Document:

Blueprint

 

       EXHIBIT
10.46

 

AMENDED COMMON STOCK PURCHASE AGREEMENT

 

This amended common stock purchase agreement is
entered into as of March 22nd, 2019 (this “Agreement”),
by and between Investview Inc. a Nevada corporation (the
“Company”), and TRITON FUNDS LP, a Delaware
limited partnership
(the “Investor”).

 

WHEREAS, the parties desire that, upon the terms and
subject to the conditions contained herein, the Investor shall
purchase, from time to time, as provided herein, and the Company
shall issue and sell One Million Dollars ($1,000,000) of the
Company’s Common Stock (as defined
below);

 

NOW,
THEREFORE, the parties hereto
agree as follows:

 

ARTICLE I CERTAIN DEFINITIONS

 

Section 1.1 DEFINED
TERMS. As used in this
Agreement, the following terms

    shall
have the following meanings specified or indicated (such meanings
to be equally applicable to both the singular and plural forms of
the terms defined):

 

“Agreement”
shall have the meaning specified in the preamble
hereof.

 

“Bankruptcy
Law” means Title 11, U.S.
Code, or any similar federal or state law for the relief of
debtors.

 

“Business
Day” shall mean a day on
which the Principal Market shall be open for business.
“Claim
Notice” shall have the
meaning specified in Section 9.3(a).

“Clearing
Costs” shall mean all of
the Investor’s broker and Transfer Agent fees, excluding
commissions.

 

 “Clearing
Date” shall be the date
on which the Investor receives the Purchase Notice Shares as DWAC
Shares in its brokerage account.

 

 “Closing”
shall mean one of the closings of a purchase and sale of shares of
Common Stock pursuant to Section 2.3.

 

 “Closing
Date” shall mean the date
that is no later than five (5) Business Days after the Clearing
Date.

 

 “Commitment
Amount” shall mean One
Million Dollar ($1,000,000).

 

 “Commitment
Period” shall mean the
period commencing on the Execution Date and ending on the earlier
of (i) the date on which the Investor shall have purchased Purchase
Notice Shares pursuant to this Agreement equal to the Commitment
Amount, (ii) the Expiration Date, (iii) June 30, 2019, or (iv)
written notice of termination by the Company to the Investor upon a
material breach of this Agreement by Investor.

 

“Common
Stock” shall mean the
Company’s common stock, $0.0001 value per share, and any
shares of any other class of common stock whether now or hereafter
authorized, having the right to participate in the distribution of
dividends (as and when declared) and assets (upon liquidation of
the Company).

 

“Common Stock
Equivalents” means any
securities of the Company or the Subsidiaries which would entitle
the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, right, option,
warrant or other instrument that is at any time convertible into or
exercisable or exchangeable for, or otherwise entitles the holder
thereof to receive, Common Stock.

 

“Company”
shall have the meaning specified in the preamble to this
Agreement.

 

“Custodian”
means any receiver, trustee, assignee, liquidator or similar
official under any Bankruptcy Law.

 

“Damages”
shall mean any loss, claim, damage, liability, cost and expense
(including, without limitation, reasonable attorneys’ fees
and disbursements and costs and expenses of expert witnesses and
investigation).

 

“Dispute
Period” shall have the
meaning specified in Section 9.3(a).

 

“DTC” shall mean The Depository Trust Company,
or any successor performing substantially the same function for the
Company.

 

“DTC/FAST
Program” shall mean the
DTC’s Fast Automated Securities Transfer
Program.

 

“DWAC”
shall mean Deposit Withdrawal at Custodian as defined by the
DTC.

 

“DWAC
Eligible” shall mean that
(a) the Common Stock is eligible at DTC for full services pursuant
to DTC’s Operational Arrangements, including, without
limitation, transfer through DTC’s DWAC system, (b) the
Company has been approved (without revocation) by the DTC’s
underwriting department, (c) the Transfer Agent is approved as an
agent in the DTC/FAST Program, (d) the Purchase Notice Shares are
otherwise eligible for delivery via DWAC, and (e) the Transfer
Agent does not have a policy prohibiting or limiting delivery of
the Purchase Notice Shares, as applicable, via
DWAC.

 

“DWAC
Shares” means shares of
Common Stock that are (i) issued in electronic form, (ii) freely
tradable and transferable and without restriction on resale and
(iii) timely credited by the Company to the Investor’s or its
designee’s specified DWAC account with DTC under the DTC/FAST
Program, or any similar program hereafter adopted by DTC performing
substantially the same function.

 

“Exchange
Act” shall mean the
Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

 

“Exchange
Cap” shall have the
meaning set forth in Section 7.1(c).

 

“Execution
Date” shall mean the date
of this Agreement.

 

“Expiration
Date” shall mean one
sixty (60) Business Days after the Registration Statement has been
declared effective.

 

“FINRA”
shall mean the Financial Industry Regulatory Authority,
Inc.

 

“Indemnified
Party” shall have the
meaning specified in Section 9.2.

 

“Indemnifying
Party” shall have the
meaning specified in Section 9.2.

 

“Indemnity
Notice” shall have the
meaning specified in Section 9.3(e).

 

“Investment
Amount” shall mean the
Purchase Notice Shares referenced in the Purchase Notice multiplied
by the Purchase Price.

 

 “Investor”
shall have the meaning specified in the preamble to this
Agreement.

 

 “Lien”
means a lien, charge, pledge, security interest, encumbrance, right
of first refusal, preemptive right or other
restriction.

 

 “Material Adverse
Effect” shall mean any
effect on the business, operations, properties, or financial
condition of the Company and the Subsidiaries that is material and
adverse to the Company and the Subsidiaries and/or any condition,
circumstance, or situation that would prohibit or otherwise
materially interfere with the ability of the Company to enter into
and perform its obligations under any Transaction
Document.

 

 “Person”
shall mean an individual, a corporation, a partnership, an
association, a trust or other entity or organization, including a
government or political subdivision or an agency or instrumentality
thereof.

 

“Principal
Market” shall mean any of
the national exchanges (i.e. NYSE, NYSE AMEX, Nasdaq), or principal
quotation systems (i.e. OTCQX, OTCQB, OTC Pink, the OTC Bulletin
Board), or other principal exchange or recognized quotation system
which is at the time the principal trading platform or market for
the Common Stock.

 

 “Purchase
Notice” shall mean a
written notice from Investor, substantially in the form of Exhibit
A hereto, to Company setting forth the Purchase Notice Shares which
the Investor intends to require Company to sell pursuant to the
terms of this Agreement.

 

“Purchase Notice
Shares” shall mean all
shares of Common Stock issued, or that the Company shall be
entitled to issue, per applicable Purchase Notice in accordance
with the terms and conditions of this
Agreement.

 

“Purchase
Price” shall mean 85% of
the lowest closing price of the Common Stock the five Business Days
prior to the Closing Date.

 

“Registration
Statement” shall have the
meaning specified in Section 6.3.

 

“Regulation
D” shall mean Regulation
D promulgated under the Securities Act.

 

“Rule
144” shall mean Rule 144
under the Securities Act or any similar provision then in force
under the Securities Act.

 

“SEC” shall mean the United States Securities
and Exchange Commission.

 

“SEC
Documents” shall have the
meaning specified in Section 4.5.

 

“Securities”
mean the Purchase Notice Shares.

 

“Securities
Act” shall mean the
Securities Act of 1933, as amended.

 

 “Subsidiary”
means any Person the Company wholly-owns or controls, or in which
the Company, directly or indirectly, owns a majority of the voting
stock or similar voting interest, in each case that would be
disclosable pursuant to Item 601(b)(21) of Regulation S-K
promulgated under the Securities Act.

 

“Third Party
Claim” shall have the
meaning specified in Section 9.3(a).

 

“Transaction
Documents” shall mean
this Agreement and all schedules and exhibits hereto and
thereto.

 

“Transfer
Agent” shall mean the
current transfer agent of the Company, and any successor transfer
agent of the Company.

 

ARTICLE II PURCHASE AND SALE OF COMMON STOCK

 

Section 2.1 PURCHASE
NOTICES. Upon the terms and
conditions set forth herein
(including, without limitation, the provisions of Article VII and
the required purchase by the Expiration Date as provided in Section
2.3(b)), the Investor shall direct the Company, by its delivery to
the Company of a Purchase Notice from time to time, to purchase
Purchase Notice Shares provided that the amount of Purchase Notice
Shares shall not exceed the Beneficial Ownership Limitation set
forth in Section 7.1(g).

 

Section 2.2 MECHANICS.

 

(a)  PURCHASE
NOTICE. At any time and from
time to time during the
Commitment Period, except as provided in this Agreement, the
Investor may deliver a Purchase Notice to Company, subject to
satisfaction of the conditions set forth in Section 7.2 and
otherwise provided herein. The Company shall deliver the Purchase
Notice Shares as DWAC Shares to the Investor immediately upon
receipt of the Purchase Notice.

 

(b)  DATE OF
DELIVERY OF PURCHASE NOTICE. A
Purchase Notice
shall be deemed delivered on (i) the Business Day it is received by
email by the Investor if such notice is received on or prior to
8:00 p.m. New York time or (ii) the immediately succeeding Business
Day if it is received by email after 8:00 p.m. New York time on a
Business Day or at any time on a day which is not a Business
Day.

 

Section 2.3 CLOSINGS.

 

(a)            

CLOSING.
The Closing of a Purchase Notice shall occur no
later than
five (5) Business Days following the Clearing Date, whereby the
Investor, shall deliver the Investment Amount (minus the Clearing
Costs), by wire transfer of immediately available funds to an
account designated by the Company.

 

(b)            

EXPIRATION
DATE. If, by 30 days after the
Registration Statement
becomes effective, the Investor has invested less than $500,000,
pursuant to this Agreement, Investor shall within one (1) Business
Day transfer to the Company the amount representing the difference
between $500,000 and the amount the Investor has already paid to
the Company. The Purchase Price for this amount shall be 85% of the
lowest closing price of the Common Stock for the previous five
Business Days, (ii) the Company shall immediately deliver the
Purchase Notice Shares as DWAC Shares to the Investor, and (iii)
the Investor shall immediately wire to the Company the Purchase
Price multiplied by the lessor of the Beneficial Ownership
Limitation or the remaining Commitment Amount. If by Expiration
date the Investor has invested less than $1,000,000, pursuant to
this Agreement, Investor shall within one (1) Business Day transfer
to the Company the amount representing the difference between
$1,000,000 and the amount the Investor has already paid to the
Company. The Purchase Price for this amount shall be 85% of the
lowest closing price of the Common Stock for the previous five
Business Days, (ii) the Company shall immediately deliver the
Purchase Notice Shares as DWAC Shares to the Investor, and (iii)
the Investor shall immediately wire to the Company the Purchase
Price multiplied by the lessor of the Beneficial Ownership
Limitation or the remaining Commitment Amount.

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF INVESTOR

 

The
Investor represents and warrants to the Company that:

 

Section 3.1 INTENT.
The Investor is entering into this Agreement for its
own account and the Investor has no present
arrangement (whether or not legally binding) at any time to sell
the Securities to or through any Person in violation of the
Securities Act or any applicable state securities laws;
provided,
however,
that the Investor reserves the right to dispose of the Securities
at any time in accordance with federal and state securities laws
applicable to such disposition.

 

Section 3.2 NO
LEGAL ADVICE FROM THE COMPANY.
The Investor acknowledges
that it has had the opportunity to review this Agreement and the
transactions contemplated by this Agreement with its own legal
counsel and investment and tax advisors. The Investor is relying
solely on such counsel and advisors and not on any statements or
representations of the Company or any of its representatives or
agents for legal, tax or investment advice with respect to this
investment, the transactions contemplated by this Agreement or the
securities laws of any jurisdiction.

 

Section 3.3 ACCREDITED
INVESTOR. The Investor is an
accredited investor as
defined in Rule 501(a)(3) of Regulation D, and the Investor has
such experience in business and financial matters that it is
capable of evaluating the merits and risks of an investment in the
Securities. The Investor acknowledges that an investment in the
Securities is speculative and involves a high degree of
risk.

 

Section 3.4 AUTHORITY.
The Investor has the requisite power and authority
to
enter into and perform its obligations under the Transaction
Documents and to consummate the transactions contemplated hereby
and thereby. The execution and delivery of the Transaction
Documents and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all
necessary action and no further consent or authorization of the
Investor is required. The Transaction Documents to which it is a
party has been duly executed by the Investor, and when delivered by
the Investor in accordance with the terms hereof, will constitute
the valid and binding obligation of the Investor enforceable
against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, or similar laws relating to, or affecting
generally the enforcement of, creditors’ rights and remedies
or by other equitable principles of general
application.

 

Section 3.5 NOT
AN AFFILIATE. The Investor is
not an officer, director or “affiliate”
(as that term is defined in Rule 405 of the Securities Act) of the
Company.

 

Section 3.6 ORGANIZATION
AND STANDING. The Investor is
an entity duly
incorporated or formed, validly existing and in good standing under
the laws of the jurisdiction of its incorporation or formation with
full right, corporate, partnership, limited liability company or
similar power and authority to enter into and to consummate the
transactions contemplated by the Transaction
Documents.

 

Section 3.7 ABSENCE
OF CONFLICTS. The execution and
delivery of the Transaction Documents, and the consummation of the
transactions contemplated hereby and thereby and compliance with
the requirements hereof and thereof, will not (a) violate any law,
rule, regulation, order, writ, judgment, injunction, decree or
award binding on the Investor, (b) violate any provision of any
indenture, instrument or agreement to which the Investor is a party
or is subject, or by which the Investor or any of its assets is
bound, or conflict with or constitute a material default
thereunder, (c) result in the creation or imposition of any lien
pursuant to the terms of any such indenture, instrument or
agreement, or constitute a breach of any fiduciary duty owed by the
Investor to any third party, or (d) require the approval of any
third-party (that has not been obtained) pursuant to any material
contract, instrument, agreement, relationship or legal obligation
to which the Investor is subject or to which any of its assets,
operations or management may be subject.

 

Section 3.8 DISCLOSURE;
ACCESS TO INFORMATION. The
Investor had an
opportunity to review copies of the SEC Documents filed on behalf
of the Company and has had access to all publicly available
information with respect to the Company.

 

Section 3.9 MANNER
OF SALE. At no time was the
Investor presented with or
solicited by or through any leaflet, public promotional meeting,
television advertisement or any other form of general solicitation
or advertising.

 

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

The
Company represents and warrants to the Investor that, except as
disclosed in the SEC Documents or except as set forth in the
disclosure schedules hereto:

 

Section 4.1 ORGANIZATION
OF THE COMPANY. The Company and
each of
the Subsidiaries is an entity duly incorporated or otherwise
organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or organization, with the
requisite power and authority to own and use its properties and
assets and to carry on its business as currently conducted. Neither
the Company nor any Subsidiary is in violation nor default of any
of the provisions of its respective certificate or articles of
incorporation, bylaws or other organizational or charter documents.
Each of the Company and the Subsidiaries is duly qualified to
conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the
business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good
standing, as the case may be, could not have or reasonably be
expected to result in a Material Adverse Effect and no proceeding
has been instituted in any such jurisdiction revoking, limiting or
curtailing or seeking to revoke, limit or curtail such power and
authority or qualification.

 

Section 4.2 AUTHORITY.
The Company has the requisite corporate power and
authority
to enter into and perform its obligations under the Transaction
Documents. The execution and delivery of the Transaction Documents
by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all
necessary corporate action and no further consent or authorization
of the Company or its Board of Directors or stockholders is
required. The Transaction Documents have been duly executed and
delivered by the Company and constitutes a valid and binding
obligation of the Company enforceable against the Company in
accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, or similar laws
relating to, or affecting generally the enforcement of,
creditors’ rights and remedies or by other equitable
principles of general application.

 

Section 4.3 CAPITALIZATION.
As of the date hereof, the authorized capital
stock of the Company consists of 10,000,000,000
shares of Common Stock, par value of $0.0001 per share, of which
approximately 2,213,661,318 shares of Common Stock are issued and
outstanding. Except as set forth on Schedule
4.3, the Company has not issued
any capital stock since its most recently filed periodic report
under the Exchange Act, other than pursuant to the exercise of
employee stock options under the Company’s stock option
plans, the issuance of shares of Common Stock to employees pursuant
to the Company’s employee stock purchase plans and pursuant
to the conversion and/or exercise of Common Stock Equivalents
outstanding as of the date of the most recently filed periodic
report under the Exchange Act. No Person has any right of first
refusal, preemptive right, right of participation, or any similar
right to participate in the transactions contemplated by the
Transaction Documents. Except as set forth on Schedule 4.3
and except as a result of the purchase
and sale of the Securities, there are no outstanding options,
warrants, scrip rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities, rights or
obligations convertible into or exercisable or exchangeable for, or
giving any Person any right to subscribe for or acquire any shares
of Common Stock, or contracts, commitments,
understandings or arrangements by which the Company or any
Subsidiary is or may become bound to issue additional shares of
Common Stock or Common Stock Equivalents. The issuance and sale of
the Securities will not obligate the Company to issue shares of
Common Stock or other securities to any Person (other than the
Investor) and will not result in a right of any holder of Company
securities to adjust the exercise, conversion, exchange or reset
price under any of such securities. There are no stockholders
agreements, voting agreements or other similar agreements with
respect to the Company’s capital stock to which the Company
is a party or, to the knowledge of the Company, between or among
any of the Company’s stockholders.

 

Section 4.4 LISTING
AND MAINTENANCE REQUIREMENTS.
The Common
Stock is registered pursuant to Section 12(b) or 12(g) of the
Exchange Act, and the Company has taken no action designed to, or
which to its knowledge is likely to have the effect of, terminating
the registration of the Common Stock under the Exchange Act nor has
the Company received any notification that the SEC is contemplating
terminating such registration. The Company has not, in the twelve
(12) months preceding the date hereof, received notice from the
Principal Market on which the Common Stock is or has been listed or
quoted to the effect that the Company is not in compliance with the
listing or maintenance requirements of such Principal Market. The
Company is and has no reason to believe that it will not in the
foreseeable future continue to be, in compliance with all such
listing and maintenance requirements.

 

Section 4.5 SEC
DOCUMENTS; DISCLOSURE. Except
as set forth on Schedule
4.5, the Company has filed all
reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the one (1) year preceding the date hereof (or such shorter
period as the Company was required by law or regulation to file
such material) (the foregoing materials, including the exhibits
thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC
Documents”) on a timely
basis or has received a valid extension of such time of filing and
has filed any such SEC Documents prior to the expiration of any
such extension. As of their respective dates, the SEC Documents
complied in all material respects with the requirements of the
Securities Act and the Exchange Act, as applicable, and other
federal laws, rules and regulations applicable to such SEC
Documents, and none of the SEC Documents when filed contained any
untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary in order to make
the statements therein, in light of the circumstances under which
they were made, not misleading. The financial statements of the
Company included in the SEC Documents comply as to form and
substance in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC or
other applicable rules and regulations with respect thereto. Such
financial statements have been prepared in accordance with
generally accepted accounting principles applied on a consistent
basis during the periods involved (except (a) as may be otherwise
indicated in such financial statements or the notes thereto or (b)
in the case of unaudited interim statements, to the extent they may
not include footnotes or may be condensed or summary statements)
and fairly present in all material respects the financial position
of the Company as of the dates thereof and the results of
operations and cash flows for the periods then ended (subject, in
the case of unaudited statements, to normal, immaterial, year-end
audit adjustments). Except with respect to the material terms and
conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other
Person acting on its behalf has provided the Investor or its agents
or counsel with any information that it believes constitutes or
might constitute material, non-public information. The Company
understands and confirms that the Investor will rely on the
foregoing representation in effecting transactions in securities of
the Company.

