  	 Governing Law
	  	 	15	  
		 	3.4	  	 Counterparts
	  	 	15	  
		 	3.5	  	 Titles and Subtitles
	  	 	16	  
		 	3.6	  	 Notices
	  	 	16	  
		 	3.7	  	 Amendments and Waivers
	  	 	16	  
		 	3.8	  	 Severability
	  	 	16	  
		 	3.9	  	 Aggregation of Stock
	  	 	16	  
		 	3.10	  	 Additional Investors
	  	 	16	  
		 	3.11	  	 Entire Agreement
	  	 	17	  
		 	3.12	  	 Dispute Resolution
	  	 	17	  
		 	3.13	  	 Delays or Omissions
	  	 	17	  

 Schedule A - Schedule of Investors 

  
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 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of the 22 day of January 2015, by and among Nexvet Biopharma
Public Limited Company, an Irish public limited company of 88 Harcourt Street, Dublin 2, Ireland (the “Company”), and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an
“Investor” and any additional purchaser that becomes a party to this Agreement in accordance with Section 3.10 hereof. 

RECITALS 

WHEREAS, the Company and its shareholders are party to that certain Shareholders Agreement, dated September 4, 2014, as amended
(the “Shareholders Agreement”); and 
 WHEREAS, pursuant to the terms of the Shareholders Agreement, if the Company
undertakes a Qualifying IPO or other IPO (as each of those terms is defined in the Shareholders Agreement) in the United States, each holder of the Company’s Series B Preference Shares shall have the right to enter into an agreement with the
Company that would grant such holder certain demand, Form S-3 and piggyback registration rights (the “Registration Rights”); and 

WHEREAS, the Company and the undersigned holders of Series B Preference Shares desire to enter into an agreement providing for the
Registration Rights. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the
sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
 1. Definitions. For purposes of this Agreement:

 1.1 “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that is
controlled by one or more general partners or managing members of, or shares the same management company with, such Person. 

1.2 “Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become
subject under the Securities Act, the Exchange Act, or other applicable law, insofar as such loss, damage, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue statement or alleged untrue
statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any free writing prospectus relating to the Registrable Securities or any amendments
or supplements to the foregoing; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or Affiliates) of any Securities Laws. 
 1.3 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

 1.4 “Excluded Registration” means (i) a registration
relating to the sale of securities to directors, officers, employees or consultants of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction;
(iii) 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 (iv) a registration in which the
only Ordinary Shares being registered is Ordinary Shares issuable upon conversion of debt securities that are also being registered. 

1.5 “Farallon Investors” means any investment funds and accounts managed by Farallon Capital Management,
L.L.C. and any permitted assigns of these funds and accounts. 
 1.6 “Form
S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

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

1.8 “Fund” means in respect of a Fund Trustee, the investment fund for which it holds Registrable Securities.

 1.9 “Fund Trustee” means a Holder which enters into this Agreement as trustee, custodian, sub-custodian
or nominee of a Fund. 
 1.10 “Holder” means any holder of Registrable Securities who is a party to this
Agreement. 
 1.11 “Immediate Family Member” means a 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, including, adoptive relationships, of a natural person referred to herein. 

1.12 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this
Agreement. 
 1.13 “IPO” means the Company’s first underwritten public offering of its Ordinary Shares
under the Securities Act. 
 1.14 “Ordinary Shares” means the Company’s Ordinary Shares, par value
$0.125 per share. 
 1.15 “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity. 
 1.16 “Preference Shares” means, collectively, shares of the
Company’s SIRPS and Series B Preference Shares. 
 1.17 “Registrable Securities” means the following
Ordinary Shares held by a Holder: (i) the Ordinary Shares issuable or issued upon conversion of the Preference Shares; (ii) any Ordinary Shares, or any Ordinary Shares issued or issuable (directly or indirectly) upon conversion and/or
exercise of any other securities of the Company, acquired by the Investors after 

  
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the date hereof (including Ordinary Shares acquired by an Investor after the date hereof pursuant to the full or partial exercise of any warrant to purchase Ordinary Shares); and (iii) any
Ordinary Shares 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
clauses (i) and (ii) above (including as a result of any combination, recapitalization, merger, consolidation, reorganization or other corporate event or transaction); excluding in all cases, however, any Ordinary Shares sold
by a Person in a transaction in which the applicable rights under this Agreement were not assigned pursuant to Subsection 3.2, and excluding for purposes of Section 2 any Ordinary Shares for which registration rights have
terminated pursuant to Subsection 2.13 of this Agreement. 
 1.18 “Registrable Securities then
outstanding” means the number of shares determined by adding (i) the number of outstanding Ordinary Shares that are Registrable Securities and are then issued and outstanding and (ii) the number of Ordinary Shares that are
Registrable Securities and are then issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities. 

1.19 “Restricted Securities” means the securities of the Company required to be notated with the legend set
forth in Subsection 2.12(b) hereof. 
 1.20 “SEC” means the Securities and Exchange Commission. 

1.21 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.22 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.23 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 1.24 “Securities Laws” means the Securities Act, the Exchange Act, any U.S. state securities
law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any U.S. state securities law. 

1.25 “Selling Expenses” means all underwriting discounts, selling commissions, taxes, or other costs, expenses
or disbursements applicable to the sale of Registrable Securities, fees and disbursements of counsel for any Holder except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Subsection
2.6. 
 1.26 “SIRPS” means the Company’s preferred shares designated as “SIRPS”, par
value $0.125 per share. 
 1.27 “Series B Preference Shares” means the Company’s Series B Preference
Shares, par value $0.125 per share. 

