Document:

EX-10.6

 Exhibit 10.6 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”), dated as this      day of
                    , 2014 is made by and between EndoStim, Inc., a Delaware corporation (the “Corporation”) and
             (the “Indemnitee”). 
 RECITALS 

A. The Corporation recognizes that competent and experienced persons are increasingly reluctant to serve or to continue to serve as directors
or officers of corporations unless they are protected by comprehensive liability insurance or indemnification, or both, due to increased exposure to litigation costs and risks resulting from their service to such corporations, and due to the fact
that the exposure frequently bears no reasonable relationship to the compensation of such directors and officers. 
 B. The statutes and
judicial decisions regarding the duties of directors and officers are often difficult to apply, ambiguous, or conflicting, and therefore fail to provide such directors and officers with adequate, reliable knowledge of legal risks to which they are
exposed or information regarding the proper course of action to take. 
 C. The Corporation and Indemnitee recognize that plaintiffs often
seek damages in such large amounts and the costs of litigation may be so enormous (whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources of directors and officers. 

D. The Corporation believes that it is unfair for its directors and officers to assume the risk of huge judgments and other expenses which may
occur in cases in which the director or officer received no personal profit and in cases where the director or officer was not culpable. 

E. The Corporation, after reasonable investigation, has determined that the liability insurance coverage presently available to the
Corporation may be inadequate in certain circumstances to cover all possible exposure for which Indemnitee should be protected. The Corporation believes that the interests of the Corporation and its stockholders would best be served by a combination
of such insurance and the indemnification by the Corporation of the directors and officers of the Corporation. 
 F. The Corporation’s
Amended and Restated Certificate of Incorporation and Bylaws each permit the Corporation to indemnify its directors and officers to the fullest extent permitted by the Delaware General Corporation Law (the “DGCL”). 

G. Section 145 of the DGCL (“Section 145”), under which the Corporation is organized, empowers the Corporation to
indemnify its officers, directors, employees and agents by agreement and to indemnify persons who serve, at the request of the Corporation, as the directors, officers, employees or agents of other corporations or enterprises, and expressly provides
that the indemnification provided by Section 145 is not exclusive. 

  
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 H. The Board of Directors has determined that contractual indemnification as set forth herein is
not only reasonable and prudent but also promotes the best interests of the Corporation and its stockholders. 
 I. The Corporation desires
and has requested Indemnitee to serve or continue to serve as a director or officer of the Corporation and/or one or more subsidiaries or affiliates of the Corporation free from undue concern for unwarranted claims for damages arising out of or
related to such services to the Corporation and/or one or more subsidiaries or affiliates of the Corporation. 
 J. Indemnitee is willing to
serve, continue to serve or to provide additional service for or on behalf of the Corporation on the condition that he is furnished the indemnity provided for herein. 

K. [For Fund Representatives on the Board Only][Indemnitee has certain rights to indemnification and/or insurance provided by [FUND] or
certain of its affiliates (the “Fund”), which Indemnitee and the Fund intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the
foregoing being a material condition to Indemnitee’s willingness to serve on the Board of Directors of the Company.] 
 AGREEMENT

 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

Section 1. Generally. 

To the fullest extent permitted by the laws of the State of Delaware: 

(a) The Corporation shall indemnify Indemnitee if Indemnitee was or is a party or is threatened to be made a party to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that Indemnitee is or was or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of
the Corporation, or while serving as a director or officer of the Corporation, is or was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee,
partner or manager or similar capacity) of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity. 

(b) The indemnification provided by this Section 1 shall be from and against expenses (including attorneys’ fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such action, suit or proceeding and any appeal therefrom, but shall only be provided if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action, suit or proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

  
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 (c) Notwithstanding the foregoing provisions of this Section 1, in the case of any
threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director, officer, employee or agent of the Corporation, or while serving as a
director or officer of the Corporation, is or was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise, no indemnification shall be made in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged to be liable to the Corporation unless, and only to the extent that, the Delaware Court of Chancery or the court in
which such action or suit was pending shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for such expenses which
the Delaware Court of Chancery or such other court shall deem proper. 
 (d) The termination of any action, suit or proceeding by judgment,
order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to
the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

Section 2. Successful Defense; Partial Indemnification. To the extent that Indemnitee has been successful on the merits or
otherwise in defense of any action, suit or proceeding referred to in Section 1 hereof or in defense of any claim, issue or matter therein, Indemnitee shall be indemnified against expenses (including attorneys’ fees) actually and
reasonably incurred in connection therewith. For purposes of this Agreement and without limiting the foregoing, if any action, suit or proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice), without
(a) the disposition being adverse to Indemnitee, (b) an adjudication that Indemnitee was liable to the Corporation, (c) a plea of guilty or nolo contendere by Indemnitee, (d) an adjudication that Indemnitee did not act in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, and (e) with respect to any criminal proceeding, an adjudication that Indemnitee had reasonable cause to believe
Indemnitee’s conduct was unlawful, Indemnitee shall be considered for the purposes hereof to have been wholly successful with respect thereto. 

If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of the expenses
(including attorneys’ fees), judgments, fines or amounts paid in settlement actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any action, suit, proceeding or investigation, or in defense of any
claim, issue or matter therein, and any appeal therefrom but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such expenses (including attorneys’ fees), judgments, fines or
amounts paid in settlement to which Indemnitee is entitled. 

  
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 Section 3. Determination That Indemnification Is Proper. Any indemnification
hereunder shall (unless otherwise ordered by a court) be made by the Corporation unless a determination is made that indemnification of such person is not proper in the circumstances because he or she has not met the applicable standard of conduct
set forth in Section 1(b) hereof. Any such determination shall be made in accordance with Section 5 and (a) by a majority vote of the directors who are not and were not parties to, or threatened to be made a party to, the action, suit
or proceeding in question (“disinterested directors”), even if less than a quorum, (b) by a majority vote of a committee of disinterested directors designated by majority vote of disinterested directors, even if less than a quorum,
(c) by a majority vote of a quorum of the outstanding shares of stock of all classes entitled to vote on the matter, voting as a single class, which quorum shall consist of stockholders who are not at that time parties to the action, suit or
proceeding in question, (d) by one independent legal counsel (regardless whether indemnification is sought by one or more than one director or officer), or (e) by a court of competent jurisdiction; provided, however, that if a Change in
Control shall have occurred or indemnification is sought in connection with a Company Authorized Proceeding, an indemnification determination hereunder shall be made by the independent legal counsel in a written opinion to the Board of Directors, a
copy of which shall be delivered to Indemnitee, or by a court of competent jurisdiction if no independent legal counsel is timely selected or is willing or able to act. 

Section 4. Advance Payment of Expenses; Notification and Defense of Claim. 

