Document:

Option Agreement

 Exhibit 10.15 
 OPTION AGREEMENT 
 BETWEEN 

MUSTAFA MEHMET CORPORATION as Seller 
 AND 
 TRANSATLANTIC WORLDWIDE LTD. or assigns as Buyer 

 TABLE OF CONTENTS 

 

							
		
	ARTICLE 1 OPTION	 	 	2	  
			
	 1.1.
	    	Grant of Option	 	 	2	  
			
	 1.2.
	    	Option Fee	 	 	2	  
			
	 1.3.
	    	Term of Option	 	 	2	  
			
	 1.4.
	    	Effect of Timely Exercise	 	 	2	  
			
	 1.5.
	    	Effect of Failure to Exercise	 	 	2	  
		
	ARTICLE 2 DEFINITIONS	 	 	2	  
			
	 2.1.
	    	Action	 	 	2	  
			
	 2.2.
	    	Affiliate	 	 	3	  
			
	 2.3.
	    	BIR	 	 	3	  
			
	 2.4.
	    	Cash Portion of the Purchase Price	 	 	3	  
			
	 2.5.
	    	Closing	 	 	3	  
			
	 2.6.
	    	Closing Date	 	 	3	  
			
	 2.7.
	    	Code	 	 	3	  
			
	 2.8.
	    	Companies	 	 	3	  
			
	 2.9.
	    	Competition Board	 	 	3	  
			
	 2.10.
	    	Consent	 	 	4	  
			
	 2.11.
	    	Contract	 	 	4	  
			
	 2.12.
	    	Control	 	 	4	  
			
	 2.13.
	    	Damages	 	 	4	  
			
	 2.14.
	    	Effective Date	 	 	4	  
			
	 2.15.
	    	Employee Buyout Loan	 	 	4	  
			
	 2.16.
	    	EMRA	 	 	4	  
			
	 2.17.
	    	Encumbrance	 	 	4	  
			
	 2.18.
	    	Environment	 	 	4	  
			
	 2.19.
	    	Environmental, Health, and Safety Liabilities	 	 	5	  
			
	 2.20.
	    	Environmental Law	 	 	5	  
			
	 2.21.
	    	Exploration and Exploitation Licenses	 	 	6	  
			
	 2.22.
	    	Escrow Agent	 	 	6	  

  
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	 2.23.
	    	Escrow Agreement	 	 	6	  
			
	 2.24.
	    	Exercise Notice	 	 	6	  
			
	 2.25.
	    	Facilities	 	 	6	  
			
	 2.26.
	    	GDPA	 	 	6	  
			
	 2.27.
	    	Governmental Authorization	 	 	7	  
			
	 2.28.
	    	Governmental Body	 	 	7	  
			
	 2.29.
	    	Hazardous Activity	 	 	7	  
			
	 2.30.
	    	Hazardous Materials	 	 	7	  
			
	 2.31.
	    	Knowledge	 	 	7	  
			
	 2.32.
	    	Legal Requirement	 	 	8	  
			
	 2.33.
	    	Liability	 	 	8	  
			
	 2.34.
	    	Licenses	 	 	8	  
			
	 2.35.
	    	Material Adverse Change	 	 	8	  
			
	 2.36.
	    	Marhat	 	 	8	  
			
	 2.37.
	    	Notice	 	 	8	  
			
	 2.38.
	    	Occupational Safety and Health Law	 	 	8	  
			
	 2.39.
	    	Option Deadline Date	 	 	9	  
			
	 2.40.
	    	Option Exercise Date	 	 	9	  
			
	 2.41.
	    	Order	 	 	9	  
			
	 2.42.
	    	Ordinary Course of Business	 	 	9	  
			
	 2.43.
	    	Organizational Documents	 	 	9	  
			
	 2.44.
	    	Overriding Royalties	 	 	9	  
			
	 2.45.
	    	Person	 	 	10	  
			
	 2.46.
	    	Proceeding	 	 	10	  
			
	 2.47.
	    	PTI Effective Date Balance Sheet	 	 	10	  
			
	 2.48.
	    	PTI Equipment	 	 	10	  
			
	 2.49.
	    	Purchase Price	 	 	10	  
			
	 2.50.
	    	Release	 	 	10	  
			
	 2.51.
	    	Representative	 	 	10	  
			
	 2.52.
	    	Securities Act	 	 	11	  
			
	 2.53.
	    	Shares	 	 	11	  

  
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	 2.54.
	    	TA Stock	 	 	11	  
			
	 2.55.
	    	Tax	 	 	11	  
			
	 2.56.
	    	Tax Return	 	 	11	  
			
	 2.57.
	    	TBNG Effective Date Balance Sheet	 	 	11	  
			
	 2.58.
	    	TBNG Equipment	 	 	11	  
			
	 2.59.
	    	Threat of Release	 	 	11	  
			
	 2.60.
	    	TransAtlantic	 	 	11	  
			
	 2.61.
	    	Turkish Regulatory Authorities	 	 	12	  
		
	ARTICLE 3 SALE AND TRANSFER OF SHARES; CLOSING	 	 	12	  
			
	 3.1.
	    	Shares	 	 	12	  
			
	 3.2.
	    	Closing	 	 	12	  
			
	 3.3.
	    	Payment of the Purchase Price	 	 	12	  
		
	ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF SELLER WITH RESPECT TO SELLER	 	 	12	  
			
	 4.1.
	    	Organization and Good Standing of Seller	 	 	12	  
			
	 4.2.
	    	Authority; No Conflict	 	 	13	  
			
	 4.3.
	    	Ownership of the Shares	 	 	13	  
			
	 4.4.
	    	Absence of Certain Liabilities	 	 	13	  
			
	 4.5.
	    	Legal Proceedings; Orders	 	 	14	  
			
	 4.6.
	    	Contracts	 	 	14	  
			
	 4.7.
	    	Brokers or Finders	 	 	14	  
			
	 4.8.
	    	Solvency	 	 	14	  
			
	 4.9.
	    	Disclosure	 	 	15	  
			
	 4.10.
	    	Securities Representations	 	 	15	  
			
	 4.11.
	    	Ownership of Facilities	 	 	16	  
		
	ARTICLE 5 REPRESENTATIONS OF SELLER WITH RESPECT TO TBNG	 	 	17	  
			
	 5.1.
	    	No Conflicts	 	 	17	  
			
	 5.2.
	    	Capitalization of TBNG	 	 	17	  
			
	 5.3.
	    	Certain Assets of TBNG	 	 	17	  
			
	 5.4.
	    	Absence of Certain Liabilities	 	 	17	  

  
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	 5.5.
	    	Licenses	 	 	18	  
			
	 5.6.
	    	Books and Records	 	 	18	  
			
	 5.7.
	    	Employee Benefits	 	 	18	  
			
	 5.8.
	    	Compliance with Legal Requirements	 	 	18	  
			
	 5.9.
	    	Legal Proceedings; Orders	 	 	19	  
			
	 5.10.
	    	Contracts; No Defaults	 	 	20	  
			
	 5.11.
	    	Insurance	 	 	22	  
			
	 5.12.
	    	Environmental Matters	 	 	22	  
			
	 5.13.
	    	Employees	 	 	23	  
			
	 5.14.
	    	Labor Relations; Compliance	 	 	23	  
			
	 5.15.
	    	Certain Payments	 	 	23	  
			
	 5.16.
	    	Disclosure	 	 	24	  
		
	ARTICLE 6 REPRESENTATIONS OF SELLER WITH RESPECT TO PTI	 	 	24	  
			
	 6.1.
	    	No Conflicts	 	 	24	  
			
	 6.2.
	    	Capitalization of PTI	 	 	24	  
			
	 6.3.
	    	Certain Assets of PTI	 	 	24	  
			
	 6.4.
	    	Absence of Certain Liabilities	 	 	25	  
			
	 6.5.
	    	Licenses	 	 	25	  
			
	 6.6.
	    	Books and Records	 	 	25	  
			
	 6.7.
	    	Employee Benefits	 	 	25	  
			
	 6.8.
	    	Compliance with Legal Requirements	 	 	25	  
			
	 6.9.
	    	Legal Proceedings; Orders	 	 	26	  
			
	 6.10.
	    	Contracts; No Defaults	 	 	27	  
			
	 6.11.
	    	Insurance	 	 	29	  
			
	 6.12.
	    	Environmental Matters	 	 	29	  
			
	 6.13.
	    	Employees	 	 	30	  
			
	 6.14.
	    	Labor Relations; Compliance	 	 	31	  
			
	 6.15.
	    	Certain Payments	 	 	31	  
			
	 6.16.
	    	Disclosure	 	 	31	  
		
	ARTICLE 7 REPRESENTATIONS OF BUYER	 	 	31	  

  
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	 7.1.
	    	Organization and Good Standing	 	 	31	  
			
	 7.2.
	    	Source of Purchase Price	 	 	31	  
			
	 7.3.
	    	Authority; No Conflict	 	 	31	  
			
	 7.4.
	    	Investment Intent	 	 	32	  
			
	 7.5.
	    	Certain Proceedings	 	 	32	  
			
	 7.6.
	    	Brokers or Finders	 	 	32	  
			
	 7.7.
	    	Restrictions on Transferability of TA Shares	 	 	32	  
			
	 7.8.
	    	Assignee of Buyer	 	 	33	  
		
	ARTICLE 8 COVENANTS OF SELLER PRIOR TO CLOSING DATE	 	 	33	  
			
	 8.1.
	    	Operation of the Businesses of the Companies	 	 	33	  
			
	 8.2.
	    	Required Approvals	 	 	35	  
			
	 8.3.
	    	Access to Books and Records	 	 	35	  
			
	 8.4.
	    	Intra-Company Transfer of Assets	 	 	35	  
			
	 8.5.
	    	Notification	 	 	35	  
			
	 8.6.
	    	Employee Buyout Loan	 	 	36	  
		
	ARTICLE 9 CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO CLOSE	 	 	36	  
			
	 9.1.
	    	Accuracy of Representations	 	 	37	  
			
	 9.2.
	    	Seller’s Performance	 	 	37	  
			
	 9.3.
	    	Consents	 	 	37	  
			
	 9.4.
	    	Additional Documents	 	 	37	  
			
	 9.5.
	    	No Proceedings	 	 	38	  
			
	 9.6.
	    	No Claim Regarding Stock Ownership or Sale Proceeds	 	 	38	  
		
	ARTICLE 10 CONDITIONS PRECEDENT TO SELLER’S OBLIGATION TO CLOSE	 	 	38	  
			
	 10.1.
	    	Accuracy of Representations	 	 	38	  
			
	 10.2.
	    	Buyer’s Performance	 	 	38	  
			
	 10.3.
	    	Consents	 	 	39	  
			
	 10.4.
	    	Additional Documents	 	 	39	  
			
	 10.5.
	    	No Injunction	 	 	39	  
		
	ARTICLE 11 CERTAIN TAX MATTERS	 	 	39	  
			
	 11.1.
	    	Cooperation on Tax Matters	 	 	39	  

  
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	ARTICLE 12 TERMINATION	 	 	40	  
			
	 12.1.
	    	Termination Events	 	 	40	  
			
	 12.2.
	    	Effect of Termination	 	 	41	  
			
	 12.3.
	    	Return of Option Fee	 	 	41	  
		
	ARTICLE 13 INDEMNIFICATION; REMEDIES	 	 	41	  
			
	 13.1.
	    	Survival	 	 	41	  
			
	 13.2.
	    	Indemnification and Payment of Damages by Seller	 	 	41	  
			
	 13.3.
	    	Indemnification and Payment of Damages by Buyer	 	 	42	  
			
	 13.4.
	    	Time Limitation	 	 	42	  
			
	 13.5.
	    	Procedure for Indemnification – Third Party Claims	 	 	43	  
			
	 13.6.
	    	Procedure for Indemnification – Other Claims	 	 	44	  
			
	 13.7.
	    	Maintenance of Minimum Net Worth	 	 	44	  
			
	 13.8.
	    	Exclusive Remedy	 	 	44	  
		
	ARTICLE 14 ASSIGNMENT	 	 	44	  
			
	 14.1.
	    	Assignment of Agreement	 	 	44	  
			
	 14.2.
	    	Separate Agreement	 	 	44	  
		
	ARTICLE 15 GENERAL PROVISIONS	 	 	45	  
			
	 15.1.
	    	Expenses	 	 	45	  
			
	 15.2.
	    	Public Announcements	 	 	45	  
			
	 15.3.
	    	Confidentiality	 	 	45	  
			
	 15.4.
	    	Notices	 	 	46	  
			
	 15.5.
	    	Further Assurances	 	 	47	  
			
	 15.6.
	    	Waiver	 	 	47	  
			
	 15.7.
	    	Entire Agreement and Modification	 	 	47	  
			
	 15.8.
	    	Exhibits	 	 	47	  
			
	 15.9.
	    	Assignments, Successors, and No Third-Party Rights	 	 	48	  
			
	 15.10.
	    	Severability	 	 	48	  
			
	 15.11.
	    	Section Headings; Construction	 	 	48	  
			
	 15.12.
	    	Time of Essence	 	 	48	  
			
	 15.13.
	    	Dispute Resolution	 	 	48	  

  
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	 15.14.
	    	Governing Law	 	 	49	  
			
	 15.15.
	    	Counterparts	 	 	49	  

  
 vii

 OPTION AGREEMENT 

THIS OPTION AGREEMENT (“Agreement”) is entered into this 8th day of November, 2010 but effective as of October 1, 2010 (the
“Effective Date”), by and among MUSTAFA MEHMET CORPORATION, an exempt company organized under the laws of the Unites States Virgin Islands (“Seller”) and TRANSATLANTIC WORLDWIDE LTD., an international business company organized
under the laws of the Commonwealth of the Bahamas (hereinafter “Buyer”) 
 RECITALS 

WHEREAS, Seller is the owner of 100% of the shares of stock (the “TBNG Shares”) of Thrace Basin Natural Gas Turkiye Corporation
(“TBNG”) a corporation organized under the laws of the British Virgin Islands, which operates through a branch located in Turkey known and referred to as Thrace Basin Natural Gas Corporation Ankara Turkiye Branch (“TBNGT”);

 WHEREAS, Seller is also the owner of 100% of the shares of stock (the “PTI Shares”) of Pinnacle Turkey, Inc.
(“PTI”), a corporation organized under the laws of the British Virgin Islands, which operates through a branch located in Turkey known and referred to as Pinnacle Turkey, Inc. Ankara Turkiye Branch (“PTIT”); 

WHEREAS, Buyer wishes to acquire an option to purchase all, but not less than all, of the TBNG Shares and the PTI Shares and Seller is
willing to grant to Buyer this option, in each case on the terms and conditions set forth below; 
 WHEREAS, Buyer plans to
create a special purpose investment vehicle (“SPV”), that the SPV will raise funds to provide a portion of the financing for this transaction and that the SPV will be formed and the funds committed prior to Buyer exercising the Option
(defined below); 
 WHEREAS, with Buyer’s consent and cooperation, Seller will cause TBNG to transfer certain rights in the
Exploration and Exploitation Licenses owned by TBNG to PTIT. After the transfers, PTI/PTIT will own, directly or indirectly, approximately 65% of the total investments in the onshore Exploration and Exploitation Licenses located in the Thrace Basin
and will own additional license interests in the shelf and offshore Thrace and Gaziantep licenses; and 
 WHEREAS, it is
Buyer’s intent that at Closing, the SPV will acquire the PTI Shares and that Buyer will acquire the TBNG Shares. 
 NOW
THEREFORE WITNESSETH, in consideration of the mutual promises herein made, and in consideration of the representations, warranties and covenants herein contained, the parties, intending to be legally bound, agree as follows: 

  
 1 

 ARTICLE 1 
 OPTION 
 1.1. Grant of Option 

Seller hereby grants to Buyer the option (“Option”) to purchase all, but not less than all, of the Shares on the terms and
conditions set forth herein. 
 1.2. Option Fee 
 In consideration of the Option, Buyer has paid to Seller an option fee (herein so called) in the amount of TEN MILLION DOLLARS USD ($10,000,000) (the “Option Fee”), receipt of which is
acknowledged by Seller. Other than as set forth in Sections 1.5 and 12.3, or as applied to the Cash Portion of the Purchase Price, the Option Fee is non-refundable. 
 1.3. Term of Option 
 The Option may be exercised by delivery of the
Exercise Notice (hereinafter defined), by Buyer to Seller on or before the Option Deadline Date (hereinafter defined). 
 1.4. Effect of
Timely Exercise 
 If Buyer delivers the Exercise Notice on or before the Option Deadline Date, then Buyer shall be deemed to
have agreed to purchase the TBNG Shares and the PTI Shares and Seller shall be deemed to have agreed to sell the TBNG Shares and the PTI Shares in accordance with the further terms and conditions hereof. 

1.5. Effect of Failure to Exercise 
 If Buyer fails to deliver the Exercise Notice on or before the Option Deadline Date, then (i) Seller shall return to Buyer the sum of FIVE MILLION DOLLARS ($5,000,000) representing one-half of the
Option Fee, and (ii) this Agreement shall terminate and neither party shall have any further rights or obligations with respect hereto except as specifically provided herein. 

IF BUYER EXERCISES THE OPTION THEN THE FOLLOWING PROVISIONS 

SHALL BECOME APPLICABLE 
 ARTICLE 2 
 DEFINITIONS 

For purposes of this Agreement, in addition to the other terms defined herein, the following terms have the meanings specified or
referred to in this ARTICLE 2: 
 2.1. Action 
 “Action” means any actual or threatened Proceeding that, if determined negatively against the Seller, either of the Companies, an Affiliate of the Seller or the Companies or any

  
 2 

 
predecessor of the Seller or the Companies, would result in a Material Adverse Change with respect to the Companies’ assets or businesses. 

2.2. Affiliate 

“Affiliate” means, with respect to any Person, any shareholder, member, officer, director or manager of such Person or any other
Person directly or indirectly Controlling, Controlled by, or under common Control with, such Person. 
 2.3. BIR 

“BIR” means the United States Virgin Islands Bureau of Internal Revenue or any successor agency. 

2.4. Cash Portion of the Purchase Price 
 “Cash Portion of the Purchase Price” means the sum of ONE HUNDRED MILLION DOLLARS USD ($100,000,000.00), adjusted as provided herein. 
 2.5. Closing 
 “Closing” is defined in Section 3.2.

 2.6. Closing Date 
 “Closing Date” means the date and time as of which the Closing actually takes place. The Closing Date shall be on or before 90 days following the Option Exercise Date unless, on such date, all
required Governmental Authorizations have not been obtained despite the applications therefor having been diligently made, in which case the Closing Date shall be extended for a period ending on the earlier to occur of (i) the expiration of
sixty (60) days from such date and (ii) the date which is five days following the date on all Governmental Authorizations are received. 
 2.7. Code 
 “Code” means the Internal Revenue Code of 1986 or any
successor law, as the same is applicable in the United States Virgin Islands, and regulations issued by the IRS pursuant to the Internal Revenue Code or any successor law. 
 2.8. Companies 
 “Companies” means TBNG and PTI. 

2.9. Competition Board 

“Competition Board” means the Competition Board of the Republic of Turkey. 

  
 3 

 2.10. Consent 
 “Consent” means any approval, consent, ratification, waiver, or other authorization (including any Governmental Authorization). 
 2.11. Contract 
 “Contract” means any agreement, contract,
obligation, promise, or undertaking (whether written or oral and whether express or implied) that is, as of the date of reference, legally binding. 
 2.12. Control 
 “Control” over a Person means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities or any other equity interests, representation on its board of directors or body
performing similar functions, by contract or otherwise. The terms “Controlling” and “Controlled” will have corollary meanings. 
 2.13. Damages 
 “Damages” is defined in Section 13.2.