  
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 2. Registration Rights. The Company covenants and agrees as follows: 

2.1 Demand Registration. 

(a) If at any time after one hundred eighty (180) days after the effective date of the registration statement for the IPO, the Company
receives a request from Holders of Registrable Securities representing at least ten percent (10%) of the then outstanding Ordinary Shares that the Company file a Form S-1 registration statement with respect to at least sixty percent
(60%) of the Registrable Securities then outstanding (or a lesser percent if the anticipated aggregate offering price, net of Selling Expenses, would exceed $20 million), then the Company shall (x) within ten (10) days after the date
such request is given, give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is
given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be
included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is given, and in each case, subject to the limitations of Subsections
2.1(c), 2.1(d) and 2.3. 
 (b) If at any time when it is eligible to use a Form S-3 registration statement, the Company
receives a request from Holders of Registrable Securities representing at least five percent (5%) of the then outstanding Ordinary Shares that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities
of such Holders having an anticipated aggregate offering price, net of Selling Expenses, of at least $5 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders
other than the Initiating Holders; and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities
Act covering all Registrable Securities requested to be included in such registration by the Initiating Holders, or any other Holders as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand
Notice is given, and in each case, subject to the limitations of Subsections 2.1(c), 2.1(d) and 2.3. 
 (c)
Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to this Subsection 2.1 a certificate signed by the Company’s chief executive officer stating that in the good faith
judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its shareholders for such registration statement to either become effective or remain effective for as long as such registration statement
otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall
have the right to defer taking action with respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than ninety (90) days after the request of the
Initiating Holders is given; provided, however, that the Company may not invoke this right more than once in any twelve (12) month period. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection 2.1(a):
(i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is one hundred eighty (180) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to 

  
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become effective; (ii) after the Company has effected two registrations pursuant to Subsection 2.1(a); or (iii) if the Initiating Holders propose to dispose of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Subsection 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Subsection
2.1(b): (x) during the period that is thirty (30) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (y) if the Company has effected two registrations pursuant to
Subsection 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this Subsection 2.1(d) until such time as the
applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one demand
registration statement pursuant to Subsection 2.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Subsection 2.1(d). 

2.2 Company Registration . If the Company proposes to register (including, for this purpose, a registration effected by the Company for
shareholders other than the Holders) any of its Ordinary Shares under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly
give each Holder notice of such registration. Upon the request of each Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Subsection 2.3, cause to be registered
all of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Subsection 2.2 before the
effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company in accordance with Subsection 2.6.

 2.3 Underwriting Requirements. 

(a) If, pursuant to Subsection 2.1, the Initiating Holders intend to distribute the Registrable Securities covered by their request by
means of a firm commitment underwriting, they shall so advise the Company as a part of their request made pursuant to Subsection 2.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by
the Company and consented to by a majority in interest of the Initiating Holders (such consent not to be unreasonably withheld). In such event, the right of any Holder to include such Holder’s Registrable Securities in such registration shall
be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their securities through
such underwriting shall (together with the Company as provided in Subsection 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this
Subsection 2.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of
Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting shall be allocated among such Holders of Registrable Securities, including the Initiating
Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders; provided, however, that the number
of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

  
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 (b) In connection with any offering involving an underwriting of the Company’s capital
stock pursuant to Subsection 2.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and
its underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by
shareholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine 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, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If 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 allocated among the selling Holders in
proportion (as nearly as practicable) to the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance
with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest one hundred (100) shares. Notwithstanding the foregoing, in no event shall (i) the number of Registrable
Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the offering be
reduced below twenty percent (20%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination described
above and no other shareholder’s securities are included in such offering. For purposes of the provision in this Subsection 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited liability company, or
corporation, the partners, members, retired partners, retired members, shareholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for
the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities
owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For purposes of Subsection 2.1,
a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Subsection 2.3(a), fewer than fifty percent (50%) of the total number of Registrable
Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4 Obligations of the
Company. Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially reasonable
efforts to cause such registration statement to become effective and, (i) in the case of registration pursuant to Subsection 2.1(a), 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 (provided, however, that such one
hundred twenty (120) day period shall be extended for a period of time equal to the period the Holders of a majority of the Registrable Securities refrain, at the request of an underwriter of securities of the Company, from selling any
securities included in such registration) and (ii) in the case of registration pursuant to Subsection 2.1(b), keep such registration continuously effective for a period ending when all Ordinary Shares covered by such registration
have been disposed of pursuant thereto or are otherwise no longer Registrable Securities; 

  
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 (b) prepare and file with the SEC such amendments and supplements to such registration
statement, and the prospectus used in connection with such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities
Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
U.S. state securities laws as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general consent to service of process in any jurisdictions, unless the
Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 
 (e) in the event of any
underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering and take such other actions as are reasonably required in order to expedite
or facilitate the disposition of the Registrable Securities subject to such underwritten offering (including, to the extent reasonably requested by the underwriters, sending appropriate officers of the Company to attend “road shows”
scheduled in reasonable number and at reasonable times in connection with any such underwritten offering, and obtaining customary comfort letters and legal opinions); 

(f) use its commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a
national securities exchange or other trading facility on which similar securities issued by the Company are then listed, or if no such similar securities are then listed, on a national securities exchange or other trading facility selected by the
Company with the approval of a majority of the selling Holders; 
 (g) promptly make available for inspection by the selling Holders, any
managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, 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 each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(h) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; 
 (i) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus; 

  
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 (j) after the filing of such registration statement, promptly notify each selling Holder of any
stop order issued or threatened to be issued by the SEC and take all reasonable actions required to prevent the entry of such stop order or to remove it if entered; 

(k) immediately notify each selling Holder of the occurrence of any event requiring the preparation of a supplement or amendment to the
prospectus contained in such registration statement so that as thereafter delivered to the purchaser of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and promptly make available to each selling Holder any such supplement or amendment; 

(l) use its reasonable efforts to comply with all applicable rules and regulations of the SEC, and make available to its securityholders, as
soon as reasonably practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the registration statement, which earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act and Rule 158 of the SEC promulgated thereunder (or any successor rule or regulation hereafter adopted by the SEC); 

(m) in the case of an underwritten offering of Registrable Securities upon prior notice, at reasonable times, and subject to reasonable
requirements designed to protect any confidential information, make available for inspection by any selling Holder of Registrable Securities subject to such underwritten offering, any underwriter participating in any disposition of such Registrable
Securities and any attorney, accountant or other professional retained by any such selling Holder or underwriter, all financial and other records, pertinent corporate documents and properties of the Company as shall be reasonably necessary to enable
them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any of the foregoing Persons in connection with such registration statement for the
purpose of exercising such due diligence responsibility; and 
 (n) if a Holder named in such registration statement as a holder of
securities of the Company shall determine (in its sole and exclusive judgment) that such Holder is or might be deemed to be an underwriter or a controlling person of the Company, insert in such registration statement, if requested by such Holder,
language, in form and substance 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 by such registration statement and that such holding does not imply that such Holder shall assist in meeting any future financial requirements of the Company. 