 

Section 4.6 VALID
ISSUANCES. The Securities are
duly authorized and, when
issued and paid for in accordance with the applicable Transaction
Documents, will be duly and validly issued, fully paid, and
non-assessable, free and clear of all Liens imposed by the Company
other than restrictions on transfer provided for in the Transaction
Documents.

 

Section 4.7 NO
CONFLICTS. The execution,
delivery and performance of the Transaction Documents by the
Company and the consummation by the Company of the transactions
contemplated hereby and thereby, including, without limitation, the
issuance of the Purchase Notice Shares, do not and will not: (a)
result in a violation of the Company’s or any
Subsidiary’s certificate or articles of incorporation,
by-laws or other organizational or charter documents, (b) conflict
with, or constitute a material default (or an event that with
notice or lapse of time or both would become a material default)
under, result in the creation of any Lien upon any of the
properties or assets of the Company or any Subsidiary, or give to
others any rights of termination, amendment, acceleration or
cancellation of, any agreement, indenture, instrument or any
“lock-up”
or similar provision of any underwriting or similar agreement to
which the Company or any Subsidiary is a party, or (c) result in a
violation of any federal, state or local law, rule, regulation,
order, judgment or decree (including federal and state securities
laws and regulations) applicable to the Company or any Subsidiary
or by which any property or asset of the Company or any Subsidiary
is bound or affected (except for such conflicts, defaults,
terminations, amendments, accelerations, cancellations and
violations as would not, individually or in the aggregate, have a
Material Adverse Effect) nor is the Company otherwise in violation
of, conflict with or in default under any of the foregoing. The
business of the Company is not being conducted in violation of any
law, ordinance or regulation of any governmental entity, except for
possible violations that either singly or in the aggregate do not
and will not have a Material Adverse Effect. The Company is not
required under federal, state or local law, rule or regulation to
obtain any consent, authorization or order of, or make any filing
or registration with, any court or governmental agency in order for
it to execute, deliver or perform any of its obligations under the
Transaction Documents (other than any SEC, FINRA or state
securities filings that may be required to be made by the Company
subsequent to any Closing or any registration statement that may be
filed pursuant hereto); provided that, for purposes of the
representation made in this sentence, the Company is assuming and
relying upon the accuracy of the relevant representations and
agreements of Investor herein.

 

Section 4.8 NO
MATERIAL ADVERSE CHANGE. No
event has occurred that
would have a Material Adverse Effect on the Company that has not
been disclosed in subsequent SEC filings.

 

Section 4.9 LITIGATION
AND OTHER PROCEEDINGS. Except
as disclosed
in the SEC Documents or as set forth on Schedule 4.9, there are no
actions, suits, investigations, inquiries or proceedings pending
or, to the knowledge of the Company, threatened against or
affecting the Company, any Subsidiary or any of their respective
properties, nor has the Company received any written or oral notice
of any such action, suit, proceeding, inquiry or investigation,
which would have a Material Adverse Effect. No judgment, order,
writ, injunction or decree or award has been issued by or, to the
knowledge of the Company, requested of any court, arbitrator or
governmental agency which would have a Material Adverse Effect.
There has not been, and to the knowledge of the Company, there is
not pending or contemplated, any investigation by the SEC involving
the Company, any Subsidiary or any current or former director or
officer of the Company or any Subsidiary.

 

Section 4.10 REGISTRATION
RIGHTS. Except as set forth on
Schedule 4.10, no
Person (other than the Investor) has any right to cause the Company
to effect the registration under the Securities Act of any
securities of the Company or any Subsidiary.

 

ARTICLE V COVENANTS OF INVESTOR

 

Section 5.1 COMPLIANCE
WITH LAW; TRADING IN SECURITIES. The Investor’s
trading activities with respect to shares of Common Stock will be
in compliance with all applicable state and federal securities laws
and regulations and the rules and regulations of FINRA and the
Principal Market.

 

ARTICLE VI COVENANTS OF THE COMPANY

 

Section 6.1 LISTING
OF COMMON STOCK. The Company
shall promptly secure
the listing of all of the Purchase Notice Shares to be issued to
the Investor hereunder on the Principal Market (subject to official
notice of issuance) and shall use commercially reasonable best
efforts to maintain, so long as any shares of Common Stock shall be
so listed, the listing of all such Purchase Notice Shares from time
to time issuable hereunder. The Company shall use its commercially
reasonable efforts to continue the listing and trading of the
Common Stock on the Principal Market (including, without
limitation, maintaining sufficient net tangible assets) and will
comply in all respects with the Company’s reporting, filing
and other obligations under the bylaws or rules of FINRA and the
Principal Market.

 

Section 6.2 FILING
OF CURRENT REPORT AND REGISTRATION STATEMENT.
The Company agrees that it shall file a Current Report on Form 8-K,
including the Transaction Documents as exhibits thereto, with the
SEC within the time required by the Exchange Act, relating to the
transactions contemplated by, and describing the material terms and
conditions of, the Transaction Documents (the
“Current
Report”). The Company
shall permit the Investor to review and comment upon the final
pre-filing draft version of the Current Report at least two (2)
Business Days prior to its filing with the SEC, and the Company
shall give reasonable consideration to all such comments. The
Investor shall use its reasonable best efforts to comment upon the
final pre-filing draft version of the Current Report within one (1)
Business Day from the date the Investor receives it from the
Company. The Company shall also file with the SEC, within ten (15)
calendar days from the date hereof, a new registration statement
(the “Registration Statement”)
covering only the resale of the Purchase Notice
Shares.

 

ARTICLE VII CONDITIONS TO DELIVERY OF PURCHASE NOTICE AND
CONDITIONS TO CLOSING

 

Section 7.1  CONDITIONS PRECEDENT
TO THE RIGHT OF THE COMPANY TO ISSUE AND
SELL PURCHASE NOTICE SHARES.
The right of the Company to issue and sell the Purchase Notice
Shares to the Investor is subject to the satisfaction of each of
the conditions set forth below:

 

(a)    ACCURACY OF
INVESTOR’S REPRESENTATIONS AND WARRANTIES.
The representations and warranties of the Investor shall be true
and correct in all material respects as of the date of this
Agreement and as of the date of each Closing as though made at each
such time.

 

(b)   
PERFORMANCE BY INVESTOR.
Investor shall have performed, satisfied
and complied in all respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or
complied with by the Investor at or prior to such
Closing.

 

(c) PRINCIPAL
MARKET REGULATION. The Company
shall not issue any Purchase Notice Shares, and the Investor
shall not have the right to receive any Purchase Notice Shares, if
the issuance of such Purchase Notice Shares would exceed the
aggregate number of shares of Common Stock which the Company may
issue without breaching the Company’s obligations under the
rules or regulations of the Principal Market (the
“Exchange
Cap”).

 

Section 7.2    
CONDITIONS
PRECEDENT TO THE OBLIGATION OF INVESTOR TO PURCHASE
PURCHASE NOTICE SHARES. The
obligation of the Investor hereunder to purchase Purchase Notice
Shares is subject to the satisfaction of each of the following
conditions:

 

(a)   EFFECTIVE REGISTRATION
STATEMENT. The
Registration Statement,
and any amendment or supplement thereto, shall remain effective for
the resale by the Investor of the Purchase Notice Shares and (i)
neither the Company nor the Investor shall have received notice
that the SEC has issued or intends to issue a stop order with
respect to such Registration Statement or that the SEC otherwise
has suspended or withdrawn the effectiveness of such Registration
Statement, either temporarily or permanently, or intends or has
threatened to do so and (ii) no other suspension of the use of, or
withdrawal of the effectiveness of, such Registration Statement or
related prospectus shall exist.

 

(b)ACCURACY OF THE
COMPANY’S REPRESENTATIONS AND
WARRANTIES. The representations
and warranties of the Company shall be true and correct in all
material respects as of the date of this Agreement and as of the
date of each Closing (except for representations and warranties
specifically made as of a particular date).

 

                                    
(c) PERFORMANCE BY THE
COMPANY. The Company shall
have performed,
satisfied and complied in all material respects with all covenants,
agreements and conditions required by this Agreement to be
performed, satisfied or complied with by the Company.

 

                                    
(d) NO
INJUNCTION. No statute, rule,
regulation, executive order, decree,
ruling or injunction shall have been enacted, entered, promulgated
or adopted by any court or governmental authority of competent
jurisdiction that prohibits or directly and materially adversely
affects any of the transactions contemplated by the Transaction
Documents, and no proceeding shall have been commenced that may
have the effect of prohibiting or materially adversely affecting
any of the transactions contemplated by the Transaction
Documents.

 

                                    
(e) ADVERSE
CHANGES. Since the date of
filing of the Company’s most
recent SEC Document, no event that had or is reasonably likely to
have a Material Adverse    Effect has
occurred.

 

(f)   NO
SUSPENSION OF TRADING IN OR DELISTING OF COMMON
STOCK. The trading of the
Common Stock shall not have been suspended by the SEC, the
Principal Market or FINRA, or otherwise halted for any reason, and
the Common Stock shall have been approved for listing or quotation
on and shall not have been delisted from the Principal Market. In
the event of a suspension, delisting, or halting for any reason, of
the trading of the Common Stock, as contemplated by this Section
7.2(f), the Investor shall have the right to return to the Company
any amount of Purchase Notice Shares associated with such Purchase
Notice, and the Investment Amount with respect to such Purchase
Notice shall be reduced accordingly.

 

(g)  
BENEFICIAL OWNERSHIP LIMITATION. The number of Purchase Notice Shares then to be purchased by the
Investor shall not exceed the number of such shares that, when
aggregated with all other shares of Common Stock then owned by the
Investor beneficially or deemed beneficially owned by the Investor,
would result in the Investor owning more than the Beneficial
Ownership Limitation (as defined below), as determined in
accordance with Section 16 of the Exchange Act and the regulations
promulgated thereunder. For purposes of this Section 7.2(g), in the
event that the amount of Common Stock outstanding is greater on a
Closing Date than on the date upon which the Purchase Notice
associated with such Closing Date is given, the amount of Common
Stock outstanding on such issuance of a Purchase Notice shall
govern for purposes of determining whether the Investor, when
aggregating all purchases of Common Stock made pursuant to this
Agreement, would own more than the Beneficial Ownership Limitation
following such Closing Date. The “Beneficial Ownership
Limitation” shall be
4.99% of the number of shares of the Common Stock outstanding
immediately prior to the issuance of shares of Common Stock
issuable pursuant to a Purchase Notice.

 

(h)  PRINCIPAL
MARKET REGULATION. The issuance
of the Purchase
Notice Shares shall not exceed the Exchange Cap.

 

(i)  NO
KNOWLEDGE. The Company shall
have no knowledge of any event
more likely than not to have the effect of causing the Registration
Statement to be suspended or otherwise ineffective (which event is
more likely than not to occur within the fifteen (15) Business Days
following the Business Day on which such Purchase Notice is deemed
delivered).

 

                                           
(j) NO VIOLATION OF
SHAREHOLDER APPROVAL REQUIREMENT. The issuance of the
Purchase Notice Sharesshall not violate the shareholder approval
requirements of the Principal Market.

                                          

                                           
(k) DWAC
ELIGIBLE. The Common Stock must
be DWAC Eligible and not subject to a “DTC
chill”.

 

                                          
(l) SEC
DOCUMENTS. All reports,
schedules, registrations, forms, statements,
information and other documents required to have been filed by the
Company with the SEC pursuant to the reporting requirements of the
Exchange Act shall have been filed with the SEC within the
applicable time periods prescribed for such filings under the
Exchange Act.

 

ARTICLE VIII LEGENDS

 

Section 8.1 NO
RESTRICTIVE STOCK LEGEND. No
restrictive stock legend shall
be placed on the share certificates representing the Purchase
Notice Shares.

 

Section 8.2 INVESTOR’S
COMPLIANCE. Nothing in this
Article VIII shall affect
in any way the Investor’s obligations hereunder to comply
with all applicable securities laws upon the sale of the Common
Stock.

 

ARTICLE IX NOTICES; INDEMNIFICATION

 

Section 9.1 NOTICES.
All notices, demands, requests, consents, approvals,
and other
communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (a) personally
served, (b) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (c) delivered by reputable air
courier service with charges prepaid, or (d) transmitted by hand
delivery, telegram, or email as a PDF, addressed as set forth below
or to such other address as such party shall have specified most
recently by written notice given in accordance herewith. Any notice
or other communication required or permitted to be given hereunder
shall be deemed effective (i) upon hand delivery or delivery by
email at the address designated below (if delivered on a business
day during normal business hours where such notice is to be
received), or the first business day following such delivery (if
delivered other than on a business day during normal business hours
where such notice is to be received) or (ii) on the second business
day following the date of mailing by express courier service or on
the fifth business day after deposited in the mail, in each case,
fully prepaid, addressed to such address, or upon actual receipt of
such mailing, whichever shall first occur.

 

The
addresses for such communications shall be:

 

If
to the Company:

 

If
to the Investor:

 

TRITON
FUNDS LLC

 

1262
Prospect Street

 

La
Jolla, CA 92037

 

Email:
tritonfunds@tritonfunds.com

 

Either party hereto may from time to time change its address or
email for notices under this Section 9.1 by giving at least ten
(10) days’ prior written notice of such changed address to
the other party hereto.

 

Section 9.2 INDEMNIFICATION.
Each party (an “Indemnifying
Party”)
agrees to indemnify and hold harmless the other
party along with its officers, directors, employees, and authorized
agents, and each Person or entity, if any, who controls such party
within the meaning of Section 15 of the Securities Act or Section
20 of the Exchange Act (an “Indemnified Party”)
from and against any Damages, joint or several, and any action in
respect thereof to which the Indemnified Party becomes subject to,
resulting from, arising out of or relating to (i) any
misrepresentation, breach of warranty or nonfulfillment of or
failure to perform any covenant or agreement on the part of the
Indemnifying Party contained in this Agreement, (ii) any untrue
statement or alleged untrue statement of a material fact contained
in the Registration Statement or any post-effective amendment
thereof or supplement thereto, or the omission or alleged omission
therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, (iii) any
untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus or contained in the final
prospectus (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the
omission or alleged omission to state therein any material fact
necessary to make the statements made therein, in the light of the
circumstances under which the statements therein were made, not
misleading, or (iv) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state
securities law or any rule or regulation under the Securities Act,
the Exchange Act or any state securities law, as such Damages are
incurred, except to the extent such Damages result primarily from
the Indemnified Party’s failure to perform any covenant or
agreement contained in this Agreement or the Indemnified
Party’s negligence, recklessness or bad faith in performing
its obligations under this Agreement; provided,
however,
that the foregoing indemnity agreement shall not apply to any
Damages of an Indemnified Party to the extent, but only to the
extent, arising out of or based upon any untrue statement or
alleged untrue statement or omission or alleged omission made by an
Indemnifying Party in reliance upon and in conformity with written
information furnished to the Indemnifying Party by the Indemnified
Party expressly for use in the Registration Statement, any
post-effective amendment thereof or supplement thereto, or any
preliminary prospectus or final prospectus (as amended or
supplemented).

 

Section 9.3 METHOD
OF ASSERTING INDEMNIFICATION CLAIMS. All claims
for indemnification by any Indemnified Party under Section 9.2
shall be asserted and resolved as follows:

 

(a)            

In the event any claim or demand in respect of
which an Indemnified Party might seek indemnity under Section 9.2
is asserted against or sought to be collected from such Indemnified
Party by a Person other than a party hereto or an affiliate thereof
(a “Third
Party Claim”),
the Indemnified Party shall deliver a written notification,
enclosing a copy of all papers served, if any, and specifying the
nature of and basis for such Third Party Claim and for the
Indemnified Party’s claim for indemnification that is being
asserted under any provision of Section 9.2 against an Indemnifying
Party, together with the amount or, if not then reasonably
ascertainable, the estimated amount, determined in good faith, of
such Third Party Claim (a “Claim Notice”)
with reasonable promptness to the Indemnifying Party. If the
Indemnified Party fails to provide the Claim Notice with reasonable
promptness after the Indemnified Party receives notice of such
Third Party Claim, the Indemnifying Party shall not be obligated to
indemnify the Indemnified Party with respect to such Third Party
Claim to the extent that the Indemnifying Party’s ability to
defend has been prejudiced by such failure of the Indemnified
Party. The Indemnifying Party shall notify the Indemnified Party as
soon as practicable within the period ending thirty (30) calendar
days following receipt by the Indemnifying Party of either a Claim
Notice or an Indemnity Notice (as defined below) (the
“Dispute
Period”) whether the
Indemnifying Party disputes its liability or the amount of its
liability to the Indemnified Party under Section 9.2 and whether
the Indemnifying Party desires, at its sole cost and expense, to
defend the Indemnified Party against such Third Party
Claim.

 

(i)            

If
the Indemnifying Party notifies the Indemnified
Party within the Dispute Period that the Indemnifying
Party desires to defend the Indemnified Party with respect to the
Third Party Claim pursuant to this Section 9.3(a), then the
Indemnifying Party shall have the right to defend, with counsel
reasonably satisfactory to the Indemnified Party, at the sole cost
and expense of the Indemnifying Party, such Third Party Claim by
all appropriate proceedings, which proceedings shall be vigorously
and diligently prosecuted by the Indemnifying Party to a final
conclusion or will be settled at the discretion of the Indemnifying
Party (but only with the consent of the Indemnified Party in the
case of any settlement that provides for any relief other than the
payment of monetary damages or that provides for the payment of
monetary damages as to which the Indemnified Party shall not be
indemnified in full pursuant to Section 9.2). The Indemnifying
Party shall have full control of such defense and proceedings,
including any compromise or settlement thereof;
provided,
however, that the Indemnified Party may, at the sole cost and
expense of the Indemnified Party, at any time prior to the
Indemnifying Party’s delivery of the notice referred to in
the first sentence of this clause (i), file any motion, answer or
other pleadings or take any other action that the Indemnified Party
reasonably believes to be necessary or appropriate to protect its
interests; and provided,
further,
that if requested by the Indemnifying Party, the Indemnified Party
will, at the sole cost and expense of the Indemnifying Party,
provide reasonable cooperation to the Indemnifying Party in
contesting any Third Party Claim that the Indemnifying Party elects
to contest. The Indemnified Party may participate in, but not
control, any defense or settlement of any Third Party Claim
controlled by the Indemnifying Party pursuant to this clause (i),
and except as provided in the preceding sentence, the Indemnified
Party shall bear its own costs and expenses with respect to such
participation. Notwithstanding the foregoing, the Indemnified Party
may take over the control of the defense or settlement of a Third
Party Claim at any time if it irrevocably waives its right to
indemnity under Section 9.2 with respect to such Third Party
Claim.