 2.14. Effective Date 
 “Effective Date” means October 1, 2010. 
 2.15. Employee Buyout Loan

 “Employee Buyout Loan” means any loan obtained by Seller prior to Closing hereunder for the purpose of paying
all or any portion of the amounts due by Seller to the former owners of the Shares. 
 2.16. EMRA 

“EMRA” means the Energy Markets Regulatory Authority of the Republic of Turkey. 

2.17. Encumbrance 

“Encumbrance” means any charge, claim, community property interest, condition, equitable interest, lien, option, pledge,
security interest, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income, or exercise of any other attribute of ownership. 
 2.18. Environment 
 “Environment” means soil, land surface or
subsurface strata, surface waters (including navigable waters, ocean waters, streams, ponds, drainage basins, and wetlands), groundwaters, 

  
 4 

 
drinking water supply, stream sediments, ambient air (including indoor air), plant and animal life, and any other environmental medium or natural resource. 

2.19. Environmental, Health, and Safety Liabilities 
 “Environmental, Health, and Safety Liabilities” means any cost, damages, expense, liability, obligation, or other responsibility arising from or under Environmental Law or Occupational Safety
and Health Law and consisting of or relating to: 
 (a) any environmental, health, or safety matters or conditions (including
on-site or off-site contamination, occupational safety and health, and regulation of chemical substances or products); 
 (b)
fines, penalties, judgments, awards, settlements, legal or administrative proceedings, damages, losses, claims, demands and response, investigative, remedial, or inspection costs and expenses arising under Environmental Law or Occupational Safety
and Health Law; 
 (c) financial responsibility under Environmental Law or Occupational Safety and Health Law for cleanup costs
or corrective action, including any investigation, cleanup, removal, containment, or other remediation or response actions (“Cleanup”) required by applicable Environmental Law or Occupational Safety and Health Law (whether or not such
Cleanup has been required or requested by any Governmental Body or any other Person) and for any natural resource damages; or 

(d) any other compliance, corrective, investigative, or remedial measures required under Environmental Law or Occupational Safety and
Health Law. 
 2.20. Environmental Law 
 “Environmental Law” means any Legal Requirement that requires or relates to: 
 (a) advising appropriate authorities, employees, and the public of intended or actual releases of pollutants or hazardous substances or materials, violations of discharge limits, or other prohibitions and
of the commencements of activities, such as resource extraction or construction, that could have significant impact on the Environment; 
 (b) preventing or reducing to acceptable levels the release of pollutants or hazardous substances or materials into the Environment; 

(c) reducing the quantities, preventing the release, or minimizing the hazardous characteristics of wastes that are generated;

 (d) assuring that products are designed, formulated, packaged, and used so that they do not present unreasonable risks to
human health or the Environment when used or disposed of; 
 (e) protecting resources, species, or ecological amenities;

  
 5 

 (f) reducing to acceptable levels the risks inherent in the transportation of hazardous
substances, pollutants, oil, or other potentially harmful substances; 
 (g) cleaning up pollutants that have been released,
preventing the threat of release, or paying the costs of such clean up or prevention; or 
 (h) making responsible parties pay
private parties, or groups of them, for damages done to their health or the Environment, or permitting self-appointed representatives of the public interest to recover for injuries done to public assets. 

2.21. Exploration and Exploitation Licenses 
 “Exploration and Exploitation Licenses” means any exploration license or production lease held by the Companies (either in their own name or through a Turkish branch), as extended, re-issued or
reviewed prior to the Closing Date. 
 2.22. Escrow Agent 
 “Escrow Agent” means Banco Swizzera Italiano (BSI AG) in Zurich, Switzerland 
 2.23.
Escrow Agreement 
 “Escrow Agreement” means that certain Escrow Agreement among Buyer, Seller and Escrow Agent,
for the purpose of maintaining and disposing of the TA Stock in accordance with its terms. The Escrow Agreement will contain material terms substantially as set forth in the form that is attached hereto as Exhibit 2.23. 

2.24. Exercise Notice 

“Exercise Notice” means the Notice to be delivered by Buyer to Seller to exercise the Option in the form attached hereto as
Exhibit 2.24. 
 2.25. Facilities 
 “Facilities” means any real property, leaseholds, or other interests owned or operated by the Companies as of the Effective Date and any buildings, plants, structures, pipelines or equipment
(including motor vehicles and rolling stock) owned or operated by the Companies as of the Effective Date , including, but not limited to, the Companies’ headquarters buildings and real property which are located at Tekirdag, Turkey. 

2.26. GDPA 

“GDPA” means the General Directorate of Petroleum Affairs of the Ministry of Energy and Natural Resources of the Republic of
Turkey. 

  
 6 

 2.27. Governmental Authorization 

“Governmental Authorization” means any approval, consent, license, permit, waiver, or other authorization issued, granted,
given, or otherwise made available by or under the authority of any Governmental Body or pursuant to any Legal Requirement. 
 2.28.
Governmental Body 
 “Governmental Body” means: 

(a) whether or not included in the clauses below, the Competition Board, EMRA, and GDPA; 

(b) any nation, state, county, city, town, village, district, or other jurisdiction of any nature; 

(c) any federal, state, local, municipal, foreign, or other government; 

(d) any governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or
entity and any court or other tribunal); 
 (e) any multi-national organization or body; or 

(f) any Person or body exercising, or entitled to exercise, any administrative, executive, judicial, legislative, police, regulatory, or
taxing authority or power of any nature. 
 2.29. Hazardous Activity 

“Hazardous Activity” means the distribution, generation, handling, importing, management, manufacturing, processing, production,
refinement, Release, storage, transfer, transportation, treatment, or use (including any withdrawal or other use of groundwater) of Hazardous Materials in, on, under, about, or from the Facilities or any part thereof into the Environment, and any
other act, business, operation, or thing that increases the danger, or risk of danger, or poses an unreasonable risk of harm to persons or property on or off the Facilities, or that may affect the value of the Facilities or the Company. 

2.30. Hazardous Materials 

“Hazardous Materials” means any waste or other substance that is listed, defined, designated, or classified as, or otherwise
determined to be, hazardous, radioactive, or toxic or a pollutant or a contaminant under or pursuant to any Environmental Law, including any admixture or solution thereof, and specifically including petroleum and all derivatives thereof or synthetic
substitutes therefor and asbestos or asbestos-containing materials. 
 2.31. Knowledge 

“Knowledge” when used in determining if Person will be deemed to have “Knowledge” of a particular fact or other
matter, means that: 

  
 7 

 (a) such Person is actually aware of such fact or other matter; or 

(b) in the case of an organization, a reasonably prudent officer or manager responsible for a particular area, function or segment of
that organization using ordinary care in the exercise of his duties and responsibilities should have been aware of or should have discovered such fact or other matter. 
 2.32. Legal Requirement 
 “Legal Requirement” means any federal,
state, local, municipal, foreign, international, multinational, or other administrative order, constitution, law, ordinance, principle of common law, regulation, statute, or treaty. 
 2.33. Liability 
 “Liability” means any liability or obligation
(whether actual, contingent or prospective), including any liability for Taxes. 
 2.34. Licenses 

“Licenses” shall mean any statutory, municipal, contractual or other license, Consent, permission, permit, right or authority
issued or approved by any Governmental Body E&P License. 
 2.35. Material Adverse Change 

“Material Adverse Change” means, as to a Person, a material adverse effect whether individually or in the aggregate (a) on
the business, operations, financial condition, assets or properties of such Person or (b) in the ability of such Person to consummate the transactions contemplated by this Agreement. 
 2.36. Marhat 
 “Marhat” means MARHAT Marmara Boru Hatlari Ins.
Muh.Taahh.san.Tic.Ltd.sti, a corporation organized under the laws of Turkey. 
 2.37. Notice 

“Notice” means a notice given in accordance with the provisions of Section 15.4 

2.38. Occupational Safety and Health Law 
 “Occupational Safety and Health Law” means any Legal Requirement designed to provide safe and healthful working conditions and to reduce occupational safety and health hazards, and any program,
whether governmental or private (including those promulgated or sponsored by industry associations), designed to provide safe and healthful working conditions. 

  
 8 

 2.39. Option Deadline Date 
 “Option Deadline Date” means February 11, 2011. 
 2.40. Option Exercise Date

 “Option Exercise Date” means the date on which the Exercise Notice is actually given by Buyer to Seller.

 2.41. Order 

“Order” means any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered
by any court, administrative agency, or other Governmental Body or by any arbitrator. 
 2.42. Ordinary Course of Business 

“Ordinary Course of Business” means when applied to an action of a Person that: 

(a) such action is consistent with the past practices of such Person and is taken in the ordinary course of the normal day-to-day
operations of such Person; and 
 (b) such action is not required to be authorized by the board of directors of such Person (or
by any Person or group of Persons exercising similar authority) and is not required to be specifically authorized by the parent company (if any) of such Person. 
 2.43. Organizational Documents 
 “Organizational Documents” means:

 (a) the articles or certificate of incorporation and the bylaws of a corporation; 

(b) any charter or similar document adopted or filed in connection with the creation, formation or organization of a Person; and

 (c) any amendment to any of the foregoing. 
 2.44. Overriding Royalties 
 “Overriding Royalties” means the 1%
Overriding Royalty Agreement and the Gaziantep Overriding Royalty Agreement described in (a) and (b) below: 
 (a) 1%
Overriding Royalty Agreement means the agreement attached as Exhibit 2.44(a) pursuant to which Seller or its assign shall be assigned a one percent (1%) overriding royalty interest (proportionately reduced where the Companies own less than
100%) in all Exploration and Exploitation Licenses owned by the Companies on the Effective Date in District I in all existing and future wells drilled on such Exploration and Exploitation Licenses including without limitation, all wells spudded
prior to the Effective Date, wells spudded in the future and workovers of all wells; and 

  
 9 

 (b) Gaziantep Overriding Royalty Agreement means the agreement attached as Exhibit 2.44(b)
pursuant to which Seller or its assign shall be assigned the overriding royalty now held by TBNG over production from the 5 concessions near Gaziantep in District XII, numbered as AR/TGT/4607,4638, 4648, 4649 and 4656; 

2.45. Person 

“Person” means any individual, corporation (including any non-profit corporation), general or limited partnership, limited
liability company, joint venture, estate, trust, association, organization, labor union, or other entity or Governmental Body. 
 2.46.
Proceeding 
 “Proceeding” means any action, arbitration, audit, hearing, investigation, litigation, or suit
(whether civil, criminal, administrative, investigative, or informal) commenced, brought, threatened, conducted, or heard by or before, or otherwise involving, any Governmental Body or arbitrator. 

2.47. PTI Effective Date Balance Sheet 
 “PTI Effective Date Balance Sheet” means the balance sheet of PTI as of the Effective Date set forth on Exhibit 2.47. 
 2.48. PTI Equipment 
 “PTI Equipment” means the equipment listed
on Exhibit 6.3(d). 
 2.49. Purchase Price 
 “Purchase Price” means, collectively, the following: 
 (a) The Cash
Portion of the Purchase Price; and 
 (b) The TA Stock; and 

(c) The Overriding Royalties. 

2.50. Release 

“Release” means any spilling, leaking, emitting, discharging, depositing, escaping, leaching, dumping, or other releasing into
the Environment, whether intentional or unintentional. 
 2.51. Representative 

“Representative” means with respect to a particular Person, any director, officer, employee, agent, consultant, advisor, or
other representative of such Person, including legal counsel, accountants, and financial advisors. 

  
 10 

 2.52. Securities Act 
 “Securities Act” means the Securities Act of 1933, as amended or any successor law, and regulations and rules issued pursuant to the Securities Act or any successor law. 

2.53. Shares 

“Shares” means, collectively, the TBNG Shares and the PTI Shares. 
 2.54. TA Stock 
 “TA Stock” shall mean Eighteen Million Five
Hundred Thousand (18,500,000) shares of the common stock of TransAtlantic payable to Seller in accordance with Section 3.3(d). 

2.55. Tax 

“Tax” means all taxes, assessments, charges, duties, fees, levies or other governmental charges, including, without limitation,
all Turkish, Virgin Islands, local, foreign and other income, franchise, profits, capital gains, capital stock, transfer, value-added, sales, use, occupation, property, excise, severance, windfall profits, stamp, license, payroll, withholding and
other taxes (and any interest and penalties with respect thereto). 
 2.56. Tax Return 

“Tax Return” means any return (including any information return), report, statement, schedule, notice, form, or other document
or information filed with or submitted to, or required to be filed with or submitted to, any Governmental Body in connection with the determination, assessment, collection, or payment of any Tax or in connection with the administration,
implementation, or enforcement of or compliance with any Legal Requirement relating to any Tax. 
 2.57. TBNG Effective Date Balance Sheet

 TBNG Effective Date Balance Sheet means the balance sheet of TBNG as of the Effective date set forth on Exhibit 2.57.

 2.58. TBNG Equipment 
 “TBNG Equipment” means equipment set forth on Exhibit 5.3(d). 
 2.59. Threat of
Release 
 “Threat of Release” means a substantial likelihood of a Release that may require action in order to
prevent or mitigate damage to the Environment that may result from such Release. 
 2.60. TransAtlantic 

“TransAtlantic” means TransAtlantic Petroleum Ltd., an exempted company with limited liability organized under the laws of
Bermuda. 

  
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 2.61. Turkish Regulatory Authorities 

“Turkish Regulatory Authorities” means, collectively, GDPA, EMRA and the Competition Board. 

ARTICLE 3 

SALE AND TRANSFER OF SHARES; CLOSING 
 3.1. Shares 
 On the Closing Date, subject to the terms and conditions of
this Agreement, Seller will sell and transfer the Shares to Buyer, and Buyer will purchase the Shares from Seller effective as of the Effective Date. The parties hereto acknowledge and agree that, except as set forth in ARTICLE 8, the business and
operations of the Companies shall be conducted for the benefit of the Buyer from and after the Effective Date and that the transactions contemplated herein shall be accounted for as having been consummated as of the Effective Date. 

3.2. Closing 
 Subject to
the prior or concurrent fulfillment of all obligations and conditions set forth in ARTICLE 9 and ARTICLE 10, the purchase and sale (the “Closing”) provided for in this Agreement will take place at the offices of Kane Russell
Coleman & Logan, 1601 Elm Street, Suite 3700, Dallas, Texas 75201 on or before the Closing Date. 
 3.3. Payment of the Purchase
Price 
 The Purchase Price shall be paid by Buyer at Closing as follows: 

(a) The Option Fee shall be applied to the Cash Portion of the Purchase Price; 

(b) Buyer shall deliver to Seller the balance of the Cash Portion of the Purchase Price by wire transfer to such accounts as Seller may
direct; 
 (c) Buyer shall delivery the TA Stock to the Escrow Agent; and 

(d) Buyer shall execute and deliver to Seller the agreements providing for the Overriding Royalties. 

ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF 
 SELLER WITH RESPECT TO SELLER 
 Seller represents and warrants to Buyer as
follows: 
 4.1. Organization and Good Standing of Seller 
 Seller is an exempt company organized under the laws of the United States Virgin Islands, with full corporate power and authority and all licenses, permits and authorizations necessary to conduct its
business as it is now being conducted, to own or use the properties and 

  
 12 

 
assets that it owns or uses, and to perform all its obligations. Seller is not in default or in violation of any provision of its charter or bylaws. 

4.2. Authority; No Conflict 
 This Agreement constitutes the legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms. Seller has the unrestricted right, power, authority and capacity to
execute and deliver this Agreement and the Shares. 
 Neither the execution and delivery of this Agreement nor the consummation
or performance of any of the transactions contemplated hereunder will, directly or indirectly (with or without notice or lapse of time): 
 (a) contravene, conflict with, or result in a violation of (i) any provision of the Organizational Documents of Seller, or (ii) any resolution adopted by the board of directors or the
stockholders of Seller; 
 (b) except for any required approvals of the Turkish Regulatory Authorities, contravene, conflict
with, or result in a violation of, or give any Governmental Body or other Person the right to challenge any of the transactions contemplated hereunder or to exercise any remedy or obtain any relief under, any Legal Requirement or any Order to which
the Seller, or the Companies, or any of the assets owned or used by the Seller, or the Companies, may be subject; 
 (c) except
for any required approvals of the Turkish Regulatory Authorities, contravene, conflict with, or result in a violation of any of the terms or requirements of, or give any Governmental Body the right to revoke, withdraw, suspend, cancel, terminate, or
modify, any Governmental Authorization that is held by the Companies or that otherwise relates to the business of, or any of the assets owned or used by, the Companies; 
 (d) contravene, conflict with, or result in a violation or breach of any provision of, or give any Person the right to declare a default or exercise any remedy under, or to accelerate the maturity or
performance of, or to cancel, terminate, modify or require any notice under, any agreement, Contract, lease, license, document, instrument or other arrangement to which the Companies are a party or to which any of their property is subject; or

 (e) result in the imposition or creation of any Encumbrance upon or with respect to any of the assets owned or used by the
Companies. 
 4.3. Ownership of the Shares 
 Seller is and will be on the Closing Date, prior to the conveyance to Buyer, the sole record and beneficial owner of all of the Shares, free and clear of all Encumbrances. 

4.4. Absence of Certain Liabilities 
 Neither the Seller nor either of the Companies has any Liability with respect to: 

  
 13 

 (a) Any Tax incurred or accrued as of the Effective Date or up to the Closing Date other
than in the Ordinary Course of Business; or 
 (b) Any dispute with another Person involving more than One Hundred Thousand
Dollars ($100,000.00). 
 4.5. Legal Proceedings; Orders 
 There is no pending Proceeding: 
 (a) that has been commenced by or against either
of the Companies or the Seller that otherwise relates to or may affect the business of, or any of the assets owned or used by, the Companies or the Seller; or 
 (b) that challenges, or that may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated herein. 

To the Knowledge of Seller, (i) no such Proceeding has been threatened against the Companies or the Seller, and (ii) no event
has occurred or circumstance exists that may give rise to or serve as a basis for the commencement of any such Proceeding. 

Except as set forth in Exhibit 4.5, Seller has not received, at any time since January 1, 2005, any notice or other communication
(whether oral or written) from any Governmental Body or any other Person regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any term or requirement of any Order to which the Company, or any of the assets
owned or used by it, is or has been subject. 
 4.6. Contracts 
 Set forth on Exhibit 4.6 is a true and complete list of all Contracts to which the Seller is a party that have, or at any time thought the Closing Date will have, any material impact on the ability of
Seller to perform all of its obligations hereunder. 
 4.7. Brokers or Finders 

Seller and its agents have incurred no obligation or liability, contingent or otherwise, for brokerage or finders’ fees or
agents’ commissions or other similar payment in connection with this Agreement. 
 4.8. Solvency 

(a) No proceedings in bankruptcy or insolvency have ever been instituted by or against Seller, or any Affiliate thereof, and no such
proceeding is now pending or contemplated; and 
 (b) The books and records of Seller have been maintained in the Ordinary
Course of Business. Seller is solvent pursuant to the laws of the United States Virgin Islands and pursuant to the laws of the United States, as reflected by the entries in said books and records and as reflected by the actual facts. 

  
 14 

 4.9. Disclosure 
 Except as disclosed in the Exhibits to this Agreement, the statements contained in this ARTICLE 4 are correct and complete as of the date of this Agreement. 

4.10. Securities Representations 
 (a) Seller is an “accredited investor” as defined in Rule 501(a) of Regulation D, as amended, under the Securities Act. 
 (b) Seller has sufficient knowledge and experience in business and financial matters so as to be able to evaluate the risks and merits of its investment in the TA Stock and has so evaluated the merits and
risks of such investment. Seller is able to bear the economic risk of an investment in the TA Stock and, at the present time, is able to afford a complete loss of such investment. 

(c) Seller is not purchasing the TA Stock as a result of any general solicitation or general advertising, including anyadvertisement,
article, notice or other communication regarding the TA Stock published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or meeting or any other general advertisement. 