In addition, the Company shall ensure that, at all times after any registration statement covering a public offering of securities of the
Company under the Securities Act shall have become effective, its insider trading policy shall provide that the Company’s directors may implement a trading program under Rule 10b5-1 of the Exchange Act. 

2.5 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to this
Section 2 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 is reasonably required to effect the registration of such Holder’s Registrable Securities. 

  
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 2.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in
connection with registrations, filings, or qualifications pursuant to Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the
reasonable fees and disbursements not to exceed $20,000, of one counsel for the selling Holders (to be selected by the selling Holders) (“Selling Holder Counsel”), shall be borne and paid by the Company; provided,
however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Subsection 2.1 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 selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a
majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Subsections 2.1(a) or 2.1(b), as the case may be. All Selling Expenses relating to Registrable Securities registered pursuant to this
Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a registration statement under this Section 2: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, employees, representatives, and Affiliates and shareholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each such Holder; and each Person, if any, who
controls such Holder or underwriter within the meaning of Section 15 of the Securities Act or Section 20 the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that
the indemnity agreement contained in this Subsection 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon any information relating to such selling Holder that was included in or omitted from the relevant registration statement,
preliminary prospectus, final prospectus or free writing prospectus, or any amendment or supplement to any of the foregoing, in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter,
controlling Person, or other aforementioned Person expressly for use therein. 
 (b) To the extent permitted by law, each selling Holder,
severally and not jointly, will indemnify and hold harmless the Company, and 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 Section 15
of the Securities Act or Section 20 of the Exchange Act, legal counsel and accountants for the Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling
Person of any such underwriter or other Holder against any Damages, in each case only to the extent that such Damages arise out of or are based upon any information relating to such selling Holder that was included in or omitted from the relevant
registration statement, preliminary prospectus, final prospectus or free writing prospectus, or any amendment or supplement to any of the foregoing, in reliance upon and in conformity with written information furnished by or on behalf of such
selling Holder expressly for use therein; and each such selling Holder will pay to 

  
 9 

 
the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages
may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in this Subsection 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is
effected without the consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Subsections
2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

(c) Promptly after receipt by an indemnified party under this Subsection 2.8 of notice of the commencement of any action (including any
governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Subsection 2.8, give the indemnifying
party prompt notice of the commencement thereof. The indemnifying party (and, to the extent the indemnifying party so desires, any other indemnifying party to which notice has been given), shall assume the defense thereof with counsel mutually
satisfactory to the indemnified party and shall assume the payment of all related fees and expenses; 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 action or if the indemnifying party and the indemnified party otherwise mutually agree to the retention of such
counsel. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent (which consent shall not be unreasonably withheld), but if settled with such consent, or if there be final judgment for the
plaintiff, the indemnifying party shall indemnify and hold harmless such indemnified parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No indemnifying party shall, without the prior
written consent of the indemnified party (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could
have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability arising out of such proceedings without any admission of liability by such indemnified party.

 (d) To provide for just and equitable contribution to joint liability under the Securities Act in any case in which either: (i) any
party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Subsection 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the
expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Subsection 2.8 provides for indemnification in such case, or
(ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Subsection 2.8, then, and in each such case, such parties will contribute to the aggregate
losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the indemnifying party and the indemnified party in
connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The relative fault of the indemnifying party and of the
indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of 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; 

  
 10 

 
provided, however, that, in any such case no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Subsection 2.8(d), when combined with the amounts paid or
payable by such Holder pursuant to Subsection 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Subsection 2.8(d) were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim. 
 (e) Notwithstanding the foregoing, to the extent that the
provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten public offering of Registrable Securities are in conflict with the foregoing provisions of this Subsection
2.8, the provisions in the underwriting agreement shall control. 
 (f) Unless otherwise superseded by an underwriting agreement entered
into in connection with the underwritten public offering, the obligations of the Company and Holders under this Subsection 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this
Section 2, and otherwise shall survive the termination of this Agreement. 
 2.9 Reports Under Exchange Act. With a view
to making available to the Holders the benefits of SEC 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 shall: 
 (a) make and keep available adequate current public information, as
those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 
 (c)
furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any
time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company 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 the Company so qualifies); and (ii) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form
S-3 (at any time after the Company so qualifies to use such form). 

  
 11 

 2.10 Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the Holders of a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that
would provide to such holder the right to include securities in any registration other than on a subordinate basis after all Holders have had the opportunity to include in the registration and offering all Registrable Securities that they wish to so
include; provided that this limitation shall not apply to any additional Investor who becomes a party to this Agreement in accordance with Subsection 3.10. 

2.11 “Market Stand-off” Agreement. In the case of an underwritten offering by the
Company of its Ordinary Shares or other equity securities that is registered on Form S-1 or Form S-3, 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 such offering and ending on the date specified by the Company and the managing underwriter (such period not to exceed (x) one hundred eighty (180) days in the case of the IPO, or such other period as may
be requested by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports, and (2) analyst recommendations and opinions, including, but not limited to, the
restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto, or (y) ninety (90) days in the case of any registration other than the IPO, or such other period as may be requested
by the Company or an underwriter to accommodate regulatory restrictions on (1) the publication or other distribution of research reports and (2) analyst recommendations and opinions, including, but not limited to, the restrictions
contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto), (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Ordinary Shares or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Ordinary Shares (whether
such shares or any such securities are then owned by the Holder or are thereafter acquired) or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such
securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Ordinary Shares or other securities, in cash, or otherwise. The foregoing provisions of this Subsection 2.11 shall
not apply to: (x) the sale of any Ordinary Shares to an underwriter pursuant to an underwriting agreement; or (y) the transfer of any securities to any trust for the direct or indirect benefit of the Holder or the immediate family of the
Holder, provided, that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein and any such transfer shall not involve a disposition for value. In addition, the agreement of each Holder set forth in the
first sentence of this Subsection 2.11 is conditioned, in the case of any particular underwritten registered offering, upon (1) all officers and directors of the Company and all shareholders individually owning more than five percent
(5%) of the outstanding Ordinary Shares (after giving effect to conversion into Ordinary Shares of all outstanding Preference Shares) being subject to the same restrictions applicable to such holder and (2) in any primary offering by the
Company, the Company having entered into a customary lockup agreement with the underwriters. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are
consistent with this Subsection 2.11 or that are necessary to give further effect thereto. Notwithstanding the foregoing, to the extent that the provisions set forth in any other lock-up agreement entered into between a Holder and the
underwriter(s) of a registered public offering subject to this Subsection 2.11 are in conflict with the foregoing provisions of this Subsection 2.11, the provisions of such other lock-up agreement will control. 