 

(ii)            

If
the Indemnifying Party fails to notify the Indemnified Party within
the Dispute Period that the Indemnifying Party desires to defend
the Third Party Claim pursuant to Section 9.3(a), or if the
Indemnifying Party gives such notice but fails to prosecute
vigorously and diligently or settle the Third Party Claim, or if
the Indemnifying Party fails to give any notice whatsoever within
the Dispute Period, then the Indemnified Party shall have the right
to defend, at the sole cost and expense of the Indemnifying Party,
the Third Party Claim by all appropriate proceedings, which
proceedings shall be prosecuted by the Indemnified Party in a
reasonable manner and in good faith or will be settled at the
discretion of the Indemnified Party(with the consent of the
Indemnifying Party, which consent will not be unreasonably
withheld). The Indemnified Party will have full control of such
defense and proceedings, including any compromise or settlement
thereof; provided, however, that if requested by the Indemnified
Party, the Indemnifying Party will, at the sole cost and expense of
the Indemnifying Party, provide reasonable cooperation to the
Indemnified Party and its counsel in contesting any Third Party
Claim which the Indemnified Party is contesting. Notwithstanding
the foregoing provisions of this clause (ii), if the Indemnifying
Party has notified the Indemnified Party within the Dispute Period
that the Indemnifying Party disputes its liability or the amount of
its liability hereunder to the Indemnified Party with respect to
such Third Party Claim and if such dispute is resolved in favor of
the Indemnifying Party in the manner provided in clause (iii)
below, the Indemnifying Party will not be required to bear the
costs and expenses of the Indemnified Party’s defense
pursuant to this clause (ii) or of the Indemnifying Party’s
participation therein at the Indemnified Party’s request, and
the Indemnified Party shall reimburse the Indemnifying Party in
full for all reasonable costs and expenses incurred by the
Indemnifying Party in connection with such litigation. The
Indemnifying Party may participate in, but not control, any defense
or settlement controlled by the Indemnified Party pursuant to this
clause (ii), and the Indemnifying Party shall bear its own costs
and expenses with respect to such participation.

 

(iii)            

If
the Indemnifying Party notifies the Indemnified Party
that it does not dispute its liability or the amount of
its liability to the Indemnified Party with respect to the Third
Party Claim under Section 9.2 or fails to notify the Indemnified
Party within the Dispute Period whether the Indemnifying Party
disputes its liability or the amount of its liability to the
Indemnified Party with respect to such Third Party Claim, the
amount of Damages specified in the Claim Notice shall be
conclusively deemed a liability of the Indemnifying Party under
Section 9.2 and the Indemnifying Party shall pay the amount of such
Damages to the Indemnified Party on demand. If the Indemnifying
Party has timely disputed its liability or the amount of its
liability with respect to such claim, the Indemnifying Party and
the Indemnified Party shall proceed in good faith to negotiate a
resolution of such dispute; provided,
however,
that if the dispute is not resolved within thirty (30) days after
the Claim Notice, the Indemnifying Party shall be entitled to
institute such legal action as it deems
appropriate.

 

(b)            

In
the event any Indemnified Party should have a claim
under Section 9.2 against the Indemnifying Party that
does not involve a Third Party Claim, the Indemnified Party shall
deliver a written notification of a claim for indemnity under
Section 9.2 specifying the nature of and basis for such claim,
together with the amount or, if not then reasonably ascertainable,
the estimated amount, determined in good faith, of such claim (an
“Indemnity
Notice”) with reasonable
promptness to the Indemnifying Party. The failure by any
Indemnified Party to give the Indemnity Notice shall not impair
such party’s rights hereunder except to the extent that the
Indemnifying Party demonstrates that it has been irreparably
prejudiced thereby. If the Indemnifying Party notifies the
Indemnified Party that it does not dispute the claim or the amount
of the claim described in such Indemnity Notice or fails to notify
the Indemnified Party within the Dispute Period whether the
Indemnifying Party disputes the claim or the amount of the claim
described in such Indemnity Notice, the amount of Damages specified
in the Indemnity Notice will be conclusively deemed a liability of
the Indemnifying Party under Section 9.2 and the Indemnifying Party
shall pay the amount of such Damages to the Indemnified Party on
demand. If the Indemnifying Party has timely disputed its liability
or the amount of its liability with respect to such claim, the
Indemnifying Party and the Indemnified Party shall proceed in good
faith to negotiate a resolution of such dispute; provided, however,
that if the dispute is not resolved within thirty (30) days after
the Claim Notice, the Indemnifying Party shall be entitled to
institute such legal action as it deems
appropriate.

 

(c)            

The
Indemnifying Party agrees to pay the Indemnified
Party, promptly
as such expenses are incurred and are due and payable, for any
reasonable legal fees or other reasonable expenses incurred by them
in connection with investigating or defending any such
Claim.

 

(d)            

The
indemnity provisions contained herein shall be in addition to
(i) any
cause of action or similar rights of the Indemnified Party against
the Indemnifying Party or others, and (ii) any liabilities the
Indemnifying Party may be subject to.

 

ARTICLE X MISCELLANEOUS

 

Section 10.1 GOVERNING
LAW; JURISDICTION. This
Agreement shall be governed
by and interpreted in accordance with the laws of the State of
California without regard to the principles of conflicts of law.
Each of the Company and the Investor hereby submits to the
exclusive jurisdiction of the United States federal and state
courts located in California, County of Los Angeles, with respect
to any dispute arising under the Transaction Documents or the
transactions contemplated thereby.

 

Section 10.2 JURY
TRIAL WAIVER. The Company and
the Investor hereby waive
a trial by jury in any action, proceeding or counterclaim brought
by either of the parties hereto against the other in respect of any
matter arising out of or in connection with the Transaction
Documents.

 

Section 10.3 ASSIGNMENT.
The Transaction Documents shall be binding upon
and
inure to the benefit of the Company and the Investor and their
respective successors. Neither this Agreement nor any rights of the
Investor or the Company hereunder may be assigned by either party
to any other Person.

 

Section 10.4 NO
THIRD-PARTY BENEFICIARIES. This
Agreement is intended
for the benefit of the Company and the Investor and their
respective successors, and is not for the benefit of, nor may any
provision hereof be enforced by, any other Person, except as set
forth in Section 9.3.

 

Section 10.5 TERMINATION.
The Company may terminate this Agreement at
any
time by written notice to the Investor in the event of a material
breach of this Agreement by the Investor. In addition, this
Agreement shall automatically terminate on the earlier of (i) the
end of the Commitment Period; (ii) the date that the Company sells
and the Investor purchases the Commitment Amount; (iii) the date in
which the Registration Statement is no longer effective, or (iv)
the date that, pursuant to or within the meaning of any Bankruptcy
Law, the Company commences a voluntary case or any Person commences
a proceeding against the Company, a Custodian is appointed for the
Company or for all or substantially all of its property or the
Company makes a general assignment for the benefit of its
creditors; provided, however, that the provisions of Articles III,
IV, V, VI, IX and the agreements and covenants of the Company and
the Investor set forth in Article X shall survive the termination
of this Agreement.

 

Section 10.6 ENTIRE
AGREEMENT. The Transaction
Documents, together with
the exhibits and schedules thereto, contain the entire
understanding of the Company and the Investor with respect to the
matters covered herein and therein and supersede all prior
agreements and understandings, oral or written, with respect to
such matters, which the parties acknowledge have been merged into
such documents, exhibits and schedules.

 

Section 10.7 FEES
AND EXPENSES. Except as
expressly set forth in the Transaction Documents or any other
writing to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any,
and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of
this Agreement. The Company shall pay all Transfer Agent fees
(including any fees required for same-day processing of any
instruction letter delivered by the Company), stamp taxes and other
taxes and duties levied in connection with the delivery of any
Securities to the Investor. A document preparation fee of $10,000
will be sent from the Company to the Investor with three (3)
business days of signing of the legal
documents.

 

Section 10.8 COUNTERPARTS.
The Transaction Documents may be executed

in multiple counterparts, each of which may be executed by less
than all of the parties and shall be deemed to be an original
instrument which shall be enforceable against the parties actually
executing such counterparts and all of which together shall
constitute one and the same instrument. The Transaction Documents
may be delivered to the other parties hereto by email of a copy of
the Transaction Documents bearing the signature of the parties so
delivering this Agreement.

 

Section 10.9 SEVERABILITY.
In the event that any provision of this Agreement
becomes
or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force
and effect without said provision; provided that such severability
shall be ineffective if it materially changes the economic benefit
of this Agreement to any party.

 

Section 10.10 FURTHER
ASSURANCES. Each party shall do
and perform, or cause
to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the
purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section 10.11 NO
STRICT CONSTRUCTION. The
language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any
party.

 

Section 10.12 EQUITABLE
RELIEF. The Company recognizes
that in the event that
it fails to perform, observe, or discharge any or all of its
obligations under this Agreement, any remedy at law may prove to be
inadequate relief to the Investor. The Company therefore agrees
that the Investor shall be entitled to temporary and permanent
injunctive relief in any such case without the necessity of proving
actual damages.

 

 
Section 10.13 TITLE
AND SUBTITLES. The titles and
subtitles used in this Agreement are used for the convenience of
reference and are not to be considered in construing or
interpreting this Agreement.

 

Section 10.14 AMENDMENTS;
WAIVERS. No provision of this
Agreement may
be amended or waived by the parties from and after the date that is
one (1) Business Day immediately preceding the initial filing of
the Registration Statement with the SEC. Subject to the immediately
preceding sentence, (i) no provision of this Agreement may be
amended other than by a written instrument signed by both parties
hereto and (ii) no provision of this Agreement may be waived other
than in a written instrument signed by the party against whom
enforcement of such waiver is sought. No failure or delay in the
exercise of any power, right or privilege hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or
privilege.

 

Section 10.15 PUBLICITY.
The Company and the Investor shall consult with
each other in issuing any press releases or
otherwise making public statements with respect to the transactions
contemplated hereby and no party shall issue any such press release
or otherwise make any such public statement, other than as required
by law, without the prior written consent of the other parties,
which consent shall not be unreasonably withheld or delayed, except
that no prior consent shall be required if such disclosure is
required by law, in which such case the disclosing party shall
provide the other party with prior notice of such public statement.
Notwithstanding the foregoing, the Company shall not publicly
disclose the name of the Investor without the prior written consent
of the Investor, except to the extent required by law. The Investor
acknowledges that the Transaction Documents may be deemed to be
“material
contracts,” as that term
is defined by Item 601(b)(10) of Regulation S-K, and that the
Company may therefore be required to file such documents as
exhibits to reports or registration statements filed under the
Securities Act or the Exchange Act. The Investor further agrees
that the status of such documents and materials as material
contracts shall be determined solely by the Company, in
consultation with its counsel.

 

[Signature Page Follows]

 

 

 

 

 

 

 

IN WITNESS
WHEREOF, the parties have
caused this Agreement to be duly executed by their respective
officers thereunto duly authorized as of the day and year first
above written.

 

Investview Inc.

 

By:
__/s/ Ryan
Smith_____________________

 

Name: Ryan Smith

 

Title:
CEO

 

TRITON FUNDS LP

 

By:

_/s/ Nathan Yee_____________________

 

Name:
Nathan
Yee

Title: Founder

 

[Signature Page to Agreement]

 

DISCLOSURE SCHEDULES TO AGREEMENT

 

Schedule 4.3 – Capitalization

 

Schedule 4.5 – SEC Documents

 

Schedule 4.9 – Litigation

 

Schedule 4.10 – Registration Rights

 

 

 

 

 

EXHIBIT A FORM OF PURCHASE NOTICE

 

TO: Investview Inc.

 

We
refer to the amended Common Stock Purchase Agreement, dated as of
March 22, 2019, (entered into by and between TRITON FUNDS LP and
you). Capitalized terms defined in the Agreement shall, unless
otherwise defined herein, have the same meaning when used
herein.

 

We hereby:

 

1) Give
you notice that we require you to sell __________ Purchase Notice
Shares; and

 

2) Certify
that, as of the date hereof, the conditions set forth in Section
7.2 of the Agreement are satisfied.

 

TRITON FUNDS LP

 

 

By:
_______________________ Name:

Title:EX-10.1

 Exhibit 10.1 

LOAN AND SECURITY AGREEMENT 

THIS LOAN AND SECURITY AGREEMENT is made and dated as of March 25, 2019 and is entered into by and between Aldeyra Therapeutics, Inc., a
Delaware corporation (“Aldeyra”), Helio Vision, LLC, a Delaware limited liability company, and each of Aldeyra’s Qualified Subsidiaries (hereinafter collectively referred to as the “Borrower”), the several banks and other
financial institutions or entities from time to time parties to this Agreement (collectively, referred to as “Lender”) and HERCULES CAPITAL, INC., a Maryland corporation, in its capacity as administrative agent and collateral agent for
itself and Lender (in such capacity, the “Agent”). 
 RECITALS 

A.    Borrower has requested Lender to make available to Borrower a loan in an aggregate principal amount of up to Sixty
Million Dollars ($60,000,000) (the “Term Loan”); and 
 B.    Lender is willing to make the Term Loan on the
terms and conditions set forth in this Agreement. 
 AGREEMENT 

NOW, THEREFORE, Borrower, Agent and Lender agree as follows: 

SECTION 1. DEFINITIONS AND RULES OF CONSTRUCTION 

1.1    Unless otherwise defined herein, the following capitalized terms shall have the following meanings:

 “AC (ALLEVIATE) Milestone” means receipt by Agent of evidence (including supporting documentation) satisfactory to Agent and
Lender of positive clinical trial data with an acceptable safety profile which, which taken as a whole, supports the further clinical advancement and development, determined by Agent and Lender in their reasonable discretion, of the Phase 3 trial of
reproxalap ophthalmic solution for the treatment of allergic conjunctivitis (ClinicalTrials.gov Identifier: NCT03494504). 
 “Account
Control Agreement(s)” means any agreement entered into by and among the Agent, Borrower and a third party Bank or other institution (including a Securities Intermediary) in which Borrower maintains a Deposit Account or an account holding
Investment Property and which perfects Agent’s first priority security interest in the subject account or accounts. 
 “ACH
Authorization” means the ACH Debit Authorization Agreement in substantially the form of Exhibit H, which account numbers shall be redacted for security purposes if and when filed publicly by the Borrower. 

“Advance(s)” means a Term Loan Advance. 

 “Advance Date” means the funding date of any Advance. 

“Advance Request” means a request for an Advance submitted by Borrower to Agent in substantially the form of Exhibit A, which
account numbers shall be redacted for security purposes if and when filed publicly by the Borrower. 
 “Affiliate” means
(a) any Person that directly or indirectly controls, is controlled by, or is under common control with the Person in question, (b) any Person directly or indirectly owning, controlling or holding with power to vote twenty percent (20%) or
more of the outstanding voting securities of another Person, (c) any Person twenty percent (20%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held by another Person with power to vote such
securities, or (d) any Person related by blood or marriage to any Person described in subsection (a), (b) or (c) of this defined term. As used in the definition of “Affiliate,” the term “control” means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 

“Agent” has the meaning given to such term in the preamble to this Agreement. 

“Agreement” means this Loan and Security Agreement, as amended from time to time. 

“Amortization Date” means May 1, 2021; provided however, if the Interest Only Extension Conditions are satisfied, then
May 1, 2022. 
 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to Borrower or
any of its Affiliates from time to time concerning or relating to bribery or corruption, including without limitation the United States Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010 and other similar legislation in any
other jurisdictions. 
 “Anti-Terrorism Laws” means any laws, rules, regulations or orders
relating to terrorism or money laundering, including without limitation Executive Order No. 13224 (effective September 24, 2001), the USA PATRIOT Act, the laws comprising or implementing the Bank Secrecy Act, and the laws administered by
OFAC. 
 “Assignee” has the meaning given to such term in Section 11.13. 

“AU (SOLACE) Milestone” means receipt by Agent of evidence (including supporting documentation) satisfactory to Agent and Lender of
positive clinical trial data with an acceptable safety profile which, which taken as a whole, supports the further clinical advancement and development, determined by Agent and Lender in their reasonable discretion, of the Phase 3 trial of
reproxalap ophthalmic solution for the treatment of noninfectious anterior uveitis (ClinicalTrials.gov Identifier: NCT03131154). 

  
 2 

 “Blocked Person” means any Person: (a) listed in the annex to, or is
otherwise subject to the provisions of, Executive Order No. 13224, (b) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order
No. 13224, (c) a Person with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law, (d) a Person that commits, threatens or conspires to commit or supports “terrorism” as
defined in Executive Order No. 13224, or (e) a Person that is named a “specially designated national” or “blocked person” on the most current list published by OFAC or other similar list. 

“Borrower Products” means all products, technical data or technology currently being developed, manufactured or sold by Borrower or
which Borrower intends to sell, license, or distribute in the future including any products or service offerings under development, collectively, together with all products, technical data or technology that have been sold, developed, licensed or
distributed by Borrower since its incorporation. 
 “Business Day” means any day other than Saturday, Sunday and any other day on
which banking institutions in the State of New York are closed for business. 
 “Cash” means all cash, cash equivalents and liquid
funds. 
 “Change in Control” means any reorganization, recapitalization, consolidation or merger (or similar transaction or
series of related transactions) of Borrower, sale or exchange of outstanding shares (or similar transaction or series of related transactions) of Borrower in which the holders of Borrower’s outstanding shares immediately before consummation of
such transaction or series of related transactions do not, immediately after consummation of such transaction or series of related transactions, retain shares representing more than fifty percent (50%) of the voting power of the surviving entity of
such transaction or series of related transactions (or the parent of such surviving entity if such surviving entity is wholly owned by such parent), in each case without regard to whether Borrower is the surviving entity. 

“Claims” has the meaning given to such term in Section 11.10. 

“Clinical Milestone I” means satisfaction of each of the following events: (a) no default or Event of Default shall have
occurred and be continuing; and (b) Borrower shall have achieved either the AU (SOLACE) Milestone or the AC (ALLEVIATE) Milestone. 

“Clinical Milestone II” means satisfaction of each of the following events: (a) no default or Event of Default shall have
occurred and be continuing; and (b) Borrower shall have achieved at least two of the following milestones: (i) AU (SOLACE) Milestone, (ii) the AC (ALLEVIATE) Milestone, (iii) the SLS Milestone, and/or (iv) the DED Milestone.

 “Clinical Milestone III” means satisfaction of each of the following events: (a) no default or Event of Default shall have
occurred and be continuing; and (b) Borrower shall have achieved either (i) the DED Milestone and at least one of the following milestones: (A) the AU (SOLACE) Milestone, (B) the AC (ALLEVIATE) Milestone, or (C) the SLS
Milestone, or (ii) all of the following milestones: (A) the AU (SOLACE) Milestone, (B) the AC (ALLEVIATE) Milestone, and (C) the SLS Milestone. 

“Closing Date” means the date of this Agreement. 

  
 3 

 “Code” has the meaning given to such term in Addendum 1. 

“Collateral” means the property described in Section 3. 

“Common Stock” means the common stock, $0.001 par value per share, of the Borrower. 

“Confidential Information” has the meaning given to it in Section 11.12. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person
with respect to (i) any Indebtedness, lease, dividend, letter of credit or other obligation of another, including any such obligation directly or indirectly guaranteed, endorsed, co-made or discounted or
sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued for the account
of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to protect a Person
against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course of business. The
amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Copyright License” means any written agreement granting any right to use any Copyright or Copyright registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Copyrights” means all
copyrights, whether registered or unregistered, held pursuant to the laws of the United States of America, any State thereof, or of any other country. 

“DED Milestone” means receipt by Agent of evidence (including supporting documentation) satisfactory to Agent and Lender of positive
clinical trial data with an acceptable safety profile of the Phase 3 trial (Part 1 or Part 2), in each case as determined by Agent and Lender in their sole discretion, of reproxalap ophthalmic solution and ophthalmic lipid solution for the treatment
of dry eye disease (ClinicalTrials.gov Identifier: NCT03162783). 
 “Deposit Accounts” means any “deposit accounts,” as
such term is defined in the UCC, and includes any checking account, savings account, or certificate of deposit. 
 “Domestic
Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

  
 4 

 “Due Diligence Fee” means $25,000, which fee has been paid to Lender prior to the
Closing Date, and shall be deemed fully earned on such date regardless of the early termination of this Agreement. 
 “End of Term
Charge” means a charge of the aggregate amount of all Advances multiplied by 6.95%. 
 “Eligible Foreign Subsidiary”
means any Foreign Subsidiary whose execution of a Joinder Agreement could not reasonably be expected to result in a material adverse tax consequence to Borrower. 