(d) Seller is not a registered broker dealer or an entity engaged in the business of being a broker dealer. 

(e) Seller acknowledges it has reviewed all the information it considers necessary or appropriate for deciding whether to acquire the TA
Stock, including but not limited to TransAtlantic’s filings with the Securities and Exchange Commission. Seller has conducted all due diligence and has received or has had full access to all the information it considers necessary or appropriate
to make an informed investment decision with respect to the TA Stock to be issued to Seller. Seller further has had an opportunity to ask questions and receive answers from TransAtlantic regarding the terms and conditions of the issuance of the TA
Stock and to obtain additional information necessary to verify any information furnished to Seller or to which Seller has had access. Seller has sought such accounting, legal and tax advice as it has considered necessary to make an informed decision
with respect to its acquisition of the TA Stock. 
 (f) The shares of TA Stock are being acquired by Seller for its own account
and not with a view to, or for resale in connection with, any distribution thereof in violation of applicable Canadian securities laws, the Securities Act, any state securities laws or the laws of any other jurisdiction. There are no other
agreements, arrangements or understandings pursuant to which Seller has agreed to acquire the TA Stock. 
 (g) Within the six
month period prior to the Closing Date, Seller has not directly or indirectly executed or effected or caused to be executed or effected any short sale, option or equity swap transactions in or with respect to the TA Stock or any other derivative
security transaction the purpose or effect of which is to hedge or transfer to a third party all or any part of the risk of loss associated with the ownership of the TA Stock by Seller. Seller has complied at all times with the provisions of
Regulation M promulgated under the Securities Act as applicable to the TA Stock. 

  
 15 

 (h) Seller understands that (i) the shares of TA Stock to be acquired by it are
“restricted securities” within the meaning of Rule 144 of the Securities Act and have not been registered under the Securities Act, applicable Canadian securities laws, any state securities laws or the laws of any other jurisdiction,
(ii) the TA Stock can only be disposed of if such disposition is either registered under the Securities Act or is exempt from such registration, (iii) the TA Stock will bear the legends to such effect set forth or described below, and
(iv) Seller may be, as a result of its due diligence investigations and negotiations in connection with this Agreement, in possession of material non-public information concerning TransAtlantic, Buyer and its subsidiaries, their assets,
operations and financial condition, and accordingly may be subject to liabilities under the Securities and Exchange Act of 1934, as amended, if Seller, its officers, directors, affiliates and controlling persons engage in trading in securities of
TransAtlantic while in possession of such material non-public information. 
 (i) Seller acknowledges that the certificates
evidencing the TA Stock will bear a legend substantially similar to the following: 
 “THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING OR OTHERWISE HOLDING SUCH SECURITIES, AGREES FOR THE BENEFIT OF
TRANSATLANTIC PETROLEUM LTD. (THE “CORPORATION”) THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S
UNDER THE U.S. SECURITIES ACT, (C) INSIDE THE UNITED STATES, PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY RULE 144 OR RULE 144A THEREUNDER, IF AVAILABLE, AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS OF THE UNITED STATES, OR (D) IN ANOTHER TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES, AND THE HOLDER HAS FURNISHED TO THE CORPORATION
AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT REASONABLY SATISFACTORY TO THE CORPORATION. DELIVERY OF
THIS CERTIFICATE MAY NOT CONSTITUTE “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA.” 
 4.11.
Ownership of Facilities 
 As of the Closing Date the Companies will own all of the Facilities owned by the Companies, Marhat
and any other entity affiliated with any of the foregoing on the Effective Date except for the land owned by Marhat related to the planned wind concession and the rights 

  
 16 

 
of Marhat acquired as a result of the farm-in on the Ipsala (4201) concession. Seller further represents that the land related to the planned wind concession is not, and at the Closing Date
will not be, used by the Companies as part of their petroleum related operations. 
 ARTICLE 5 

REPRESENTATIONS OF SELLER WITH RESPECT TO TBNG 
 The representations and warranties of Seller contained in this ARTICLE 5 concerning TBNG shall be read to include TBNGT in each and every case except where the context does not allow. 

5.1. No Conflicts 

Except as set forth on Exhibit 5.1, TBNG will not be required to give any notice to, make any filing with, or obtain any Consent from any
Person in connection with the execution and delivery of this Agreement or the consummation or performance of any of the transactions contemplated hereunder. 
 5.2. Capitalization of TBNG 
 The entire authorized equity securities of
TBNG consist of 10,000,000 shares of stock, with a par value of US $0.01 per share, all of which are issued and outstanding and constitute the TBNG Shares. All of the TBNG Shares have been duly authorized and are validly issued, fully paid and
nonassessable. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights or other, Contracts or commitments that could require TBNG to insure, sell or otherwise cause to become
outstanding any of its equity securities or other securities of TBNG or any rights relating to an interest in the revenues or profits of TBNG. 

5.3. Certain Assets of TBNG 
 (a) Exhibit 5.3(a) contains a complete and accurate list and brief description of all Exploration and Exploitation Licenses owned by TBNG. 

(b) Exhibit 5.3(b) contains a complete and accurate list and brief description of all joint venture, operating or other similar
agreements to which TBNG is a party relating to any Exploration and Exploitation Licenses. 
 (c) All Facilities used by TBNG
have been properly maintained and are in good working order for the purposes utilized by TBNG in its business. 
 (d) Exhibit
5.3(d) contains a complete and accurate list and brief description of all Equipment owned or leased by TBNG. All such Equipment has been properly maintained and is in good working order for the purposes utilized by TBNG in its business. 

5.4. Absence of Certain Liabilities 
 TBNG has no Liability with respect to: 

  
 17 

 (a) Any Tax incurred or accrued as of the Effective Date or up to the Closing Date other
than the amount accrued in the Ordinary Course of Business or in connection with the transfers referred to in Section 8.4; or 
 (b) Any dispute with another Person involving more than One Hundred Thousand Dollars ($100,000.00). 
 5.5. Licenses 
 (a) All Exploration and Exploitation Licenses issued to TBNG
by GDPA as set forth in Exhibit 5.3(a) are valid and correct; 
 (b) All Licenses issued to TBNG by EMRA in connection with
their operations in Turkey are valid and correct; and 
 (c) No Liability exists with respect to any investigation of, or
Proceeding with respect to, any of the licenses referred to clauses (a) and (b) above. 
 5.6. Books and Records 

The books of account and other records of TBNG, all of which have been made available to Buyer, are complete and correct in all material
respects, and have been maintained in accordance with sound business practices, including the maintenance of an adequate system of internal controls. 
 5.7. Employee Benefits 
 Exhibit 5.7 contains a list of TBNG’s employee
compensation. TBNG has complied with all Legal Requirements governing wages, hours, collective bargaining, discrimination, safety, severance pay and retirement benefits for its employees. 
 5.8. Compliance with Legal Requirements 
 (a) TBNG is in compliance in all
material respects with each Legal Requirement that is or was applicable to them or to the conduct or operation of their businesses or the ownership or use of any of their assets; 

(b) No event has occurred or circumstance exists that (with or without notice or lapse of time) (i) may reasonably be expected to
constitute or result in a violation by TBNG of, or a failure on the part of TBNG to comply with, any Legal Requirement, or (ii) may reasonably be expected to give rise to any obligation on the part of TBNG to undertake, or to bear all or any
portion of the cost of, any material remedial action of any nature; 
 (c) Except as set forth in Exhibit 5.8(c), TBNG has not
received, at any time since January 1, 2005, any notice or other communication (whether oral or written) from any Governmental Body or any other Person regarding (i) any actual, alleged, possible, or potential violation of, or failure to
comply with, any Legal Requirement, or (ii) any actual, alleged, 

  
 18 

 
possible, or potential obligation on the part of any Person to undertake, or to bear all or any portion of the cost of, any remedial action of any nature; and 

(d) Exhibit 5.8(d) contains a complete and accurate list of each Governmental Authorization that is held by TBNG or that otherwise
relates to the business of, or to any of the assets owned or used by, TBNG. The Governmental Authorizations listed in Exhibit 5.8(d) collectively constitute all of the Governmental Authorizations necessary to permit TBNG to lawfully conduct and
operate its businesses in the manner it currently conducts and operates such businesses in all material respects and to permit TBNG to own and use their assets in the manner in which they currently own and use such assets. Each Governmental
Authorization listed or required to be listed in Exhibit 5.8(d) is valid and in full force and effect. Except as set forth on Exhibit 5.8(d): 
 (i) TBNG is in compliance with all of the terms and requirements of each Governmental Authorization identified or required to be identified in Exhibit 5.8(d); 

(ii) no event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute
or result directly or indirectly in a violation of or a failure to comply with any term or requirement of any Governmental Authorization listed or required to be listed in Exhibit 5.8(d), or (B) result directly or indirectly in the revocation,
withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental Authorization listed or required to be listed in Exhibit 5.8(d); 

(iii) TBNG has not received, at any time since January 1, 2005, any notice or other communication (whether oral or
written) from any Governmental Body or any other Person regarding (A) any actual, alleged, possible, or potential violation of or failure to comply with any term or requirement of any Governmental Authorization, or (B) any actual,
proposed, possible, or potential revocation, withdrawal, suspension, cancellation, termination of, or modification to any Governmental Authorization; and 
 (iv) all applications required to have been filed for the renewal of the Governmental Authorizations listed or required to be listed in Exhibit 5.8(d) have been duly filed on a timely basis with the
appropriate Governmental Bodies, and all other filings required to have been made with respect to such Governmental Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies. 

5.9. Legal Proceedings; Orders 
 (a) There is no pending Proceeding: 
 (i) that has been commenced
by or against TBNG or that otherwise relates to or may affect the business of, or any of the assets owned or used by, TBNG; or 
 (ii) that challenges, or that may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated herein. 

  
 19 

 (b) To the knowledge of TBNG, (i) no such Proceeding has been threatened against TBNG,
and (ii) no event has occurred or circumstance exists that may give rise to or serve as a basis for the commencement of any such Proceeding. 
 (c) Except as set forth in Exhibit 5.9(c): 
 (i) there is no Order
to which TBNG, or any of its assets owned or used by it, is subject; 
 (ii) TBNG is not subject to any Order
that relates to the business of, or any of the assets owned or used by, it; and 
 (iii) to the Knowledge of
TBNG, no officer, director, agent, or employee of TBNG is subject to any Order that prohibits such officer, director, agent, or employee from engaging in or continuing any conduct, activity, or practice relating to the business of TBNG. 

(d) TBNG has not received, at any time since January 1, 2005, any notice or other communication (whether oral or written) from any
Governmental Body or any other Person regarding any actual, alleged, possible, or potential violation of, or failure to comply with, any term or requirement of any Order to which TBNG, or any of the assets owned or used by it, is or has been
subject. 
 5.10. Contracts; No Defaults 
 (a) Exhibit 5.10 contains a complete and accurate list of, and Seller has delivered to Buyer true and complete copies of: 

(i) each Contract that involves performance of services or delivery of goods or materials by TBNG of an amount or value in
excess of $100,000; 
 (ii) each Contract that involves performance of services or delivery of goods or materials
to TBNG of an amount or value in excess of $50,000; 
 (iii) each Contract that was not entered into in the
Ordinary Course of Business and that involves expenditures or receipts of TBNG in excess of $50,000; 
 (iv) each
lease agreement, license, installment and conditional sale agreement, and other Contract affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in, any real or personal property (except personal property leases
and installment and conditional sales agreements having a value per item or aggregate payments of less than $25,000 and with terms of less than one year); 
 (v) each licensing agreement or other Contract with respect to patents, trademarks, copyrights, or other intellectual property, including agreements with current or former employees, consultants, or
contractors regarding the appropriation or the non-disclosure of any of the Intellectual Property; 

  
 20 

 (vi) each joint venture, partnership, and other Contract (however named)
involving a sharing of profits, losses, costs, or liabilities by TBNG with any other Person; 
 (vii) each
Contract between or including TBNG and an Affiliate; 
 (viii) each Contract containing covenants that in any way
purport to restrict the business activity of TBNG or any Affiliate of TBNG or limit the freedom of TBNG or any Affiliate of TBNG to engage in any line of business or to compete with any Person; 

(ix) each power of attorney granted by TBNG that is currently effective; 

(x) each written warranty, guaranty, and or other similar undertaking with respect to contractual performance extended by
TBNG other than in the Ordinary Course of Business; 
 (xi) each amendment, supplement, and modification (whether
oral or written) in respect of any of the foregoing; and 
 (xii) the Contract between PTI and TBNG regarding
sharing exploration and drilling expenses and sales proceeds 
 (b) Seller (and each Affiliate of Seller) does not have any
rights under or any obligation or liability under and does not have the right to require or will not become subject to, any Contract that relates to the business of, or any of the assets owned or used by, TBNG; 

(c) To the knowledge of Seller or TBNG, no officer, director, agent, employee, consultant, or contractor of TBNG is bound by any Contract
that purports to limit the ability of such officer, director, agent, employee, consultant, or contractor to (i) engage in or continue any conduct, activity, or practice relating to the business of TBNG, or (ii) assign to TBNG or to any
other Person any rights to any invention, improvement, or discovery; 
 (d) With respect to each Contract identified or required
to be identified in Exhibit 5.10, (i) the Contract is legal, valid, binding, enforceable and in full force and effect; (ii) the Contract will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms
following the consummation of the transactions contemplated hereby; (iii) no party is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification
or acceleration, under the Contract; and (iv) no party has repudiated any provision of the Contract; 
 (e) TBNG has not
given to or received from any other Person, at any time since January 1, 2005, any notice or other communication (whether oral or written) regarding any actual, alleged, possible, or potential violation or breach of, or default under, any
Contract; and 
 (f) There are no renegotiations of, attempts to renegotiate, or outstanding rights to renegotiate any material
amounts paid or payable to TBNG under current or completed Contracts with any Person and, to the knowledge of TBNG, no such Person has made written demand for such renegotiation. 

  
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 5.11. Insurance. 
 (a) Seller has delivered to Buyer and Exhibit 5.11(a) contains a complete and accurate list of: 
 (i) copies of all policies of insurance to which any officer or TBNG is a party or under which TBNG, or any officer or director of TBNG, is or has been covered at any time within the five years preceding
the date of this Agreement; and 
 (ii) copies of all pending applications for policies of insurance. 

(b) Exhibit 5.11(b) describes: 
 (i) any self-insurance arrangement by or affecting TBNG (including any retroactive premium adjustments or other loss-sharing arrangements), including any reserves established thereunder; and 

(ii) any contract or arrangement, other than a policy of insurance, for the transfer or sharing of any risk by TBNG.

 5.12. Environmental Matters 
 Except as set forth in Exhibit 5.12: 
 (a) TBNG is in full compliance with, and
has not been and are not in violation of or liable under, any Environmental Law. TBNG has not received any actual or threatened order, notice, or other communication from (i) any Governmental Body or private citizen acting in the public
interest, or (ii) the current or prior owner or operator of any Facilities, of any actual or potential violation or failure to comply with any Environmental Law, or of any actual or threatened obligation to undertake or bear the cost of any
Environmental, Health, and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which TBNG has had an interest, or with respect to any property or Facility at or to which
Hazardous Materials were generated, manufactured, refined, transferred, imported, used, or processed by TBNG, or any other Person for whose conduct they are or may be held responsible, or from which Hazardous Materials have been transported,
treated, stored, handled, transferred, disposed, recycled, or received. 
 (b) There are no pending or, to the Knowledge of
Seller or TBNG, threatened, claims, Encumbrances, or other restrictions of any nature resulting from any Environmental, Health, and Safety Liabilities or arising under or pursuant to any Environmental Law, with respect to or affecting any of the
Facilities or any other properties and assets (whether real, personal, or mixed) in which TBNG has or had an interest. 
 (c)
TBNG has not received any citation, directive, inquiry, notice, Order, summons, warning, or other communication that relates to Hazardous Activity, Hazardous Materials, or any alleged, actual, or potential violation or failure to comply with any
Environmental Law, or of any alleged, actual, or potential obligation to undertake or bear the cost of any Environmental, Health, and Safety Liabilities with respect to any of the Facilities or any other properties or

  
 22 

 
assets (whether real, personal, or mixed) in which TBNG had an interest, or with respect to any property or facility to which Hazardous Materials generated, manufactured, refined, transferred,
imported, used, or processed by TBNG has been transported, treated, stored, handled, transferred, disposed, recycled, or received. 
 (d) TBNG does not have any Environmental, Health, and Safety Liabilities with respect to the Facilities or, to the Knowledge of TBNG, with respect to any other properties and assets (whether real,
personal, or mixed) in which TBNG (or any predecessor), has or had an interest. 
 (e) Except as permitted by applicable
Environmental Law, there are no Hazardous Materials present on or in the Environment at the Facilities, including any Hazardous Materials contained in barrels, above or underground storage tanks, landfills, land deposits, dumps, equipment (whether
moveable or fixed) or other containers, either temporary or permanent, and deposited or located in land, water, sumps, or any other part of the Facilities, or incorporated into any structure therein or thereon. Neither TBNG nor, to the Knowledge of
Seller or TBNG, any other Person, has permitted or conducted any Hazardous Activity with respect to the Facilities or any other properties or assets (whether real, personal, or mixed) in which TBNG has or had an interest except in full compliance
with all applicable Environmental Laws. 
 (f) There has been no Release or, to the Knowledge of Seller or TBNG, Threat of
Release, of any Hazardous Materials at or from the Facilities or at any other locations where any Hazardous Materials were generated, manufactured, refined, transferred, produced, imported, used, or processed by TBNG, from or by the Facilities or
from or by any other properties and assets (whether real, personal, or mixed) in which TBNG has or had an interest. 
 (g) The
Seller has delivered to Buyer true and complete copies and results of any reports, studies, analyses, tests, or monitoring possessed or initiated by the Seller or either of the Companies pertaining to Hazardous Materials or Hazardous Activities in,
on, or under the Facilities, or concerning compliance by TBNG with Environmental Laws. 
 5.13. Employees. 

The Seller has provided to Buyer a complete and accurate list of the following information for each employee or director of TBNG,
including each employee on leave of absence or layoff status: name; job title; current compensation paid or payable. 
 5.14. Labor
Relations; Compliance 
 Since January 1, 2005, TBNG has not been nor is it presently a party to any collective
bargaining or other labor Contract. 
 5.15. Certain Payments 
 Since January 1, 2005, neither TBNG nor any director, officer, agent, or employee of TBNG, or any other Person associated with or acting for or on behalf of TBNG, has directly or indirectly
(a) made any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless of form, whether in money, property, or services (i) to obtain favorable treatment in
securing business, (ii) to pay for favorable 

  
 23 

 
treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of TBNG or any affiliate of TBNG, or (iv) in violation
of any Legal Requirement, or (b) established or maintained any fund or asset that has not been recorded in the books and records of TBNG. 

5.16. Disclosure 
 Except
as disclosed in the Exhibits to this Agreement, the statements contained in this ARTICLE 5 are correct and complete as of the date of this Agreement. 
 ARTICLE 6 
 REPRESENTATIONS OF SELLER WITH RESPECT TO PTI 

The representations and warranties of Seller contained in this ARTICLE 6 concerning PTI shall be read to include PTIT in each and every
case except where the context does not allow. 
 6.1. No Conflicts 

Except as set forth on Exhibit 6.1, PTI will not be required to give any notice to, make any filing with, or obtain any Consent from any
Person in connection with the execution and delivery of this Agreement or the consummation or performance of any of the transactions contemplated hereunder. 
 6.2. Capitalization of PTI 
 The entire authorized equity securities of PTI
consist of 10,000,000 shares of stock, with a par value of US $0.01 per share, all of which are issued and outstanding and constitute the PTI Shares. All of the PTI Shares have been duly authorized and are validly issued, fully paid and
nonassessable. There are no outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights or other, Contracts or commitments that could require PTI to insure, sell or otherwise cause to become
outstanding any of its equity securities or other securities of PTI or any rights relating to an interest in the revenues or profits of PTI. 