  
 12 

 2.12 Restrictions on Transfer. 

(a) The Preference Shares and 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 the conditions specified in this Agreement, which conditions are intended to ensure compliance with the
provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preference Shares and 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, to the extent such transferring Holder has assigned its rights hereunder to such purchaser, pledgee or transferee pursuant to Subsection 3.2 hereof. 

(b) Each certificate, instrument, or book entry representing (i) the Preference Shares, (ii) the Registrable Securities, and
(iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the
provisions of Subsection 2.12(c)) be notated with a legend substantially in the following form: 
 THE SECURITIES REPRESENTED HEREBY
HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS
DELIVERY REQUIREMENTS OF SAID ACT. 
 THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT
BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The Holders consent to the Company
making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Subsection 2.12. 

(c) The holder of such Restricted Securities, by acceptance of ownership thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, 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 Restricted 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 Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a notice and legal opinion or “no action” letter (x) in any transaction in compliance with SEC 

  
 13 

 
Rule 144 or effected under an effective registration statement; or (y) in any transaction in which such Holder distributes Restricted Securities to an Affiliate of such Holder for no
consideration; provided that each such transferee agrees in writing to be subject to the terms of this Subsection 2.12. Each certificate, instrument, or book entry representing the Restricted Securities transferred as above provided
shall be notated with, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Subsection 2.12(b), except that such certificate instrument, or book entry shall not be notated with 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. 

2.13 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in any
registration pursuant to Subsections 2.1 or 2.2 shall terminate upon the earliest to occur of: 
 (a) the closing of a merger,
consolidation, share exchange or reorganization of the Company with or into any other entity, or any other transaction or series of related transactions, in which the shareholders of the Company immediately prior to such merger, consolidation, share
exchange or reorganization own less than fifty percent (50%) of the voting power of the surviving entity, or a sale, conveyance or other disposition of all or substantially all of the assets of the Company, but excluding (i) any merger
effected exclusively for the purpose of changing the domicile of the Company, and (ii) any transaction in which the holders of voting securities of the Company immediately prior to such transaction beneficially own, directly or indirectly, a
majority of the combined voting power of the surviving entity following the transaction; and 
 (b) such time as Rule 144 or another similar
exemption under the Securities Act is available for the public sale without Securities Act registration of all of such Holder’s (and such Holder’s Affiliates’) Registrable Securities without limitation in a single transaction. 

3. Miscellaneous. 
 3.1
Limitation of Liability of Fund Trustee 
 (a) A Fund Trustee is bound by this Agreement only in its capacity as trustee, custodian,
and in no other capacity, unless otherwise specifically stated in this Agreement. 
 (b) Subject to clause 3.1(e), the rights of other
parties and the Fund under or in respect of this Agreement, whether express or implied by applicable law or otherwise, are not exercisable against the relevant Fund Trustee other than in its capacity as trustee, custodian, subcustodian or nominee of
the Fund. 
 (c) Subject to clause 3.1(e), but despite any other provision of this Agreement, the Fund Trustee is not liable to pay or
satisfy, and the Fund nor any party is entitled to enforce against the Fund Trustee, any damages suffered by or amounts owing to the party or the Fund, which result from a breach or non-performance of an obligation, representation or warranty
(whether express, implied by law or otherwise) of the Fund Trustee under or in respect of this Agreement (including in relation to any conduct, omission or transaction in relation to this Agreement) except to the extent the Fund Trustee is entitled
to be indemnified (whether from the Fund for which the Fund Trustee holds its units or shares, by way of insurance or otherwise) and is actually indemnified in its capacity as trustee, custodian, subcustodian or nominee of the Fund in respect of
that obligation, representation or warranty and those damages and amounts are recoverable by the Fund Trustee under that indemnity. 

  
 14 

 (d) Subject to clause 3.1(e), if a party does not recover all damages suffered and amounts owing
to it as a result of a breach or non-performance of any obligation of the Fund Trustee under or in respect of this Agreement (whether express or implied by applicable law or otherwise), the party may not seek to recover the shortfall by applying to
have the Fund Trustee wound up. 
 (e) The limitations in clause 3.1(b) to 3.1(d): 

(i) do not apply to the extent that those damages or amounts owing are not able to be satisfied because the entitlement of the Fund Trustee to
be indemnified in its capacity as trustee, custodian, subcustodian or nominee of the Fund is reduced as a result of: (A) any negligence, willful default, fraud or dishonesty or other act or omission by the Fund Trustee or any other trustee,
responsible entity, custodian, subcustodian or nominee of the fund for which the Fund Trustee holds the units or shares; or (B) any waiver, relinquishment or surrender by the Fund Trustee or any other trustee, responsible entity, custodian,
subcustodian or nominee of the fund for which the Fund Trustee holds the units or shares, of any right of indemnity under the terms of appointment of the Fund Trustee relating to the fund for which the Fund Trustee holds the units or shares in
respect of those damages or amounts; and 
 (ii) do not limit the rights of the Fund Trustee under this Agreement unless expressly specified
otherwise. 
 (f) No attorney, agent, receiver or receiver and manager appointed in accordance with this Agreement has authority to act on
behalf of the Fund Trustee in a way which exposes the Fund Trustee to any personal liability, and no act or omission of any such person will be considered negligence, willful default, fraud or dishonesty of the Fund Trustee for the purpose of clause
3.1(e)(i)(A). 
 3.2 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations)
by a Holder to a transferee of Registrable Securities that (i) is an Affiliate of a Holder; or (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate
Family Members; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to
which such rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Subsection
2.11. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party
other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