(a) Expenses (including attorneys’ fees) incurred by Indemnitee in defending a threatened or pending civil, criminal, administrative or
investigative action, suit or proceeding, or in connection with an enforcement action pursuant to Section 5(b), shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding within thirty (30) days
after receipt by the Corporation of (i) a statement or statements from Indemnitee requesting such advance or advances from time to time, and (ii) an undertaking by or on behalf of Indemnitee to repay such amount or amounts, only if, and to
the extent that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Corporation as authorized by this Agreement or otherwise. Such undertaking shall be accepted without reference to the financial ability of
Indemnitee to make such repayment. Advances shall be unsecured and interest-free. 
 (b) Promptly after receipt by Indemnitee of notice of
the commencement of any action, suit or proceeding, Indemnitee shall, if a claim thereof is to be made against the Corporation hereunder, notify the Corporation of the commencement thereof. The failure to promptly notify the Corporation of the
commencement of the action, suit or proceeding, or Indemnitee’s request for indemnification, will not relieve the Corporation from any liability that it may have to Indemnitee hereunder, except to the extent the Corporation is prejudiced in its
defense of such action, suit or proceeding as a result of such failure. 
 (c) In the event the Corporation shall be obligated to pay the
expenses of Indemnitee with respect to an action, suit or proceeding, as provided in this Agreement, the Corporation, if appropriate, shall be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to
Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel 

  
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by Indemnitee and the retention of such counsel by the Corporation, the Corporation will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by
Indemnitee with respect to the same action, suit or proceeding, provided that (i) Indemnitee shall have the right to employ Indemnitee’s own counsel in such action, suit or proceeding at Indemnitee’s expense and (ii) if
(1) the employment of counsel by Indemnitee has been previously authorized in writing by the Corporation, (2) counsel to the Corporation or Indemnitee shall have reasonably concluded that there may be a conflict of interest or position, or
reasonably believes that a conflict is likely to arise, on any significant issue between the Corporation and Indemnitee in the conduct of any such defense, or (3) the Corporation shall not, in fact, have employed counsel to assume the defense
of such action, suit or proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Corporation, except as otherwise expressly provided by this Agreement. The Corporation shall not be entitled, without the
consent of Indemnitee, to assume the defense of any claim brought by or in the right of the Corporation or as to which counsel for the Corporation or Indemnitee shall have reasonably made the conclusion provided for in clause (2) above. 

(d) Notwithstanding any other provision of this Agreement to the contrary, to the extent that Indemnitee is, by reason of Indemnitee’s
corporate status with respect to the Corporation or any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which Indemnitee is or was serving or has agreed to serve at the request of the Corporation, a witness
or otherwise participates in any action, suit or proceeding at a time when Indemnitee is not a party in the action, suit or proceeding, the Corporation shall indemnify Indemnitee against all expenses (including attorneys’ fees) actually and
reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
 Section 5. Procedure for
Indemnification 
 (a) To obtain indemnification, Indemnitee shall promptly submit to the Corporation a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Corporation shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to
Indemnitee’s entitlement to indemnification. Any expenses incurred by Indemnitee in so cooperating shall be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Corporation
shall indemnify and hold Indemnitee harmless therefrom. 
 (b) The Corporation’s determination whether to grant Indemnitee’s
indemnification request shall be made promptly, and in any event within 60 days following receipt of a request for indemnification pursuant to Section 5(a). The right to indemnification as granted by Section 1 of this Agreement shall be
enforceable by Indemnitee in any court of competent jurisdiction if the Corporation denies such request, in whole or in part, or fails to respond within such 60-day period. It shall be a defense to any such action (other than an action brought to
enforce a claim for the advance of costs, charges and expenses under Section 4 hereof where the required undertaking, if any, has been received by the Corporation) that Indemnitee has not met the standard of conduct set forth in Section 1
hereof, but the burden of proving such 

  
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defense by clear and convincing evidence shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors or one of its committees, its independent legal
counsel, and its stockholders) to have made a determination prior to the commencement of such action that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct set forth in
Section 1 hereof, nor the fact that there has been an actual determination by the Corporation (including its Board of Directors or one of its committees, its independent legal counsel, and its stockholders) that Indemnitee has not met such
applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has or has not met the applicable standard of conduct. The Indemnitee’s expenses (including attorneys’ fees) incurred in connection
with successfully establishing Indemnitee’s right to indemnification, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Corporation. 

(c) The Indemnitee shall be presumed to be entitled to indemnification under this Agreement upon submission of a request for indemnification
pursuant to this Section 5, and the Corporation shall have the burden of proof in overcoming that presumption in reaching a determination contrary to that presumption. Such presumption shall be used as a basis for a determination of entitlement
to indemnification unless the Corporation overcomes such presumption by clear and convincing evidence. 
 (d) If it is determined that
Indemnitee is entitled to indemnification, payment shall be timely made after that determination. 
 (e) Notwithstanding anything in this
Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to a judgment or pending settlement in the action, suit or proceeding. 

Section 6. Insurance and Subrogation. 

(a) The Corporation shall use commercially reasonable efforts to purchase and maintain insurance on behalf of Indemnitee who is or was or has
agreed to serve at the request of the Corporation as a director or officer of the Corporation, and may purchase and maintain insurance on behalf of Indemnitee who is or was serving at the request of the Corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise against any liability asserted against, and incurred by, Indemnitee or on Indemnitee’s behalf in any such capacity, or arising out of
Indemnitee’s status as such, whether or not the Corporation would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement. If the Corporation has such insurance in effect at the time the Corporation
receives from Indemnitee any notice of the commencement of a proceeding, the Corporation shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the policy. The Corporation shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policy. 

  
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 (b) [For Fund Representatives on the Board Only][The Company hereby acknowledges that Indemnitee
has certain rights to indemnification, advancement of expenses and/or insurance provided by the Fund and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of
first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it
shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by
the terms of this Agreement and the Certificate of Incorporation or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and,
(iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees
that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of
contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of
the terms of this Section 6(b). 
 (c) [For Fund Representatives on the Board Only][Except as provided in paragraph (b) above,]
[i]n the event of any payment by the Corporation under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee [For Fund Representatives on the Board Only][(other than the Fund
Indemnitors)] with respect to any insurance policy, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring suit to enforce
such rights in accordance with the terms of such insurance policy. The Corporation shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation. 

(d) [For Fund Representatives on the Board Only][Except as provided in paragraph (b) above,] [t]he Corporation shall not be liable under
this Agreement to make any payment of amounts otherwise indemnifiable hereunder (including, but not limited to, judgments, fines, ERISA excise taxes or penalties, and amounts paid in settlement) if and to the extent that Indemnitee has otherwise
actually received such payment under this Agreement or any insurance policy, contract, agreement or otherwise [for Fund Representatives on the Board Only][, provided that the foregoing shall not affect the rights of Indemnitee or the Fund
Indemnitors set forth in Section 6(b) above]. 
 Section 7. Certain Definitions. For purposes of this Agreement, the
following definitions shall apply: 
 (a) The term “action, suit or proceeding” shall be broadly construed and shall include,
without limitation, the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal,
administrative or investigative. 