“Equity Interests” means, with respect to any Person, the capital stock, partnership or limited liability company interest, or other
equity securities or equity ownership interests of such Person. 
 “ERISA” means the Employee Retirement Income Security Act of
1974, as amended, and the regulations promulgated thereunder. 
 “Event of Default” has the meaning given to such term in
Section 9. 
 “Excluded Taxes” has the meaning given to such term in Addendum 1. 

“FATCA” has the meaning given to such term in Addendum 1. 

“Financial Statements” has the meaning given to such term in Section 7.1. 

“Foreign Lender” has the meaning given to such term in Addendum 1. 

“Foreign Subsidiary” means any Subsidiary other than a Subsidiary organized under the laws of any state within the United States of
America. 
 “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time,
provided that the parties agree that GAAP as in effect on the date of this Agreement shall be applicable for the interpretation of “capital lease obligations” in the definition of “Indebtedness”, unless the parties otherwise
agree in writing. 
 “Indebtedness” means indebtedness of any kind, including (a) all indebtedness for borrowed money or the
deferred purchase price of property or services (excluding trade credit entered into in the ordinary course of business due within ninety (90) days), including reimbursement and other obligations with respect to surety bonds and letters of
credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all Contingent Obligations. 

“Indemnified Taxes” has the meaning given to such term in Addendum 1. 

“Initial Facility Charge” means Three Hundred Seventy-Five Thousand Dollars ($375,000.00), which is payable to Lender in accordance
with Section 4.1(e). 

  
 5 

 “Insolvency Proceeding” is any proceeding by or against any Person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other similar
relief. 
 “Intellectual Property” means all of Borrower’s Copyrights; Trademarks; Patents; Licenses; trade secrets and
inventions; mask works; Borrower’s applications therefor and reissues, extensions, or renewals thereof; and Borrower’s goodwill associated with any of the foregoing, together with Borrower’s rights to sue for past, present and future
infringement of its Intellectual Property and the goodwill associated therewith. 
 “Interest Only Extension Conditions” shall
mean satisfaction of each of the following events: (a) no default or Event of Default shall have occurred and be continuing; and (b) Clinical Milestone III. 

“Inventory” means “inventory” as defined in Article 9 of the UCC. 

“Investment” means any beneficial ownership (including stock, partnership or limited liability company interests) of or in any
Person, or any loan, advance or capital contribution to any Person or the acquisition of any asset of another Person. 
 “Investment
Policy” is that certain investment policy of Borrower, approved by Borrower’s Board of Directors, made available and approved by Agent prior to the date hereof. 

“IRS” has the meaning given to such term in Addendum 1. 

“Joinder Agreements” means for each Qualified Subsidiary (except as provided in Section 7.13 or with respect to Helio Vision
Germany GmbH so long as its combined assets and liabilities are less than Five Hundred Thousand Dollars ($500,000)), a completed and executed Joinder Agreement in substantially the form attached hereto as Exhibit G. 

“Lender” has the meaning given to such term in the preamble to this Agreement. 

“License” means any Copyright License, Patent License, Trademark License or other license of rights or interests. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance, levy, lien
or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, against any property, any conditional sale or other title retention agreement, and any lease in the nature of a security interest. 

“Loan” means the Advances made under this Agreement. 

“Loan Documents” means this Agreement, the Right to Invest Agreement, the Notes (if any), the ACH Authorization, the Account Control
Agreements, the Joinder Agreements, all UCC Financing Statements, and any other documents executed in connection with the Secured Obligations or the transactions contemplated hereby, as the same may from time to time be amended, modified,
supplemented or restated. 

  
 6 

 “Material Adverse Effect” means a material adverse effect upon: (i) the
business, operations, properties, assets or financial condition of Borrower and its Subsidiaries taken as a whole; or (ii) the ability of Borrower to perform or pay the Secured Obligations in accordance with the terms of the Loan Documents, or
the ability of Agent or Lender to enforce any of its rights or remedies with respect to the Secured Obligations; or (iii) the Collateral or Agent’s Liens on the Collateral or the priority of such Liens. 

“Maximum Term Loan Amount” means Sixty Million Dollars ($60,000,000). 

“Maximum Tranche I Term Loan Amount” means Twenty Million Dollars ($20,000,000). 

“Maximum Rate” has the meaning assigned to such term in Section 2.3. 

“Non-Disclosure Agreement” means that certain Confidential Disclosure Agreement by and
between Borrower and Agent, dated as of December 17, 2018. 
 “Note(s)” means a Term Note. 

“OFAC” means the U.S. Department of Treasury Office of Foreign Assets Control. 

“OFAC Lists” are, collectively, the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to Executive
Order No. 13224, 66 Fed. Reg. 49079 (Sept. 25, 2001) and/or any other list of terrorists or other restricted Persons maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Executive Orders. 

“Other Connection Taxes” has the meaning given to such term in Addendum 1. 

“Other Taxes” has the meaning given to such term in Addendum 1. 

“Patent License” means any written agreement granting any right with respect to any invention on which a Patent is in existence or a
Patent application is pending, in which agreement Borrower now holds or hereafter acquires any interest. 
 “Patents” means all
letters patent of, or rights corresponding thereto, in the United States of America or in any other country, all registrations and recordings thereof, and all applications for letters patent of, or rights corresponding thereto, in the United States
of America or any other country. 
 “Permitted Indebtedness” means: (i) Indebtedness of Borrower in favor of Lender or Agent
arising under this Agreement or any other Loan Document; (ii) Indebtedness existing on the Closing Date which is disclosed in Schedule 1A; (iii) Indebtedness of up to $500,000 outstanding at any time secured by a Lien described in clause
(vii) of the defined term “Permitted Liens,” provided such Indebtedness does not exceed the lesser of the cost or the fair market value of the Equipment financed with such Indebtedness; (iv) Indebtedness to trade creditors
incurred in the ordinary course of business, including Indebtedness incurred in the ordinary course of business with corporate credit cards; (v) Indebtedness that also constitutes a Permitted 

  
 7 

 
Investment; (vi) Subordinated Indebtedness; (vii) reimbursement obligations in connection with letters of credit that are secured by Cash and issued on behalf of the Borrower or a
Subsidiary thereof in an amount not to exceed $100,000 at any time outstanding, (viii) other unsecured Indebtedness in an amount not to exceed $250,000 at any time outstanding, (ix) intercompany Indebtedness in an amount not to exceed
$250,000 at any time outstanding as long as each of the Subsidiary obligor and the Subsidiary obligee under such Indebtedness is a Qualified Subsidiary that has executed a Joinder Agreement and (x) extensions, refinancings, modifications,
amendments, restatements and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased above the applicable limit set forth herein for such Indebtedness or the terms modified to impose materially more
burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investment” means: (i) Investments
existing on the Closing Date which are disclosed in Schedule 1B; (ii) any Investments permitted by Borrower’s Investment Policy, as amended from time to time, provided that such Investment Policy (and any such amendment thereto) has been
approved in writing by the Agent; (iii) repurchases of stock from former employees, directors, or consultants of Borrower under the terms of applicable repurchase agreements at the original issuance price of such securities in an aggregate
amount not to exceed $250,000 in any fiscal year, provided that no Event of Default has occurred, is continuing or would exist after giving effect to the repurchases; (iv) Investments accepted in connection with Permitted Transfers;
(v) Investments (including debt obligations) received in connection with the bankruptcy or reorganization of customers, licensors or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers
arising in the ordinary course of Borrower’s business; (vi) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates, in the ordinary course of
business, provided that this subparagraph (vi) shall not apply to Investments of Borrower in any Subsidiary; (vii) Investments consisting of loans not involving the net transfer on a substantially contemporaneous basis of cash proceeds to
employees, officers or directors relating to the purchase of capital stock of Borrower pursuant to employee stock purchase plans or other similar agreements approved by Borrower’s Board of Directors; (viii) Investments consisting of travel
advances or moving expenses in the ordinary course of business; (ix) Investments in existing or newly-formed Domestic Subsidiaries, provided that each such Domestic Subsidiary enters into a Joinder Agreement promptly after its formation by
Borrower and execute such other documents as shall be reasonably requested by Agent; (x) Investments in Foreign Subsidiaries approved in advance in writing by Agent; (xi) joint ventures, collaboration agreements, strategic alliances and
similar arrangements in the ordinary course of Borrower’s business consisting of the nonexclusive licensing of technology, the development of technology or the providing of technical support, provided that any cash Investments by Borrower do
not exceed $250,000 in the aggregate in any fiscal year; (xii) acquisitions of rights to new Borrower Products provided (a) such rights constitute Collateral following such acquisition and (b) the sum of the purchase price of such
proposed new acquisition, computed on the basis of total acquisition consideration paid or incurred, or to be paid or incurred, by Borrower with respect thereto shall not be greater than $500,000 in the aggregate for all such acquisitions during the
term of this Agreement; and (xiii) additional Investments that do not exceed $250,000 in the aggregate outstanding at any time. 

  
 8 

 “Permitted Liens” means any and all of the following: (i) Liens in favor of
Agent or Lender; (ii) Liens existing on the Closing Date which are disclosed in Schedule 1C; (iii) Liens for Taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance with GAAP; (iv) Liens or deposits securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords, suppliers,
manufacturers, service providers and other like Persons arising in the ordinary course of Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not yet required; (v) Liens arising from
judgments, decrees or attachments in circumstances which do not constitute an Event of Default hereunder; (vi) the following deposits, to the extent made in the ordinary course of business or as disclosed in Schedule 1C: deposits under
worker’s compensation, unemployment insurance, social security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure indemnity, performance or other
similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure
indemnity, performance or other similar bonds; (vii) Liens on Equipment or software or other intellectual property, or other capital assets, constituting purchase money Liens and Liens in connection with capital leases securing Indebtedness
permitted in clause (iii) of “Permitted Indebtedness”; (viii) Liens incurred in connection with Subordinated Indebtedness; (ix) leasehold interests in leases or subleases and licenses granted in the ordinary course of business
and not interfering in any material respect with the business of the licensor; (x) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they
become due; (xi) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other
property or assets); (xii) statutory, common law and contractual rights of set-off and other similar rights as to deposits of cash and securities in favor of banks, other depository institutions and brokerage
firms; (xiii) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business
so long as they do not materially impair the value or marketability of the related property; (xiv) (A) Liens on Cash securing obligations permitted under clause (vii) of the definition of Permitted Indebtedness and (B) security
deposits in connection with real property leases, the combination of (A) and (B) in an aggregate amount not to exceed $500,000 at any time; and (xv) Liens incurred in connection with the extension, renewal or refinancing of the
Indebtedness secured by Liens of the type described in clauses (i) through (xiv) above; provided, that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of
the Indebtedness being extended, renewed or refinanced (as may have been reduced by any payment thereon) does not increase. 

“Permitted Transfers” means (i) sales of Inventory in the ordinary course of business,
(ii) non-exclusive licenses, joint ventures, collaboration agreements, strategic alliances and similar arrangements for the use of Intellectual Property in the ordinary course of business and licenses
that would not result in a legal transfer of title of the licensed property but that may be exclusive in respects other than territory and that may be exclusive as to territory only as to discrete geographical areas outside of the United States of
America in the ordinary course of business, (iii) dispositions of worn-out, obsolete or surplus Equipment at fair market value in the ordinary course of business, (iv) use of Cash in the ordinary
course of business, (v) Permitted Investments, (vi) Permitted Liens, and (vii) other Transfers of assets having a fair market value of not more than $250,000 in the aggregate in any fiscal year. 

  
 9 

 “Person” means any individual, sole proprietorship, partnership, joint venture,
trust, unincorporated organization, association, corporation, limited liability company, institution, other entity or government. 

“Preferred Stock” means at any given time any equity security issued by Borrower that has any rights, preferences or privileges
senior to Borrower’s Common Stock. 
 “Prepayment Charge” shall have the meaning assigned to such term in Section 2.5.

 “Prime Rate” means the “prime rate” as reported in The Wall Street Journal or any successor publication thereto. 

“Qualified Subsidiary” means any direct or indirect Domestic Subsidiary or Eligible Foreign Subsidiary. 

“Receivables” means (i) all of Borrower’s Accounts, Instruments, Documents, Chattel Paper, Supporting Obligations, letters
of credit, proceeds of any letter of credit, and Letter of Credit Rights, and (ii) all customer lists, software, and business records related thereto. 

“Recipient” has the meaning given to such term in Addendum 1. 

“Required Lenders” means, at any time, the holders of more than fifty percent (50%) of the aggregate unpaid principal amount of the
Term Loans then outstanding. 
 “Right to Invest Agreement” means that certain right to invest agreement, dated as of the date
hereof, by and between Lender and Borrower, as amended, amended and restated, supplemented or otherwise modified from time to time. 

“Sanctioned Country” shall mean, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or by the United Nations Security Council, the European Union or any EU member state, (b) any Person operating, organized
or resident in a Sanctioned Country or (c) any Person controlled by any such Person. 
 “Sanctions” means economic or
financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S.
Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

  
 10 

 “SEC” means the Securities and Exchange Commission. 

“Secured Obligations” means Borrower’s obligations under this Agreement and any Loan Document, including any obligation, if
any, to pay any amount now owing or later arising. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“SLS Milestone” means receipt by Agent of evidence (including supporting documentation) satisfactory to Agent and Lender of positive
clinical trial data with an acceptable safety profile of the Phase 3 trial (Part 1 or Part 2), in each case as determined by Agent and Lender in their sole discretion, of reproxalap topical dermal cream for the treatment of sjögren larsson
syndrome (ClinicalTrials.gov Identifier: NCT03445650). 
 “Subordinated Indebtedness” means Indebtedness subordinated to the
Secured Obligations in amounts and on terms and conditions satisfactory to Agent in its sole discretion and subject to a subordination agreement in form and substance satisfactory to Agent in its sole discretion. 

“Subsidiary” means an entity, whether corporate, partnership, limited liability company, joint venture or otherwise, in which
Borrower owns or controls fifty percent (50%) or more of the outstanding voting securities, including each entity listed on Schedule 1 hereto. 

“Taxes” has the meaning given to such term in Addendum 1. 

“Term Commitment” means as to any Lender, the obligation of such Lender, if any, to make a Term Loan Advance to the Borrower in a
principal amount not to exceed the amount set forth under the heading “Term Commitment” opposite such Lender’s name on Schedule 1.1. 

“Term Loan Advance” means any Term Loan funds advanced under this Agreement. 

“Term Loan Interest Rate” means for any day a per annum rate of interest equal to the greater of either (i) the Prime Rate
plus 3.10%, and (ii) 9.10%. 
 “Term Loan Maturity Date” means October 1, 2023. 

“Term Note” means a Promissory Note in substantially the form of Exhibit B. 

“Trademark License” means any written agreement granting any right to use any Trademark or Trademark registration, now owned or
hereafter acquired by Borrower or in which Borrower now holds or hereafter acquires any interest. 
 “Trademarks” means all
trademarks (registered, common law or otherwise) and any applications in connection therewith, including registrations, recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United
States of America, any State thereof or any other country or any political subdivision thereof. 

  
 11 

 “Tranche I-A Term Loan Advance” has the
meaning given to it in Section 2.2(a). 
 “Tranche I-A Term Loan Advance Period”
means the period commencing on the Closing Date through and including April 15, 2019. 
 “Tranche
I-B Term Loan Advance” has the meaning given to it in Section 2.2(a). 
 “Tranche I-B Term Loan Advance Period” means the period commencing on the date that Borrower has achieved Clinical Milestone I in accordance with the definition thereof, through and including September 30, 2019.

 “Tranche II Term Loan Advance” has the meaning given to it in Section 2.2(a). 

“Tranche II Term Loan Advance Period” means the period commencing on the date that Borrower has achieved Clinical Milestone II in
accordance with the definition thereof, through and including March 31, 2020. 
 “Tranche III Term Loan Advance” has the
meaning given to it in Section 2.2(a). 
 “Tranche III Term Loan Advance Period” means the period commencing on the date that
Borrower has achieved Clinical Milestone III in accordance with the definition thereof, through and including March 31, 2021. 

“Tranche IV Facility Charge” means $75,000, which is payable to Lender in accordance with Section 4.2(e). 

“Tranche IV Term Loan Advance” has the meaning given to it in Section 2.2(a). 

“UCC” means the Uniform Commercial Code as the same is, from time to time, in effect in the State of New York; provided, that in the
event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of, or remedies with respect to, Agent’s Lien on any Collateral is governed by the Uniform Commercial Code as the same is, from time to
time, in effect in a jurisdiction other than the State of New York, then the term “UCC” shall mean the Uniform Commercial Code as in effect, from time to time, in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions. 
 “U.S.
Person” has the meaning given to such term in Addendum 1. 
 “Withholding Agent” has the meaning given to such term in
Addendum 1. 
 Unless otherwise specified, all references in this Agreement or any Annex or Schedule hereto to a “Section,”
“subsection,” “Exhibit,” “Annex,” or “Schedule” shall refer to the corresponding Section, subsection, Exhibit, Annex, or Schedule in or to this Agreement. Unless otherwise specifically provided herein, any
accounting term used in this Agreement or the other Loan Documents shall have the meaning customarily given such term in accordance with GAAP, and all financial computations hereunder shall be computed in accordance with GAAP, consistently applied.
Unless otherwise defined herein or in the other Loan Documents, terms that are used herein or in the other Loan Documents and defined in the UCC shall have the meanings given to them in the UCC. 

  
 12 

 SECTION 2. THE LOAN 

2.1    [Reserved.] 

2.2    Term Loan. 

(a)    Advances. 

(i)    Tranche I-A Term Loan. Subject to the terms and
conditions of this Agreement, during the Tranche I-A Term Loan Advance Period, Borrower may request and Lender shall severally (and not jointly) make in an amount not to exceed its respective Term Commitment,
a Term Loan Advance in an aggregate principal amount of up to Five Million Dollars ($5,000,000) (the “Tranche I-A Term Loan Advance”). 

(ii)    Tranche I-B Term Loan. Subject to the terms and
conditions of this Agreement, during the Tranche I-B Term Loan Advance Period, Borrower may request and Lender shall severally (and not jointly) make in an amount not to exceed its respective Term Commitment,
additional Term Loan Advances in an aggregate principal amount of up to Fifteen Million Dollars ($15,000,000) (each, a “Tranche I-B Term Loan Advance”). The aggregate outstanding Tranche 1-A Term Loan Advance and Tranche I-B Term Loan Advance shall not exceed the Maximum Tranche I Term Loan Amount. 

(iii)    Tranche II Term Loan. Subject to the terms and conditions of this Agreement, during the
Tranche II Term Loan Advance Period, Borrower may request and Lender shall severally (and not jointly) make in an amount not to exceed its respective Term Commitment, additional Term Loan Advances in an aggregate principal amount of up to Fifteen
Million Dollars ($15,000,000) (each, a “Tranche II Term Loan Advance”). 
 (iv)    Tranche
III Term Loan. Subject to the terms and conditions of this Agreement, during the Tranche III Term Loan Advance Period, Borrower may request and Lender shall severally (and not jointly) make in an amount not to exceed its respective Term
Commitment, additional Term Loan Advances in an aggregate principal amount of up to Fifteen Million Dollars ($15,000,000) (each, a “Tranche III Term Loan Advance”). 