3.3 Governing Law. This Agreement shall be governed by the internal law of the State of New York. 

3.4 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the ESIGN Act of 2000, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

  
 15 

 3.5 Titles and Subtitles. The titles and subtitles used in this Agreement are for
convenience only and are not to be considered in construing or interpreting this Agreement. 
 3.6 Notices. All notices and other
communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by
electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s 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) business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in
the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this Subsection 3.6. If notice is given to the Company, a copy shall also be sent to DLA Piper
LLP (US), 1251 Avenue of the Americas, New York, New York 10020, Attn: Marjorie Sybul Adams and Andrew Ledbetter. 
 3.7 Amendments
and Waivers. 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 the
Company and the holders of a majority of the Registrable Securities then outstanding; provided that the Company may in its sole discretion waive compliance with Subsection 2.12(c) (and the Company’s failure to object promptly in
writing after notification of a proposed assignment allegedly in violation of Subsection 2.12(c) shall be deemed to be a waiver); and provided further that any provision hereof may be waived by any waiving party on such party’s
own behalf, without the consent of any other party. Notwithstanding the foregoing, this Agreement may not be amended or terminated and the observance of any term hereof may not be waived with respect to any Investor without the written consent of
such Investor, unless such amendment, termination, or waiver applies to all Investors in the same fashion. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party hereto that did not consent in
writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Subsection 3.7 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No
waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

3.8 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal
or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid,
legal, and enforceable to the maximum extent permitted by law. 
 3.9 Aggregation of Stock. All Registrable Securities held or
acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated persons may apportion such rights as among themselves in any manner they deem appropriate.

 3.10 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional Series B
Preference Shares after the date hereof, any purchaser of such Series B Preference Shares 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. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of
the obligations as an “Investor” hereunder. 

  
 16 

 3.11 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto)
constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof (specifically including the Registration Rights
contemplated by the Shareholders Agreement and the listing right included in Section 9.8 of the terms of issue of the warrants issued in connection with the Series B Preference Shares) existing between the parties is expressly canceled and
superseded by this Agreement. 
 3.12 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the
jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Southern District of New York, and (c) hereby
waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 
 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT
MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO
AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
 3.13 Delays or Omissions. No delay or omission to exercise any right, power, or
remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a
waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

[Remainder of Page Intentionally Left Blank] 

  
 17 

 SCHEDULE A 

Schedule of Investors 
  

			
	 Name
	  	 Address

		
	Bushranger Funding, LLC	  	On file with the Company
		
	Akubra Investors, LLC	  	On file with the Company
		
	Ute Holdings, LLC	  	On file with the Company
		
	Adage Capital Partners LP	  	On file with the Company
		
	Foresite Capital Fund II	  	On file with the Company
		
	Boxer Capital, LLC	  	On file with the Company
		
	One Funds Management Limited as trustee for Asia Pacific Healthcare Fund II	  	On file with the Company
		
	Irrus Investments Nominee Limited	  	On file with the Company
		
	AustraliaSuper Pty Ltd as trustee for AustralianSuper	  	On file with the Company
		
	Target Venture Nominees Limited	  	On file with the Company
		
	Aurum Nominees Limited	  	On file with the Company
		
	Michael Kilty	  	On file with the Company
		
	Ruth-Anne Kilty	  	On file with the Company
		
	Hibbs Nominees Pty Ltd as trustee for the Hibbs Superannuation Fund	  	On file with the Company
		
	Robert Patrick Gearing	  	On file with the Company
		
	Left Wheel Design Pty Ltd as trustee for the Alp Retirement Fund	  	On file with the Company
		
	Simon Coghlan as trustee for the Simon J Coghlan No. 2 Family Trust	  	On file with the Company
		
	Dr Paul Wood and Mrs Veronica Wood as trustees for the Wood Family Superannuation Fund	  	On file with the Company
		
	Dr Paul Wood and Mrs Veronica Wood as trustees for the P & V Wood Family Trust	  	On file with the Company
		
	Labyrinth (VIC) Pty Ltd	  	On file with the Company
		
	Cthulhu Ventures LLC	  	On file with the Company
		
	Bertie Weitkamp and Gillian Emond as trustees for Aussie Superannuation Fund	  	On file with the Company

			
	 Name
	  	 Address

		
	Fortus Funds Investments Pty Ltd	  	On file with the Company
		
	Joakim Rodin	  	On file with the Company
		
	Khatabundah Pty Ltd as trustee for The Gibson Family Trust	  	On file with the Company
		
	Balalaika Pty Ltd as trustee for Elanden Family Trust no. 1	  	On file with the Company
		
	Elena Virtue	  	On file with the Company
		
	Thomas Petrakos	  	On file with the Company
		
	Paul Tontodonati	  	On file with the Company
		
	John Cox	  	On file with the Company
		
	Karen Adams	  	On file with the Company
		
	Geraldine Therese Farrell and Andrew John Benston as trustee for Bulla Bulla Family Trust	  	On file with the Company
		
	Wald Funds Pty Ltd	  	On file with the Company
		
	JanCutz Pty Ltd	  	On file with the Company
		
	Glenariff Superannuation Pty Ltd	  	On file with the Company
		
	Jane Shirley Eagleson	  	On file with the Company
		
	Colin Giles	  	On file with the Company
		
	Nexvet EBT Limited	  	On file with the Company

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

 Given under the Common Seal of 
 Nexvet Biopharma Public
Limited Company 
 which was affixed hereto and 
 this Deed
was delivered: 
  

			
	 /s/ Christopher N. Brown 

Signature of director
	  	 /s/ Geraldine T. Farrell 

Signature of company secretary

		
	 Christopher N. Brown

Name of director (print)
	  	 Geraldine T. Farrell

Name of company secretary (print)