6.3. Certain Assets of PTI 
 (a) Exhibit 6.3(a) contains a complete and accurate list and brief description of all Exploration and Exploitation Licenses owned by PTI. 

(b) Exhibit 6.3(b) contains a complete and accurate list and brief description of all joint venture, operating or other similar
agreements to which PTI is a party relating to any Exploration and Exploitation Licenses. 
 (c) Exhibit 6.3(c) contains a
complete and accurate list and brief description of all Facilities of PTI. All Facilities have been properly maintained and are in good working order for the purposes utilized by PTI in its business. 

  
 24 

 (d) Exhibit 6.3(d) contains a complete and accurate list and brief description of all
Equipment owned or leased by PTI. All such Equipment has been properly maintained and is in good working order for the purposes utilized by PTI in its business. 
 6.4. Absence of Certain Liabilities 
 PTI has no Liability with respect to:

 (a) Any Tax incurred or accrued as of the Effective Date or up to the Closing Date other than the amount accrued in the
ordinary course of business or in connection with the transfers referred to in Section 8.4; or 
 (b) Any dispute with
another Person involving more than One Hundred Thousand Dollars ($100,000.00). 
 6.5. Licenses 

(a) All Exploration and Exploitation Licenses issued to PTI by GDPA as set forth in Exhibit 6.3(a) are valid and correct; 

(b) All Licenses issued to PTI by EMRA in connection with their operations in Turkey are valid and correct; and 

(c) No Liability exists with respect to any investigation of, or Proceeding with respect to, any of the licenses referred to clauses
(a) and (b) above. 
 6.6. Books and Records 
 The books of account and other records of PTI, all of which have been made available to Buyer, are complete and correct in all material respects, and have been maintained in accordance with sound business
practices, including the maintenance of an adequate system of internal controls. 
 6.7. Employee Benefits 

Exhibit 6.7 contains a list of PTI’s employee compensation. PTI has complied with all Legal Requirements governing wages, hours,
collective bargaining, discrimination, safety, severance pay and retirement benefits for its employees. 
 6.8. Compliance with Legal
Requirements 
 (a) PTI is in compliance in all material respects with each Legal Requirement that is or was applicable to
them or to the conduct or operation of their businesses or the ownership or use of any of their assets; 
 (b) No event has
occurred or circumstance exists that (with or without notice or lapse of time) (i) may reasonably be expected to constitute or result in a violation by PTI of, or a failure on the part of PTI to comply with, any Legal Requirement, or
(ii) may reasonably be expected to 

  
 25 

 
give rise to any obligation on the part of PTI to undertake, or to bear all or any portion of the cost of, any material remedial action of any nature; 

(c) Except as set forth in Exhibit 6.8(c), PTI has not received, at any time since January 1, 2005, any notice or other
communication (whether oral or written) from any Governmental Body or any other Person regarding (i) any actual, alleged, possible, or potential violation of, or failure to comply with, any Legal Requirement, or (ii) any actual, alleged,
possible, or potential obligation on the part of any Person to undertake, or to bear all or any portion of the cost of, any remedial action of any nature; and 
 (d) Exhibit 6.8(d) contains a complete and accurate list of each Governmental Authorization that is held by PTI or that otherwise relates to the business of, or to any of the assets owned or used by, PTI.
The Governmental Authorizations listed in Exhibit 6.8(d) collectively constitute all of the Governmental Authorizations necessary to permit PTI to lawfully conduct and operate its businesses in the manner it currently conducts and operates such
businesses in all material respects and to permit PTI to own and use their assets in the manner in which they currently own and use such assets. Each Governmental Authorization listed or required to be listed in Exhibit 6.8(d) is valid and in full
force and effect. Except as set forth on Exhibit 6.8(d): 
 (i) PTI is in compliance with all of the terms and
requirements of each Governmental Authorization identified or required to be identified in Exhibit 6.8(d); 

(ii) no event has occurred or circumstance exists that may (with or without notice or lapse of time) (A) constitute
or result directly or indirectly in a violation of or a failure to comply with any term or requirement of any Governmental Authorization listed or required to be listed in Exhibit 6.8(d), or (B) result directly or indirectly in the revocation,
withdrawal, suspension, cancellation, or termination of, or any modification to, any Governmental Authorization listed or required to be listed in Exhibit 6.8(d); 

(iii) PTI has not received, at any time since January 1, 2005, any notice or other communication (whether oral or
written) from any Governmental Body or any other Person regarding (A) any actual, alleged, possible, or potential violation of or failure to comply with any term or requirement of any Governmental Authorization, or (B) any actual,
proposed, possible, or potential revocation, withdrawal, suspension, cancellation, termination of, or modification to any Governmental Authorization; and 
 (iv) all applications required to have been filed for the renewal of the Governmental Authorizations listed or required to be listed in Exhibit 6.8(d) have been duly filed on a timely basis with the
appropriate Governmental Bodies, and all other filings required to have been made with respect to such Governmental Authorizations have been duly made on a timely basis with the appropriate Governmental Bodies. 

6.9. Legal Proceedings; Orders 
 (a) There is no pending Proceeding: 

  
 26 

 (i) that has been commenced by or against PTI or that otherwise relates to
or may affect the business of, or any of the assets owned or used by, PTI; or 
 (ii) that challenges, or that
may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the transactions contemplated herein. 
 (b) To the knowledge of PTI, (i) no such Proceeding has been threatened against PTI, and (ii) no event has occurred or circumstance exists that may give rise to or serve as a basis for the
commencement of any such Proceeding. 
 (c) Except as set forth in Exhibit 6.9(c): 

(i) there is no Order to which PTI, or any of its assets owned or used by it, is subject; 

(ii) PTI is not subject to any Order that relates to the business of, or any of the assets owned or used by, it; and

 (iii) to the Knowledge of PTI, no officer, director, agent, or employee of PTI is subject to any Order that
prohibits such officer, director, agent, or employee from engaging in or continuing any conduct, activity, or practice relating to the business of PTI. 
 (d) PTI has not received, at any time since January 1, 2005, any notice or other communication (whether oral or written) from any Governmental Body or any other Person regarding any actual, alleged,
possible, or potential violation of, or failure to comply with, any term or requirement of any Order to which PTI, or any of the assets owned or used by it, is or has been subject. 
 6.10. Contracts; No Defaults 
 (a) Exhibit 6.10 contains a complete and
accurate list of, and Seller has delivered to Buyer true and complete copies of: 
 (i) each Contract that
involves performance of services or delivery of goods or materials by PTI of an amount or value in excess of $100,000; 
 (ii) each Contract that involves performance of services or delivery of goods or materials to PTI of an amount or value in excess of $50,000; 

(iii) each Contract that was not entered into in the Ordinary Course of Business and that involves expenditures or
receipts of PTI in excess of $50,000; 
 (iv) each lease agreement, license, installment and conditional sale
agreement, and other Contract affecting the ownership of, leasing of, title to, use of, or any leasehold or other interest in, any real or personal property (except personal property leases and installment and conditional sales agreements having a
value per item or aggregate payments of less than $25,000 and with terms of less than one year); 

  
 27 

 (v) each licensing agreement or other Contract with respect to patents,
trademarks, copyrights, or other intellectual property, including agreements with current or former employees, consultants, or contractors regarding the appropriation or the non-disclosure of any of the Intellectual Property; 

(vi) each joint venture, partnership, and other Contract (however named) involving a sharing of profits, losses, costs, or
liabilities by PTI with any other Person; 
 (vii) each Contract between or including PTI and an Affiliate;

 (viii) each Contract containing covenants that in any way purport to restrict the business activity of PTI or
any Affiliate of PTI or limit the freedom of PTI or any Affiliate of PTI to engage in any line of business or to compete with any Person; 
 (ix) each power of attorney granted by PTI that is currently effective; 
 (x) each written warranty, guaranty, and or other similar undertaking with respect to contractual performance extended by PTI other than in the Ordinary Course of Business; 

(xi) each amendment, supplement, and modification (whether oral or written) in respect of any of the foregoing;

 (xii) the Contract between PTI and TBNG regarding sharing exploration and drilling expenses and sales
proceeds; and 
 (xiii) the Contract with Inchbrook regarding Registered Capital Transfer of PTI. 

(b) Seller (and each Affiliate of Seller) does not have any rights under or any obligation or liability under and does not have the right
to require or will not become subject to, any Contract that relates to the business of, or any of the assets owned or used by, PTI; 
 (c) To the knowledge of Seller or PTI, no officer, director, agent, employee, consultant, or contractor of PTI is bound by any Contract that purports to limit the ability of such officer, director, agent,
employee, consultant, or contractor to (i) engage in or continue any conduct, activity, or practice relating to the business of PTI, or (ii) assign to PTI or to any other Person any rights to any invention, improvement, or discovery;

 (d) With respect to each Contract identified or required to be identified in Exhibit 6.10 (i) the Contract is legal,
valid, binding, enforceable and in full force and effect; (ii) the Contract will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms following the consummation of the transactions contemplated
hereby; (iii) no party is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification or acceleration, under the Contract; and (iv) no party
has repudiated any provision of the Contract; 

  
 28 

 (e) PTI has not given to or received from any other Person, at any time since
January 1, 2005, any notice or other communication (whether oral or written) regarding any actual, alleged, possible, or potential violation or breach of, or default under, any Contract; and 

(f) There are no renegotiations of, attempts to renegotiate, or outstanding rights to renegotiate any material amounts paid or payable to
PTI under current or completed Contracts with any Person and, to the knowledge of PTI, no such Person has made written demand for such renegotiation. 
 6.11. Insurance. 
 (a) Seller has delivered to Buyer and Exhibit 6.11(a)
contains a complete and accurate list of: 
 (i) copies of all policies of insurance to which any officer or PTI
is a party or under which PTI, or any officer or director of PTI, is or has been covered at any time within the five years preceding the date of this Agreement; and 

(ii) copies of all pending applications for policies of insurance. 

(b) Exhibit 6.11(b) describes: 
 (i) any self-insurance arrangement by or affecting PTI (including any retroactive premium adjustments or other loss-sharing arrangements), including any reserves established thereunder; and 

(ii) any contract or arrangement, other than a policy of insurance, for the transfer or sharing of any risk by PTI.

 6.12. Environmental Matters 
 Except as set forth in Exhibit 6.12: 
 (a) PTI is in full compliance with, and has
not been and are not in violation of or liable under, any Environmental Law. PTI has not received any actual or threatened order, notice, or other communication from (i) any Governmental Body or private citizen acting in the public interest, or
(ii) the current or prior owner or operator of any Facilities, of any actual or potential violation or failure to comply with any Environmental Law, or of any actual or threatened obligation to undertake or bear the cost of any Environmental,
Health, and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which PTI has had an interest, or with respect to any property or Facility at or to which Hazardous
Materials were generated, manufactured, refined, transferred, imported, used, or processed by PTI, or any other Person for whose conduct they are or may be held responsible, or from which Hazardous Materials have been transported, treated, stored,
handled, transferred, disposed, recycled, or received. 
 (b) There are no pending or, to the Knowledge of Seller or PTI,
threatened, claims, Encumbrances, or other restrictions of any nature resulting from any Environmental, Health, and 

  
 29 

 
Safety Liabilities or arising under or pursuant to any Environmental Law, with respect to or affecting any of the Facilities or any other properties and assets (whether real, personal, or mixed)
in which PTI has or had an interest. 
 (c) PTI has not received any citation, directive, inquiry, notice, Order, summons,
warning, or other communication that relates to Hazardous Activity, Hazardous Materials, or any alleged, actual, or potential violation or failure to comply with any Environmental Law, or of any alleged, actual, or potential obligation to undertake
or bear the cost of any Environmental, Health, and Safety Liabilities with respect to any of the Facilities or any other properties or assets (whether real, personal, or mixed) in which PTI had an interest, or with respect to any property or
facility to which Hazardous Materials generated, manufactured, refined, transferred, imported, used, or processed by PTI has been transported, treated, stored, handled, transferred, disposed, recycled, or received. 

(d) PTI does not have any Environmental, Health, and Safety Liabilities with respect to the Facilities or, to the Knowledge of PTI, with
respect to any other properties and assets (whether real, personal, or mixed) in which PTI (or any predecessor), has or had an interest. 
 (e) Except as permitted by applicable Environmental Law, there are no Hazardous Materials present on or in the Environment at the Facilities, including any Hazardous Materials contained in barrels, above
or underground storage tanks, landfills, land deposits, dumps, equipment (whether moveable or fixed) or other containers, either temporary or permanent, and deposited or located in land, water, sumps, or any other part of the Facilities, or
incorporated into any structure therein or thereon. Neither PTI nor, to the Knowledge of Seller or PTI, any other Person, has permitted or conducted any Hazardous Activity with respect to the Facilities or any other properties or assets (whether
real, personal, or mixed) in which PTI has or had an interest except in full compliance with all applicable Environmental Laws. 

(f) There has been no Release or, to the Knowledge of Seller or PTI, Threat of Release, of any Hazardous Materials at or from the
Facilities or at any other locations where any Hazardous Materials were generated, manufactured, refined, transferred, produced, imported, used, or processed by PTI, from or by the Facilities or from or by any other properties and assets (whether
real, personal, or mixed) in which PTI has or had an interest. 
 (g) The Seller has delivered to Buyer true and complete copies
and results of any reports, studies, analyses, tests, or monitoring possessed or initiated by the Seller or either of the Companies pertaining to Hazardous Materials or Hazardous Activities in, on, or under the Facilities, or concerning compliance
by PTI with Environmental Laws. 
 6.13. Employees. 
 The Seller has provided to Buyer a complete and accurate list of the following information for each employee or director of PTI, including each employee on leave of absence or layoff status: name; job
title; current compensation paid or payable. 

  
 30 

 6.14. Labor Relations; Compliance 

Since January 1, 2005, PTI has not been nor is it presently a party to any collective bargaining or other labor Contract. 

6.15. Certain Payments 

Since January 1, 2005, neither PTI nor any director, officer, agent, or employee of PTI, or any other Person associated with or
acting for or on behalf of PTI, has directly or indirectly (a) made any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, private or public, regardless of form, whether in money, property,
or services (i) to obtain favorable treatment in securing business, (ii) to pay for favorable treatment for business secured, (iii) to obtain special concessions or for special concessions already obtained, for or in respect of PTI or
any affiliate of PTI, or (iv) in violation of any Legal Requirement, or (b) established or maintained any fund or asset that has not been recorded in the books and records of PTI. 
 6.16. Disclosure 
 Except as disclosed in the Exhibits to this Agreement,
the statements contained in this ARTICLE 6 are correct and complete as of the date of this Agreement. 
 ARTICLE 7

 REPRESENTATIONS OF BUYER 
 Buyer represents and warrants to Seller as follows: 
 7.1. Organization and Good Standing

 Buyer is a company duly formed, validly existing, and in good standing under the laws of the Commonwealth of the Bahamas.

 7.2. Source of Purchase Price 
 The funds used to pay the Purchase Price have come from the legitimate and legal business activities of Buyer or its assigns and the payment of such funds by Buyer or its assigns and the receipt of such
funds by Seller will not violate any Legal Requirement. 
 7.3. Authority; No Conflict 

(a) This Agreement constitutes the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with its terms.
Upon the execution and delivery by Buyer of the Overriding Royalties, it will constitute the legal, valid, and binding obligation of Buyer, enforceable against Buyer in accordance with their terms. Buyer has the unrestricted right, power, and
authority to execute and deliver this Agreement and the Overriding Royalties, as the case may be, and to perform its obligations under this Agreement and the Overriding Royalties. 

  
 31 

 (b) Neither the execution and delivery of this Agreement by Buyer nor the consummation or
performance of any of the transactions contemplated hereunder by Buyer will give any Person the right to prevent, delay, or otherwise interfere with any of the transactions contemplated hereunder pursuant to: 

(i) any provision of Buyer’s Organizational Documents; 

(ii) any resolution adopted by the board of directors or the stockholders of Buyer; 

(iii) any Legal Requirement or Order to which Buyer may be subject; or 

(iv) any Contract to which Buyer is a party or by which Buyer may be bound. 

(c) Buyer will not be required to obtain any Consent from any Person in connection with the execution and delivery of this Agreement or
the consummation or performance of any of the transactions contemplated hereunder except the Consents listed on Exhibit 7.3(c). 
 7.4.
Investment Intent 
 Buyer is acquiring the Shares for its own account and not with a view to their distribution within the
meaning of Section 2(11) of the Securities Act. The offer and sale of the Shares by Seller and their purchase by Buyer in accordance with the terms of this Agreement is exempt from registration or qualification under the Securities Act and
applicable state securities laws. 
 7.5. Certain Proceedings 
 There is no pending Proceeding that has been commenced against Buyer and that challenges, or may have the effect of preventing, delaying, making illegal, or otherwise interfering with, any of the
transactions contemplated hereunder. To Buyer’s Knowledge, no such Proceeding has been threatened. 
 7.6. Brokers or Finders

 Buyer and its officers and agents have incurred no obligation or liability, contingent or otherwise, for brokerage or
finders’ fees or agents’ commissions or other similar payment in connection with this Agreement and will indemnify and hold Seller harmless from any such payment alleged to be due by or through Buyer as a result of the action of Buyer or
its officers or agents. 
 7.7. Restrictions on Transferability of TA Shares 

Upon filing and approval of an additional listing application with the NYSE Amex exchange relating to the TA Shares, the TA Shares will be
tradable on the NYSE Amex exchange, subject to the restrictions as set forth in the Securities Act and the rules and regulations promulgated thereunder. Immediately following the Option Exercise Date, TA agrees to file the additional listing
application with the NYSE Amex and to take all actions necessary to obtain its approval within one year of the Closing Date. 

  
 32 

 7.8. Assignee of Buyer 
 To the extent Buyer assigns this Agreement as permitted in Article 14, such assignee will make the same representations and warranties as set forth in Section 7.2 through 7.6, inclusive. 