(v)    Tranche IV Term Loan. Subject to the terms and conditions of this Agreement, and
conditioned on approval by Lender’s investment committee in its sole and unfettered discretion, on or before December 31, 2021, Borrower may request and Lender shall severally (and not jointly) make in an amount not to exceed its
respective Term Commitment, additional Term Loan Advances in an aggregate principal amount of up to Ten Million Dollars ($10,000,000) (each, a “Tranche IV Term Loan Advance”). 

  
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 (vi)    In each case, Term Loan Advances must be in
minimum increments of Five Million Dollars ($5,000,000). The aggregate outstanding Term Loan Advances shall not exceed the Maximum Term Loan Amount. 

(b)    Advance Request. To obtain a Term Loan Advance, Borrower shall complete, sign and deliver an
Advance Request (at least three (3) Business Days before the Advance Date other than the Closing Date, which shall be at least one (1) Business Day) to Agent. Lender shall fund the Term Loan Advance in the manner requested by the Advance
Request provided that each of the conditions precedent to such Term Loan Advance is satisfied as of the requested Advance Date. 

(c)    Interest. The principal balance of each Term Loan Advance shall bear interest thereon from such
Advance Date at the Term Loan Interest Rate based on a year consisting of 360 days, with interest computed daily based on the actual number of days elapsed. The Term Loan Interest Rate will float and change on the day the Prime Rate changes from
time to time. 
 (d)    Payment. Borrower will pay interest on each Term Loan Advance on the first
Business Day of each month, beginning the month after the Advance Date. Borrower shall repay the aggregate Term Loan principal balance that is outstanding on the day immediately preceding the Amortization Date, in equal monthly installments of
principal and interest (mortgage style) beginning on the Amortization Date and continuing on the first Business Day of each month thereafter until the Secured Obligations (other than inchoate indemnity obligations) are repaid. The entire Term Loan
principal balance and all accrued but unpaid interest hereunder, shall be due and payable on Term Loan Maturity Date. Borrower shall make all payments under this Agreement without setoff, recoupment or deduction and regardless of any counterclaim or
defense. Lender will initiate debit entries to the Borrower’s account as authorized on the ACH Authorization (i) on each payment date of all periodic obligations payable to Lender under each Term Advance and (ii) reasonable and
documented out-of-pocket legal fees and costs incurred by Agent or Lender in connection with Section 11.11 of this Agreement; provided that, with respect to clause
(i) above, in the event that Lender or Agent informs Borrower that Lender will not initiate a debit entry to Borrower’s account for a certain amount of the periodic obligations due on a specific payment date, Borrower shall pay to Lender
such amount of periodic obligations in full in immediately available funds on such payment date; provided, further, that, with respect to clause (i) above, if Lender or Agent informs Borrower that Lender will not initiate a debit entry as
described above later than the date that is three (3) Business Days prior to such payment date, Borrower shall pay to Lender such amount of periodic obligations in full in immediately available funds on the date that is three (3) Business
Days after the date on which Lender or Agent notifies Borrower of such; provided, further, that, with respect to clause (ii) above, in the event that Lender or Agent informs Borrower that Lender will not initiate a debit entry to
Borrower’s account for certain amount of such reasonable and documented out-of-pocket legal fees and costs incurred by Agent or Lender, Borrower shall pay to Lender
such amount in full in immediately available funds within three (3) Business Days after the date on which Lender or Agent notifies Borrower of such. 

  
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 2.3    Maximum Interest. Notwithstanding any provision
in this Agreement or any other Loan Document, it is the parties’ intent not to contract for, charge or receive interest at a rate that is greater than the maximum rate permissible by law that a court of competent jurisdiction shall deem
applicable hereto (which under the laws of the State of New York shall be deemed to be the laws relating to permissible rates of interest on commercial loans) (the “Maximum Rate”). If a court of competent jurisdiction shall finally
determine that Borrower has actually paid to Lender an amount of interest in excess of the amount that would have been payable if all of the Secured Obligations had at all times borne interest at the Maximum Rate, then such excess interest actually
paid by Borrower shall be applied as follows: first, to the payment of the Secured Obligations consisting of the outstanding principal of the Term Loan Advances; second, after all principal is repaid, to the payment of Lender’s accrued
interest, costs, expenses, reasonable professional fees and any other Secured Obligations; and third, after all Secured Obligations are repaid, the excess (if any) shall be refunded to Borrower. 

2.4    Default Interest. In the event any payment is not paid on the scheduled payment date, an amount
equal to five percent (5%) of the past due amount shall be payable on demand. In addition, upon the occurrence and solely during the continuation of an Event of Default hereunder, all Secured Obligations, including principal, interest, compounded
interest, and professional fees, shall bear interest at a rate per annum equal to the rate set forth in Section 2.2(c) plus five percent (5%) per annum. In the event any interest is not paid when due hereunder, delinquent interest shall be
added to principal and shall bear interest on interest, compounded at the rate set forth in Section 2.2(c) or Section 2.4, as applicable. 

2.5    Prepayment. At its option upon at least five (5) Business Days prior written notice to Agent,
Borrower may prepay all, but not less than all, of the outstanding Advances by paying the entire principal balance, all accrued and unpaid interest thereon, plus all unpaid fees and other amounts owing under the Loan Documents at such time
(including, for the avoidance of doubt, the End of Term Charge), together with a prepayment charge equal to the following percentage of the Advance amount being prepaid: if such Advance amounts are prepaid in any of the first twenty-four
(24) months following the Closing Date, 3.0%; after twenty-four (24) months but prior to thirty-six (36) months, 1.5%; and thereafter, 0.0% (each, a “Prepayment Charge”). Borrower
agrees that the Prepayment Charge is a reasonable calculation of Lender’s lost profits in view of the difficulties and impracticality of determining actual damages resulting from an early repayment of the Advances. Borrower shall prepay the
outstanding amount of all principal and accrued interest through the prepayment date and the Prepayment Charge upon the occurrence of a Change in Control. Notwithstanding the foregoing, Agent and Lender agree to waive the Prepayment Charge if Agent
and Lender (in its sole and absolute discretion) agree in writing to refinance the Advances prior to the Maturity Date. 

  
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 2.6    End of Term Charge. On the earliest to occur of
(i) the Term Loan Maturity Date, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this
Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender the End of Term Charge. Notwithstanding the required payment date of such charge, it shall be deemed earned by Lender as of the
Closing Date. 
 2.7    Treatment of Prepayment Charge and End of Term Charge. Borrower agrees that any
Prepayment Charge and the End of Term Charge payable shall be presumed to be the liquidated damages sustained by each Lender as the result of the early termination, and Borrower agrees that it is reasonable under the circumstances currently existing
and existing as of the Closing Date. The Prepayment Charge and the End of Term Charge shall also be payable in the event the Secured Obligations (and/or this Agreement) are satisfied or released by foreclosure (whether by power of judicial
proceeding), deed in lieu of foreclosure, or by any other means. Borrower expressly waives (to the fullest extent it may lawfully do so) the provisions of any present or future statute or law that prohibits or may prohibit the collection of the
foregoing Prepayment Charge and End of Term Charge in connection with any such acceleration. Borrower agrees (to the fullest extent that each may lawfully do so): (a) each of the Prepayment Charge and the End of Term Charge is reasonable and is the
product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (b) each of the Prepayment Charge and the End of Term Charge shall be payable notwithstanding the then prevailing market rates at
the time payment is made; (c) there has been a course of conduct between Lender and Borrower giving specific consideration in this transaction for such agreement to pay the Prepayment Charge and the End of Term Charge as a charge (and not
interest) in the event of prepayment or acceleration; (d) Borrower shall be estopped from claiming differently than as agreed to in this paragraph. Borrower expressly acknowledges that their agreement to pay each of the Prepayment Charge and
the End of Term Charge to Lender as herein described was on the Closing Date and continues to be a material inducement to Lender to provide the Term Loans. 

2.8    Notes. If so requested by Lender by written notice to Borrower, then Borrower shall execute and
deliver to Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of Lender pursuant to Section 11.13) (promptly after the Borrower’s receipt of such notice) a Note or Notes to evidence
Lender’s Loans. 
 2.9    Pro Rata Treatment. Each payment (including prepayment) on account of any
fee and any reduction of the Term Loans shall be made pro rata according to the Term Commitments of the relevant Lender. 

2.10    Taxes. Addendum 1 to this Agreement outlines various responsibilities and obligations of Borrower,
Agent and Lender with respect to Taxes, and such Addendum 1 is hereby incorporated in this Agreement. 

  
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 SECTION 3. SECURITY INTEREST 

3.1    As security for the prompt and complete payment when due (whether on the payment dates or
otherwise) of all the Secured Obligations, Borrower grants to Agent a security interest in all of Borrower’s right, title, and interest in, to and under all of Borrower’s personal property and other assets (other than Intellectual
Property) including without limitation the following (except as set forth herein) whether now owned or hereafter acquired (collectively, the “Collateral”): (a) Receivables; (b) Equipment; (c) Fixtures; (d) General Intangibles
(other than Intellectual Property); (e) Inventory; (f) Investment Property; (g) Deposit Accounts; (h) Cash; (i) Goods; and all other tangible and intangible personal property of Borrower whether now or hereafter owned or existing,
leased, consigned by or to, or acquired by, Borrower (other than Intellectual Property) and wherever located, and any of Borrower’s property in the possession or under the control of Agent; and, to the extent not otherwise included, all
Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing; provided, however, that the Collateral shall include all Accounts and
General Intangibles that consist of rights to payment and proceeds from the sale, licensing or disposition of all or any part, or rights in, the Intellectual Property (the “Rights to Payment”). Notwithstanding the foregoing,
if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and
effective as of the date of this Agreement, include the Intellectual Property, only to the extent necessary to permit perfection of Agent’s security interest in the Rights to Payment. 

3.2    Notwithstanding the broad grant of the security interest set forth in Section 3.1, above, the
Collateral shall not include (a) more than 65% of the presently existing and hereafter arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary (other than an Eligible Foreign Subsidiary) which shares
entitle the holder thereof to vote for directors or any other matter, (b) any “intent to use” trademarks at all times prior to the first use thereof, whether by the actual use thereof in commerce, the recording of a statement of use
with the United States Patent and Trademark Office or otherwise, and (c) nonassignable licenses or contracts, which by their terms require the consent of the licensor thereof or another party (but only to the extent such prohibition on transfer
is enforceable under applicable law, including, without limitation, Sections 9406, 9407 and 9408 of the UCC). 

3.3    If this Agreement is terminated in accordance with its terms, Agent’s Lien in the Collateral
shall continue until the Secured Obligations (other than inchoate indemnity obligations) are paid in full in accordance with the terms of this Agreement. At such time, the Collateral shall be automatically released from the Liens created hereby,
this Agreement and all obligations (other than those expressly stated to survive such termination) of the Agent, Lender and each Borrower hereunder shall terminate. Agent shall execute such documents, return any Collateral held by Agent hereunder
and take such other steps as are reasonably necessary to accomplish the foregoing, all at the Borrower’s sole cost and expense. 

  
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 SECTION 4. CONDITIONS PRECEDENT TO LOAN 

The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions: 

4.1    Initial Advance. On or prior to the Closing Date, subject to Section 7.22, Borrower shall have
delivered to Agent the following: 
 (a)    executed copies of (i) the Loan Documents, including
but not limited to Account Control Agreements and landlord and bailee agreements, (ii) a legal opinion of Borrower’s counsel and (iii) all other documents and instruments reasonably required by Agent to effectuate the transactions
contemplated hereby or to create and perfect the Liens of Agent with respect to all Collateral, in all cases in form and substance reasonably acceptable to Agent; 

(b)    certified copy of resolutions of Borrower’s Board of Directors evidencing approval of the Loan
and other transactions evidenced by the Loan Documents; 
 (c)    certified copies of the Certificate of
Incorporation and the bylaws, as amended through the Closing Date, of Borrower; 
 (d)    a certificate
of good standing for Borrower from its state of incorporation and similar certificates from all other jurisdictions in which it does business and where the failure to be qualified could have a Material Adverse Effect; 

(e)    payment of the Initial Facility Charge and reimbursement of Agent’s and Lender’s current
expenses reimbursable pursuant to this Agreement, which amounts may be deducted from the initial Advance; 

(f)    all certificates of insurance and endorsements, and copies of each insurance policy, each as
required hereunder; and 
 (g)    such other documents as Agent may reasonably request. 

4.2    All Advances. On each Advance Date: 

(a)    Agent shall have received (i) an Advance Request for the relevant Advance as required by
Section 2.2(b), each duly executed by Borrower’s Chief Executive Officer or Chief Financial Officer, and (ii) any other documents Agent may reasonably request. 

(b)    The representations and warranties set forth in this Agreement shall be true and correct in all
material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 

(c)    Borrower shall be in compliance with all the terms and provisions set forth herein and in each
other Loan Document on its part to be observed or performed, and at the time of and immediately after such Advance no Event of Default shall have occurred and be continuing. 

  
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 (d)    Each Advance Request shall be deemed to
constitute a representation and warranty by Borrower on the relevant Advance Date as to the matters specified in paragraphs (b) and (c) of this Section 4.2 and as to the matters set forth in the Advance Request. 

(e)    with respect to the initial Tranche IV Term Loan Advance, the Loan Parties shall have paid the
Tranche IV Facility Charge; 
 4.3    No Default. As of the Closing Date and each Advance Date,
(i) no fact or condition exists that could (or could reasonably be expected to, with the passage of time, the giving of notice, or both) constitute an Event of Default and (ii) no event that has had or would reasonably be expected to have
a Material Adverse Effect has occurred and is continuing. 
 SECTION 5. REPRESENTATIONS AND WARRANTIES OF BORROWER 

Borrower represents and warrants that: 

5.1    Corporate Status. Borrower is a corporation duly organized, legally existing and in good standing
under the laws of the State of Delaware, and is duly qualified as a foreign corporation in all jurisdictions in which the nature of its business or location of its properties require such qualifications and where the failure to be qualified could
reasonably be expected to have a Material Adverse Effect. Borrower’s present name, former names (if any), locations, place of formation, Tax identification number, organizational identification number and other information are correctly set
forth in Exhibit C, as may be updated by Borrower in a written notice (including any Compliance Certificate) provided to Agent after the Closing Date. 

5.2    Collateral. Borrower owns the Collateral and its Intellectual Property, free of all Liens, except
for Permitted Liens. Borrower has the power and authority to grant to Agent a Lien in the Collateral as security for the Secured Obligations. 

5.3    Consents. Borrower’s execution, delivery and performance of this Agreement and all other Loan
Documents, (i) have been duly authorized by all necessary corporate action of Borrower, (ii) will not result in the creation or imposition of any Lien upon the Collateral, other than Permitted Liens and the Liens created by this Agreement
and the other Loan Documents, (iii) do not violate any provisions of Borrower’s Certificate of Incorporation, bylaws, or any material law, regulation, order, injunction, judgment, decree or writ to which Borrower is subject and
(iv) except as described on Schedule 5.3, do not violate any material contract or agreement or require the consent or approval of any other Person which has not already been obtained. The individual or individuals executing the Loan Documents
on behalf of Borrower are duly authorized to do so. 
 5.4    Material Adverse Effect. No event that has
had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing. Borrower is not aware of any event likely to occur that is reasonably expected to result in a Material Adverse Effect. 

  
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 5.5    Actions Before Governmental Authorities. There
are no actions, suits or proceedings at law or in equity or by or before any governmental authority now pending or, to the knowledge of Borrower, threatened against or affecting Borrower or its property, which, if adversely determined, could
reasonably be expected to result in a Material Adverse Effect. 
 5.6    Laws. Neither Borrower nor any
of its Subsidiaries is in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any governmental authority, where such violation or default is reasonably expected to result in a Material
Adverse Effect. Borrower is not in default in any material respect under any provision of any agreement or instrument evidencing material Indebtedness, or any other material agreement to which it is a party or by which it is bound. 

Neither Borrower nor any of its Subsidiaries is an “investment company” or a company “controlled” by an
“investment company” under the Investment Company Act of 1940, as amended. Neither Borrower nor any of its Subsidiaries is engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U of the
Federal Reserve Board of Governors). Borrower and each of its Subsidiaries has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an
“affiliate” of a “holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Neither Borrower’s nor any of its
Subsidiaries’ properties or assets has been used by Borrower or such Subsidiary or, to Borrower’s Knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than in material
compliance with applicable laws. Borrower and each of its Subsidiaries has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to
continue their respective businesses as currently conducted. 
 None of Borrower, any of its Subsidiaries, or, to
Borrower’s knowledge, any of Borrower’s or its Subsidiaries’ Affiliates or any of their respective agents acting or benefiting in any capacity in connection with the transactions contemplated by this Agreement is (i) in violation
of any Anti Terrorism Law, (ii) engaging in or conspiring to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding or attempts to violate, any of the prohibitions set forth in any Anti Terrorism Law, or
(iii) is a Blocked Person. None of Borrower, any of its Subsidiaries, or to the knowledge of Borrower and any of their Affiliates or agents, acting or benefiting in any capacity in connection with the transactions contemplated by this
Agreement, (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any
property or interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti Terrorism Law. None of the 

  
 20 

 
funds to be provided under this Agreement will be used, directly or indirectly, (a) for any activities in violation of any applicable anti-money laundering, economic sanctions and
anti-bribery laws and regulations laws and regulations or (b) for any payment to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

5.7    Information Correct and Current. No written information, report, Advance Request, financial
statement, exhibit or schedule furnished, by or on behalf of Borrower to Agent in connection with any Loan Document or included therein or delivered pursuant thereto, contained, or, when taken as a whole, contains or will contain any material
misstatement of fact or, when taken together with all other such information or documents, omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were, are
or will be made, not materially misleading at the time such statement was made or deemed made. Additionally, any and all financial or business projections provided by Borrower to Agent, whether prior to or after the Closing Date, shall be
(i) provided in good faith and based on the most current data and information available to Borrower, and (ii) the most current of such projections provided to Borrower’s Board of Directors (it being understood that such projections
are subject to significant uncertainties, changes in circumstances and contingencies, many of which are beyond the control of the Borrower, that no assurance is given that any particular projections will be realized, that actual results may differ).

 5.8    Tax Matters. Except as described on Schedule 5.8 and except those Taxes being contested in
good faith with adequate reserves under GAAP, (a) Borrower has filed all material federal, state and local Tax returns that it is required to file, (b) Borrower has duly paid or fully reserved for all Taxes or installments thereof
(including any interest or penalties) as and when due, which have or may become due pursuant to such returns, and (c) Borrower has paid any Tax assessment received by Borrower for the three (3) years preceding the Closing Date; in each
case, other than with respect to Taxes that do not exceed Twenty-Five Thousand Dollars ($25,000) in the aggregate. 

5.9    Intellectual Property Claims. Borrower is the sole owner of, or otherwise has the right to use, the
Intellectual Property material to Borrower’s business. Except as described on Schedule 5.9, (i) each of the material Copyrights, Trademarks and Patents is valid and enforceable, (ii) no material part of the Intellectual Property of
Borrower has been judged invalid or unenforceable, in whole or in part, and (iii) no claim has been made in writing to Borrower that any material part of the Intellectual Property of Borrower violates the rights of any third party.
Exhibit D is a true, correct and complete list of each of Borrower’s Patents, registered Trademarks, registered Copyrights, and material agreements under which Borrower licenses Intellectual Property from third parties (other than
shrink-wrap software licenses), together with application or registration numbers, as applicable, owned by Borrower or any Subsidiary, in each case as of the Closing Date. Borrower is not in material breach of, nor has Borrower failed to perform any
material obligations under, any of the foregoing contracts, licenses or agreements and, to Borrower’s knowledge, no third party to any such contract, license or agreement is in material breach thereof or has failed to perform any material
obligations thereunder. 