  
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 (b) The term “by reason of the fact that Indemnitee is or was a director, officer, employee
or agent of the Corporation, or while serving as a director or officer of the Corporation, is or was serving or has agreed to serve at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise” shall be broadly construed and shall include, without limitation, any actual or alleged act or omission to act. 

(c) The term “expenses” shall be broadly and reasonably construed and shall include, without limitation, all direct and indirect
costs of any type or nature whatsoever (including, without limitation, all attorneys’ fees and related disbursements, appeal bonds, other out-of-pocket costs and reasonable compensation for time spent by Indemnitee for which Indemnitee is not
otherwise compensated by the Corporation or any third party, provided that the rate of compensation and estimated time involved is approved by the Board of Directors, which approval shall not be unreasonably withheld), actually and reasonably
incurred by Indemnitee in connection with either the investigation, defense or appeal of a proceeding or establishing or enforcing a right to indemnification under this Agreement, Section 145 of the DGCL or otherwise. 

(d) The term “judgments, fines and amounts paid in settlement” shall be broadly construed and shall include, without limitation, all
direct and indirect payments of any type or nature whatsoever (including, without limitation, all penalties and amounts required to be forfeited or reimbursed to the Corporation), as well as any penalties or excise taxes assessed on a person with
respect to an employee benefit plan. 
 (e) The term “Corporation” shall include, without limitation and in addition to the
resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors,
officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving corporation as he or she would
have with respect to such constituent corporation if its separate existence had continued. 
 (f) The term “other enterprises”
shall include, without limitation, employee benefit plans. 
 (g) The term “serving at the request of the Corporation” shall
include, without limitation, any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its
participants or beneficiaries. 
 (h) A person who acted in good faith and in a manner such person reasonably believed to be in the interest
of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Corporation” as referred to in this Agreement. 

  
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 (i) “Change in Control” means a “Change in Control” as defined in the
Corporation’s compensation or equity plans, or any of them. 
 (j) “Independent legal counsel” means a law firm, or a member
of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been retained to represent: (i) the Corporation, the Indemnitee or one of the other directors of the Corporation in any matter
material to any such party, or (ii) any other party to the action, suit or proceeding giving rise to a claim for indemnification hereunder. Independent legal counsel shall be selected by the Corporation, with the approval of Indemnitee, which
approval shall not be unreasonably withheld; provided, however, that the independent legal counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval shall not be unreasonably withheld (i) from and
after the occurrence of a Change in Control, and (ii) in connection with an action, suit or proceeding by or in the right of the Corporation authorized or not disapproved by the Board of Directors alleging claims against Indemnitee that, if
sustained, reasonably might give rise to a judgment for money damages of more than $1,000,000 and/or injunctive relief (“Company Authorized Proceeding”). Anything herein to the contrary notwithstanding, if Indemnitee and the Corporation
are unable to agree with reasonable promptness on the selection of the independent legal counsel, such counsel shall be selected by lot from among the ten (10) law firms, which, according to publicly available sources, have the most lawyers
practicing in offices located in Missouri or Delaware. The Corporation shall contact these law firms in order of their selection by lot, requesting each such firm to accept an engagement hereunder until one of such firms qualifies hereunder and
accepts the engagement. The fees and costs of independent legal counsel shall be paid by the Corporation. 
 Section 8. Limitation
on Indemnification. Notwithstanding any other provision herein to the contrary, the Corporation shall not be obligated pursuant to this Agreement: 

(a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to an action, suit or proceeding (or
part thereof) initiated by Indemnitee, except with respect to an action, suit or proceeding brought to establish or enforce a right to indemnification (which shall be governed by the provisions of Section 8(b) of this Agreement), unless such
action, suit or proceeding (or part thereof) was authorized or consented to by the Board of Directors of the Corporation. 
 (b) Action
for Indemnification. To indemnify Indemnitee for any expenses incurred by Indemnitee with respect to any action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, unless Indemnitee is successful in establishing
Indemnitee’s right to indemnification in such action, suit or proceeding, in whole or in part, or unless and to the extent that the court in such action, suit or proceeding shall determine that, despite Indemnitee’s failure to establish
their right to indemnification, Indemnitee is entitled to indemnity for such expenses; provided, however, that nothing in this Section 8(b) is intended to limit the Corporation’s obligation with respect to the advancement of expenses to
Indemnitee in connection with any such action, suit or proceeding instituted by Indemnitee to enforce or interpret this Agreement, as provided in Section 4 hereof. 

  
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 (c) Certain Exchange Act Claims. To indemnify Indemnitee on account of any proceeding with
respect to which final judgment is rendered against Indemnitee for (i) payment or an accounting of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934,
as amended, or any similar successor statute; or (ii) any reimbursement of the Corporation by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of
the Corporation, as required in each case under the Securities Exchange Act of 1934 (including any such reimbursements that arise from an accounting restatement of the Corporation pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the
“Sarbanes-Oxley Act”) or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the payment to the Corporation of profits arising from the purchase and sale by Indemnitee of securities in violation of
Section 306 of the Sarbanes-Oxley Act); provided, however, that to the fullest extent permitted by applicable law, the expenses actually and reasonably incurred by Indemnitee in connection with any such proceeding shall be advanced and deemed
to be expenses that are subject to indemnification hereunder. 
 (d) Non-compete and Non-disclosure. To indemnify Indemnitee in
connection with proceedings or claims involving the enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions of employment, consulting or similar agreements the Indemnitee may be a party to with
the Corporation, or any subsidiary of the Corporation or any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any. 

Section 9. Certain Settlement Provisions. The Corporation shall have no obligation to indemnify Indemnitee under this Agreement
for amounts paid in settlement of any action, suit or proceeding without the Corporation’s prior written consent, which shall not be unreasonably withheld. The Corporation shall not settle any action, suit or proceeding in any manner that would
impose any fine or other obligation on Indemnitee without Indemnitee’s prior written consent, which shall not be unreasonably withheld. 