ARTICLE 8 

COVENANTS OF SELLER PRIOR TO CLOSING DATE 
 8.1. Operation of the Businesses of the Companies 
 Between the Effective
Date and the Closing Date, Seller will cause each of the Companies to: 
 (a) conduct its business only in the Ordinary Course
of Business except for the transfers referred to in Section 8.4; 
 (b) use its reasonable best efforts to preserve intact
its current business organization and that of its subsidiaries, keep available the services of its current officers, employees, and agents, and maintain the relations and goodwill with suppliers, customers, landlords, creditors, employees, agents,
and others having business relationships with it; 
 (c) except as provided in Section 8.6, not declare any dividend or
make any distribution or payment of any kind to Seller or to any other Person except for payments in the Ordinary Course of Business; 
 (d) provide the Buyer with any requested information regarding Seller and the Companies and consult with the Buyer on the manner of conduct of its business and take into account any reasonable requests of
the Buyer; 
 (e) use reasonable endeavors to preserve the goodwill of its business; 

(f) operate its business in accordance with its usual business practices as a going concern with all due care and in accordance with
normal and prudent oilfield practice and in compliance with all Legal Requirements, licenses, permits and contracts which may apply; 
 (g) meet all of its routine obligations in the course of carrying on its business, including (without limitation) ensuring that any and all obligations with respect to the Licenses are fulfilled;

 (h) not acquire or dispose of any material asset other than (with the prior consent of the Buyer, which will not be
unreasonably withheld) except for (i) the acquisition or sale of tangible assets in the Ordinary Course of Business (ii) as provided in Section8.4 and (iii) the farmout on Ipsala (4201) to Marhat; 

(i) except as provided in Section 8.6, not allow for any Encumbrance to be placed on any assets; 

  
 33 

 (j) promptly notify the Buyer of any Action or Material Adverse Change which may occur, be
threatened, brought, asserted or commenced against it, its officers or directors, involving its business or assets; 
 (k) not
enter into, or amend in a material respect, or terminate, any Material Contract, or enter into (or make any binding offer to enter into) any other obligation which is not in the Ordinary Course of Business; 

(l) not enter into any employment contract or hire any new employee, or renew or amend any existing material employment contract;

 (m) not make any Tax election or settle or compromise any income tax liability, unless that election, settlement or
compromise is required by law and is supported by an opinion of counsel, or is in the Ordinary Course of Business; 
 (n) not
make any change in the accounting methods, principles or practices used by it at the Effective Date, save for any changes required by Law; 
 (o) not cancel (or enter into any arrangement to cancel) any indebtedness for money owed to it, or waive any claim or right; 
 (p) not lease, license or otherwise dispose of any of its assets, except in the Ordinary Course of Business and at fair value; 
 (q) inform Buyer of any claim, action or Proceeding and not settle any claim, action or Proceeding without Consent of Buyer; 
 (r) not make any capital expenditure in excess of $100,000 or undertake any extraordinary commitments, other than as previously approved in writing by Buyer; 

(s) maintain (and where necessary use reasonable efforts to renew) each of its insurance policies and promptly notify the Buyer if any
renewal proposal is not accepted by the relevant insurer; 
 (t) except as provided in Section 8.6, not raise any new
financial accommodation (but this does not prevent the use of existing facilities, in the Ordinary Course of Business); 
 (u)
not: 
 (i) increase, reduce or otherwise alter its share capital or grant any options for the issue of shares or
other securities; 
 (ii) declare or pay a dividend; 

(iii) make a distribution or revaluation of assets; or 

(iv) buy back or make any offer to buy back its shares; 

  
 34 

 (v) carry out reasonably required repairs and maintenance to the Equipment in accordance
with usual commercial practice and standards of maintenance for the industry; 
 (w) not enter into any abnormal or unusual
transaction which relates to or adversely affects its business; 
 (x) not grant any license, assignment or other right or
interest in respect of intellectual property, other than in the ordinary course of business; and 
 (y) not disclose
information, which is owned or used by it in relation to its business or assets, to any third party other than in the Ordinary Course of Business or as required by any Legal Requirement or by the decision of a court or tribunal or similar body of
competent jurisdiction. 
 8.2. Required Approvals 
 As promptly as practicable after the date of this Agreement, Seller will, and will cause the Companies and its Subsidiaries to, make all filings required by Legal Requirements to be made in order to
consummate the transactions contemplated hereunder, including but not limited to filings made with the Competition Board, EMRA and GDPA. Between the date of this Agreement and the Closing Date, Seller will, and will cause the Companies to, cooperate
with Buyer with respect to all filings that Buyer elects to make or is required by Legal Requirements to make in connection with the transactions contemplated hereunder. Seller will promptly provide copies of all such filings to Buyer. 

8.3. Access to Books and Records 
 Between the date of this Agreement and the Closing Date, Seller will grant to Buyer and its designated representatives (including third party accountants, attorneys, agencies and consultants) full and
complete access to the books and records (financial, legal, contractual, engineering and otherwise) of the Companies, such access to be granted at the offices of Seller, the Companies, TBNGT and PTIT, as appropriate. 

8.4. Intra-Company Transfer of Assets 
 Immediately upon execution of this Agreement, Seller will cause TBNG to file the applications with the Turkish Regulatory Authorities necessary to obtain all required approvals to a transfer the
Exploration Licenses described on Exhibit 8.4 to PTI. Additionally, upon request by Buyer, at any time after the delivery of the Exercise Notice and before the Closing Date, Seller will cause the Companies to transfer assets from one to the other to
achieve a Closing Date balance of assets between the Companies as desired by Buyer. 
 8.5. Notification 

Between the date of this Agreement and the Closing Date, Seller will promptly notify Buyer in writing if Seller becomes aware of any fact
or condition that causes or constitutes a breach of any of Seller’s representations and warranties as of the date of this Agreement, or if Seller becomes aware of the occurrence after the date of this Agreement of any fact or condition

  
 35 

 
that would (except as expressly contemplated by this Agreement) cause or constitute a breach of any such representation or warranty had such representation or warranty been made as of the time of
occurrence or discovery of such fact or condition. In addition, Seller will, or will cause the Companies to, provide to Buyer the following: 
 (a) Advance notice of spudding of a well; 
 (b) Advance notice of construction of
Facilities; 
 (c) Any reports or communications routinely prepared in the Ordinary Course of Business by the Companies
including, without limitation, the following: 
 (i) Daily drilling reports; 

(ii) Periodic production reports; 
 (iii) Periodic cost/expenditure reports; 
 (iv) Accounting reports
including A/P and A/R; 
 (d) Any communication to or from a Government Body. 

8.6. Employee Buyout Loan 

Anything in this Agreement to the contrary notwithstanding, Seller may obtain the Employee Buyout Loan from any lender(s) prior to the
Closing Date. The amount of the Employee Buyout Loan, together with any accrued interest, may not exceed the Cash Portion of the Purchase Price that is payable at the Closing. In connection with the Employee Buyout Loan, Seller may (i) encumber
the Shares (ii) cause the Companies to encumber any or all of their assets or (iii) transfer the Shares to Marhat. Seller covenants and agrees (a) to provide to Buyer at the Closing a payoff letter or other instrument from the
lender(s) making the Employee Buyout Loan in a form reasonably acceptable to Buyer which represents and agrees that upon payment of the balance of the Employee Buyout Loan to the lender, the lender will release any encumbrance on the Shares and any
of the assets of the Companies and (b) to reacquire the Shares prior to Closing or make other arrangements pursuant to which the Shares will be delivered to Buyer in accordance with this Agreement as though the Employee Buyout Loan had never
been obtained.. 
 ARTICLE 9 
 CONDITIONS PRECEDENT TO BUYER’S OBLIGATION TO CLOSE 
 Buyer’s
obligation to purchase the Shares and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Buyer, in
whole or in part): 

  
 36 

 9.1. Accuracy of Representations 

Each of Seller’s representations and warranties in this Agreement must have been accurate in all material respects as of the date of
this Agreement, and must be accurate in all material respects as of the Closing Date as if made on the Closing Date. 
 9.2. Seller’s
Performance 
 (a) All of the covenants and obligations that Seller is required to perform or to comply with pursuant to this
Agreement at or prior to the Closing must have been duly performed and complied with in all material respects. 
 (b) Seller
shall have delivered to Buyer on or before the Closing Date: 
 (i) certificates representing the Shares, duly
endorsed (or accompanied by duly executed stock powers) for transfer to Buyer; 
 (ii) executed stock powers with
respect to the TA Shares for delivery to the Escrow Agent; and 
 (iii) a certificate executed by Seller
representing and warranting to Buyer that with respect to each of Seller’s representations and warranties (concerning each of the Seller and the Companies) in this Agreement either (i) such representation or warranty is true and accurate
in all material respects as of the Closing, Date or (ii) disclosing to what extent such representation or warranty would no longer be true if made on the Closing Date. 
 9.3. Consents 
 All Consents required to be obtained in order for the
transactions contemplated by this Agreement to be effected, (which include all Consents from the Turkish Regulatory Authorities) must have been obtained in form satisfactory to Buyer and must be in full force and effect. 

9.4. Additional Documents 

Each of the following documents must have been delivered to Buyer or Escrow Agent, as appropriate: 

(a) an opinion of the Hamm Law Firm, counsel to the Seller, dated the Closing Date, in a form reasonably acceptable to Buyer; 

(b) one executed, undated, blank stock power for each stock certificate representing the TA Stock delivered to Escrow Agent by Buyer;

 (c) termination of all the agreements set forth on Exhibit 9.4(c), such terminations to be in form satisfactory to Buyer and,
(i) with respect to the agreements listed in paragraph A of Exhibit 9.4(c), the termination shall be effective as of the Effective Date and Seller shall be responsible for any liabilities under these agreements accruing after the Effective Date
and (ii)

  
 37 

 
with respect to the agreements listed in paragraph B of Exhibit 9.4(c), the termination shall be effective as of the Closing Date but Seller shall be responsible for any liabilities under these
agreements accruing after the Effective Date that are accrued other than in the Ordinary Course of Business; and 
 (d) such
documents as Buyer may reasonably request for the purpose of (i) evidencing the accuracy of Seller’s representations and warranties, (ii) evidencing the performance by Seller of, or the compliance by Seller with, any covenant or
obligation required to be performed or complied with by Seller, (iii) evidencing the satisfaction of any condition referred to in this Section 9, or (iv) otherwise facilitating the consummation or performance of any of the
transactions contemplated hereunder. 
 9.5. No Proceedings 
 Since the date of this Agreement, there must not have been commenced or threatened against Seller, or against any Person affiliated with Seller, any Action or Proceeding (a) involving any challenge
to, or seeking damages or other relief in connection with, any of the transactions contemplated hereunder, or (b) that may have the effect of preventing, delaying, making illegal, or otherwise interfering with any of the transactions
contemplated hereunder. 
 9.6. No Claim Regarding Stock Ownership or Sale Proceeds 

There must not have been made or threatened by any Person any claim asserting that such Person (a) is the holder or the beneficial
owner of, or has the right to acquire or to obtain beneficial ownership of, any stock of, or any other voting, equity, revenue, profits, or ownership interest in, either of the Companies, or (b) is entitled to all or any portion of the Purchase
Price payable for the Shares. 
 ARTICLE 10 
 CONDITIONS PRECEDENT TO SELLER’S OBLIGATION TO CLOSE 
 Seller’s
obligation to sell the Shares and to take the other actions required to be taken by Seller at the Closing is subject to the satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived by Seller, in whole
or in part): 
 10.1. Accuracy of Representations 
 Each of Buyer’s representations and warranties in this Agreement must have been accurate in all material respects as of the date of this Agreement and must be accurate in all material respects as of
the Closing Date as if made on the Closing Date. 
 10.2. Buyer’s Performance 

(a) All of the covenants and obligations that Buyer is required to perform or to comply with pursuant to this Agreement at or prior to the
Closing must have been performed and complied with in all material respects. 

  
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 (b) Buyer shall have delivered to Seller or Escrow Agent, as appropriate, on or before the
Closing Date: 
 (i) the Cash Portion of the Purchase Price , adjusted as provided herein; 

(ii) the TA Stock (to Escrow Agent); 

(iii) the Overriding Royalties (to Seller or its assigns); and 

(iv) a certificate executed by Buyer representing and warranting to Buyer with respect to each of Seller’s
representations and warranties in this Agreement either (i) such representation or warranty is true and accurate in all material respects as of the Closing Date or (ii) disclosing to what extent such representation or warranty would no
longer be true if made on the Closing Date. 
 10.3. Consents 
 Each of the Consents required to be obtained in order for the transactions contemplated by this Agreement to be effected must have been obtained and must be in full force and effect. 

10.4. Additional Documents 
 Buyer must have caused the following documents to be delivered to Seller: 
 (a) an
opinion of counsel to Buyer, dated the Closing Date, in a form reasonably acceptable to Seller; and 
 (b) such documents as
Seller may reasonably request for the purpose of (i) evidencing the accuracy of any representation or warranty of Buyer, (ii) evidencing the performance by Buyer of, or the compliance by Buyer with, any covenant or obligation required to
be performed or complied with by Buyer, (iii) evidencing the satisfaction of any condition referred to in this Section 10, or (iv) otherwise facilitating the consummation of any of the transactions contemplated hereunder. 

10.5. No Injunction 

There must not be in effect any Legal Requirement or any injunction or other Order that (a) prohibits the sale of the Shares by
Seller to Buyer, and (b) has been adopted or issued, or has otherwise become effective, since the date of this Agreement. 

ARTICLE 11 

CERTAIN TAX MATTERS 

11.1. Cooperation on Tax Matters 
 (a) Buyer, the Companies and Seller shall cooperate fully, as and to the extent reasonably requested by the other parties, in connection with the filing of all Tax Returns of the Companies and any audit,
litigation or other proceeding with respect to Taxes. Such cooperation shall 

  
 39 

 
include the retention and (upon the other party’s request) the provision of records and information which are reasonably relevant to any such audit, litigation or other proceeding, and
making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Buyer and Seller agree (i) to retain all books and records with respect to Tax matters pertinent to
the Companies relating to any taxable period beginning before the Effective Date until the expiration of the statute of limitations (and, to the extent notified by Buyer or Seller, any extension thereof) of the respective taxable periods, and to
abide by all record retention agreements entered into with any taxing authority, and (ii) to give the other party reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the other party so
requests, Buyer or Seller, as the case may be, shall allow the other party to take possession of such books and records. 
 (b)
Buyer and Seller further agree, upon request, to use their reasonable best efforts to obtain any certificate or other document from any governmental authority or any other Person as may be necessary to mitigate, reduce or eliminate any Tax that
could be imposed (including, but not limited to, with respect to the transactions contemplated hereby). 
 ARTICLE 12

 TERMINATION 
 12.1. Termination Events 
 This Agreement may, by notice given prior to or
at the Closing, be terminated: 
 (a) by either Buyer or Seller if a material breach or violation of any provision of this
Agreement has been committed by the other party and such breach or violation has not been cured or waived; 
 (b) by Buyer
(i) if the certificate provided by Seller pursuant to Section 9.2(a)(iii) describes any change or modification to any representation or warranty which arises to a Material Adverse Change, (ii) if any of the conditions in ARTICLE 9 has
not been satisfied as of the Closing Date or (iii) if satisfaction of such a condition is or becomes impossible (other than through the failure of Buyer to comply with its obligations under this Agreement) and Buyer has not waived such
condition on or before the Closing Date; 
 (c) by Seller, if any of the conditions in ARTICLE 10 has not been satisfied as of
the Closing Date or if satisfaction of such a condition is or becomes impossible (other than through the failure of Seller to comply with their obligations under this Agreement) and Seller has not waived such condition on or before the Closing Date;

 (d) by mutual consent of Buyer and Seller; or 
 (e) by either Buyer or Seller if the Closing has not occurred (other than through the failure of any party seeking to terminate this Agreement to comply fully with its obligations under this Agreement) on
or before the Closing Date or such later date as the parties may agree upon. 

  
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 12.2. Effect of Termination 
 Each party’s right of termination under Section 12.1 is in addition to any other rights it may have under this Agreement or otherwise, and the exercise of a right of termination will not be an
election of remedies. If this Agreement is terminated pursuant to Section 12.1, all further obligations of the parties under this Agreement will terminate, except that the obligations in ARTICLE 13 will survive; provided, however, that if this
Agreement is terminated by a party because of the breach of the Agreement by the other party or because one or more of the conditions to the terminating party’s obligations under this Agreement is not satisfied as a result of the other
party’s failure to comply with its obligations under this Agreement, the terminating party’s right to pursue all legal remedies will survive such termination unimpaired. 
 12.3. Return of Option Fee 
 (a) Notwithstanding anything to the contrary
contained herein, if this Agreement is terminated by Buyer pursuant to Section 12.1(b), Seller agrees to return the Option Fee, upon request of Buyer, if any if such termination was based on: 

(i) Seller’s failure to comply with any of its covenants and obligations set forth in this Agreement; 

(ii) a Material Adverse Change with respect to either of the Companies; 

(iii) a pending Action; or 
 (iv) Seller’s failure to clear any Encumbrance created by a Employee Buyout Loan. 
 (b) Notwithstanding anything to the contrary contained herein, if this Agreement is terminated by Buyer pursuant to Section 12.1(b), Seller agrees to return one-half of the Option Fee, upon request
of Buyer, if any if such termination was based on an inability to obtain, by the Closing Date, any required approval of the proposed transactions hereunder by the Competition Board. 

ARTICLE 13 

INDEMNIFICATION; REMEDIES 

13.1. Survival 
 All
representations in this Agreement will survive the Closing. 
 13.2. Indemnification and Payment of Damages by Seller 

Seller will indemnify and hold harmless Buyer for, and will pay to the Buyer, the amount of any Damages (defined below) arising from:

 (a) the inaccuracy of any representation made by Seller in ARTICLE 4, ARTICLE 5 and ARTICLE 6 of this Agreement; 

  
 41 

 (b) any breach by Seller of any covenant or obligation of Seller in this Agreement;

 (c) any claim by any Governmental Body, including any Turkish tax authority, that there are Taxes owed by the Companies for
any period prior to the Effective Date other than Taxes accrued in the ordinary course of business or arising as a result of the transfers made pursuant to Section 8.4; 
 (d) any Proceeding, whether instituted before or after the Effective Date, arising from or in respect of facts, circumstances, acts, omissions or matters relating to the period prior to Closing unless a
proper reserve with respect to such Proceeding is shown on the TBNG Effective Date Balance Sheet or the PTI Effective Date Balance Sheet, as applicable; or 
 (e) any Liability or claim arising from or in respect of any facts, circumstances, acts, omissions or matters relating to the period prior to the Effective Date including claims of, or Liability to,
current or former employees other than those shown on the TBNG Effective Date Balance Sheet or the PTI Effective Date Balance Sheet. 
 For purposes of this Agreement the term “Damages” shall mean all costs, losses (including diminution in value), liabilities, deficiencies, claims and expenses (which include interest, penalties,
cost of mitigation, attorney’s fees and amounts paid in investigation, defense or settlement of any claim or Liability). 
 13.3.
Indemnification and Payment of Damages by Buyer 
 (a) Buyer will indemnify and hold harmless Seller for, and will pay to
Seller the amount of any Damages arising, directly or indirectly, from or in connection with (a) any breach of any representation or warranty made by Buyer in this Agreement or in any certificate delivered by Buyer pursuant to this Agreement,
or (b) any breach by Buyer of any covenant or obligation of Buyer in this Agreement. Buyer further indemnifies and holds harmless Seller from all claims relating to the Companies that may arise from operations after the Closing Date.

 (b) Unless a claim pursuant to this Article 13 has been made on or prior to expiration of one year from the Closing Date, the
TA Stock held in escrow will be released by the Escrow Agent pursuant to the Escrow Agreement. 
 13.4. Time Limitation 

If the Closing occurs, neither party will have any liability (for indemnification or otherwise) with respect to any representation or
warranty, or covenant or obligation to be performed and complied unless on or before the expiration of three year from the Closing Date, the indemnified party notifies the other party of a claim specifying the factual basis of that claim in
reasonable detail to the extent then known by the indemnified party; provided, however, the representations, warranties, covenants and obligations regarding (i) taxes shall continue until the applicable statute of limitations and (ii) due
authorization, valid formation, valid existence and legal compliance shall continue indefinitely. 