 Date: 20 January 2015 

Executed by each of: 
 Bushranger Funding, LLC 

Akubra Investors, LLC 
 Ute Holdings, LLC 

By: Farallon Capital Management, L.L.C., their Manager 
  

			
	By:	 	 /s/ Rajiv A. Patel

		 	Name: Rajiv A. Patel
		
		 	Title: Managing Member

 Date: Dec. 16, 2014 

 Executed by Adage Capital Partners, LP by: 

 

			
	Adage Capital Partners, GP, LLC, its General Partner	  	 /s/ Dan Lehan

Signature of General Partner

		
		  	 Dan Lehan, COO

Name of General Partner (print)

		
	Adage Capital Advisors, LLC, its Managing Member	  	 /s/ Dan Lehan

Signature of Managing Member

		
		  	 Dan Lehan, COO

Name of Managing Member (print)

 Date: Dec 16 2014 
 Executed by
Foresite Capital Fund II, LP by: 
  

			
	Dennis D. Ryan, CFO of Foresite Capital Management II, LLC, General Partner of Foresite Capital Fund II, LP	  	 /s/ Dennis D. Ryan

Signature of Dennis D. Ryan

 Date: Dec 30 2014 
 Executed by
Boxer Capital LLC by: 
  

			
		  	 /s/ Aaron Davis

Signature of Aaron Davis
  

CEO
 Title of Aaron
Davis

 Date: 1/8/2015 

 Executed by One Funds Management Ltd 

ACN 117 797 403 in accordance with 
 section 127(1) of the
Australian Corporations 
 Act 2001 (Cth) as trustee for Asia Pacific 

Healthcare Fund II 
  

			
	 /s/ Elizabeth Reddy

Signature of director
	  	 /s/ Frank Tearle

Signature of director or company secretary*
 *delete whichever
does not apply

		
	 Elizabeth Reddy

Name (please print)
	  	 Frank John Tearle

Name (please print)

 Date: 7 January 2015 

Signed by the directors of Irrus Investments 

Nominee Limited (Company Number: 496708) 
 in the presence
of: 
  

			
	 /s/ Michael Ryan

Signature of director
	  	 /s/ Aidan O’Driscoll

Signature of director
 * delete whichever is not
applicable

		
	 Michael Ryan

Name of director (print)
	  	 Aidan O’Driscoll

Name of director (print)

 Date: 16th December 2014 

 Signed on behalf of BCP2 Pty Ltd as attorney 

and manager of AustralianSuper Pty Ltd as 
 trustee for
AustralianSuper: 
  

			
	 /s/ H Stephen Thompson 

Signature
	  	 /s/ Chris Nave 

Signature

		
	 H Stephen Thompson

Name (print)
	  	 Chris Nave

Name (print)

 Date: 18 December 2014 

Signed by its director for and on behalf of 
 Target
Venture Nominees Limited (Company 
 Number: 460883) in the presence of: 
  

			
	 /s/ Louis FitzGerald

Signature of director
	  	 /s/ Neil Keenan

Signature of director
 *delete whichever is not
applicable

		
	 Louis FitzGerald

Name of director (print)
	  	 Neil Keenan

Name of director (print)

 Date: 07 January 2015 

 Signed by for and on behalf of Aurum 

Nominees Limited (Company Number: 123762) 
 in the presence
of: 
  

			
	 /s/ Darren Murray

Signature of authorised signatory
 AUTHORISED SIGNATURE
	  	 /s/ Nancy Egan

Signature of authorised signatory
 AUTHORISED
SIGNATURE

		
	 Darren Murray

Name of signatory (print)
	  	 Nancy Egan

Name of signatory (print)

 Date: 5th January 2015 

Signed by Michael Kilty in the presence of: 
  

			
	 /s/ Cormac G. Kilty

Signature of witness
	  	 /s/ Michael C Kilty

Signature of Michael Kilty

		
	 Cormac G. Kilty

Name of witness (print)
	  	

 Date: 30 December 2014 

Signed by Ruth-Anne Kilty in the presence of: 
  

			
	 /s/ Michael C Kilty

Signature of witness
	  	 /s/ Ruth Anne Kilty

Signature of Ruth-Anne Kilty

		
	 Michael C Kilty

Name of witness (print)
	  	

 Date: 30 December 2014 

 Executed by Hibbs Nominees Pty Ltd ACN 

093 883 535 in accordance with section 127 of 
 the Australian
Corporations Act 2001 (Cth) as 
 trustee for the Hibbs Superannuation Fund: 

 

			
		  	 /s/ Michael Hibbs

Signature of sole director

		
		  	 Michael Hibbs

Name of director (print)

 Date: 17/12/2014 
 Signed
by Robert Patrick Gearing in the 
 presence of: 
  

			
	 /s/ David Gearing

Signature of witness
	  	 /s/ Robert Patrick Gearing

Signature of Robert Patrick Gearing

		
	 David Gearing

Name of witness (print)
	  	

 Date: 12/18/2014 

 Executed by Left Wheel Design Pty Ltd ACN 

006 119 302 in accordance with section 127 of 
 the Australian
Corporations Act 2001 (Cth) as 
 trustee for the Alp Retirement Fund: 
  

			
	 /s/ Aileen Alp

Signature of director
	  	 /s/ Christopher Alp

Signature of director/company secretary
 * delete whichever is not
applicable

		
	 Aileen Alp

Name of director (print)
	  	 Christopher Alp

Name of director/company secretary (print)

 Date: 23/12/14 
 Signed
by Simon Coghlan as trustee for the 
 Simon J Coghlan No 2 Family Trust in the 

presence of: 
  

			
	 /s/ Gorgi Coghlan

Signature of witness
	  	 /s/ Simon Coghlan

Signature of Simon Coghlan

		
	 Gorgi Coghlan

Name of witness (print)
	  	

 Date: 18 December 2014 

			
	 Signed by Paul Wood as trustee for the Wood

Family Superannuation Fund in the presence

of:
	  	
		
	 /s/ V. Wood

Signature of witness
	  	 /s/ P. Wood

Signature of Paul Wood

		
	 Veronica Wood

Name of witness (print)
	  	