Section 10. Savings Clause. If any provision or provisions of this Agreement shall be invalidated on any ground by any court of
competent jurisdiction, then the Corporation shall nevertheless indemnify Indemnitee as to costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding,
whether civil, criminal, administrative or investigative, including an action by or in the right of the Corporation, to the full extent permitted by any applicable portion of this Agreement that shall not have been invalidated and to the full extent
permitted by applicable law. 
 Section 11. Contribution. In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Corporation shall, to the fullest extent permitted
by law, contribute to the payment of Indemnitee’s costs, charges and expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil, criminal,
administrative or investigative, in an amount that is just and equitable in the circumstances, taking into account, among other things, contributions by other directors and officers of the 

  
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Corporation or others pursuant to indemnification agreements or otherwise; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such
holding by the court is due to (a) the failure of Indemnitee to meet the standard of conduct set forth in Section 1 hereof, or (b) any limitation on indemnification set forth in Section 6(d), 8 or 9 hereof. 

Section 12. Form and Delivery of Communications. Any notice, request or other communication required or permitted to be given to
the parties under this Agreement shall be in writing and either delivered in person or sent by telecopy, telex, telegram, overnight mail or courier service, or certified or registered mail, return receipt requested, postage prepaid, to the parties
at the following addresses (or at such other addresses for a party as shall be specified by like notice): 
 If to the Corporation: 

 

			
	 EndoStim, Inc.
	 	
	 4041 Forest Park Ave.
	 	
	 Suite 127
	 	
	 St. Louis, Missouri 63108
	 	
		
	 If to Indemnitee:
	 	
		
	 	 	
	 	 	
	 	 	
	 	 	

 Section 13. Subsequent Legislation. If the DGCL is amended after adoption of this Agreement to
expand further the indemnification permitted to directors or officers, then the Corporation shall indemnify Indemnitee to the fullest extent permitted by the General Corporation Law of Delaware, as so amended. 

Section 14. Nonexclusivity. The provisions for indemnification and advancement of expenses set forth in this Agreement shall not
be deemed exclusive of any other rights which Indemnitee may have under any provision of law, the Corporation’s Amended and Restated Certificate of Incorporation or Bylaws, in any court in which a proceeding is brought, the vote of the
Corporation’s stockholders or disinterested directors, other agreements or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or
remedy. Indemnitee’s rights hereunder shall continue after Indemnitee has ceased acting as an agent of the Corporation and shall inure to the benefit of the heirs, executors and administrators of Indemnitee. However, no amendment or alteration
of the Corporation’s Amended and Restated Certificate of Incorporation or Bylaws or any other agreement shall adversely affect the rights provided to Indemnitee under this Agreement. 

  
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 Section 15. Enforcement. The Corporation shall be precluded from asserting in any
judicial proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Corporation agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in
any court of competent jurisdiction in which a proceeding by Indemnitee for enforcement of his rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that
failure of the Corporation to comply with the provisions of this Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee
may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Corporation of its obligations under this Agreement. 

Section 16. Interpretation of Agreement. It is understood that the parties hereto intend this Agreement to be interpreted and
enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 
 Section 17.
Entire Agreement. This Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written
understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement. 
 Section 18.
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall
constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

Section 19. Successor and Assigns. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the
benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by
purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place. 

Section 20. Service of Process and Venue. For purposes of any claims or proceedings to enforce this agreement, the Corporation
consents to the jurisdiction and venue of any federal or state court of competent jurisdiction in the states of Delaware and Missouri, and waives and agrees not to raise any defense that any such court is an inconvenient forum or any similar claim.

 Section 21. Supersedes Prior Agreement. This Agreement supersedes any prior indemnification agreement between Indemnitee and
the Corporation or its predecessors. 

  
 12 

 Section 22. Governing Law. This Agreement shall be governed exclusively by and
construed according to the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. The Corporation and Indemnitee hereby irrevocably and unconditionally
(i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in
the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement,
(iii) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Corporation of its officers and
directors, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary. 

Section 23. Employment Rights. Nothing in this Agreement is intended to create in Indemnitee any right to employment or continued
employment. 
 Section 24. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. 

Section 25. Headings. The section and subsection headings contained in this Agreement are for reference purposes only and shall
not affect in any way the meaning or interpretation of this Agreement. 
 Signature page follows. 

  
 13 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the
date first above written. 
  

			
		 	ENDOSTIM, INC.
		
	By:	 	  

		 	Bevil J. Hogg, Chief Executive Officer
		
		 	INDEMNITEE
		
		 	  

 Indemnification AgreementEX-10.7

 Exhibit 10.7 

At-Will Employment Agreement 

This At-Will Employment Agreement (this “Agreement”), effective this 25th day of May, 2010 (the “Effective Date”) is by
and between EndoStim, Inc., a Delaware corporation (the “Company”), and Bevil J. Hogg (“Employee”). As of the Effective Date, this Agreement shall supersede and replace that certain Consulting and Non-Competition Agreement, dated
September 2, 2009, between the Company and Employee. 
 1. POSITION. Employee shall serve as the Company’s President, Chief
Executive Officer and as a member of the Company’s Board of Directors (the “Board”). Employee shall carry out such duties normally and customarily associated with a President and Chief Executive Officer, and as are otherwise assigned
to him by the Board. Employee shall report to the Board. Employee’s employment with the Company shall begin as of the Effective Date. Employee agrees to tender his resignation as a member of the Board immediately upon Employee ceasing to be
employed by the Company. 
 2. BASE SALARY. Beginning on the date that the Company’s sub-acute human clinical data validates the potential
therapeutic benefit of the Company’s proposed GERD treatment (as determined by the Board in good faith) or such earlier time as determined by the Board (the “Part-time Period”), Employee shall be paid a salary of $10,000 per month as
an interim salary for Employee’s part-time services to the Company. The Part-time Period shall cease beginning on the date that the Company is prepared to initiate a chronic GERD study (as determined by the Board in good faith) or such earlier
time as determined by the Board (the “Full-time Period”). During the Full-time Period the Company will pay Employee a base salary equivalent to $285,000 per year for Employee’s full time services to the Company. All such salary
payments (whether during the Part-time Period or the Full-time Period) shall be subject to applicable withholdings and deductions. Employee shall not receive a salary before commencement of the Full-time Period. 

3. INCENTIVE BONUS. At the end of each quarter during the Full-time Period Employee will be eligible for a cash incentive bonus of $25,000 per quarter.
Payment of such incentive bonus will be determined by the Board (or duly authorized Compensation Committee of the Board) based upon the Company’s achievement of goals and objectives for such quarter, and shall be shall be made as soon as
practicable thereafter, but in no event later than the fifteenth (15th) day of the second (2nd) month following such quarter. 

4. SEVERANCE BENEFITS. 
 4.1 For purposes
of this letter agreement, “Cause” shall mean gross misconduct or gross negligence that materially impacts the Company, such as breach of fiduciary duty, dishonesty, theft or commission of a crime involving moral turpitude. 