  
 21 

 5.10    Intellectual Property. Except as described on
Schedule 5.10, Borrower has all material rights with respect to Intellectual Property necessary or material in the operation or conduct of Borrower’s business as currently conducted and proposed to be conducted by Borrower. Without limiting the
generality of the foregoing, and in the case of Licenses (other than shrink-wrap licenses, click on license agreements, open source code and other licenses available to the public without customization), except for restrictions that are
unenforceable under Division 9 of the UCC, Borrower has the right, to the extent required to operate Borrower’s business, to freely transfer, license or assign Intellectual Property necessary or material in the operation or conduct of
Borrower’s business as currently conducted and proposed to be conducted by Borrower, without condition, restriction or payment of any kind (other than license payments in the ordinary course of business) to any third party, and Borrower owns or
has the right to use, pursuant to valid licenses, all software development tools, library functions, compilers and all other third-party software and other items that are material to Borrower’s business and used in the design, development,
promotion, sale, license, manufacture, import, export, use or distribution of Borrower Products except customary covenants or restrictions in inbound license agreements and equipment leases where Borrower is the licensee or lessee. 

5.11    Borrower Products. Except as described on Schedule 5.11, no Intellectual Property owned by
Borrower or Borrower Product has been or is subject to any actual or, to the knowledge of Borrower, threatened (in writing) litigation, proceeding (including any proceeding in the United States Patent and Trademark Office or any corresponding
foreign office or agency) or outstanding decree, order, judgment, settlement agreement or stipulation that restricts in any manner Borrower’s use, transfer or licensing thereof or that may affect the validity, use or enforceability thereof.
There is no decree, order, judgment, agreement, stipulation, arbitral award or other provision entered into in connection with any litigation or proceeding that obligates Borrower to grant licenses or ownership interest in any future Intellectual
Property related to the operation or conduct of the business of Borrower or Borrower Products. Borrower has not received any written notice or claim, or, to the knowledge of Borrower, oral notice or claim, challenging or questioning Borrower’s
ownership in any Intellectual Property (or written notice of any claim challenging or questioning the ownership in any licensed Intellectual Property of the owner thereof) or suggesting that any third party has any claim of legal or beneficial
ownership with respect thereto nor, to Borrower’s knowledge, is there a reasonable basis for any such claim. Neither Borrower’s use of its Intellectual Property nor the production and sale of Borrower Products infringes the Intellectual
Property or other rights of others. 
 5.12    Financial Accounts. Exhibit E, as may be updated by
Borrower in a written notice provided to Agent after the Closing Date, is a true, correct and complete list of (a) all banks and other financial institutions at which Borrower or any Subsidiary maintains Deposit Accounts and (b) all
institutions at which Borrower or any Subsidiary maintains an account holding Investment Property, and such exhibit correctly identifies in all material respects the name, address and telephone number of each bank or other institution, the name in
which the account is held, a description of the purpose of the account, and the complete account number therefor. 

  
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 5.13    Employee Loans. Except as permitted as a
Permitted Investment, Borrower has no outstanding loans to any employee, officer or director of the Borrower nor has Borrower guaranteed the payment of any loan made to an employee, officer or director of the Borrower by a third party. 

5.14    Capitalization and Subsidiaries. Borrower does not own any stock, partnership interest or other
securities of any Person, except for Permitted Investments. Attached as Schedule 5.14, as may be updated by Borrower in a written notice provided after the Closing Date, is a true, correct and complete list of each Subsidiary. 

5.15    Foreign Subsidiary Voting Rights. No decision or action in any governing document of any Foreign
Subsidiary (other than an Eligible Foreign Subsidiary) requires a vote of greater than 50.1% of the Equity Interests or voting rights of such Foreign Subsidiary. 

SECTION 6. INSURANCE; INDEMNIFICATION 

6.1    Coverage. Borrower shall cause to be carried and maintained commercial general liability insurance,
on an occurrence form, against risks customarily insured against in Borrower’s line of business. Such risks shall include the risks of bodily injury, including death, property damage, personal injury, advertising injury, and contractual
liability per the terms of the indemnification agreement found in Section 6.3. Borrower must maintain a minimum of $2,000,000 of commercial general liability insurance for each occurrence. Borrower has and agrees to maintain a minimum of
$2,000,000 of directors’ and officers’ insurance for each occurrence and $5,000,000 in the aggregate. So long as there are any Secured Obligations outstanding, Borrower shall also cause to be carried and maintained insurance upon the
Collateral, insuring against all risks of physical loss or damage howsoever caused, in an amount not less than the full replacement cost of the Collateral, provided that such insurance may be subject to standard exceptions and deductibles. 

6.2    Certificates. Borrower shall deliver to Agent certificates of insurance that evidence
Borrower’s compliance with its insurance obligations in Section 6.1 and the obligations contained in this Section 6.2. Borrower’s insurance certificate shall state Agent (shown as “Hercules Capital, Inc.”, as
Agent”) is an additional insured for commercial general liability, a loss payee for all risk property damage insurance, subject to the insurer’s approval, and a loss payee for property insurance and additional insured for liability
insurance for any future insurance that Borrower may acquire from such insurer. Attached to the certificates of insurance will be additional insured endorsements for liability and lender’s loss payable endorsements for all risk property damage
insurance. All certificates of insurance will provide for a minimum of thirty (30) days advance written notice to Agent of cancellation (other than cancellation for non-payment of premiums, for which ten
(10) days’ advance written notice shall be sufficient) or any other change adverse to Agent’s interests. Any failure of Agent to scrutinize such insurance certificates for compliance is not a waiver of any of Agent’s rights, all
of which are reserved. Borrower shall provide Agent with copies of each insurance policy, and upon entering or materially amending any insurance policy required hereunder, Borrower shall provide Agent with copies of such policies and shall promptly
deliver to Agent updated insurance certificates with respect to such policies. 

  
 23 

 6.3    Indemnity. Borrower agrees to indemnify and hold
Agent, Lender and their officers, directors, employees, agents, in-house attorneys, representatives and shareholders (each, an “Indemnified Person”) harmless from and against any and all claims,
costs, expenses, damages and liabilities (including such claims, costs, expenses, damages and liabilities based on liability in tort, including strict liability in tort), including reasonable attorneys’ fees and disbursements and other costs of
investigation or defense (including those incurred upon any appeal) (collectively, “Liabilities”), that may be instituted or asserted against or incurred by such Indemnified Person as the result of credit having been extended, suspended or
terminated under this Agreement and the other Loan Documents or the administration of such credit, or in connection with or arising out of the transactions contemplated hereunder and thereunder, or any actions or failures to act in connection
therewith, or arising out of the disposition or utilization of the Collateral, excluding in all cases Liabilities to the extent resulting solely from any Indemnified Person’s fraud, gross negligence or willful misconduct. Borrower agrees to
pay, and to save Agent and Lender harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all excise, sales or other similar Taxes (excluding Taxes imposed on or measured by the net income of Agent or
Lender) that may be payable or determined to be payable with respect to any of the Collateral or this Agreement. This Section 6.3 shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising
from any non-Tax claim. In no event shall any Indemnified Person be liable on any theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or
anticipated savings). This Section 6.3 shall survive the repayment of indebtedness under, and otherwise shall survive the expiration or other termination of, the Loan Agreement. 

SECTION 7. COVENANTS OF BORROWER 

Borrower agrees as follows: 

7.1    Financial Reports. Borrower shall furnish to Agent the financial statements and reports listed
hereinafter (the “Financial Statements”): 
 (a)    as soon as practicable (and in any event
within 30 days) after the end of each month, unaudited interim and year-to-date financial statements as of the end of such month (prepared on a consolidated and
consolidating basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or against Borrower)
or any other occurrence that would reasonably be expected to have a Material Adverse Effect, all certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance with GAAP,
except (i) for the absence of footnotes, (ii) that they are subject to normal year-end adjustments, and (iii) they do not contain certain non-cash items
that are customarily included in quarterly and annual financial statements; 

  
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 (b)    as soon as practicable (and in any event within
45 days) after the end of each calendar quarter, unaudited interim and year-to-date financial statements as of the end of such calendar quarter (prepared on a
consolidated and consolidating basis, if applicable), including balance sheet and related statements of income and cash flows accompanied by a report detailing any material contingencies (including the commencement of any material litigation by or
against Borrower) or any other occurrence that would reasonably be expected to have a Material Adverse Effect, certified by Borrower’s Chief Executive Officer or Chief Financial Officer to the effect that they have been prepared in accordance
with GAAP, except (i) for the absence of footnotes, and (ii) that they are subject to normal year-end adjustments; as well as the most recent capitalization table for Borrower, including the weighted
average exercise price of employee stock options; 
 (c)    as soon as practicable (and in any event
within ninety (90) days) after the end of each fiscal year, audited financial statements as of the end of such year (prepared on a consolidated and consolidating basis, if applicable), including balance sheet and related statements of income
and cash flows, and setting forth in comparative form the corresponding figures for the preceding fiscal year, accompanied by an audit report that is unqualified as to scope of audit, and without any going concern or similar limitations (other than
going concern qualifications solely with respect to the maturity of any outstanding Term Loan Advance or Permitted Indebtedness), from BDO USA, LLP or another firm of certified public accountants selected by Borrower and reasonably acceptable to
Agent; 
 (d)    concurrently with the delivery of any item in Sections 7.1 (a), (b) or (c),, a
Compliance Certificate in the form of Exhibit F; 
 (e)    concurrently with the delivery of any item in
Sections 7.1 (a), (b) or (c), a report showing agings of accounts receivable and accounts payable; 

(f)    promptly after the sending or filing thereof, as the case may be, copies of any proxy statements,
financial statements or reports that Borrower has made available to holders of its Preferred Stock and copies of any regular, periodic and special reports or registration statements that Borrower files with the Securities and Exchange Commission or
any governmental authority that may be substituted therefor, or any national securities exchange; 

(g)    at the same time and in the same manner as it gives to its directors, copies of all notices,
minutes, consents and other materials that Borrower provides to its directors in connection with meetings of the Board of Directors, and within 30 days after each such meeting, minutes of such meeting; provided that in all cases Borrower may exclude
any information or materials related to executive compensation, confidential information, any attorney-client privileged information and any information that would raise a conflict of interest with Agent or Lender; 

  
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 (h)    financial and business projections and budgets
promptly following their review by Borrower’s Board of Directors, and in any event, within 30 days after the end of Borrower’s fiscal year, as well as budgets, operating plans and other financial information reasonably requested by Agent
(provided that Borrower shall not be obligated to disclosure pursuant to this Section 7.1(f) any privileged attorney-client communication or any information that would raise a conflict of interest with Agent or Lender); and 

(i)    immediate notice if Borrower or any Subsidiary has knowledge that Borrower, or any Subsidiary or
Affiliate of Borrower, is listed on the OFAC Lists or (a) is convicted on, (b) pleads nolo contendere to, (c) is indicted on, or (d) is arraigned and held over on charges involving money laundering or predicate crimes to
money laundering. 
 Borrower shall not (without the consent of Agent, such consent not to be unreasonably withheld or delayed), make any
change in its (a) accounting policies or reporting practices, except as required by applicable law, GAAP or accounting guidance; or (b) fiscal years or fiscal quarters. The fiscal year of Borrower shall end on December 31. 

The executed Compliance Certificate may be sent via email to Agent at legal@herculestech.com. All Financial Statements required to be
delivered pursuant to clauses (a), (b) and (c) shall be sent via e-mail to financialstatements@herculestech.com with a copy to legal@herculestech.com provided, that if
e-mail is not available or sending such Financial Statements via e-mail is not possible, they shall be faxed to Agent at: (650)
473-9194, attention Account Manager: Aldeyra Therapeutics, Inc. 
 Notwithstanding the foregoing,
documents required to be delivered under Sections 7.1(a), (b), (c) or (e) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date on which Borrower emails a link thereto to Agent; provided that Borrower shall directly provide Agent all Financial Statements required to be delivered pursuant to Section 7.1(b) and
(c) hereunder. 
 7.2    Management Rights. Borrower shall permit any representative that
Agent or Lender authorizes (provided that such representative agrees in writing to be bound by the confidentiality provisions of Section 11.12 hereof), including its attorneys and accountants, to inspect the Collateral and examine and make
copies and abstracts of the books of account and records of Borrower at reasonable times and upon reasonable notice during normal business hours; provided, however, that so long as no Event of Default has occurred and is continuing, such
examinations shall be limited to no more often than twice in any twelve month period. In addition, any such representative shall have the right to meet with management and officers of Borrower to discuss such books of account and records. In
addition, Agent or Lender shall be entitled at reasonable times and intervals to consult with and advise the management and officers of Borrower concerning significant business issues affecting Borrower. Such consultations shall not unreasonably
interfere with Borrower’s business operations. The parties intend that the rights granted Agent and Lender shall constitute “management rights” within the meaning of 29 C.F.R. Section 2510.3-101(d)(3)(ii), but that any advice,
recommendations or participation by Agent or Lender with respect to any business issues shall not be deemed to give Agent or Lender, nor be deemed an exercise by Agent or Lender of, control over Borrower’s management or policies. 

  
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 7.3    Further Assurances. Borrower shall from time to
time execute, deliver and file, alone or with Agent, any financing statements, security agreements, collateral assignments, notices, control agreements, or other documents reasonably requested to perfect or give the highest priority to Agent’s
Lien on the Collateral. Borrower shall from time to time procure any instruments or documents as may be reasonably requested by Agent, and take all further action that may be necessary, or that Agent may reasonably request, to perfect and protect
the Liens granted hereby and thereby. In addition, and for such purposes only, Borrower hereby authorizes Agent to execute and deliver on behalf of Borrower and to file such financing statements (including an indication that the financing statement
covers “all assets or all personal property” of Borrower in accordance with Section 9-504 of the UCC), collateral assignments, notices, control agreements, security agreements and other
documents without the signature of Borrower either in Agent’s name or in the name of Agent as agent and attorney-in-fact for Borrower. Borrower shall protect and
defend Borrower’s title to the Collateral and Agent’s Lien thereon against all Persons claiming any interest adverse to Borrower or Agent other than Permitted Liens. 

7.4    Indebtedness. Borrower shall not create, incur, assume, guarantee or be or remain liable with
respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for (a) the conversion
of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such conversion, (b) purchase money Indebtedness pursuant to its then applicable payment schedule, (c) prepayment by any
Subsidiary of (i) inter-company Indebtedness owed by such Subsidiary to any Borrower, or (ii) if such Subsidiary is not a Borrower, intercompany Indebtedness owed by such Subsidiary to another Subsidiary that is not a Borrower or
(d) as otherwise permitted hereunder or approved in writing by Agent. 
 7.5    Collateral.
Borrower shall at all times keep the Collateral, the Intellectual Property and all other property and assets used in Borrower’s business or in which Borrower now or hereafter holds any interest free and clear from any legal process or Liens
whatsoever (except for Permitted Liens), and shall give Agent prompt written notice of any legal process affecting the Collateral, the Intellectual Property, such other property and assets, or any Liens thereon, provided however, that the Collateral
and such other property and assets may be subject to Permitted Liens, except that there shall be no Liens whatsoever on Intellectual Property. Borrower shall not agree with any Person other than Agent or Lender not to encumber its property. Borrower
shall not enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of any Borrower to create, incur, assume or suffer to exist any Lien upon any of its Intellectual Property, whether now owned or hereafter
acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement and the other Loan Documents, (b) any agreements governing any purchase money Liens or capital lease

  
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obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and (c) customary restrictions on the
assignment of leases, licenses and other agreements. Borrower shall cause its Subsidiaries to protect and defend such Subsidiary’s title to its assets from and against all Persons claiming any interest adverse to such Subsidiary, and Borrower
shall cause its Subsidiaries at all times to keep such Subsidiary’s property and assets free and clear from any legal process or Liens whatsoever (except for Permitted Liens, provided however, that there shall be no Liens whatsoever on
Intellectual Property), and shall give Agent prompt written notice of any legal process affecting such Subsidiary’s assets. 

7.6    Investments. Borrower shall not directly or indirectly acquire or own, or make any Investment in or
to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments. 

7.7    Distributions. Borrower shall not, and shall not allow any Subsidiary to, (a) repurchase or
redeem any class of stock or other Equity Interest other than pursuant to employee, director or consultant repurchase plans or other similar agreements, provided, however, in each case the repurchase or redemption price does not exceed the original
consideration paid for such stock or Equity Interest, or (b) declare or pay any cash dividend or make a cash distribution on any class of stock or other Equity Interest, except that a Subsidiary may pay dividends or make distributions to
Borrower, or (c) lend money to any employees, officers or directors or guarantee the payment of any such loans granted by a third party in excess of $100,000 in the aggregate or (d) waive, release or forgive any Indebtedness owed by any
employees, officers or directors in excess of $100,000 in the aggregate in any given year. 

7.8    Transfers. Except for Permitted Transfers, Permitted Investments and Permitted Liens, Borrower
shall not, and shall not allow any Subsidiary to, voluntarily or involuntarily transfer, sell, lease, license, lend or in any other manner convey any equitable, beneficial or legal interest in any material portion of its assets. 

7.9    Mergers or Acquisitions. Borrower shall not merge or consolidate, or permit any of its Subsidiaries
to merge or consolidate, with or into any other business organization (other than mergers or consolidations of (a) a Subsidiary which is not a Borrower into another Subsidiary or into Borrower or (b) a Borrower into another Borrower), or
acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person (other than acquisitions constituting Permitted Investments with aggregate consideration not exceeding $500,000).
Borrower may dissolve any Subsidiary (that is not a party to this Agreement) as long as the assets of the Subsidiary are distributed to Borrower, and Borrower provides prompt notice to Agent. 

7.10    Taxes. Borrower and its Subsidiaries shall pay when due all material Taxes, fees or other charges
of any nature whatsoever (together with any related interest or penalties) now or hereafter imposed or assessed against Borrower, Agent, Lender or the Collateral or upon Borrower’s ownership, possession, use, operation or disposition thereof or
upon Borrower’s rents, receipts or earnings arising therefrom. Borrower shall file on or before the due date therefor all personal property Tax returns in respect of the Collateral (taking into account applicable extensions of time to file).
Notwithstanding the foregoing, Borrower may contest, in good faith and by appropriate proceedings, Taxes for which Borrower maintains adequate reserves therefor in accordance with GAAP. 

  
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 7.11    Corporate Changes. Neither Borrower nor any
Subsidiary shall change its corporate name, legal form or jurisdiction of formation without twenty (20) days’ prior written notice to Agent. Neither Borrower nor any Subsidiary shall suffer a Change in Control. Neither Borrower nor any
Subsidiary shall relocate its chief executive office or its principal place of business unless: (i) it has provided prior written notice to Agent; and (ii) such relocation shall be within the continental United States of America. Neither
Borrower nor any Qualified Subsidiary shall relocate any item of Collateral (other than (u) Borrower Products, including compounds and raw materials used to manufacture biopharmaceuticals or which are used for preclinical testing or clinical
trials, in the ordinary course of business, (v) Permitted Transfers, (w) sales of Inventory in the ordinary course of business, (x) relocations of Equipment located outside of the United States of America having an aggregate value of
up to $200,000, (y) relocations of Equipment located within the continental United States of America having an aggregate value of up to $200,000 in any fiscal year, and (z) relocations of Collateral from a location described on Exhibit C to
another location described on Exhibit C), unless (A) it has provided prompt written notice to Agent, (B) such relocation is within the continental United States of America and, (C) if such relocation is to a third party bailee, and
the Collateral has an aggregate value in excess of $200,000, it has delivered a bailee agreement in form and substance reasonably acceptable to Agent. 