  
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 13.5. Procedure for Indemnification – Third Party Claims 

(a) Promptly after receipt by an indemnified party under Section 13.2 or Section 13.3 of notice of the commencement of any
Proceeding against it, such indemnified party will, if a claim is to be made against an indemnifying party under such Section, give notice to the indemnifying party of the commencement of such claim, but the failure to notify the indemnifying party
will not relieve the indemnifying party of any liability that it may have to any indemnified party, except to the extent that the indemnifying party demonstrates that the defense of such action is prejudiced by the indemnifying party’s failure
to give such notice. 
 (b) If any Proceeding referred to in Section 13.5 is brought against an indemnified party and it
gives notice to the indemnifying party of the commencement of such Proceeding, the indemnifying party will, unless the claim involves Taxes, be entitled to participate in such Proceeding and, to the extent that it wishes (unless (i) the
indemnifying party is also a party to such Proceeding and the indemnified party determines in good faith that joint representation would be inappropriate, or (ii) the indemnifying party fails to provide reasonable assurance to the indemnified
party of its financial capacity to defend such Proceeding and provide indemnification with respect to such Proceeding), to assume the defense of such Proceeding with counsel satisfactory to the indemnified party and, after notice from the
indemnifying party to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying party will not, as long as it diligently conducts such defense, be liable to the indemnified party under this ARTICLE 13 for any
fees of other counsel or any other expenses with respect to the defense of such Proceeding, in each case subsequently incurred by the indemnified party in connection with the defense of such Proceeding, other than reasonable costs of investigation.
If the indemnifying party assumes the defense of a Proceeding, (i) it will be conclusively established for purposes of this Agreement that the claims made in that Proceeding are within the scope of and subject to indemnification; (ii) no
compromise or settlement of such claims may be effected by the indemnifying party without the indemnified party’s consent unless (A) there is no finding or admission of any violation of Legal Requirements or any violation of the rights of
any Person and no effect on any other claims that may be made against the indemnified party, and (B) the sole relief provided is monetary damages that are paid in full by the indemnifying party; and (iii) the indemnified party will have no
liability with respect to any compromise or settlement of such claims effected without its consent. If notice is given to an indemnifying party of the commencement of any Proceeding and the indemnifying party does not, within ten days after the
indemnified party’s notice is given, give notice to the indemnified party of its election to assume the defense of such Proceeding, the indemnifying party will be bound by any determination made in such Proceeding or any compromise or
settlement effected by the indemnified party. Each indemnified party hereby grants to the indemnifying party, to the extent permitted by law or by the terms of the indemnified party’s insurance policies then in force, a right of subrogation to
proceed against the particular third party or parties in question, and seek to recover therefrom any amounts to which such indemnifying party may be lawfully entitled. 
 (c) Notwithstanding the foregoing, if an indemnified party determines in good faith that there is a reasonable probability that a Proceeding may adversely affect it or its affiliates other than as a
result of monetary damages for which it would be entitled to indemnification under this Agreement, the indemnified party may, by notice to the indemnifying party, assume the exclusive right to defend, compromise, or settle such Proceeding, but the
indemnifying party will 

  
 43 

 
not be bound by any determination of a Proceeding so defended or any compromise or settlement effected without its consent (which may not be unreasonably withheld). 

(d) Seller and Buyer hereby consent to the non-exclusive jurisdiction of any court in which a Proceeding is brought against any
Indemnified Person for purposes of any claim that an Indemnified Person may have under this Agreement with respect to such Proceeding or the matters alleged therein, and agree that process may be served on Seller with respect to such a claim
anywhere in the world. 
 13.6. Procedure for Indemnification – Other Claims 

A claim for indemnification for any matter not involving a third-party claim may be asserted by notice to the party from whom
indemnification is sought. 
 13.7. Maintenance of Minimum Net Worth Once the TA Stock has been returned to Seller under the Escrow
Agreement, Seller agrees to maintain a minimum net worth of at least Ten Million and No/100 Dollars ($10,000,00.00) until the later to occur of (i) three years from the Closing Date and (ii) the date on which the applicable statute of
limitations bars any claim for Taxes. 
 13.8. Exclusive Remedy 
 Seller and Buyer acknowledge and agree that their respective sole and exclusive remedy with respect to any and all claims relating to the subject matter of this Agreement shall be pursuant to the
indemnification provisions set forth in this ARTICLE 13, subject to the limitations contained in Sections 13.4 and under the provisions of the Escrow Agreement. 
 ARTICLE 14 
 ASSIGNMENT 

14.1. Assignment of Agreement 
 Seller acknowledges and agrees that Buyer may assign its rights to acquire the TBNG Shares and/or the PTI Shares to a third party who is either (i) an affiliate of the Buyer or (ii) a newly
formed entity for which the Buyer (or its affiliates) have engaged in significant formation and financing activities, the purpose of which entity is to acquire the TBNG Shares and/or the PTI Shares. Seller agrees that Buyer may, in its sole
discretion, assign its rights hereunder to purchase the TBNG Shares or the PTI Shares or both. Prior to Closing Buyer will notify Seller of any such assignment and the identity of such assignee(s). Upon such notice any such assignee shall be deemed
a third party beneficiary of this Agreement with full independent rights to (a) rely on the representations, warranties and covenants contained herein and (b) enforce all rights and obligations hereunder, as to the TBNG Shares or PTI
Shares assigned to such assignee. From and after the date of any notice regarding an assignee, the term “Buyer” shall be deemed to include TransAtlantic Worldwide Ltd. and any such assignee(s). Any such assignment shall not relieve Buyer
of any of its obligations hereunder. 
 14.2. Separate Agreement In connection with any notice to Seller of the assignment by Buyer of
its rights hereunder to purchase the TBNG Shares or the PTI Shares or both, Seller agrees to 

  
 44 

 
coordinate with Buyer and any such assignee in the preparation and execution of a separate stock purchase agreement relating specifically to such TBNG Shares and/or PTI Shares, as appropriate.
Any separate stock purchase agreement relating to the TBNG Shares or PTI Shares, upon execution, will supersede the obligations of Seller and Buyer under this Agreement as to such shares. Notwithstanding anything to the contrary contained herein,
Seller shall not be obligated to execute any such new stock purchase agreement unless (i) such agreement, along with any remaining rights and obligations under this Agreement, contain, in the aggregate, the identical rights, obligations and
covenants contained herein and (ii) Buyer unconditionally guarantees the payment and performance of the assignee. 

ARTICLE 15 

GENERAL PROVISIONS 

15.1. Expenses 
 Each
party to this Agreement will bear its respective expenses incurred in connection with the preparation, execution, and performance of this Agreement, including all fees and expenses of agents, representatives, counsel, and accountants. In the event
of termination of this Agreement, the obligation of each party to pay its own expenses will be subject to any rights of such party to seek recovery of such expenses arising from a breach of this Agreement by another party. 

15.2. Public Announcements 
 Neither Buyer nor Seller will issue any public announcement or similar publicity with respect to this Agreement without the prior written consent of the other party; provided, however, that either Buyer
or Seller may make any public disclosure they believe in good faith, based upon advice of counsel, is required by any Legal Requirement (in which case the disclosing party will advise the other party prior to making the disclosure). Seller and Buyer
will consult with each other concerning the means by which the Companies’ employees, customers, and suppliers and others having dealings with the Companies will be informed of the transactions contemplated hereby, and Buyer will have the right
to be present for any such communication. 
 15.3. Confidentiality 

Between the date of this Agreement and the Closing Date, Buyer and Seller will maintain in confidence, and will cause the directors,
officers, employees, agents, and advisors of Buyer and the Companies to maintain in confidence, any written, oral, or other information obtained in confidence from another party or the Companies in connection with this Agreement or the transactions
contemplated hereby, unless (a) such information is already known to such party or to others not bound by a duty of confidentiality or such information becomes publicly available through no fault of such party, (b) the use of such
information is necessary or appropriate in making any filing or obtaining any consent or approval required for the consummation of the transactions contemplated hereby, or (c) the furnishing or use of such information is required by any Legal
Requirement. Notwithstanding the foregoing, Buyer an announcement may be made to employees of the Companies regarding this Agreement and the transactions contemplated hereby. 

  
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 If the transactions contemplated hereby are not consummated, each party will return or
destroy as much of such written information as the other party may reasonably request. 
 15.4. Notices 

All notices, consents, waivers, and other communications under this Agreement must be in writing and will be deemed to have been duly
given when (a) delivered by hand (with written confirmation of receipt), (b) sent by facsimile (with written confirmation of receipt) or electronic mail, provided that a copy is mailed by registered mail, return receipt requested, or
(c) when received by the addressee, if sent by a nationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and facsimile numbers set forth below (or to such other addresses and facsimile
numbers as a party may designate by notice to the other parties). A copy of any notice, consent, waiver or other communications shall also be sent by electronic mail to the recipient’s address set forth below; provided, however, that the
failure to comply with this requirement shall not affect the effectiveness of such notice, consent, waiver or other communication if the other provisions of this Section 15.4 are followed. 

Seller: 
 Mustafa Mehmet
Corporation 
 ATTN: Harvey R. Clapp, III, President 
 5030 Anchor Way 
 Christiansted, Vl 00820 

Phone: 340-719-3885 
 Facsimile No.: 340-719-3888 
 E-Mail: hrclapp3@aol.com 

with copy to: 
 Donovan M.
Hamm, Jr., Esq. 
 Hamm Law Firm 
 5030 Anchor Way 
 Christiansted, VI 00820-4521 

Phone: 340-773-6955 
 Facsimile No.: 340-773-3092 
 E-Mail: dmh@hammlawvi.com 

Buyer: 
 TransAtlantic
Worldwide Ltd. 
 ATTN: Matthew McCann 
 5910 N. Central Expressway, Suite 1755 
 Dallas, Texas 75206 

Phone: 214-220-4323 
 Fax: 214-265-4711 
 E-Mail: matt.mccann@tapcor.com 

with a copy to: 

  
 46 

 Scott C. Larsen 
 Executive Vice President 
 TransAtlantic Petroleum Ltd. 

5901 N. Central Expressway, Suite 1755 
 Dallas, TX 75206 
 Phone: 214-220-4323 

E-Mail: scott.larsen@tapcor.com 

15.5. Further Assurances 

The parties agree (a) to furnish upon request to each other such further information, (b) to execute and deliver to each other
such other documents, and (c) to do such other acts and things, all as the other party may reasonably request for the purpose of carrying out the intent of this Agreement and the documents referred to in this Agreement. 

15.6. Waiver 
 The rights
and remedies of the parties to this Agreement are cumulative and not alternative. Neither the failure nor any delay by any party in exercising any right, power, or privilege under this Agreement or the documents referred to in this Agreement will
operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right,
power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement or the documents referred to in this Agreement can be discharged by one party, in whole or in part, by a waiver or
renunciation of the claim or right unless in writing signed by the other party; (b) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one
party will be deemed to be a waiver of any obligation of such party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this
Agreement. 
 15.7. Entire Agreement and Modification 
 This Agreement (including all Exhibits and Schedules hereto) supersedes all prior agreements between the parties with respect to its subject matter and constitutes (along with the documents referred to in
this Agreement) a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. This Agreement may not be amended except by a written agreement executed by the party to be charged with the
amendment. 
 15.8. Exhibits 
 In the event of any inconsistency between the statements in the body of this Agreement and those in the Exhibits attached hereto, the statements in the body of this Agreement will control. 

  
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 15.9. Assignments, Successors, and No Third-Party Rights 

Except as provided in ARTICLE 14, 
 (a) neither party may assign any of its rights under this Agreement without the prior consent of the other parties; 
 (b) this Agreement will apply to, be binding in all respects upon, and inure to the benefit of the successors and permitted assigns of the parties; 

(c) nothing expressed or referred to in this Agreement will be construed to give any Person other than the parties to this Agreement any
legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement; and 

(d) this Agreement and all of its provisions and conditions are for the sole and exclusive benefit of the parties to this Agreement and
their successors and assigns. 
 15.10. Severability 
 If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of
this Agreement held invalid or unenforceable only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable. 
 15.11. Section Headings; Construction 
 The headings of Sections in this
Agreement are provided for convenience only and will not affect its construction or interpretation. All references to “Section” or “Sections” refer to the corresponding Section or Sections of this Agreement. All words used in
this Agreement will be construed to be of such gender or number as the circumstances require. Unless otherwise expressly provided, the word “including” does not limit the preceding words or terms. 

15.12. Time of Essence 

With regard to all dates and time periods set forth or referred to in this Agreement, time is of the essence. 

15.13. Dispute Resolution 

In the event of any dispute, controversy or claim of any kind or nature arising under or in connection with this Agreement including any
question regarding its existence, validity or termination (a “Dispute”), such Dispute shall be referred to and finally resolved by arbitration under the American Arbitration Association (“AAA”) Rules, which rules are deemed to be
incorporated by reference into this Agreement. The number of arbitrators shall be three. The seat, or legal place, of arbitration shall be in Dallas Texas. The language to be used in the arbitral proceedings shall be in English. The parties will
choose the arbitrators from a list of arbitrators maintained by AAA in Dallas, Texas. The arbitration panel shall have the right to allocate to the prevailing party the right to recover expenses from the non-prevailing party. Any award granted by
the arbitration panel to any party may be enforced by the prevailing party in any jurisdiction where the non-prevailing party resides or holds assets in such jurisdictions’ federal, state, territorial, provincial, local or other courts.

  
 48 

 15.14. Governing Law 
 This Agreement will be governed by, and construed in accordance with, the laws of the State of Texas. 
 15.15. Counterparts 
 This Agreement may be executed in one or more
counterparts, including by facsimile signature, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. 

[SIGNATURES ON NEXT PAGE] 

  
 49 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the
Effective Date. 
  

							
		 		 		 	SELLER
				
		 		 		 	MUSTAFA MEHMET CORPORATION
				
	Date:	 	 November 8, 2010
	 		 	 /s/ Harvey R. Clapp III

		 		 		 	By: Harvey R. Clapp, III, President
				
		 		 		 	BUYER
				
		 		 		 	TRANSATLANTIC WORLDWIDE LTD.
				
	Date:	 	 November 8, 2010
	 		 	 /s/ Matthew W. McCann

		 		 		 	By: Matthew McCann, Director

  
 50Amended and Restated Investors' Rights Agreement, dated July 3, 2008

 Exhibit 4.2 
 IMPINJ, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

 July 3, 2008 

 IMPINJ, INC. 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 
 This Amended
and Restated Investors’ Rights Agreement (this “Agreement”) is made as of July 3, 2008 by and among Impinj, Inc., a Delaware corporation (the “Company”), the holders of the Company’s Series A
Preferred Stock set forth on Exhibit A attached hereto (the “Series A Holders”), Intel Corporation, a Delaware Corporation (“Intel”), the holders of Series B Preferred Stock listed on Exhibit B
attached hereto (the “Series B Holders”), the holders of Series C Preferred Stock listed on Exhibit C attached hereto (the “Series C Holders”), the holders of Series D Preferred Stock listed on Exhibit
D attached hereto (the “Series D Holders”) and the holders of Series E Preferred Stock listed on Exhibit E attached hereto (including Intel), the “Series E Holders,” and together with the Series A
Holders, Series B Holders, Series C Holders and Series D Holders, the “Investors”) and Carver Mead, Christopher Diorio and Todd Humes (the “Founders”). 

RECITALS 
 A. The Company, the Founders, the Series A Holders, the Series B Holders, the Series C Holders, the Series D Holders and the Series E Holders (other than Intel) have previously entered into an Amended and
Restated Investors’ Rights Agreement dated as of February 23, 2007, as amended on October 3, 2007 (the “Prior Rights Agreement”), pursuant to which the Company granted the Founders, the Series A Holders, the Series B
Holders, the Series C Holders, the Series D Holders and the Series E Holders (other than Intel) certain rights. 
 B. The
Company and Intel have entered into a Series E Preferred Stock and Common Stock Purchase Agreement and an Asset Purchase Agreement, each, of even date herewith, together providing for the acquisition of certain assets from Intel in exchange for
shares of the Company’s Series E Preferred Stock and Common Stock (the “Transaction”). 
 C.
Section 3.3 of the Prior Rights Agreement provides that any term thereof may be amended or waived only with the written consent of the Company and the holders of a majority of the Registrable Securities then outstanding, not including the
Founders’ Stock, and any amendment or waiver effected in accordance with Section 3.3 of the Prior Rights Agreement shall be binding upon each party to the Prior Rights Agreement, whether or not such party has signed such amendment or
waiver, each future holder of all such Registrable Securities, and the Company. 
 D. In connection with the Transaction, the
Company and the undersigned Requisite Investors have agreed to amend and restate the Prior Rights Agreement in its entirety effective as of the date first set forth above to, among other things, include Intel as an “Investor.” 

  
 -2-

 NOW THEREFORE, in consideration of the foregoing premises and certain other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 

AGREEMENT 
 The parties hereby agree as follows: 
 1. Registration Rights. The
Company and the Investors covenant and agree as follows: 
 1.1 Definitions. For purposes of this Section 1:

 (a) The terms “register,” “registered,” and “registration” refer to a
registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act of 1933, as amended (the “Securities Act”), and the declaration or ordering of effectiveness of such
registration statement or document; 
 (b) The term “Registrable Securities” means (i) the shares of
Common Stock issuable or issued upon conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock or Series E Preferred Stock and any shares of capital stock, including any Founders’
Stock (as defined below), hereafter acquired by any Series A Holder, Series B Holder, Series C Holder, Series D Holder or Series E Holder, other than shares for which registration rights have terminated pursuant to Section 1.15 hereof,
(ii) the shares of Common Stock issued to the Founders (the “Founders’ Stock”), provided, however, that for the purposes of Section 1.2, 1.4, 1.7(a), 1.7(c), 1.13 and 2.2, the Founders’ Stock and
any shares described in (iv) below attributable to the Founders’ Stock shall not be deemed Registrable Securities and the Founders shall not be deemed Holders, (iii) the shares of Common Stock issuable or issued to Horizon upon
exercise of the Horizon Warrant, other than shares for which registration rights have terminated pursuant to Section 1.15 hereof, provided, however, that for purposes of Section 1.2 and Section 1.4, Horizon may not initiate a
registration request but may otherwise participate in any registration requested by the initiating Holders, and (iv) any other shares of Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant,
right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i), (ii) and (iii); provided, however, that the
foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities shall only
be treated as Registrable Securities if and so long as they have not been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, or (B) sold in a transaction exempt from the
registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale;

  
 -3-

 (c) The number of shares of “Registrable Securities then outstanding”
shall be determined by the number of shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities; 

(d) The term “Holder” means any person owning or having the right to acquire Registrable Securities or any assignee
thereof in accordance with Section 1.12 of this Agreement; 
 (e) The term “Form S-3” means such form
under the Securities Act as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings under the Securities Exchange Act of 1934, as
amended (the “Exchange Act”); 
 (f) The term “SEC” means the Securities and Exchange
Commission; and 
 (g) The term “Qualified IPO” means a firm commitment underwritten public offering by the
Company of shares of its Common Stock pursuant to a registration statement under the Securities Act, the per share offering price of which is not less than $5.00 (appropriately adjusted for any stock split, dividend, combination or other
recapitalization) and which results in aggregate cash proceeds to the Company of not less than $25,000,000 (net of underwriting discounts and commissions). 
 (h) The term “Horizon Warrant” means the warrant to purchase shares of the Company’s Series E Preferred Stock issued to Horizon on October 3, 2007 in connection with the
$10,000,000 working capital facility pursuant to the Loan and Security Agreement between the Company and Horizon on October 3, 2007. 
 1.2 Request for Registration. 
 (a) If the Company shall receive at
any time after the earlier of (i) February 23, 2011, or (ii) six (6) months after the effective date of the first registration statement for a public offering of securities of the Company (other than a registration statement
relating directly or indirectly either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or a Rule 145 transaction under the Securities Act), a written request from the Holders of at
least thirty percent (30%) of the Registrable Securities then outstanding that the Company file a registration statement under the Securities Act covering the registration of at least twenty percent (20%) of the Registrable Securities then
outstanding (or a lesser percent if the anticipated aggregate offering price, net of underwriting discounts and commissions, would exceed $25,000,000), then the Company shall, within ten (10) days of the receipt thereof, give written notice of
such request to all Holders and shall, subject to the limitations of subsection 1.2(b), use its best efforts to effect as soon as practicable, and in any event within sixty (60) days of the receipt of such request, the registration under the
Securities Act of all Registrable Securities which the Holders request to be registered within twenty (20) days of the mailing of such notice by the Company in accordance with Section 3.4. 