4.2 If Employee’s employment is terminated by the Company without Cause, Employee will be paid a salary continuance equal to
Employee’s base salary on the date of termination for the lesser of (i) the period from the date of Employee’s termination of employment until Employee commences employment with a new employer or (ii) the Applicable Period.
“Applicable Period” means six (6) months, unless (a) the Company has completed a Series C Preferred Stock financing round or has received an investment from a strategic partner of at least $3 million, in which case
“Applicable Period” means twelve (12) months or (b) the Company has experienced a Liquidity Event (as defined below), in which case “Applicable Period” means eighteen (18) months. If Employee’s employment is
terminated by the Company with Cause or by the Employee, Employee will be paid his salary through the date of termination. 

  
 - 1 - 

 4.3 A “Liquidity Event” shall be deemed to have occurred if any of the following events
shall occur: (i) any person or group directly or indirectly, acquires securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then-outstanding securities; (ii) the
stockholders of the Company consummate a merger or consolidation of the Company with any other entity, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation; (iii) the Company consummates the sale or exclusive license of all or substantially all of its assets to any person or group; (iv) the Company completes an initial public offering
of its common stock, $0.001 par value (the “Common Stock”); or (v) the Company consummates the sale or exclusive license of a significant portion of its assets to any person or group and such transaction is followed by a distribution
to the Company’s stockholders of a substantial portion of the proceeds therefrom in the form of cash, publicly traded securities or other liquid assets (all as determined in good faith by the Board). 

5. RESTRICTED STOCK AGREEMENT. 
 5.1
Restricted Stock Agreement. On the Effective Date, the Company will issue Employee 400,000 shares of Common Stock, which shall be subject to the terms and conditions of (i) that certain Stockholders Agreement of the Company, by and among
the Company and certain holders of the Company’s stock, and (ii) a Restricted Stock Agreement between the Company and Employee in the form attached as Exhibit A to this Agreement. 

5.2 Representations. Employee has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of this
investment and the transaction contemplated by this Agreement. Employee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents (including with respect to any 83(b) election(s) that may
have been made in connection with the original purchase of the 400,000 shares of Common Stock). Employee understands that he and not the Company shall be responsible for his own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. 
 5.3 Options and Other Equity Awards. Future equity awards (including, without
limitation, stock options or shares of restricted stock) may be granted conditioned on and subject to the approval of the Board (or duly authorized Compensation Committee of the Board). 

6. COMPANY BENEFITS. While employed by the Company during the Full-time Period, Employee shall be entitled to receive the benefit of employment made
available by the Company from time to time for which he is eligible. Employee will be entitled to four weeks paid vacation per year. Employee additionally will be provided office space and secretarial services for the normal conduct of the
Company’s business. The Company shall reimburse Employee for reasonable business related expenses incurred by Employee, including travel as required from Employee’s place of work, which is in Soquel, California. 

  
 - 2 - 

 7. ATTENTION TO DUTIES; CONFLICT OF INTEREST. 

7.1 During the Part-time Period, the Company recognizes that Employee has and will have other responsibilities and obligations to other
organizations from time to time and that Employee will not be devoting his full professional time and energy to the Company. Notwithstanding this fact, Employee will devote such time and energy to his position with the Company as reasonably
necessary for Employee to fulfill his obligations to the Company, provided that Employee shall not be required to provide services on more than a part-time basis unless he agrees otherwise. Commencing at the start of the Full-time Period,
while employed by the Company, Employee shall devote Employee’s full business time, energy and abilities exclusively to the business and interests of the Company, and shall perform all duties and services in a faithful and diligent manner and
to the best of Employee’s abilities. During the Full-time Period Employee shall not, without the Company’s prior written consent, render services to others for compensation or engage in any other business activity if such services or
business activity would materially interfere with the performance of Employee’s duties under this Agreement. 
 7.2 Employee represents
that Employee has no other outstanding commitments inconsistent with any of the terms of this Agreement or the services to be rendered to the Company. While employed by the Company, Employee shall not invest in any company or business which competes
in any manner with the Company, except those companies whose securities are publicly traded, listed on national securities exchange, foreign stock exchange, pink sheets or small cap securities exchanges. 

8. CONFIDENTIAL INFORMATION. 
 8.1
Employee, during Employee’s term of employment and thereafter, agrees to keep secret and confidential, and not to use or disclose (directly or indirectly) to any third parties, any of the Company’s Confidential Information (as defined
below). 
 8.2 Employee acknowledges and confirms that certain data and other information (whether in human or machine readable form and
whether or not previously owned by Employee or his affiliates) that comes into Employee’s possession or knowledge (whether before, on, or after the Effective Date) and which was developed for or obtained from the Company, or obtained by
Employee for or on behalf of the Company, whether identified as confidential or not (collectively, the “Confidential Information”) is the secret, confidential property of the Company. Notwithstanding the foregoing, Confidential Information
of the Company is deemed to include, but is not limited to: 
  

	 	(i)	lists or other identification of customers or licensees or prospective customers or licensees of the Company (and key individuals employed or engaged by such parties); 

 

	 	(ii)	lists or other identification of sources or prospective sources of the Company’s products or technology or components thereof (and key individuals employed or engaged by such parties); 

  
 - 3 - 

	 	(iii)	financial, sales and marketing data relating to the Company or to the industry or other areas pertaining to the Company’s activities and contemplated activities (including, without limitation, manufacturing,
transportation, distribution and sales costs and non-public pricing information); 

  

	 	(iv)	the Company’s relations with its customers, prospective customers, suppliers and prospective suppliers, licensees and prospective licensees and the products or services rendered or licensed to such customers or
licensees (or proposed to be rendered to prospective customers or licensees); 

  

	 	(v)	the Company’s relations with its employees and consultants (including, without limitation, salaries, job classifications and skill levels); 

 

	 	(vi)	information relating to the Company’s intellectual property and the development thereof; and 

  

	 	(vii)	any other information known by Employee to be confidential, secret and/or proprietary (including without limitation, information provided by customers, licensors, licensees or suppliers of the Company).

 8.3 Employee hereby acknowledges that all Confidential Information is considered confidential by, and is exclusively
proprietary to and a valuable trade secret of, the Company and derives independent economic value, actual or potential, to the Company from not being generally known to, and not being readily ascertainable by proper means by, other persons who can
obtain economic value from its disclosure or use. Employee will not copy, reproduce or otherwise duplicate, record, abstract, summarize or otherwise use, any papers, records, reports, studies, computer printouts, equipment, tools or other property
owned by the Company except as expressly permitted by the Company in writing. 
 8.4 Notwithstanding the foregoing, “Confidential
Information” shall not include any of the foregoing or other data or information which: (i) has been made available to a third party by the Company or by a third party without an obligation of confidentiality; (ii) is or becomes
available in the public domain, other than by Employee in violation of this Agreement; (iii) was approved by the Company, in writing, for release or further disclosure; or (iv) was disclosed to or learned by Employee by or from a third
party, either before or after disclosure by the Company and without breach of a known obligation of confidence by the third party. 
 9. INVENTIONS, ETC.