7.12    Deposit Accounts. Neither Borrower nor any Qualified Subsidiary shall maintain any Deposit
Accounts, or accounts holding Investment Property, except with respect to which Agent has an Account Control Agreement. 

7.13    Formation of Subsidiaries. Borrower shall notify Agent of each Subsidiary formed subsequent to the
Closing Date and, within 15 Business Days of formation, shall cause any such Qualified Subsidiary (other than Eligible Foreign Subsidiaries with combined assets and liabilities less than Five Hundred Thousand Dollars ($500,000) in any individual
Eligible Foreign Subsidiary and One Million Dollars ($1,000,000) in the aggregate across all such excluded Eligible Foreign Subsidiaries) to execute and deliver to Agent a Joinder Agreement. 

7.14    [Reserved.] 

7.15    Notification of Event of Default. Borrower shall notify Agent promptly within two
(2) Business Days of the occurrence of any Event of Default. 
 7.16    [Reserved.] 

7.17    Use of Proceeds. Borrower agrees that the proceeds of the Loans shall be used solely to refinance
existing indebtedness, to pay related fees and expenses in connection with this Agreement and for working capital and general corporate purposes. The proceeds of the Loans will not be used in violation of Anti-Corruption Laws or applicable
Sanctions. 

  
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 7.18    Foreign Subsidiary Voting Rights. Borrower shall
not, and shall not permit any Subsidiary, to amend or modify any governing document of any Foreign Subsidiary of Borrower (other than an Eligible Foreign Subsidiary) the effect of which is to require a vote of greater than 50.1% of the Equity
Interests or voting rights of such entity for any decision or action of such entity. 

7.19    [Reserved.] 

7.20    Compliance with Laws. 

Borrower shall maintain, and shall cause its Subsidiaries to maintain, compliance in all material respect with all applicable
laws, rules or regulations (including any law, rule or regulation with respect to the making or brokering of loans or financial accommodations), and shall, or cause its Subsidiaries to, obtain and maintain all required governmental authorizations,
approvals, licenses, franchises, permits or registrations reasonably necessary in connection with the conduct of Borrower’s business. 

Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries permit, any Affiliate to,
directly or indirectly, knowingly enter into any documents, instruments, agreements or contracts with any Person listed on the OFAC Lists. Neither Borrower nor any of its Subsidiaries shall, nor shall Borrower or any of its Subsidiaries, permit, any
Affiliate to, directly or indirectly, (i) conduct any business or engage in any transaction or dealing with any Blocked Person, including, without limitation, the making or receiving of any contribution of funds, goods or services to or for the
benefit of any Blocked Person, (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224 or any similar executive order or other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
Executive Order No. 13224 or other Anti-Terrorism Law. 
 Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and
Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. 

None of Borrower, any of its Subsidiaries or any of their respective directors, officers or employees, or to the knowledge of
Borrower, any agent for Borrower or its Subsidiaries that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No Loan, use of proceeds or other transaction contemplated by this
Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

  
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 7.21    Transactions with Affiliates. Borrower shall not
and shall not permit any Subsidiary to, directly or indirectly, enter into or permit to exist any transaction of any kind with any Affiliate of Borrower or such Subsidiary on terms that are less favorable to Borrower or such Subsidiary, as the case
may be, than those that might be obtained in an arm’s length transaction from a Person who is not an Affiliate of Borrower or such Subsidiary, except: (i) transactions between or among Borrowers (or any entity that becomes a Borrower as a
result of such transaction) not involving any other Affiliate; (ii) loans or advances to employees, officers and directors otherwise constituting a Permitted Investment; (iii) transactions set forth on Schedule 7.21, as those agreements
and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time in accordance with the other terms of this covenant or to the extent not more disadvantageous to the Agent and Lender in any material respect.

 7.22    Post-Closing Obligations. Notwithstanding any provision herein or in any other Loan Document
to the contrary, to the extent not actually delivered on or prior to the Closing Date, Borrower shall: 

(a)    within thirty (30) days of the Closing Date (or such later date as Agent may agree to in its
sole discretion), deliver to Agent all insurance endorsements, in form and substance reasonably satisfactory to Agent in its reasonable discretion, required hereunder; and 

(b)    within forty-five (45) days of the Closing Date (or such later date as Agent may agree to in
its sole discretion), a fully-executed landlord waiver, in form and substance reasonably satisfactory to Agent, for Borrower’s location at: 131 Hartwell Avenue, Suite 320, Lexington, MA 02421. 

SECTION 8. [RESERVED] 

SECTION 9. EVENTS OF DEFAULT 

The occurrence of any one or more of the following events shall be an Event of Default: 

9.1    Payments. Borrower fails to pay any amount due under this Agreement or any of the other Loan
Documents on the due date; provided, however, that an Event of Default shall not occur on account of a failure to pay due solely to an administrative or operational error of Agent or Lender or Borrower’s bank if Borrower had the funds to make
the payment when due and makes the payment within three (3) Business Days following Borrower’s knowledge of such failure to pay; or 

9.2    Covenants. Borrower breaches or defaults in the performance of any covenant or Secured Obligation
under this Agreement, or any of the other Loan Documents or any other agreement among Borrower, Agent and Lender, and (a) with respect to a default under any covenant under this Agreement (other than under Sections 6.1, 6.3, 7.5, 7.6, 7.7, 7.8,
7.9, 7.15, 7.17, 7.18, 7.20, 7.21, and 7.22), any other Loan Document or any other agreement among Borrower, Agent and Lender, such default continues for more than ten (10) days after the earlier of the date on which (i) Agent or Lender
has given notice of such default to Borrower and (ii) Borrower has actual knowledge of such default or (b) with respect to a default under any of Sections 6.1, 6.3, 7.5, 7.6, 7.7, 7.8, 7.9, 7.15, 7.17 7.18, 7.20, 7.21, and 7.22 the
occurrence of such default; or 

  
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 9.3    Material Adverse Effect. A circumstance has
occurred that could reasonably be expected to have a Material Adverse Effect; provided that solely for purposes of this Section 9.3, the failure to achieve Clinical Milestone I, Clinical Milestone II, or Clinical Milestone III, in each case in
and of itself, shall not constitute a Material Adverse Effect; or 
 9.4    Representations. Any
representation or warranty made by Borrower in any Loan Document shall have been false or misleading in any material respect when made or when deemed made; or 

9.5    Insolvency. Borrower (A) (i) shall make an assignment for the benefit of creditors; or
(ii) shall be unable to pay its debts as they become due, or be unable to pay or perform under the Loan Documents, or shall become insolvent; or (iii) shall file a voluntary petition in bankruptcy; or (iv) shall file any petition,
answer, or document seeking for itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation pertinent to such circumstances; or (v) shall
seek or consent to or acquiesce in the appointment of any trustee, receiver, or liquidator of Borrower or of all or any substantial part (i.e., 33-1/3% or more) of the assets or property of Borrower; or
(vi) shall cease operations of its business as its business has normally been conducted, or terminate substantially all of its employees; or (vii) Borrower or its directors or majority shareholders shall take any action initiating any of
the foregoing actions described in clauses (i) through (vi); or (B) either (i) forty-five (45) days shall have expired after the commencement of an involuntary action against Borrower seeking reorganization, arrangement,
composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, without such action being dismissed or all orders or proceedings thereunder affecting the operations or the business of
Borrower being stayed; or (ii) a stay of any such order or proceedings shall thereafter be set aside and the action setting it aside shall not be timely appealed; or (iii) Borrower shall file any answer admitting or not contesting the
material allegations of a petition filed against Borrower in any such proceedings; or (iv) the court in which such proceedings are pending shall enter a decree or order granting the relief sought in any such proceedings; or (v) forty-five
(45) days shall have expired after the appointment, without the consent or acquiescence of Borrower, of any trustee, receiver or liquidator of Borrower or of all or any substantial part of the properties of Borrower without such appointment
being vacated; or 
 9.6    Attachments; Judgments. Any portion of Borrower’s assets is attached or
seized, or a levy is filed against any such assets, or a judgment or judgments is/are entered for the payment of money (not covered by independent third party insurance as to which liability has not been rejected by such insurance carrier),
individually or in the aggregate, of at least $250,000), and remains unstayed, unbonded and unsatisfied for more than ten (10) days, or Borrower is enjoined or in any way prevented by court order from conducting any material part of its
business; or 

  
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 9.7    Other Obligations. The occurrence of any default
under any agreement or obligation of Borrower involving any Indebtedness in excess of $100,000. 

9.8     Stop Trade. At any time, an SEC stop trade order or The Nasdaq Stock Market trading suspension of
the Common Stock shall be in effect for five (5) consecutive days or five (5) days during a period of ten (10) consecutive days, excluding in all cases a suspension of all trading on a public market, provided that Borrower shall not
have been able to cure such trading suspension within thirty (30) days of the notice thereof or list the Common Stock on another public market within sixty (60) days of such notice. 

SECTION 10. REMEDIES 

10.1    General. Upon and during the continuance of any one or more Events of Default, (i) Agent may,
and at the direction of the Required Lenders shall, accelerate and demand payment of all or any part of the Secured Obligations together with a Prepayment Charge and declare them to be immediately due and payable (provided, that upon the occurrence
of an Event of Default of the type described in Section 9.5, all of the Secured Obligations (including, without limitation, the Prepayment Charge and the End of Term Charge) shall automatically be accelerated and made due and payable, in each
case without any further notice or act), (ii) Agent may, at its option, sign and file in Borrower’s name any and all collateral assignments, notices, control agreements, security agreements and other documents it deems necessary or appropriate
to perfect or protect the repayment of the Secured Obligations, and in furtherance thereof, Borrower hereby grants Agent an irrevocable power of attorney coupled with an interest, and (iii) Agent may notify any of Borrower’s account
debtors to make payment directly to Agent, compromise the amount of any such account on Borrower’s behalf and endorse Agent’s name without recourse on any such payment for deposit directly to Agent’s account. Agent may, and at the
direction of the Required Lenders shall, exercise all rights and remedies with respect to the Collateral under the Loan Documents or otherwise available to it under the UCC and other applicable law, including the right to release, hold, sell, lease,
liquidate, collect, realize upon, or otherwise dispose of all or any part of the Collateral and the right to occupy, utilize, process and commingle the Collateral. All Agent’s rights and remedies shall be cumulative and not exclusive. 

10.2    Collection; Foreclosure. Upon the occurrence and during the continuance of any Event of Default,
Agent may, and at the direction of the Required Lenders shall, at any time or from time to time, apply, collect, liquidate, sell in one or more sales, lease or otherwise dispose of, any or all of the Collateral, in its then condition or following
any commercially reasonable preparation or processing, in such order as Agent may elect. Any such sale may be made either at public or private sale at its place of business or elsewhere. Borrower agrees that any such public or private sale may occur
upon ten (10) calendar days’ prior written notice to Borrower. Agent may require Borrower to assemble the Collateral and make it available to Agent at a place designated by Agent that is reasonably convenient to Agent and Borrower. The
proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be applied by Agent in the following order of priorities: 

First, to Agent and Lender in an amount sufficient to pay in full Agent’s and Lender’s reasonable costs and professionals’ and
advisors’ fees and expenses as described in Section 11.11; 

  
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 Second, to Lender in an amount equal to the then unpaid amount of the Secured Obligations
(including principal, interest, and the default rate interest), in such order and priority as Agent may choose in its sole discretion; and 

Finally, after the full and final payment in Cash of all of the Secured Obligations (other than inchoate obligations), to any creditor holding
a junior Lien on the Collateral, or to Borrower or its representatives or as a court of competent jurisdiction may direct. 
 Agent shall be deemed to have
acted reasonably in the custody, preservation and disposition of any of the Collateral if it complies with the obligations of a secured party under the UCC. 

10.3    No Waiver. Agent shall be under no obligation to marshal any of the Collateral for the benefit of
Borrower or any other Person, and Borrower expressly waives all rights, if any, to require Agent to marshal any Collateral. 

10.4    Cumulative Remedies. The rights, powers and remedies of Agent hereunder shall be in addition to
all rights, powers and remedies given by statute or rule of law and are cumulative. The exercise of any one or more of the rights, powers and remedies provided herein shall not be construed as a waiver of or election of remedies with respect to any
other rights, powers and remedies of Agent. 
 SECTION 11. MISCELLANEOUS 

11.1    Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective only to the extent and duration of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

11.2    Notice. Except as otherwise provided herein, any notice, demand, request, consent, approval,
declaration, service of process or other communication (including the delivery of Financial Statements) that is required, contemplated, or permitted under the Loan Documents or with respect to the subject matter hereof shall be in writing, and shall
be deemed to have been validly served, given, delivered, and received upon the earlier of: (i) the day of transmission by electronic mail or hand delivery or delivery by an overnight express service or overnight mail delivery service; or
(ii) the third calendar day after deposit in the United States of America mails, with proper first class postage prepaid, in each case addressed to the party to be notified as follows: 

  
 34 

 (a)    If to Agent: 

HERCULES CAPITAL, INC. 
 Legal
Department 
 Attention: Chief Legal Officer, Lake McGuire, and Nim Shah 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com; lmcguire@htgc.com; nshah@htgc.com 
 Telephone:
650-289-3060 

(b)    If to Lender: 

HERCULES CAPITAL, INC. 
 Legal
Department 
 Attention: Chief Legal Officer, Lake McGuire, and Nim Shah 

400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 email:
legal@herculestech.com; lmcguire@htgc.com; nshah@htgc.com 
 Telephone:
650-289-3060 

(c)    If to Borrower: 

ALDEYRA THERAPEUTICS, INC. 

Attention: Chief Financial Officer 

131 Hartwell Avenue 
 Lexington,
MA 02421 
 email: jreed@aldeyra.com 

Telephone: (781) 761-4904 

with a copy (which shall not constitute notice) to: 

        Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP 

        One Marina Park Drive, Suite 900 

        Boston, MA 02210 

        Attention: Jay K. Hachigian and Keith J. Scherer 

        Telephone: (617) 648-9100 

        Email: hach@gunder.com 

                    kscherer@gunder.com

 or to such other address as each party may designate for itself by like notice. 

11.3    Entire Agreement; Amendments. 

(a)    This Agreement and the other Loan Documents constitute the entire agreement and understanding of
the parties hereto in respect of the subject matter hereof and thereof, and supersede and replace in their entirety any prior proposals, term sheets, non-disclosure or confidentiality agreements, letters,
negotiations or other documents or agreements, whether written or oral, with respect to the subject matter hereof or thereof (including Agent’s proposal letter dated January 31, 2019 and the
Non-Disclosure Agreement). 

  
 35 

 (b)    Neither this Agreement, any other Loan Document,
nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 11.3(b). The Required Lenders and Borrower party to the relevant Loan Document may, or, with the written consent
of the Required Lenders, the Agent and the Borrower party to the relevant Loan Document may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any
provisions to this Agreement or the other Loan Documents or changing in any manner the rights of Lender or of the Borrower hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Agent, as the case may
be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or any default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or
modification shall (A) forgive the principal amount or extend the final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Term Loan, reduce the stated rate of any interest or fee
payable hereunder) or extend the scheduled date of any payment thereof, without the written consent of each Lender directly affected thereby; (B) eliminate or reduce the voting rights of any Lender under this Section 11.3(b) without the
written consent of such Lender; (C) reduce any percentage specified in the definition of Required Lenders, consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan
Documents, release all or substantially all of the Collateral or release a Borrower from its obligations under the Loan Documents, in each case without the written consent of each and every Lender; or (D) amend, modify or waive any provision of
Section 11.17 without the written consent of the Agent. Any such waiver and any such amendment, supplement or modification shall apply equally to each Lender and shall be binding upon Borrower, Lender, the Agent and all future holders of the
Loans. 
 11.4    No Strict Construction. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Agreement. 

11.5    No Waiver. The powers conferred upon Agent and Lender by this Agreement are solely to protect its
rights hereunder and under the other Loan Documents and its interest in the Collateral and shall not impose any duty upon Agent or Lender to exercise any such powers. No omission or delay by Agent or Lender at any time to enforce any right or remedy
reserved to it, or to require performance of any of the terms, covenants or provisions hereof by Borrower at any time designated, shall be a waiver of any such right or remedy to which Agent or Lender is entitled, nor shall it in any way affect the
right of Agent or Lender to enforce such provisions thereafter. 

  
 36 

 11.6    Survival. All agreements, representations and
warranties contained in this Agreement and the other Loan Documents or in any document delivered pursuant hereto or thereto shall be for the benefit of Agent and Lender and shall survive the execution and delivery of this Agreement. This Agreement
shall terminate upon the indefeasible payment in full of the Secured Obligations; provided, however, Section 6.3 shall survive the termination of this Agreement. 

11.7    Successors and Assigns. 

(a)    The provisions of this Agreement and the other Loan Documents shall inure to the benefit of and be
binding on Borrower and its permitted assigns (if any). Borrower shall not assign its obligations under this Agreement or any of the other Loan Documents without Agent’s express prior written consent, and any such attempted assignment shall be
void and of no effect. Agent and Lender may assign, transfer, or endorse its rights hereunder and under the other Loan Documents without prior notice to Borrower, and all of such rights shall inure to the benefit of Agent’s and Lender’s
successors and assigns; provided that as long as no Event of Default has occurred and is continuing, neither Agent nor any Lender may assign, transfer or endorse its rights hereunder or under the Loan Documents to any party that is a direct
competitor of Borrower (as reasonably determined by Agent), it being acknowledged that in all cases, any transfer to an Affiliate of any Lender or Agent shall be allowed. Notwithstanding the foregoing, (x) in connection with any assignment by a
Lender as a result of a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Agent and Lender may assign, transfer or indorse its rights hereunder and under the other Loan Documents to any
Person or party and (y) in connection with a Lender’s own financing or securitization transactions, the restrictions set forth herein shall not apply and Agent and Lender may assign, transfer or indorse its rights hereunder and under the
other Loan Documents to any Person or party providing such financing or formed to undertake such securitization transaction and any transferee of such Person or party upon the occurrence of a default, event of default or similar occurrence with
respect to such financing or securitization transaction; provided that no such sale, transfer, pledge or assignment under this clause (y) shall release such Lender from any of its obligations hereunder or substitute any such Person or party for
such Lender as a party hereto until Agent shall have received and accepted an effective assignment agreement from such Person or party in form satisfactory to Agent executed, delivered and fully completed by the applicable parties thereto, and shall
have received such other information regarding such assignee as Agent reasonably shall require. 