  
 -4-

 (b) If the Holders initiating the registration request hereunder (“Initiating
Holders”) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include
such information in the written notice referred to in subsection 1.2(a). The underwriter will be selected by a majority of the Registrable Securities then held by the Initiating Holders (an “Initiating Majority in Interest”) and
shall be reasonably acceptable to the Company. In such event, the right of any Holder to include his Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of
such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by an Initiating Majority in Interest and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such
underwriting shall (together with the Company as provided in subsection 1.5(g)) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this
Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing factors require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities
which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the underwriting shall be allocated among all Holders thereof, including the Initiating Holders, in proportion (as
nearly as practicable) to the amount of Registrable Securities of the Company owned by each Holder; provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless
all other securities are first entirely excluded from the underwriting. For the purposes of the preceding sentence concerning apportionment, for any selling stockholder that is a holder of Registrable Securities and that is a partnership or
corporation, the partners, retired partners and stockholders of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single
“selling stockholder,” and any pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling stockholder,” as defined in this sentence. 
 (c) Notwithstanding the foregoing, if the Company shall
furnish to Holders requesting a registration statement pursuant to this Section 1.2, a certificate signed by the President or other executive officer of the Company stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer
such filing for a period of not more than one hundred twenty (120) days after receipt of the request of the Initiating Holders; provided, however, that the Company may not utilize this right more than once in any twelve-month
period. 

  
 -5-

 (d) In addition, the Company shall not be obligated to effect, or to take any action to
effect, any registration pursuant to this Section 1.2: 
 (i) After the Company has effected two (2) registrations
pursuant to this Section 1.2 and such registrations have been declared or ordered effective; 
 (ii) During the period
starting with the date sixty (60) days prior to the Company’s good faith estimate of the date of filing of, and ending on a date one hundred eighty (180) days after the effective date of, a registration subject to Section 1.3
hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective; or 
 (iii) If the Initiating Holders propose to dispose of shares of Registrable Securities that may be registered on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 

1.3 Company Registration. If (but without any obligation to do so) the Company proposes to register (including for this
purpose a registration effected by the Company for stockholders other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely to
the sale of securities to participants in a Company stock plan or a transaction covered (directly or indirectly) by Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon conversion
of debt securities which are also being registered, or any registration on any form which 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), the Company shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within twenty (20) days after mailing of such notice by the Company in accordance with
Section 3.4, the Company shall, subject to the provisions of Section 1.8, cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 

1.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of not less than ten percent
(10%) of the Registrable Securities then outstanding a written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned
by such Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed registration, and any related
qualification or compliance, to all other Holders; and 
 (b) as soon as practicable, effect such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 

  
 -6-

 
fifteen (15) days after receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration,
qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering by the Holders; (ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion
in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriters’ discounts or commissions) of less than $1,000,000; (iii) if the Company shall
furnish to the Holders a certificate signed by the President or other executive officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its
stockholders for such Form S-3 registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration statement for a period of not more than 120 days after receipt of the request
of the Holder or Holders under this Section 1.4; provided, however, that the Company shall not utilize this deferral right more than once in any twelve month period; (iv) in any particular jurisdiction in which the Company
would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (v) during the period ending one hundred eighty (180) days after the
effective date of a registration statement subject to Section 1.3. 
 (c) Subject to the foregoing, the Company shall file
a registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4
shall not be counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 
 1.5
Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) Prior to the filing of the registration statement and each amendment thereof and each amendment or supplement to the prospectus,
make available for inspection by the Holders of Registrable Securities covered by such registration statement and any attorney, accountant, or other agent retained by such Holders all documents incorporated by reference in such registration
statement, relevant financial and other records, pertinent corporate documents, and properties of the Company and its subsidiaries, if any, and cause the officers, directors, and employees of the Company to make reasonably available for inspection
all other relevant information reasonably requested by such Holders in connection therewith, in each case as is customary for similar due diligence examinations; provided, however, that any information that is designated in writing by
the Company, in good faith, as confidential at the time of delivery of such information shall be kept confidential by the Holders or any such attorney, accountant, or agent, unless such disclosure is required by law after notice to the Company, or
such information becomes available to the public generally or through a third party without an accompanying obligation of confidentiality. 

  
 -7-

 (b) Prepare and file with the SEC a registration statement with respect to such Registrable
Securities and use its best efforts to cause such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up
to one hundred twenty (120) days. 
 (c) Prepare and file with the SEC such amendments and supplements to such
registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act (including the anti-fraud provisions thereof) with respect to the disposition of
all securities covered by such registration statement for up to one hundred twenty (120) days. 
 (d) Take such action as
may be necessary so that (i) any registration statement, and any amendment thereto, and any prospectus forming a part thereof, and any amendment or supplement thereto (and each report or other document incorporated therein by reference in each
case) complies in all material respects with the Securities Act and the Exchange Act, and the respective rules and regulations thereunder, (ii) any registration statement, and any amendment thereto, does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (iii) any
prospectus forming part of any registration statement, and any amendment or supplement to such prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements, in the
light of the circumstances under which they were made, not misleading. 
 (e) Furnish to the Holders such numbers of copies of
a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them.

 (f) Use its best efforts to register and qualify the securities covered by such registration statement under such other
securities or Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided, however, that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or
to file a general consent to service of process in any such states or jurisdictions. 
 (g) In the event of any underwritten
public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform
its obligations under such an agreement. 
 (h) Notify each Holder of Registrable Securities covered by such registration
statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an
untrue statement of a 

  
 -8-

 
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such
obligation to continue for one hundred twenty (120) days after the effective date of such registration. The Company will use reasonable efforts to amend or supplement such prospectus in order to cause such prospectus not to include any untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 

(i) Cause all such Registrable Securities registered pursuant to this Agreement to be listed on each securities exchange on which
similar securities issued by the Company are then listed. 
 (j) Provide a transfer agent and registrar for all Registrable
Securities registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (k) Advise each Holder of Registrable Securities covered by such registration statement and, if requested by any such Holder, confirm such advice in writing: 

(i) when such registration statement, and any amendment thereto, has been filed with the Commission and when the registration statement
or any post-effective amendment thereto has become effective; 
 (ii) of any request by the Commission for amendments or
supplements to such registration statement or the prospectus included therein or for additional information; 
 (iii) of the
issuance by the Commission of any stop order suspending effectiveness of the registration statement or the initiation of any proceedings for that purpose; and 
 (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of the securities included in the registration statement for sale in any jurisdiction or the
initiation of any proceeding for such purpose. 
 (l) Use its reasonable efforts to prevent the issuance, and, if issued, to
obtain the withdrawal, of any order suspending the effectiveness of any registration statement at the earliest possible time. 

(m) Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to
be sold or delivered pursuant to such registration statement free of any restrictive legends and in such permitted denominations and registered in such names as the Holders may request in connection with the sale or delivery of Registrable
Securities pursuant to such registration statement. 

  
 -9-

 (n) Use its best efforts to comply with all applicable rules and regulations of the SEC and
make generally available to its security holders or otherwise provide in accordance with Section 11(a) of the Securities Act as soon as practicable after the effective date of such registration statement an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act. 
 (o) Use its best efforts to furnish, at the request of any Holder
requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such
securities are being sold through underwriters, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten
public offering, addressed to the underwriters and to the Holders requesting registration of Registrable Securities and (ii) a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is
customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities. 

(p) Deliver such other customary documents and certificates as may be reasonably requested by the Holders of Registrable Securities
covered by such registration statement and the managing underwriters, if any, including those to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. 

1.6 Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action pursuant to
this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration requested pursuant to Section 1.2 or Section 1.4 of this
Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal or exceed the number of shares
or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or subsection 1.4(b)(2), whichever is applicable. 

1.7 Expenses of Registration. 
 (a) Demand Registration. All expenses other than underwriting discounts and commissions (which expenses shall be borne by the holders of the securities so registered pro rata on the basis of
the number of shares so registered) incurred in connection with registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting
fees, fees and disbursements of 

  
 -10-

 
counsel for the Company, and the reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be
unreasonably withheld, shall be borne by the Company; provided, however, that the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if the registration request is
subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such expenses in proportion to the number of shares for which registration was
requested), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2; provided further, however, that if at the time of such withdrawal,
the Holders have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness following disclosure
by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2. 
 (b) Company Registration. All expenses other than underwriting discounts and commissions incurred in connection with registrations, filings or qualifications of Registrable Securities
pursuant to Section 1.3 for each Holder (which right may be assigned as provided in Section 1.12), including (without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements
of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the
Company. 
 (c) Registration on Form S-3. All expenses other than underwriting discounts and commissions incurred
in connection with a registration requested pursuant to Section 1.4, including (without limitation) all registration, filing, qualification, printers’ and accounting fees and the reasonable fees and disbursements of one counsel for the
selling Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 1.8 Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the
underwriters) and reasonably acceptable to the Holders, and then only in such quantity as the underwriters determine in their sole discretion (and in good faith) will not jeopardize the success of the offering by the Company. If the total amount of
securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion (and in good faith) 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 determine in their sole discretion (and in good
faith) will not jeopardize the success of the offering (the 

  
 -11-

 
securities so included to be apportioned pro rata among the selling stockholders according to the total amount of securities entitled to be included therein owned by each selling stockholder or
in such other proportions as shall mutually be agreed to by such selling stockholders) but in no event shall (i) the amount of securities of the selling Holders included in the offering be reduced below thirty percent (30%) of the total
amount of securities included in such offering, unless such offering is the initial public offering of the Company’s securities, in which case, the selling stockholders may be excluded if the underwriters make the determination described above
and no other stockholder’s securities are included, (ii) any securities held by a Founder be included if any securities held by any selling Holder are excluded or (iii) any securities of a party other than a Holder be included if any
securities of any selling Holder are excluded. For purposes of the preceding parenthetical concerning apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a partnership or corporation, the partners,
retired partners and stockholders of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling
stockholder,” and any pro-rata reduction with respect to such “selling stockholder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such
“selling stockholder,” as defined in this sentence. 
 1.9 Delay of Registration. No Holder shall have
any right to obtain or seek an injunction restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 1. 

1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this
Section 1: 
 (a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners,
officers, members and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against
any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect
thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement or incorporated by reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material
fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, underwriter or controlling person, as incurred, any legal or other expenses reasonably incurred by them in
connection with investigating or 

  
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defending any such loss, claim, damage, liability, or action; provided, however, that, in the event that the Company has assumed the defense of an action in accordance with
subsection 1.10(c), the indemnity agreement contained in this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company
(which consent shall not be unreasonably withheld), nor shall the Company be liable to any Holder, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a
Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter or controlling person. 

(b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, each
of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration
statement or any of such other Holder’s partners, officers, members or directors and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the
foregoing persons may become subject, under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in
each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder in an instrument duly executed by such Holder and stated to be specifically for use in
connection with such registration; and each such Holder will pay, severally and not jointly, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection
with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that, in the event that the Holder has assumed the defense of an action in accordance with subsection 1.10(c), the indemnity
agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be
unreasonably withheld; provided, further, that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder.

 (c) Promptly after receipt by an indemnified party under this Section 1.10 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof
and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to
the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable
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 

  
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to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the
indemnifying party within a reasonable time of the commencement of any such action, if materially prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this
Section 1.10, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10. No indemnifying party, in the
defense of any action, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect to such action. 
 (d) If the indemnification provided for in this
Section 1.10 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such
indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations;
provided, however, that in no event shall any contribution by a Holder under this subsection 1.10(d) exceed the net proceeds from the offering received by such Holder, except in the case of willful fraud by such Holder. The relative
fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. Notwithstanding anything to the contrary
contained herein, in no event shall any person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) be entitled to contribution from any person or entity who was not guilty of fraudulent
misrepresentation. 
 (e) Notwithstanding the foregoing, to the extent that the provisions regarding indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control to the extent a Holder is
a party to such underwriting agreement. 
 (f) The obligations of the Company and Holders under this Section 1.10 shall
survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 

  
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 1.11 Reports Under Securities Exchange Act of 1934. With a view to making
available to the Holders the benefits of Rule 144 promulgated under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant
to a registration on Form S-3, the Company agrees to: 
 (a) make and keep public information available, as those terms are
understood and defined in SEC Rule 144, at all times after ninety (90) days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company
remains subject to the periodic reporting requirements under Sections 13 or 15(d) of the Exchange Act; 
 (b) take such action,
including the voluntary registration of its Common Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as
practicable after the end of the fiscal year in which the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 

(c) 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; and 
 (d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request
(i) a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company), the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a
copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of
the SEC which permits the selling of any such securities without registration or pursuant to such form. 
 1.12 Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to (i) a transferee or assignee who acquires
at least five percent (5%) of the Registrable Securities held by such transferring Holder (determined immediately prior to such assignment) or (ii) a partner, affiliate or shareholder of the transferring Holder; provided,
however, that the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being
assigned; provided further, however, that such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities
Act; and provided further, however, that the transferee or assignee could not be reasonably deemed by the Company in good faith, to be a competitor of the Company. For the purposes of determining the number of shares of
Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of a partnership who are partners or retired partners of such partnership (including spouses and ancestors, lineal descendants and siblings of such
partners or spouses who 

  
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acquire Registrable Securities by gift, will or intestate succession) shall be aggregated together and with the partnership; provided, that all assignees and transferees who would not
qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of exercising any rights, receiving notices or taking any action under Section 1. 

1.13 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 outstanding Registrable Securities, enter into any agreement with any holder or prospective holder of any securities of the Company which would allow such holder or prospective
holder (a) to include such securities in any registration filed under Section 1.2 hereof, unless under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent
that the inclusion of his securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration. 
 1.14 Lock-Up Agreement.  
 (a) Lock-Up Period;
Agreement. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder agrees not to sell, make any
short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than those included in the registration or purchased in the initial public offering or in open
market transactions) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days or such longer period, not to exceed eighteen (18) days
after the expiration of the 180-day period, as the underwriters of the Company shall request in order to facilitate compliance with NASD Rule 2711) from the effective date of such registration as may be requested by the Company or such managing
underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. 
 (b) Limitations. The obligations described in subsection 1.14(a) shall apply only if all officers and directors of the Company, all one-percent securityholders, and all other persons with
registration rights (whether or not pursuant to this Agreement) enter into similar agreements, and shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule
145 under the Securities Act. If the managing underwriters of the Company’s initial public offering release or waive any such securityholder from, or exempt any such securityholder from having to agree to, obligations similar to those described
in subsection 1.14(a) then each Holder shall similarly be released, waived or exempted from such obligations. 

(c) Stop-Transfer Instructions. In order to enforce the foregoing covenants, the Company may impose
stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in subsection 1.14(a)). 

  
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 (d) Transferees Bound. Each Holder agrees that it will not transfer
securities of the Company unless each transferee agrees in writing to be bound by all of the provisions of this Section 1.14. 
 1.15 Termination of Registration Rights. No Holder shall be entitled to exercise any right provided for in this Section 1 after the earlier of (i) five (5) years following the
consummation of a Qualified IPO, (ii) such time as the Company’s shares are publicly traded on the Nasdaq Global Market, Nasdaq Capital Market or a national securities exchange and Rule 144 or another similar exemption under the Securities
Act is available for the sale of all of such Holder’s shares during a three (3)-month period without registration, or (iii) upon termination of the entire Agreement upon a change in control of the Company, as provided in Section 3.1.

 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver (i) to each Holder of at least 1,000,000 shares of Registrable Securities (other than a Holder reasonably deemed by the
Company to be a competitor of the Company) and (ii) so long as twenty percent (20%) of the Series E Preferred Stock or any Common Stock issued upon conversion thereof remains outstanding, to each Holder that purchased Series E Preferred
Stock under the Purchase Agreement, so long as such Holder continues to hold at least twenty percent (20%) of the aggregate number of shares of Series E Preferred Stock originally purchased by it under the Purchase Agreement: 

(a) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, an income
statement for such fiscal year, a balance sheet of the Company and statement of stockholders’ equity as of the end of such year, and a statement of cash flows for such year, such year-end financial reports to be in reasonable detail, prepared
in accordance with accounting principles generally accepted in the United States (“GAAP”), and audited by an independent public accounting firm of nationally recognized standing selected by the Company; 

(b) as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal quarter, an unaudited income
statement and a statement of cash flows and balance sheet for and as of the end of such fiscal quarter; 
 (c) as soon as
practicable, but in any event within thirty (30) days after the end of each month, an unaudited income statement and a statement of cash flows and balance sheet for and as of the end of such month, in reasonable detail; 

(d) as soon as practicable, but in no event after January 31 of any given fiscal year, a budget and business plan for such fiscal
year, prepared on a monthly basis, and, as soon as prepared, any other budgets or revised budgets prepared by the Company; and 

  
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 (e) with respect to the financial statements called for in subsections 2.1(b) and 2.1(c)
above, an instrument executed by the Chief Financial Officer or President of the Company certifying that such financial statements were prepared in accordance with GAAP (with the exception of footnotes that may be required by GAAP) consistently
applied with prior practice for earlier periods and fairly present the financial condition of the Company and its results of operations for the period specified, subject to year-end audit adjustments. 

2.2 Right of First Offer. Subject to the terms and conditions specified in this Section 2.2, the Company hereby grants
to each Major Investor (as hereinafter defined) a right of first offer with respect to future sales by the Company of its Shares (as hereinafter defined). For purposes of this Section 2.2, a “Major Investor” shall mean any
person who holds at least 1,000,000 shares (as adjusted for stock splits, stock dividends, reclassifications and the like) of Registrable Securities. For purposes of this Section 2.2, Major Investor includes any general partners and affiliates
of a Major Investor. A Major Investor who chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners or affiliates in such proportions as it deems appropriate. 

Each time the Company proposes to offer any shares of, or securities convertible into or exercisable for any shares of, any class of its
capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 
 (a) The Company shall deliver a notice to the Major Investors stating (i) its bona fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and
terms, if any, upon which it proposes to offer such Shares (“Sale Notice”). 
 (b) Within fifteen
(15) calendar days after delivery of the Sale Notice, the Major Investor may elect to purchase or obtain, at the price and on the terms specified in the Sale Notice, up to that portion of such Shares which equals the proportion that the number
of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Major Investor bears to the total number of shares of Common Stock then outstanding (assuming full
conversion and exercise of all outstanding convertible or exercisable securities, including granted options regardless of whether or not vested). Such purchase shall be completed at the same closing as that of any third party purchasers or at an
additional closing thereunder. The Company shall promptly, in writing, inform each Major Investor that purchases all the shares available to it (each, a “Fully-Exercising Investor”) of any other Major Investor’s failure to do
likewise. During the ten-day period commencing after receipt of such information, each Fully-Exercising Investor shall be entitled to obtain that portion of the Shares for which Major Investors were entitled to subscribe but which were not
subscribed for by the Major Investors that is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such
Fully-Exercising Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by all Fully-Exercising Investors of the Company.