 9.1 Ownership. Employee hereby assigns to the Company all of Employee’s rights, title, and interest (including but not
limited to all patent, trademark, copyright and trade secret rights) in and to all Work Product related to the Field (as such terms are defined in Section 9.5) prepared by Employee, made or conceived in whole or in part by Employee
during Employee’s engagement with the Company or within six (6) months thereafter or that relate directly to or involve the use of Confidential Information, and all rights to sue or recover for past infringement thereof. Employee further
acknowledges and agrees that all copyrightable Work Product related to the Field and prepared by Employee during Employee’s engagement with the Company are “works made for hire” and, consequently, that the Company owns all copyrights
thereto. 

  
 - 4 - 

 9.2 Disclosure. Employee will promptly disclose to the Company all Work Product related to
the Field developed by Employee during Employee’s engagement with the Company or within six (6) months thereafter, including all inventions, discoveries, improvements and trade secrets related to the Field which are or have been made or
conceived by Employee, individually or jointly with others, during his engagement by the Company and within six (6) months thereafter, or during Employee’s prior period(s) of engagement with the Company, if any, and which relate to, result
from, or arise in any way out of any work done for the Company or any information or assistance provided by the Company. All such Work Product related to the Field is and shall forthwith become the property of the Company, whether or not patentable
or copyrightable. During Employee’s term of employment and thereafter, Employee will execute promptly upon request any documents or instruments at any time deemed necessary or proper by the Company in order to formally convey and transfer to
the Company title to such Work Product related to the Field, or to confirm the Company’s title therein, or in order to enable the Company to obtain and enforce United States and foreign letters patent, trademarks and copyrights thereon.
Employee will perform his obligations under this Section 9 without further compensation, except for reimbursement of reasonable out-of-pocket expenses incurred at the request of the Company. If Employee refuses, following ten
(10) days’ prior written notice from the Company, or is unable due to disability or incapacity, to execute any such documents relating to Work Product related to the Field, Employee hereby appoints each officer and director of the Company
to be his attorney-in-fact to so execute such documents on behalf of Employee. This shall be a durable power of attorney, the authority of which shall not terminate if Employee becomes disabled or incapacitated. If Employee is unable due to death to
execute any such documents relating to Work Product, Employee covenants and agrees that his heirs, successors, estate and personal representative are hereby authorized and directed to execute such documents on behalf of Employee, and upon the
failure of such heirs, successors, estate and personal representative to execute such documents, Employee does hereby authorize each officer and director of the Company to so execute such documents on behalf of Employee’s heirs, successors,
estate and personal representative. Notwithstanding anything contained in any other durable Power of Attorney, this agency is coupled with an interest and is therefore irrevocable without the prior written consent of the Company. 

9.3 Preexisting Work Product Not Assigned. Employee has specified on the signature page hereto all preexisting Work Product that was
created by Employee prior to Employee’s engagement by the Company in which Employee has any right, title, or interest and that is not being assigned to the Company hereby. If no such specification is made on the signature page, or if Employee
writes “none” or similar designation thereon, Employee shall be conclusively deemed not to have any such Work Product, and all Work Product shall be property of the Company hereunder. 

9.4 Original Development. Employee represents and warrants to the Company that all work that Employee performs for or has performed for
the Company, and all Work Product related to the Field that Employee produces or has produced, will not knowingly infringe upon or violate and has not knowingly infringed upon or violated any patent, copyright, trade secret, or other property right
of any of Employee’s former employers or of any other third party. Employee has not and will not disclose to the Company, and has not and will not use in any of Employee’s Work Product related to the Field, any confidential or proprietary
information belonging to others, unless both the owner thereof and the Company have consented. 

  
 - 5 - 

 9.5 Definitions. For purposes of this Agreement, (i) the term “Work
Product” means all intellectual property, patents, trademarks, copyrights and trade secrets, and any applications therefor, literary works, software, documentation, memoranda, photographs, artwork, sound recordings, audiovisual works, ideas,
designs, inventions, discoveries, improvements, processes, algorithms, and so forth; and (ii) the term “Field” means (A) the treatment or therapy of gastroesophageal reflux or gastroesophageal reflux diseases and all esophageal
and extraesophageal conditions caused by gastroesophageal reflux or gastroesophageal reflux disease and/or obesity using electrostimulation in the stomach alone or in combination with the esophagus, (B) the treatment or therapy of any condition
or indication using electrostimulation in the esophagus, (C) the treatment of urinary incontinence using electrostimulation, and (D) any other medical device or treatment method as may be developed by the Company from time to time during
Employee’s employment with the Company. 
 9.6 Acknowledgements. Employee further acknowledges and agrees that the damages
resulting from any breach of the foregoing covenants may be intangible in whole or in part and that the Company is entitled to seek specific enforcement, injunctive relief and other equitable remedies in addition to monetary damages and legal
remedies, and Employee hereby stipulates to the entering of such injunctive relief enforcing the provisions of this Section 9. Employee hereby waives any bond or similar requirements for granting such injunctive relief. 

10. NON-COMPETITION AGREEMENT. 
 10.1
Employee agrees that, during the “Restricted Period” (as defined below), Employee will not, as an individual or as a partner, employee, agent, advisor, consultant or in any other capacity of or to any person, firm, corporation or other
entity, directly or indirectly: 
  

	 	(i)	carry on any business or become involved in any business activity anywhere in the world as it relates to the Field (the “Business”) or the Confidential Information; provided, however, that the foregoing
shall not prohibit Employee from owning 5% or less of the outstanding equity securities of a publicly traded entity; or 

  

	 	(ii)	hire, or assist anyone else to hire, any employee or consultant of the Company who is at that time employed or engaged by the Company, or was employed or engaged by the Company at any time during the six (6) months
prior to the termination of Employee’s engagement with the Company, or seek to persuade, or assist anyone else to seek to persuade, any such employee or consultant of the Company to discontinue their employment or engagement with the Company;
or 

  

	 	(iii)	induce or attempt to induce, or assist anyone else to induce or attempt to induce, any customer of the Company to reduce or discontinue its business with the Company, or disclose to anyone else the name and/or
requirements of any such customer. 

 10.2 For purposes of this Section 10, the term “Restricted Period” shall
mean (i) Employee’s term of employment plus (ii) a period of three (3) years following termination of this Agreement if terminated voluntarily by Employee or by the Company for Cause. If the Company terminates this Agreement
without Cause, then the Restricted Period shall end on the date of such termination. Nothing in this Section 10 shall prevent Employee from performing Employee’s duties and responsibilities for the Company. 