 Date: 22nd December 2014 
  

			
	 Signed by Veronica Wood as trustee for the 

Wood Family Superannuation Fund in the

presence of:
	  	
		
	 /s/ P. Wood

Signature of witness
	  	 /s/ V. Wood

Signature of Veronica Wood

		
	 Paul Wood
 Name
of witness (print)
	  	

 Date: 22nd December 2014 
  

			
	 Signed by Paul Wood as trustee for the P & V

Wood Family Trust in the presence of:
	  	
		
	 /s/ V. Wood

Signature of witness
	  	 /s/ P. Wood

Signature of Paul Wood

		
	 Veronica Wood

Name of witness (print)
	  	

 Date: 22nd December 2014 

			
	 Signed by Veronica Wood as trustee for the 

P & V Wood Family Trust in the presence of:
	  	
		
	 /s/ P. Wood

Signature of witness
	  	 /s/ V. Wood

Signature of Veronica Wood

		
	 Paul Wood
 Name
of witness (print)
	  	

 Date: 22nd December 2014 
  

			
	 Executed by Labyrinth (VIC) Pty Ltd ACN

109 759 604 in accordance with section 127 of
 the Australian
Corporations Act 2001 (Cth):
	  	
		
		  	 /s/ Stuart Newland

Signature of sole director

		
		  	 Stuart Newland

Name of director (print)

 Date: 6th January 2015 

 

			
	Executed by Cthulhu Ventures LLC:	  	
		
		  	 /s/ James Babcock

Signature of director

		
		  	 James Babcock

Name of director or company secretary

 Date: Dec 31st 2014 

			
	 Signed by Bertie Weitkamp as trustee for 

Aussie Superannuation Fund in the presence
 of:
	  	
		
	 /s/ Susan Astengo

Signature of witness
	  	 /s/ Bertie Weitkamp

Signature of Bertie Weitkamp

		
	 Susan Astengo

Name of witness (print)
	  	

 Date: 5th January 2015 

 

			
	 Signed by Gillian Emond as trustee for Aussie

Superannuation Fund in the presence of:
	  	
		
	 /s/ Susan Astengo

Signature of witness
	  	 /s/ Gillian Emond

Signature of Gillian Emond

		
	 Susan Astengo

Name of witness (print)
	  	

 Date: 5th January 2015 

 

			
	 Executed by Fortus Funds Investments Pty Ltd

ACN 146 211 912 in accordance with
 section 127 of the Australian
Corporations Act
 2001 (Cth):
	  	
		
		  	 /s/ Peter T Howard

Signature of sole director

		
		  	 Peter T Howard

Name of director (print)

 Date: 11 January 2015 

			
	Signed by Joakim Rodin in the presence of:	  	
		
	 /s/ Elena Virtue

Signature of witness
	  	 /s/ Joakim Rodin

Signature of Joakim Rodin

		
	 Elena Virtue

Name of witness (print)
	  	

 Date: 6 Jan 2015 
  

			
	 Executed by Khatabundah Pty Ltd ACN 131

919 054 in accordance with section 127(1) of the

Australian Corporations Act 2001 (Cth) as trustee
 for The
Gibson Family Trust
	  	
		
	 /s/ Jayne Gibson

Signature of director
	  	 /s/ Matthew Gibson

Signature of director / company secretary*
 *delete whichever does
not apply

		
	 Jayne Gibson

Name of director
	  	 Matthew Gibson

Name of director or company secretary

 Date: 9th January 2015 

			
	 Executed by Balalaika Pty Ltd ACN 106 083

925 in accordance with section 127(1) of the

Australian Corporations Act 2001 (Cth) as trustee
 for Elanden
Family Trust no. 1
	  	
		
	 /s/ L. Mandie

Signature of director
	  	 /s/ N. Mandie

Signature of director / company secretary*
 *delete whichever does
not apply

		
	 L. Mandie
 Name
of director
	  	 N. Mandie

Name of director or company secretary

 Date: 17/12/2014 
  

			
	Signed by Elena Virtue in the presence of:	  	
		
	 /s/ Denise Agnew

Signature of witness
	  	 /s/ Elena Virtue

Signature of Elena Virtue

		
	 Denise Agnew

Name of witness (print)
	  	

 Date: 16/12/2014 
  

			
	Signed by Thomas Petrakos in the presence of:	  	
		
	 /s/ Caitlin Kavanagh

Signature of witness
	  	 /s/ Thomas Petrakos

Signature of Thomas Petrakos

		
	 Caitlin Kavanagh

Name of witness (print)
	  	

 Date: 8th January 2015 

			
	Signed by Paul Tontodonati in the presence of:	  	
		
	 /s/ Cheryl Lanters

Signature of witness
	  	 /s/ Paul Tontodonati

Signature of Paul Tontodonati

		
	 Cheryl Lanters

Name of witness (print)
	  	

 Date: 12/01/2015 
  

			
	Signed by John Cox in the presence of:	  	
		
	 /s/ M. Postma

Signature of witness
	  	 /s/ John Cox

Signature of John Cox

		
	 Melissa Postma

Name of witness (print)
	  	

 Date: 21 January 2015 
  

			
	Signed by Karen Adams in the presence of:	  	
		
	 /s/ M. Postma

Signature of witness
	  	 /s/ Karen Adams

Signature of Karen Adams

		
	 Melissa Postma

Name of witness (print)
	  	

 Date: 16/12/2014 

			
	 Signed by Geraldine Therese Farrell as trustee

for the Bulla Bulla Family Trust in the
 presence
of:
	  	
		
	 /s/ Elena Virtue

Signature of witness
	  	 /s/ Geraldine Therese Farrell

Signature of Geraldine Therese Farrell

		
	 Elena Virtue

Name of witness (print)
	  	

 Date: 16 Dec 2014 
  

			
	 Signed by Andrew John Benston as trustee for

the Bulla Bulla Family Trust in the presence
 of:
	  	
		
	 /s/ Wendy Hickson

Signature of witness
	  	 /s/ Andrew John Benston

Signature of Andrew John Benston

		
	 Wendy Hickson

Name of witness (print)
	  	