  
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 (c) The Company may, during the 45-day period following the expiration of the period
provided in subsection 2.2(b) hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the Sale Notice. If the Company
does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within sixty (60) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares
shall not be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first offer in
this Section 2.2 shall not be applicable to (i) the issuance of securities in connection with stock splits or dividends; (ii) the issuance or sale of Common Stock (or options therefor) to employees, consultants and directors for the
primary purpose of soliciting or retaining their services, pursuant to stock option or stock purchase plans or agreements approved by (I) a majority of the directors of the Company and (II) a majority of the directors elected solely by the
holders of the Series A, Series A-1, Series B, Series B-1, Series C, Series C-1, Series D and Series D-1 (a “Board Supermajority”); (iii) the issuance of securities to financial institutions or lessors in connection with
commercial credit arrangements, equipment financings, commercial property lease transactions, or similar transactions, the terms of which have been approved by a Board Supermajority; (iv) the issuance of securities pursuant to the conversion or
exercise of convertible or exercisable securities currently outstanding; (v) the issuance of securities in connection with a bona fide acquisition, merger or similar transaction, the terms of which have approved by a Board Supermajority;
(vi) the issuance of securities to an entity, as a component of any business relationship with such entity also involving a material marketing, distribution, product development, supply and/or technology licensing arrangement approved by a
Board Supermajority; (vii) the issuance of the Series E Preferred Stock pursuant to the Purchase Agreement; or (viii) that, with the approval of the holders of at least three-quarters of the then outstanding shares of Preferred Stock,
voting together as a class, are not offered to any existing stockholder of the Company. 
 (e) Notwithstanding the foregoing,
in connection with the Company’s initial public offering pursuant to a registration statement filed with and declared effective by the SEC under the Securities Act (the “Initial Public Offering”), the Company shall, pursuant to
the right of first offer in this Section 2.2: 
 (1) notify each Major Investor that a registration statement relating to
the Initial Public Offering of the Shares has been filed with the SEC within five business days following the date of such filing; 
 (2) deliver to each Major Investor as soon as practicable after it becomes available, the preliminary prospectus (and any amendment or supplement thereto) contained in the registration statement;

  
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 (3) notify each Major Investor that the registration statement relating to the Initial
Public Offering of the Shares has been declared effective by the SEC within three hours of such declaration; and 
 (4) use its
commercially reasonable efforts to cause the managing underwriter or underwriters of the Initial Public Offering to reserve and offer to the Major Investors, if so requested within 24 hours of the notice delivered in connection with subsection
2.2(e)(3) above, on the same terms and at the same price at which they are being offered to the public, that percentage of the shares being sold by the Company in the Initial Public Offering that equals (x) the number of shares of Common Stock
held by such Major Investor (or issuable to such Major Investor upon conversion of all convertible or exercisable securities held by such Major Investor) divided by (y) the number of shares of Common Stock outstanding on the date that the
registration statement relating to the Initial Public Offering is declared effective (including the number of shares of Common Stock issuable upon conversion and exercise of all convertible or exercisable securities then outstanding on such date,
but not including shares issued in the Initial Public Offering); provided, however, that (i) the Company shall have no obligations under this Section 2.2 to cause the managing underwriter or underwriters to reserve and offer
any securities to Major Investors in connection with the Initial Public Offering if such reservation or offer would violate any applicable securities laws or the rules and regulations promulgated thereunder, (ii) the Major Investors shall have
no rights under this Section 2.2 to purchase Shares in the Initial Public Offering until the registration statement relating to the Initial Public Offering of the Shares has been declared effective, and (iii) if the managing underwriter or
underwriters of the Initial Public Offering determine(s) that marketing factors require a limitation of the number of shares to be reserved and offered to the Major Investors under this subsection 2.2(e), then the Company shall so advise the Major
Investors and the Company and the Major Investors shall negotiate in good faith to determine such lesser amount of securities to be reserved and offered to the Major Investors pursuant to this subsection 2.2(e) in light of such marketing factors,
which amount, when agreed upon and satisfactory to the managing underwriter or underwriters, shall be reserved and offered to each Major Investor in proportion, as nearly as practicable, to the respective amounts of Common Stock (including any
shares of Common Stock issuable upon conversion of all Preferred Stock) held by such Major Investors. 
 2.3
Inspection. The Company shall permit (i) each Holder of at least 1,000,000 shares of Registrable Securities (other than a Holder reasonably deemed by the Company to be a competitor of the Company) and (ii) so long as twenty
percent (20%) of the Series E Preferred Stock or any Common Stock issued upon conversion thereof remains outstanding, each Holder that continues to hold at least twenty percent (20%) of the aggregate number of shares of Series E Preferred
Stock originally purchased by it under the Purchase Agreement, to visit and inspect, at the expense of the requesting entity, the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs,
finances and accounts with its officers, all at such reasonable times as may be requested by the above entities; provided, however, that the Company shall not be obligated pursuant to this Section 2.3 to provide access to any
information which it reasonably believes to be a trade secret or similar confidential information. 

  
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 2.4 Compensation Committee. The Company shall continue to maintain a
Compensation Committee of the Board of Directors. The Compensation Committee shall consist of three members, at least two of whom shall not be employees of the Company. The Compensation Committee shall be responsible for recommending to the Board of
Directors (a) all equity compensation guidelines and any equity compensation above those guidelines, (b) the non-equity compensation of the Company’s officers, and (c) the non-equity compensation of all employees whose annual
salary exceeds $150,000 per year. 
 2.5 Audit Committee. The Company shall continue to maintain an Audit
Committee of the Board of Directors. The Audit Committee shall at all times consist exclusively of non-management members of the Board of Directors. The Audit Committee shall select (subject to the approval of the Board of Directors) and provide
instruction to the Company’s independent auditors. 
 2.6 Key Man Insurance. The Company shall continue to
maintain key man insurance to cover death or permanent disability of Chris Diorio and William T. Colleran in an amount not less than $1,000,000 for each of them, payable to the Company as beneficiary of such policy. 

2.7 Non-Competition Agreements. All future employees and consultants of the Company will enter into a
non-competition agreement (for employees and consultants located in states where non-competition provisions are legally enforceable), non-solicitation agreement, and a non-disclosure and developments agreement in either of the forms, as
applicable based on the principal location of such employee or consultant, reasonably acceptable to the Series E Holders and attached to the Purchase Agreement as Exhibit F-1 for employees and consultants resident in states other than
California and Exhibit F-2 for employees and consultants resident in California. The period of non-competition (where applicable) and non-solicitation will be at least twelve (12) months. The forms of such agreements previously provided
to the Series E Holders are acceptable to the Series E Holders in satisfaction of the requirements of this Section 2.7. 

2.8 Creation of Indebtedness. The Company will not, without first obtaining the consent of the Board Supermajority, create
Indebtedness, in a single transaction or series of related transactions, in an amount in excess of $500,000. For purposes of this Section 2.8, “Indebtedness” shall include, but not be limited to, (i) all obligations for
borrowed money, (ii) all obligations evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations with respect to capital leases, (iv) all obligations created or arising under any conditional sale or other
title retention agreement with respect to property acquired by the Company, (v) all obligations to pay the deferred purchase price of property or services (excluding trade payables aged less than 180 days), (vi) all obligations or
liabilities of others secured by a lien on any asset of the Company, whether or not such obligation or liability is assumed, and (vii) all obligations or liabilities of others guaranteed by the Company. 

  
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 2.9 Stock Compensation Approval. The Company will not, without first
obtaining the consent of a majority of the directors nominated by the holders of the Series B Preferred Stock, holders of the Series C Preferred Stock, holders of the Series D Preferred Stock and holders of the Series E Preferred Stock, taken
together as a whole (i) execute, create, or become bound by any new plan or arrangement for the grant of stock options, warrants, or other securities convertible into Common Stock, or for the issuance of restricted stock, or (ii) increase
the number of shares reserved for issuance pursuant to any such plan or arrangement, including the Company’s 2000 Stock Option Plan. 
 2.10 Stock Vesting Approval. Any shares of Common Stock of the Company or options to purchase Common Stock of the Company issued after the closing of the transaction contemplated by
the Purchase Agreement to directors, consultants, and employees of the Company shall be approved by the Board of Directors and, unless otherwise expressly approved by the Board of Directors shall vest as follows: (i) 25% of such shares or
options shall vest 12 months after the date employment with, or provision of services to, the Company commences and (ii) the remaining shares shall vest at the rate of one forty-eighth (1/48th) of the total number of shares subject to the
option per month thereafter. 
 2.11 Directors’ Meetings. The frequency of meetings of the Board of
Directors shall be determined by a majority of the members of the Board of Directors. The Company shall reimburse the members of the Board of Directors for all reasonable expenses and costs incurred in attending meetings of the Board of Directors
and any other meetings so required. 
 2.12 Termination of Covenants. The covenants set forth in Sections 2.1
through Section 2.11 shall terminate as to each Holder and be of no further force or effect (i) for Sections 2.1 and 2.3 through 2.11, (A) immediately prior to the consummation of a Qualified IPO or (B) when the Company first
becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, (ii) for Section 2.2, (A) immediately following the consummation of the Initial Public Offering or (B) when less than fifteen
percent (15%) of the aggregate number of shares of Series E Preferred Stock issued pursuant to the Purchase Agreement remains outstanding, or (iii) upon termination of the entire Agreement upon a change in control of the Company, as
provided in Section 3.1. 
 3. Miscellaneous. 

3.1 Termination of Entire Agreement Upon Change of Control. This Agreement shall terminate, and have no further force
and effect, upon a Liquidation Transaction (as defined in the Company’s Amended and Restated Certificate of Incorporation, as amended from time to time). 
 3.2 Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
permitted successors and assigns of the parties (including transferees of any of the Series A, Series B, Series C, Series D or Series E Preferred Stock or any Common 

  
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Stock issued upon conversion thereof). Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns
any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 3.3 Amendments and Waivers. Any term of this Agreement may be amended or waived only with the written consent of the Company and the holders of a majority of the Registrable Securities then
outstanding, not including the Founders’ Stock; provided that if such amendment has the effect of affecting the Founders’ Stock (i) in a manner different than securities issued to the Investors and (ii) in a manner adverse
to the interests of the holders of the Founders’ Stock, then such amendment shall require the consent of the holder or holders of a majority of the Founders’ Stock then providing Services (as defined below) to the Company; provided
further, that any term contained within Section 2.2, Right of First Offer, of this Agreement may be amended or waived only with the written consent of the Company and the Major Investors that hold a majority of the shares of Common
Stock issuable or issued upon conversion of the Preferred Stock then held by Major Investors. Any amendment or waiver effected in accordance with this Section 3.3 shall be binding upon each party to this Agreement, whether or not such party has
signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company. Notwithstanding the foregoing, or anything to the contrary contained herein, if the Company shall issue additional shares of its Series E
Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Series E Preferred Stock may become a party to this Agreement without the consent of any other party hereto by executing and delivering an additional counterpart
signature page to this Agreement and shall be deemed an “Investor” hereunder. For the purposes of this Section 3.3, “Services” shall mean the rendering of services to the Company or any parent or subsidiary of the Company in
the role of an employee, consultant, advisor, technical advisor, director or otherwise, whether or not compensated for such services. Notwithstanding anything to the contrary contained herein, the last sentence of Section 3.13 shall not be
amended or waived without the prior written consent of Intel Corporation. 
 3.4 Notices. Unless otherwise
provided, any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by telegram, electronic mail or fax, or forty-eight
(48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address, electronic mail address or fax number as set forth on Exhibit
A, Exhibit B, Exhibit C, Exhibit D and Exhibit E hereto or as subsequently modified by written notice. 
 3.5 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event
that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of this Agreement shall be interpreted as if such provision
were so excluded and (c) the balance of this Agreement shall be enforceable in accordance with its terms. 

  
 -23-

 3.6 Governing Law. This Agreement and all acts and transactions pursuant
hereto shall be governed, construed and interpreted in accordance with the laws of the State of Washington, without giving effect to principles of conflicts of laws. 
 3.7 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 
 3.8 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience
only and are not to be considered in construing or interpreting this Agreement. 
 3.9 Aggregation of Stock. All
shares of the Preferred Stock held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

3.10 Amendment of Prior Rights Agreement. Effective and contingent upon execution of this Agreement by the Company
and the holders of a majority of the Registrable Securities, as that term is defined in the Prior Rights Agreement, not including the Founders’ Stock, as that term is defined in the Prior Rights Agreement, and upon closing of the transactions
contemplated by the Purchase Agreement, the Prior Rights Agreement is hereby amended and restated in its entirety to read as set forth in this Agreement, and the Company, the Founders, and the Investors hereby agree to be bound by the provisions
hereof as the sole agreement of the Company, the Founders and the Investors with respect to registration rights of the Company’s securities and certain other rights, as set forth herein. 

3.11 Entire Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and
entire understanding and agreement among the parties with regard to the subjects hereof and thereof and no party shall be liable or bound to any other in any manner by any representations, warranties, covenants and agreements except as specifically
set forth herein and therein. 
 3.12 Delays or Omissions. No delay or omission to exercise any right,
power or remedy accruing to any holder of any Registrable Securities upon any breach or default of the Company under this Agreement shall impair any such right, power or remedy of such holder, nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of or in 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. Any waiver, permit, consent or approval of any kind or character on the part of any holder of any breach or default under this Agreement, or any waiver on the part of any holder of any provisions or conditions of this Agreement, must be
in writing and shall be effective only to the extent specifically set forth in such writing or as provided in this Agreement. 

  
 -24-

 3.13. Competitor Status. For so long as Intel is in compliance with
Section 2.5 of that certain License Agreement by and between Intel and Impinj on or about the date hereof, Intel shall not be deemed a “competitor” of the Company with respect to Sections 2.1 “Delivery of Financial
Statements” and 2.3 “Inspection” hereof. 
 [Signature Page Follows] 

  
 -25-

 The parties have executed this Amended and Restated Investors’ Rights Agreement as of
the date first above written. 
  

			
	COMPANY:
	
	IMPINJ, INC.
		
	By:	 	 /s/ Evan Fein

		 	Evan Fein
		 	Vice President, Finance and Administration

			
		
	Address:	 	701 N. 34th Street
		 	Suite 300
		 	Seattle, WA 98103
		
	Fax:	 	(206) 517-5262

			
	
	INVESTORS:
	
	INTEL CORPORATION
	a Delaware corporation
		
	By:	 	 /s/ Ravi
Jacob

			
		
	Name:	 	 Ravi
Jacob

			
		
	Title:	 	 Vice President &
Treasurer

	
	
	Address:
	Attn: Intel Corporation Portfolio Manager
	2200 Mission College Blvd., M/S RN6-59
	Santa Clara, CA 95052
	Fax Number: (408) 653-6796
	
	with a copy by e-mail to:
	portfolio.manager@intel.com

SIGNATURE PAGE TO IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	FOUNDERS:
	
	 /s/ Carver Mead

	Carver Mead

			
		
	Address:	 	PO Box 620204
		 	Woodside, CA 94062

			
		
	Fax:	 	(408) 350-5130
	
	 /s/ Christopher Diorio

	Christopher Diorio

			
		
	Address:	 	17001 – 15th Avenue NW
		 	Shoreline, WA 98177

			
		
	Fax:	 	                    

			
	
	  

	Todd Humes

			
		
	Address:	 	817 NW 200th Street
		 	Shoreline, WA 98177

			
	Fax:	 	                    

SIGNATURE PAGE TO IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	MOBIUS Technology Ventures VI L.P.
	
	SOFTBANK U.S. Ventures Fund VI L.P.
	
	MOBIUS Technology Ventures
	Advisors Fund VI L.P.
	
	MOBIUS Technology Ventures
	Side Fund VI L.P.
		
	By:	 	MOBIUS VI LLC, General Partner

			
		
	By:	 	 /s/ Greg
Galanos

			
	Name:	 	 Greg
Galanos

			
	Title:	 	 Managing Director

SIGNATURE PAGE TO IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	 POLARIS VENTURE PARTNERS III, L.P.
 a Delaware Limited Partnership

			
		
	By:	 	POLARIS VENTURE MANAGEMENT
		 	CO. III, L.L.C., ITS GENERAL PARTNER
		 	a Delaware Limited Liability Company

			
		
	By:	 	     /s/ William E. Bilodeau

		 	    William E. Bilodeau
		 	    Attorney-In Fact

			
		
	Address:	 	1000 Winter Street
		 	Suite 3350
		 	Waltham, MA 02451
		
	Phone:	 	(781) 290-0770
	Fax:	 	(781) 290-0880

			
	
	POLARIS VENTURE PARTNERS
	 ENTREPRENEURS’ FUND III, L.P.
 a Delaware Limited Partnership

		
	By:	 	POLARIS VENTURE MANAGEMENT
		 	CO. III, L.L.C., ITS GENERAL PARTNER
		 	a Delaware Limited Liability Company

			
		
	By:	 	     /s/ William E. Bilodeau

		 	    William E. Bilodeau
		 	    Attorney-In Fact

			
		
	Address:	 	1000 Winter Street
		 	Suite 3350
		 	Waltham, MA 02451
		
	Phone:	 	(781) 290-0770
	Fax:	 	(781) 290-0880

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	POLARIS VENTURE PARTNERS
	 FOUNDERS’ FUND III, L.P.
 a Delaware Limited Partnership

			
		
	By:	 	POLARIS VENTURE MANAGEMENT
		 	CO. III, L.L.C., ITS GENERAL PARTNER
		 	a Delaware Limited Liability Company

			
		
	By:	 	     /s/ William E. Bilodeau

		 	    William E. Bilodeau
		 	    Attorney-In Fact

			
		
	Address:	 	1000 Winter Street
		 	Suite 3350
		 	Waltham, MA 02451
		
	Phone:	 	(781) 290-0770
	Fax:	 	(781) 290-0880

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ARCH VENTURE FUND V, L.P.
		
	By:	 	ARCH Venture Partners V, L.P.
		 	      its General Partner
		
	By:	 	ARCH Venture Partners V, LLC
		 	      its General Partner
		
	By:	 	 /s/ Clinton W. Bybee

		
	Name:	 	 Clinton W. Bybee

		 	                    (print name)
		
	Title:	 	 Managing
Director

			
		
	Address:	 	8725 W. Higgins Road
		 	Suite 290
		 	Chicago, IL 60631

			
		
	Fax:	 	(773) 380-6606
	
	ARCH V ENTREPRENEURS FUND, L.P.
		
	By:	 	ARCH Venture Partners V, L.P.
		 	      its General Partner
		
	By:	 	ARCH Venture Partners V, LLC
		 	      its General Partner
		
	By:	 	 /s/ Clinton W. Bybee

		
	Name:	 	 Clinton W. Bybee

		 	                    (print name)
		
	Title:	 	 Managing
Director

			
		
	Address:	 	8725 W. Higgins Road
		 	Suite 290
		 	Chicago, IL 60631

			
		
	Fax:	 	(773) 380-6606

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	MADRONA VENTURE FUND I-A, LP
		
	 By:
	 	 Madrona Investment Partners, LLC,
Its General Partner

		
	By:	 	 /s/ Tom A. Alberg

		
	Name:	 	 Tom A. Alberg

		 	                (print name)
	Title:	 	Managing Director
		
	Address:	 	        1000 Second Avenue, Suite 3700
		 	        Seattle, WA 98104
		
	Fax:	 	(206) 674-8703
	
	MADRONA VENTURE FUND I-B, LP
		
	By:	 	 Madrona Investment Partners, LLC,
Its General Partner

		
	By:	 	 /s/ Tom A. Alberg

		
	Name:	 	 Tom A. Alberg

		 	                (print name)
	Title:	 	Managing Director
		
	Address:	 	            1000 Second Avenue, Suite 3700
		 	            Seattle, WA 98104
		
	Fax:	 	(206) 674-8703

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	 MADRONA MANAGING DIRECTOR FUND, LLC

		
	By:	 	 /s/ Tom A. Alberg

		
	Name:	 	 Tom A. Alberg

		 	                (print name)
	Title:	 	Managing Director
		
	Address:	 	             1000 Second Avenue, Suite 3700

            Seattle, WA 98104

		
	Fax:	 	(206) 674-8703

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	ALLIANCEBERNSTEIN Venture Fund I L.P.
		
	By:	 	AllianceBernstein ESG Venture Management, L.P.
		 	Its: General Partner
		
	By:	 	AllianceBernstein Global Derivatives Corporation
		 	Its: General Partner
		
	By:	 	 /s/ Matthew Pedley

		
	Name:	 	 Matthew Pedley

		 	                (print name)
		
	Title:	 	 VP, Alliance Bernstein

		
	Address:	 	            1345 Avenue of The Americas
		 	            New York, NY 10105
		
	Fax:	 	(212) 969-1245

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

 
			
	INVESTORS:
	
	GF PRIVATE EQUITY GROUP, LLC
		
	By:	 	   /s/ David Strickler

		 	        David Strickler
		 	        President
		
	Address:	 	            175 Mercado Street, Suite 201
		 	            Durango, Colorado 81301
		
	Fax:	 	(970) 764-6301

 SIGNATURE PAGE TO
IMPINJ, INC. SERIES E 
 AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT

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