  
 - 6 - 

 10.3 Employee recognizes the broad territorial scope of the covenants above, but acknowledges and
agrees that the restrictions are reasonable and enforceable in view of, among other things, (i) the narrow range of activities prohibited, (ii) the national and international markets in which the Company operates and plans to operate,
(iii) the confidential, proprietary and trade secret information to which Employee has or is likely to have access, (iv) the fact that a business which competes with the Company in the Business could benefit greatly if it were to obtain
the Confidential Information of the Company, (v) the legitimate interests of the Company in protecting its Confidential Information, goodwill and relationships, (vi) the limited duration of the restrictions set forth in this
Section 10, (vii) the valuable confidential, proprietary and/or trade secret information which the Company possesses, and (viii) Employee’s past and anticipated future involvement in developing and maintaining the
Confidential Information of the Company and in developing, maintaining and fostering the Company’s customer relationships and the goodwill associated therewith and with the products and services of the Company. 

10.4 Employee expressly agrees that the covenants set forth in this Section 10 are reasonable in light of the scope of the Business
conducted and to be conducted by the Company. The parties hereto agree that each such covenant shall be deemed to be a separate, distinct and divisible covenant if and to the extent necessary to permit the enforcement of any such covenant. If any
court or tribunal of competent jurisdiction shall refuse to enforce any of the foregoing covenants because the time limit applicable thereto is deemed unreasonable, it is expressly understood and agreed that any such covenant shall not be void, but
that for the purpose of such proceedings and in such jurisdiction, such time limitation shall be deemed reduced to the extent necessary to permit enforcement of any such covenant. If any court or tribunal of competent jurisdiction shall refuse to
enforce any of the foregoing covenants because they are more extensive (whether as to geographic area, scope of business or otherwise) than is deemed reasonable, it is expressly understood and agreed between the parties hereto that any such covenant
shall not be void, but that for the purpose of such proceedings and in such jurisdiction, the restrictions contained herein (whether as to geographic area, scope of business or otherwise) shall be deemed reduced to the extent necessary to permit
enforcement of any such covenant. 
 10.5 Employee further acknowledges and agrees that the damages resulting from any breach of the
foregoing covenants may be intangible in whole or in part and that the Company is entitled to seek specific enforcement, injunctive relief and other equitable remedies in addition to monetary damages and legal remedies, and Employee hereby
stipulates to the entering of such injunctive relief prohibiting Employee from violating such covenants. 
 11. AT-WILL EMPLOYER. The Company is an
“at-will” employer. This means that the Company may terminate Employee’s employment at any time, with or without cause and without notice, and that Employee may terminate Employee’s employment at any time, with or without cause
and without notice. The Company makes no promise that Employee’s employment will continue for a set period of time, nor is there any promise that it will be terminated only under particular circumstances. No raise or bonus, if any, shall alter
Employee’s status as an “at-will” Employee or create any implied contract of employment. Discussion of possible or potential benefits in future years is not an express or implied promise of continued employment. No manager, supervisor
or officer of the Company has the authority to change Employee’s status as an “at-will” Employee. The “at-will” nature of the employment relationship with Employee can only be altered by a written resolution signed by all
the directors of the Company. No position within the Company is considered permanent. 

  
 - 7 - 

 12. BINDING ARBITRATION. 

12.1 Any dispute, claim or controversy relating to discrimination of any nature, including, without limitation, age, sex, race, religion or
national origin between employee and the Company (“Discrimination Claims”) shall be settled exclusively by arbitration pursuant to the provisions of this Section 12. 

12.2 Employee and the Company each waive their federal and state constitutional rights to have Discrimination Claims determined by a jury.
Instead of a jury trial, an arbitrator shall be chosen by the Company and Employee. Arbitration is preferred because, among other reasons, it is quicker, less expensive and less formal than litigation in court. 

12.3 The arbitrator shall not have the authority to alter, amend, modify, add to or eliminate any condition or provision of this Agreement,
including, but not limited to, the “at-will” nature of the employment relationship. The arbitration shall be held in St. Louis County, Missouri and shall be conducted in accordance with the rules of the Center for Dispute Resolution. The
award of the arbitrator shall be final and binding on the parties. Judgment upon the arbitrator’s award may be entered in any court, state or federal, having jurisdiction over the parties. If a written request for arbitration is not made within
six months of the date of the alleged wrong or violation, all remedies regarding such alleged wrong or violation shall be waived. 
 12.4
Should any court determine that any provision(s) of this Agreement to arbitrate is void or invalid, the parties specifically intend every other provision of this Agreement to arbitrate to remain enforceable and intact. The parties explicitly and
definitely prefer arbitration to recourse to the courts, for the reasons described above, and have prescribed arbitration as their sole and exclusive method of dispute resolution. 

13. NO INCONSISTENT OBLIGATIONS. Employee represents that Employee is not aware of any obligations, legal or otherwise, inconsistent with the terms of
this Agreement or Employee’s undertakings under this Agreement. 
 14. MISCELLANEOUS. 

14.1 No promises or changes in Employee’s status as an employee of the Company or any of the terms and conditions of this Agreement can be
made unless they are duly authorized by the Board (including any duly authorized committee thereof), with Employee abstaining from the vote. This Agreement and the terms and conditions described in it cannot be changed orally or by any conduct of
either Employee or the Company or any course of dealings between Employee, or another person and the Company. 
 14.2 Unless otherwise agreed
upon in writing by the parties, Employee, after termination of any employment, shall not seek nor accept employment with the Company in the future and the Company is entitled to reject without cause any application for employment with the Company
made by Employee, and not hire Employee. Employee agrees that Employee shall have no cause of action against the Company arising out of any such rejection. 

  
 - 8 - 

 14.3 This Agreement and performance under it, and any suits or special proceedings brought under
it, shall be construed in accordance with the laws of the United States of America and the State of Missouri and any arbitration, mediation or other proceeding arising hereunder shall be filed and adjudicated in St. Louis County, Missouri. 

14.4 If any term or condition, or any part of a term or condition, of this Agreement shall prove to be invalid, void or illegal, it shall in no
way affect, impair or invalidate any of the other terms or conditions of this Agreement, which shall remain in full force and effect. 
 14.5
The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of or any acquiescence in or to such provision. 

14.6 The parties to this Agreement represent and acknowledge that in executing this Agreement they do not rely and have not relied upon any
representation or statement made by the other party or the other party’s agents, attorneys or representatives regarding the subject matter, basis, or effect of this Agreement or otherwise, other than those specifically stated in this written
Agreement. This Agreement shall be interpreted in accordance with the plain meaning of its terms and not strictly for or against any party. This Agreement shall be construed as if each party was its author and each party hereby adopts the language
of this Agreement as if it were his, her or its own. The captions to this Agreement and its sections, subsections, tables and exhibits are inserted only for convenience and shall not be construed as part of this Agreement or as a limitation on or
broadening of the scope of this Agreement or any section, subsection, table or exhibit. 
 Signature page follows. 