 Date: 23/12/2014 
  

			
	 Executed by Wald Funds Pty Ltd (ACN 116

507 236) in accordance with section 127 of the
 Australian
Corporations Act 2001 (Cth) as
 trustee for Wald Funds Unit Trust:
	  	
		
		  	 /s/ Graeme Wald

Signature of director

		
		  	 Graeme Wald

Name of director (print)

 Date: 29 Dec 2014 

			
	 Executed by JanCutz Pty Ltd (ACN 168 263

269) in accordance with section 127 of the
 Australian
Corporations Act 2001 (Cth) as
 trustee for Emuna Superannuation Fund:
	  	
		
		  	 /s/ Graeme Wald

Signature of director

		
		  	 Graeme Wald

Name of director (print)

 Date: 29 Dec 2014 
  

			
	 Executed by Glenariff Superannuation Pty

Ltd (ACN 161 010 591) in accordance with
 section 127 of
the Australian Corporations Act
 2001 (Cth) as trustee for Glenariff Super Fund

Account:
	  	
		
	 /s/ Marie Lismore

Signature of director
	  	 /s/ Damian Lismore

Signature of director/company secretary
 * delete whichever is not
applicable

		
	 Marie Lismore

Name of director (print)
	  	 Damian Lismore

Name of director/company secretary (print)

 Date: 15 Dec 2014 
  

			
	Signed by Jane Shirley Eagleson in the presence of:	  	
		
	 /s/ Elena Virtue

Signature of witness
	  	 /s/ Jane Shirley Eagleson

Signature of Jane Shirley Eagleson

		
	 Elena Virtue

Name of witness (print)
	  	

 Date: 17/12/2014 

			
	Signed by Colin Giles in the presence of:	  	
		
	 /s/ Elena Virtue

Signature of witness
	  	 /s/ Colin Giles

Signature of Colin Giles

		
	 Elena Virtue

Name of witness (print)
	  	

 Date: 17/12/2014 
  

			
	 Executed by Nexvet EBT Limited (Company

no. 550943) in accordance with its articles of

association:
	  	
		
	 /s/ Geraldine T. Farrell

Signature of director
	  	 /s/ Karen Adams

Signature of director/company secretary

		
	 Geraldine T. Farrell

Name of director (print)
	  	 Karen Adams

Name of director/company secretary (print)

 Date: 17/12/2014EXHIBIT 10.1

 

INCEPTION
RESOURCES, LLC

5320
SOUTH 900 EAST, SUITE 260

MURRAY,
UTAH 84107

 

January
22, 2015

 

Michael
Ahlin, CEO

Inception
Mining Inc.

5320 South
900 East, Suite 260

Murray,
Utah 84107

 

		Re:	Asset
                                         Purchase Agreement (the “Agreement”) dated February 25, 2013 between Inception
                                         Resources, LLC (the “Seller”) and Inception Mining Inc. (f/k/a Gold American
                                         Mining Corp.) (“Purchaser”)

 

Dear
Mr. Ahlin:

 

Reference
is hereby made to the Agreement. It is hereby agreed to by the parties that Section 2.3 of the Agreement shall be amended and
restated to state the following:

 

“2.3.
Purchase Price. Subject to the terms and conditions of this Agreement, the aggregate purchase price to be paid by
Purchaser for the purchase of the Acquired Assets (the “Purchase Price”) shall be (a) 10,480,000 shares of common
stock of the Purchaser, $0.00001 par value per share (the “Shares”), (b) the assumption of promissory notes dated
January 17, 2013, (i) in the amount of $651,250 payable by Seller to UP and Burlington Development, LLC (“UP”),
secured by a trust deed, attached hereto as Exhibit A (the “UP Note”) and (ii) in the amount of $137,000 payable
by Seller to Bitterroot-Salmon Conservation Project, LLC (“BRS”), secured by a trust deed, attached hereto as
Exhibit B (the “BRS Note” and together with the UP Note, the “Notes”) and (c) the assignment by
Seller of the Assignment of Interest, dated January 17, 2013 and attached hereto as Exhibit C, pursuant to which Seller
conveyed to BRS a three percent (3%) Net Smelter Return Royalty in and to the spot sale proceeds received less all of the
offsite smelting, refining, and transportation costs incurred by Seller associated with the purification of economic metals
derived from the Acquired Assets (the “Royalty”). The Shares are being issued under Section 4(2) under the
Securities Act of 1933, as amended (the “Securities Act”) and/or Rule 506 promulgated under the Securities Act
and, as a result, the certificate representing the Shares shall be affixed with the appropriate restrictive legend in
accordance with the Securities Act.

 

    	 

    	 

    

 

The Purchaser
acknowledges that the certificate representing the Shares shall bear the following legend:

 

“THESE
SECURITIES HAVE NOT BEEN REGISTERED

UNDER THE SECURITIES ACT OF 1933. THEY MAY NOT

BE SOLD, OFFERED FOR SALE, PLEDGED,

HYPOTHECATED OR OTHERWISE TRANSFERRED IN

THE ABSENCE OF A REGISTRATION STATEMENT WITH

RESPECT TO THE SECURITIES UNDER SUCH ACT AND

THE OPINION OF COUNSEL REASONABLY

SATISFACTORY TO THE COMPANY THAT SUCH

REGISTRATION IS NOT REQUIRED OR UNLESS SOLD

PURSUANT TO RULE 144 OR RULE
144A OF SUCH ACT.”

 

In
order to implement the above amendment, attached hereto are the certificates representing 5,520,000 shares of common stock together
with related Medallion Stock Guarantees.

 

We
kindly request that you execute this letter below indicating that you agree with the above amendment and statements.

 

	 	Sincerely,
	 	 	 
	 	Inception Resources, LLC
	 	 	 
	 	By:	/s/
    Trent     D’Ambrosio
	 	Name:	Trent
    D’Ambrosio
	 	Title:	Manager

 

AGREED
AND ACKNOWLEDGED:

 

Inception
Mining Inc.

 

	By:	/s/
    Michael     Ahlin	 
	Name:	Michael
    Ahlin	 
	Title:	CEO

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