  
 - 9 - 

 Employee and the Company have executed this Agreement and agree to enter into and be bound by the
provisions hereof as of the Effective Date. 
 THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES. 

 

			
	ENDOSTIM, INC.
		
	By:	 	 /s/ Raul E. Perez

		 	Raul E. Perez
		 	Chairman of the Board
		 	on behalf of the Board of Directors
	
	EMPLOYEE
	
	 /s/ Bevil J. Hogg

	Bevil J. Hogg

 Preexisting Work Product (pursuant to Section 9.3): NONE 

 AMENDMENT TO 

AT-WILL EMPLOYMENT AGREEMENT 

THIS AMENDMENT TO AT-WILL EMPLOYMENT AGREEMENT (this “Amendment”) by and between EndoStim, Inc., a Delaware corporation (the
“Company” or “EndoStim”), and Bevil J. Hogg (“Employee”) is made and entered into as of the 26th day of September, 2014, but effective as of and contingent upon the closing of the initial public offering of shares of
the Company’s common stock (the “Effective Date”), as approved by the Board of Directors or a pricing committee thereof (the “IPO”). 

WITNESSETH: 
 WHEREAS, the
Company and Employee have previously entered into that certain At-Will Employment Agreement dated as of May 25, 2010 (the “Existing Employment Agreement”). Capitalized terms used but not defined herein shall have the meanings
attributed to them in the Existing Employment Agreement; 
 WHEREAS, Section 2 of the Existing Employment Agreement provides for a
certain base salary to be paid to Employee during the period of his employment; 
 WHEREAS, Section 3 of the Existing Employment
Agreement provides Employee is eligible for certain incentive bonuses during the period of his employment; 
 WHEREAS, Section 5 of the
Existing Employment Agreement provides for the grant to Employee of (i) 400,000 shares of restricted stock, which are subject to the restrictions set forth in a Restricted Stock Agreement dated May 25, 2010 (as amended, the
“Restricted Stock Agreement”) and (ii) other options and equity awards during the period of his employment; 
 WHEREAS, the
Compensation Committee has approved an amendment to such provisions and has authorized and directed the Company to enter into this Amendment to reflect such revisions. 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth, it is hereby agreed as follows: 

1. Amendment of Section 2. Section 2 of the Existing Employment Agreement is amended to read in its entirety as follows: 

“2. BASE SALARY. Commencing on the Effective Date and continuing until the termination of Employee’s employment with the
Company, the Company shall pay Employee as compensation for Employee’s services an annual base salary of $350,000.00 (“Base Salary”), payable in accordance with the Company’s usual payment practices. Employee’s Base Salary
shall be eligible for review annually consistent with the Company’s practice. All such payments of Base Salary shall be subject to applicable withholdings and deductions.” 

 2. Amendment of Section 3. Section 3 of the Existing Employment Agreement is
amended to read in its entirety as follows: 
 “3. INCENTIVE BONUS. Commencing on the Effective Date and continuing until the
termination of Employee’s employment with the Company, in addition to the Base Salary, Employee shall be eligible to earn, for each fiscal year of the Company ending during the Employment Period, performance bonuses of up to $200,000 per year,
consisting of (i) an annual cash performance bonus of $100,000 (an “Annual Bonus”) per fiscal year and (ii) quarterly cash incentive bonuses (“Quarterly Bonuses”, and together with the “Annual Bonus”, the
“Incentive Bonuses”) of $25,000 per fiscal quarter. Payment of such Incentive Bonuses will be determined by the Board (or duly authorized Compensation Committee of the Board) based upon the Company’s achievement of goals and
objectives for such fiscal year or quarter, as the case may be, and shall be made as soon as practicable thereafter, but in no event later than the fifteenth (15th) day of the second (2nd) month following such quarter. Employee’s Incentive Bonuses shall be eligible for review annually consistent with the Company’s practice. The initial Annual Bonus shall be prorated
for fiscal year 2014 for the period from the Effective Date through December 31, 2014.” 
 3. Amendment of Section 5.
Section 5 of the Existing Employment Agreement is amended to add a new Section 5.4 at the end thereof, to read as follows: 

“5.4 Amendment to Restricted Stock Award Upon IPO. The Company shall modify, waive or amend the Restricted Stock
Agreement to provide for the following: (i) effective as of the Effective Date, the Purchase Option in the Restricted Stock Agreement shall be waived such that all shares subject to the Restricted Stock Agreement shall no longer be subject
thereto and (ii) effective as of 180 days following the Effective Date, the transfer restrictions in Section 4 thereof shall be waived, provided that Employee shall have entered enter into and not terminated any lock-up or other market
stand-off agreement reasonably requested by the underwriters in the IPO. 
 5.5 Additional Equity Award Upon IPO.
Effective as of the Effective Date, and subject to adoption by the Board and approval by the Company’s stockholders of the Company’s 2014 Stock Incentive Plan as described in the Company’s current registration statement (the
“Incentive Plan”), the Company shall grant to Employee options (“Options”) to purchase 350,000 shares of Company’s common stock (the “Common Stock”) (as adjusted to give effect to any reverse stock split effected
in connection with the IPO), as determined in the discretion of the compensation committee of the Board of Directors. The exercise price shall be equal to the Fair Market Value as set forth in the Incentive Plan, which is equal to the per share
price to the public in connection with the IPO (or such other price as may be required by applicable law). The awards shall vest over a four-year period, with 25% vesting on the one-year anniversary of the Effective Date and then an additional
1/48th of the entire award per month thereafter. Consistent with the foregoing, the terms and conditions of the Option shall be set forth in an award agreement (the “Award Agreement”) to be entered into by the Company and the Employee in
the form adopted by the Board or the compensation committee of the Company, as applicable, in conjunction with the adoption of the Incentive Plan. The Incentive Plan and Award Agreement shall govern the Options.” 

  
 2 

 4. All other terms and provisions of the Existing Employment Agreement, as heretofore amended,
shall remain unchanged and in full force and effect. This Amendment shall be deemed to supersede anything to the contrary contained in the Existing Employment Agreement. 

5. This Amendment shall be interpreted in accordance with and governed by the laws of the State of Missouri without regard to its conflict of
law rules. The parties agree that exclusive venue and jurisdiction for any action brought under this Amendment shall lie in the County of St. Louis, Missouri. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

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

  

			
	ENDOSTIM, INC.
		
	By:	 	/s/ Douglas D. French
	Name:	 	Douglas D. French
	Title:	 	Chairman of the Board
	
	EMPLOYEE
	
	 /s/ Bevil J. Hogg

Bevil J. Hogg

 [Signature Page to Amendment to At-Will Employment Agreement]

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