(b)    The Agent, acting solely for this purpose as an agent of the Borrower, shall maintain a copy of
each assignment and assumption delivered to it and a register for the recordation of the names and addresses of Lender, and the commitments of, and principal amounts (and stated interest) of the Term Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Agent and Lender shall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of the Loan Documents. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
 37 

 11.8    Governing Law. This Agreement and the other Loan
Documents have been negotiated and delivered to Agent and Lender in the State of New York, and shall have been accepted by Agent and Lender in the State of New York. Payment to Agent and Lender by Borrower of the Secured Obligations is due in the
State of New York. This Agreement and the other Loan Documents shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, excluding conflict of laws principles that would cause the application of laws of
any other jurisdiction. 
 11.9    Consent to Jurisdiction and Venue. All judicial proceedings (to the
extent that the reference requirement of Section 11.10 is not applicable) arising in or under or related to this Agreement or any of the other Loan Documents shall be brought in any state or federal court located in the State of New York. By
execution and delivery of this Agreement, each party hereto generally and unconditionally: (a) consents to nonexclusive personal jurisdiction in New York County, State of New York; (b) waives any objection as to jurisdiction or venue in
New York County, State of New York; (c) agrees not to assert any defense based on lack of jurisdiction or venue in the aforesaid courts; and (d) irrevocably agrees to be bound by any judgment rendered thereby in connection with this
Agreement or the other Loan Documents. Service of process on any party hereto in any action arising out of or relating to this Agreement shall be effective if given in accordance with the requirements for notice set forth in Section 11.2, and
shall be deemed effective and received as set forth in Section 11.2. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of either party to bring proceedings in the courts of any
other jurisdiction. 
 11.10    Mutual Waiver of Jury Trial / Judicial Reference. 

(a)    Because disputes arising in connection with complex financial transactions are most quickly and
economically resolved by an experienced and expert Person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying such applicable laws.
EACH OF BORROWER, AGENT AND LENDER SPECIFICALLY WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY OF ANY CAUSE OF ACTION, CLAIM, CROSS-CLAIM, COUNTERCLAIM, THIRD PARTY CLAIM OR ANY OTHER CLAIM (COLLECTIVELY, “CLAIMS”) ASSERTED BY BORROWER
AGAINST AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE OR BY AGENT, LENDER OR THEIR RESPECTIVE ASSIGNEE AGAINST BORROWER. This waiver extends to all such Claims, including Claims that involve Persons other than Agent, Borrower and Lender; Claims that
arise out of or are in any way connected to the relationship among Borrower, Agent and Lender; and any Claims for damages, breach of contract, tort, specific performance, or any equitable or legal relief of any kind, arising out of this Agreement,
any other Loan Document. 

  
 38 

 (b)    If the waiver of jury trial set forth in
Section 11.10(a) is ineffective or unenforceable, the parties agree that all Claims shall be resolved by reference to a private judge sitting without a jury, pursuant to Code of Civil Procedure Section 638, before a mutually acceptable
referee or, if the parties cannot agree, a referee selected by the Presiding Judge in New York City, New York. Such proceeding shall be conducted in New York City, New York, with New York rules of evidence and discovery applicable to such
proceeding. 
 (c)    In the event Claims are to be resolved by judicial reference, either party may
seek from a court identified in Section 11.9, any prejudgment order, writ or other relief and have such prejudgment order, writ or other relief enforced to the fullest extent permitted by law notwithstanding that all Claims are otherwise
subject to resolution by judicial reference. 
 11.11    Professional Fees. Borrower promises to pay
Agent’s and Lender’s documented fees and expenses necessary to finalize the loan documentation, including but not limited to reasonable attorneys’ fees, UCC searches, filing costs, and other miscellaneous expenses. In addition,
Borrower promises to pay any and all reasonable attorneys’ and other professionals’ fees and expenses incurred by Agent and Lender after the Closing Date in connection with or related to: (a) the Loan; (b) the administration,
collection, or enforcement of the Loan; (c) the amendment or modification of the Loan Documents; (d) any waiver, consent, release, or termination under the Loan Documents; (e) the protection, preservation, audit, field exam, sale,
lease, liquidation, or disposition of Collateral or the exercise of remedies with respect to the Collateral; (f) any legal, litigation, administrative, arbitration, or out of court proceeding in connection with or related to Borrower or the
Collateral, and any appeal or review thereof; and (g) any bankruptcy, restructuring, reorganization, assignment for the benefit of creditors, workout, foreclosure, or other action related to Borrower, the Collateral, the Loan Documents,
including representing Agent or Lender in any adversary proceeding or contested matter commenced or continued by or on behalf of Borrower’s estate, and any appeal or review thereof. 

11.12    Confidentiality. Agent and Lender acknowledge that certain items of Collateral and information
provided to Agent and Lender by Borrower are confidential and proprietary information of Borrower, if and to the extent such information either (x) is marked as confidential by Borrower at the time of disclosure, or (y) should reasonably
be understood to be confidential (the “Confidential Information”). Accordingly, Agent and Lender agree that any Confidential Information it may obtain in the course of acquiring, administering, or perfecting Agent’s security interest
in the Collateral shall not be disclosed to any other Person or entity in any manner whatsoever, in whole or in part, without the prior written consent of Borrower, except that Agent and Lender may disclose any such information: (a) to its own
directors, officers, employees, accountants, counsel and other professional advisors and to its Affiliates if Agent or Lender in their sole reasonable discretion determines that any such party should have access to such information in connection
with such party’s responsibilities in connection with the Loan or this Agreement and, provided that such recipient of such Confidential Information either (i) agrees to be bound by the confidentiality provisions of this paragraph or
(ii) is otherwise subject to confidentiality restrictions that reasonably protect against the disclosure of Confidential Information; (b) if such information is generally available to the public, other

  
 39 

 
than as a result of disclosure by Lender, Agent or any of their respective directors, officers, employees, accountants, counsel, other professional advisors or affiliates in violation of this
Section 11.12; (c) to the extent required in any report, statement or testimony submitted to any governmental authority having or claiming to have jurisdiction over Agent or Lender; (d) to the extent required, advisable or appropriate
in response to any summons or subpoena or in connection with any litigation, to the extent permitted or deemed required or advisable by Agent’s or Lender’s counsel; (e) to comply with any legal requirement or law applicable to Agent
or Lender; (f) to the extent reasonably necessary in connection with the exercise of any right or remedy under any Loan Document, including Agent’s sale, lease, or other disposition of Collateral after default and during the continuation
of an Event of Default; (g) to any participant or assignee of Agent or Lender or any prospective participant or assignee; provided, that such participant or assignee or prospective participant or assignee agrees in writing to be bound by this
Section prior to disclosure; or (h) otherwise with the prior consent of Borrower; provided, that any disclosure made in violation of this Agreement shall not affect the obligations of Borrower or any of its Affiliates or any guarantor under
this Agreement or the other Loan Documents. Agent’s and Lender’s obligations under this Section 11.12 shall supersede all of their respective obligations under the Non-Disclosure Agreement. 

11.13    Assignment of Rights. Borrower acknowledges and understands that Agent or Lender may, subject to
Section 11.7, sell and assign all or part of its interest hereunder and under the Loan Documents to any Person or entity (an “Assignee”). After such assignment the term “Agent” or “Lender” as used in the Loan
Documents shall mean and include such Assignee, and such Assignee shall be vested with all rights, powers and remedies of Agent and Lender hereunder with respect to the interest so assigned; but with respect to any such interest not so transferred,
Agent and Lender shall retain all rights, powers and remedies hereby given. No such assignment by Agent or Lender shall relieve Borrower of any of its obligations hereunder. Lender agrees that in the event of any transfer by it of the Note(s)(if
any), it will endorse thereon a notation as to the portion of the principal of the Note(s), which shall have been paid at the time of such transfer and as to the date to which interest shall have been last paid thereon. 

11.14    Revival of Secured Obligations. This Agreement and the Loan Documents shall remain in full force
and effect and continue to be effective if any petition is filed by or against Borrower for liquidation or reorganization, if Borrower becomes insolvent or makes an assignment for the benefit of creditors, if a receiver or trustee is appointed for
all or any significant part of Borrower’s assets, or if any payment or transfer of Collateral is recovered from Agent or Lender. The Loan Documents and the Secured Obligations and Collateral security shall continue to be effective, or shall be
revived or reinstated, as the case may be, if at any time payment and performance of the Secured Obligations or any transfer of Collateral to Agent, or any part thereof is rescinded, avoided or avoidable, reduced in amount, or must otherwise be
restored or returned by, or is recovered from, Agent, Lender or by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment, performance, or
transfer of Collateral had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, avoided, avoidable, restored, returned, or recovered, the Loan Documents and the Secured Obligations shall be deemed, without any
further action or documentation, to have been revived and reinstated except to the extent of the full, final, and indefeasible payment to Agent or Lender in Cash. 

  
 40 

 11.15    Counterparts. This Agreement and any
amendments, waivers, consents or supplements hereto may be executed in any number of counterparts, and by different parties hereto in separate counterparts, each of which when so delivered shall be deemed an original, but all of which counterparts
shall constitute but one and the same instrument. 
 11.16    No Third Party Beneficiaries. No
provisions of the Loan Documents are intended, nor will be interpreted, to provide or create any third-party beneficiary rights or any other rights of any kind in any Person other than Agent, Lender and Borrower unless specifically provided
otherwise herein, and, except as otherwise so provided, all provisions of the Loan Documents will be personal and solely among Agent, Lender and the Borrower. 

11.17    Agency. 

(a)    Lender hereby irrevocably appoints Hercules Capital, Inc. to act on its behalf as the Agent
hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. 
 (b)    Lender agrees to indemnify the Agent in its capacity as such
(to the extent not reimbursed by Borrower and without limiting the obligation of Borrower to do so), according to its respective Term Commitment percentage (based upon the total outstanding Term Loan Commitments) in effect on the date on which
indemnification is sought under this Section 11.17, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time be
imposed on, incurred by or asserted against the Agent in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby
or thereby or any action taken or omitted by the Agent under or in connection with any of the foregoing; The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder. 

(c)    Agent in Its Individual Capacity. The Person serving as the Agent hereunder shall have the same
rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” shall, unless otherwise expressly indicated or unless the context otherwise requires, include
each such Person serving as Agent hereunder in its individual capacity. 

  
 41 

 (d)    Exculpatory Provisions. The Agent shall have no
duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent shall not: 
  

	 	(i)	 be subject to any fiduciary or other implied duties, regardless of whether any default or any Event of Default
has occurred and is continuing; 

  

	 	(ii)	 have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by Lender, provided that the Agent shall not be required to take any action that, in its opinion or the
opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or applicable law; and 

  

	 	(iii)	 except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and the Agent
shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by any Person serving as the Agent or any of its Affiliates in any capacity.

 (e)    The Agent shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders or as the Agent shall believe in good faith shall be necessary, under the circumstances or (ii) in the absence of its own gross negligence or willful misconduct. 

(f)    The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default or Event of Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in Section 4 or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to the Agent. 
 (g)    Reliance by Agent. Agent may rely, and
shall be fully protected in acting, or refraining to act, upon, any resolution, statement, certificate, instrument, opinion, report, notice, request, consent, order, bond or other paper or document that it has no reason to believe to be other than
genuine and to have been signed or presented by the proper party or parties or, in the case of cables, telecopies and telexes, to have been sent by the proper party or parties. In the absence of its gross negligence or willful misconduct, Agent may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to Agent and conforming to the requirements of the Loan Agreement or any of the other Loan
Documents. Agent may consult with counsel, and any opinion or legal advice of such counsel shall be full and complete authorization and protection in respect of any action taken, not taken or suffered by Agent hereunder or under any Loan Documents
in accordance therewith. Agent shall have the right at any time to seek instructions concerning the administration of the Collateral from any court of competent jurisdiction. Agent shall not be under any obligation to exercise any of the rights or
powers granted to Agent by this Agreement, the Loan Agreement and the other Loan Documents at the request or direction of Lender unless Agent shall have been provided by Lender with adequate security and indemnity against the costs, expenses and
liabilities that may be incurred by it in compliance with such request or direction. 

  
 42 

 11.18    Publicity. None of the parties hereto nor any
of its respective member businesses and Affiliates shall, without the other parties’ prior written consent (which shall not be unreasonably withheld or delayed), publicize or use (a) the other party’s name (including a brief
description of the relationship among the parties hereto), logo or hyperlink to such other parties’ web site, separately or together, in written and oral presentations, advertising, promotional and marketing materials, client lists, public
relations materials or on its web site (together, the “Publicity Materials”); (b) the names of officers of such other parties in the Publicity Materials; and (c) such other parties’ name, trademarks, servicemarks in any news or
press release concerning such party; provided however, notwithstanding anything to the contrary herein, no such consent shall be required (i) to the extent necessary to comply with the requests of any regulators, legal requirements or laws
applicable to such party, including pursuant to any listing agreement with any national securities exchange (so long as such party provides prior notice to the other party hereto to the extent reasonably practicable) and (ii) to comply with
Section 11.12. 
 11.19    Multiple Borrowers. Each Borrower hereby agrees to the terms and
conditions set forth on Addendum 2 attached hereto. 
 (SIGNATURES TO FOLLOW) 

  
 43 

 IN WITNESS WHEREOF, Borrower, Agent and Lender have duly executed and delivered this Loan
and Security Agreement as of the day and year first above written. 
  

			
	BORROWER:
	
	ALDEYRA THERAPEUTICS, INC.
		
	Signature:	 	 /s/ Joshua Reed

		
	Print Name:	 	 Joshua Reed

		
	Title:	 	 Chief Financial Officer

  
 [Signature Page to
Loan and Security Agreement (Hercules/Aldeyra)] 

 
			
	BORROWER:
	
	HELIO VISION, LLC
		
	Signature:	 	 /s/ Joshua Reed

		
	Print Name:	 	 Joshua Reed

		
	Title:	 	 Treasurer

  
 [Signature Page to
Loan and Security Agreement (Hercules/Aldeyra)] 

 Accepted in Palo Alto, California: 

 

			
	AGENT:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	 /s/ Jennifer Choe

		
	Print Name:	 	 Jennifer Choe

		
	Title:	 	 Assistant General Counsel

	
	LENDER:
	
	HERCULES CAPITAL, INC.
		
	Signature:	 	 /s/ Jennifer Choe

		
	Print Name:	 	 Jennifer Choe

		
	Title:	 	 Assistant General Counsel

  
 [Signature Page to
Loan and Security Agreement (Hercules/Aldeyra)] 

 Table of Exhibits and Schedules 
  

			
		
	Addendum 1:	  	Taxes
		
	Addendum 2:	  	Multiple Borrower Terms
		
	Exhibit A:	  	 Advance Request
 Attachment to Advance
Request

		
	Exhibit B:	  	Term Note
		
	Exhibit C:	  	Name, Locations, and Other Information for Borrower
		
	Exhibit D:	  	Borrower’s Patents, Trademarks, Copyrights and Licenses
		
	Exhibit E:	  	Borrower’s Deposit Accounts and Investment Accounts
		
	Exhibit F:	  	Compliance Certificate
		
	Exhibit G:	  	Joinder Agreement
		
	Exhibit H:	  	ACH Debit Authorization Agreement
		
	Exhibit I-1:	  	 Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)

		
	Exhibit I-2:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
		
	Exhibit I-3:	  	Form of U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
		
	Exhibit I-4:	  	Form of U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
		
	Schedule 1	  	Subsidiaries
		
	Schedule 1.1	  	Commitments
		
	Schedule 1A	  	Existing Permitted Indebtedness
		
	Schedule 1B	  	Existing Permitted Investments
		
	Schedule 1C	  	Existing Permitted Liens
		
	Schedule 5.3	  	Consents, Etc.
		
	Schedule 5.8	  	Tax Matters
		
	Schedule 5.9	  	Intellectual Property Claims
		
	Schedule 5.10	  	Intellectual Property
		
	Schedule 5.11	  	Borrower Products
		
	Schedule 5.14	  	Capitalization
		
	Schedule 7.21	  	Transactions with Affiliates

  
 47 

 ADDENDUM 1 to LOAN AND SECURITY AGREEMENT 

Taxes 

(a)    Unless otherwise defined herein, the following capitalized terms shall have the following meanings.
For purposes of this Addendum, the term “applicable law” includes FATCA. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect
to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of
such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are
Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Term Commitment pursuant to a law in effect
on the date on which (i) such Lender acquires such interest in the Loan or Term Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to this Addendum 1, amounts with respect to such
Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply
with Section (g) of this Addendum 1 and (d) any U.S. federal withholding Taxes imposed under FATCA. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any
fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and implementing such Sections of the Code. 

“Foreign Lender” means any Lender that is not a U.S. Person. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account
of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

“IRS” means the United States Internal Revenue Service. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former
connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

  
 48 

 “Other Taxes” means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment. 

“Recipient” means (a) the Agent, or (b) any Lender. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any governmental authority, including any interest, additions to tax or penalties applicable thereto. 

“U.S. Person” means any Person that is a “United States person” as defined in Section 7701(a)(30) of
the Code. 
 “Withholding Agent” means the Borrower and the Agent. 

(b)    Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower
under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction
or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
governmental authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such
deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(c)    Payment of Other Taxes by Borrower. The Borrower shall timely pay to the relevant governmental
authority in accordance with applicable law, or at the option of the Agent timely reimburse it for the payment of, any Other Taxes. 

(d)    Indemnification by Borrower. The Borrower shall indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a
payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

  
 49 

 (e)    Indemnification by Lender. Each Lender shall
severally indemnify the Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Agent for such Indemnified Taxes and
without limiting the obligation of the Borrower to do so), and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Agent shall
be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to Lender from any other source against
any amount due to the Agent under this paragraph (e). 
 (f)    Evidence of Payments. As soon as
practicable after any payment of Taxes by the Borrower to a governmental authority pursuant to this Section, the Borrower shall deliver to the Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent. 

(g)    Status of Lender. 

(i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable law
or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in
the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (g)(ii)(1), (ii)(2) and (iv) of this Section) shall not be required if in Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
 50 

 (ii)    Without limiting the generality of the
foregoing, in the event that the Borrower is a U.S. Person, 
  

	 	1.	 any Lender that is a U.S. Person shall deliver to the Borrower and the Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent), executed copies of IRS Form W-9 certifying that such Lender is
exempt from U.S. federal backup withholding Tax; 

  

	 	2.	 any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Agent),
whichever of the following is applicable: 

 A.    in the case of a Foreign Lender claiming the
benefits of an income Tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such Tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such Tax treaty; 

B.    executed copies of IRS Form W-8ECI; 

C.    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A)
of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of
the Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or 

D.    to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, a U.S. Tax
Compliance Certificate substantially in the form of Exhibit I-2 or 
 Exhibit I-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct
or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf
of each such direct and indirect partner; 

  
 51 

 (iii)    any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Agent), executed copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and 

(iv)    if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding
Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and
the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and
such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s
obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h)    Each Lender agrees that if any form or certification it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Agent in writing of its legal inability to do so. 

  
 52 

 (i)    Treatment of Certain Refunds. If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall
pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (i) (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event
that such indemnified party is required to repay such refund to such governmental authority. Notwithstanding anything to the contrary in this paragraph (i), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this paragraph (i) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to
indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require
any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(j)    Survival. Each party’s obligations under this Section shall survive the resignation or
replacement of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Term Commitment and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

  
 53 

 Exhibit 10.1 

ADDENDUM 2 to LOAN AND SECURITY AGREEMENT 

Multiple Borrower Terms 

(a)    Borrowers’ Agent. Each of the Borrowers hereby irrevocably appoints Aldeyra as its agent, attorney-in-fact and legal representative for all purposes, including requesting disbursement of the Term Loan and receiving account statements and other notices and
communications to Borrowers (or any of them) from the Agent or any Lender. The Agent may rely, and shall be fully protected in relying, on any request for the Term Loan, disbursement instruction, report, information or any other notice or
communication made or given by Aldeyra, whether in its own name or on behalf of one or more of the other Borrowers, and the Agent shall not have any obligation to make any inquiry or request any confirmation from or on behalf of any other Borrower
as to the binding effect on it of any such request, instruction, report, information, other notice or communication, nor shall the joint and several character of the Borrowers’ obligations hereunder be affected thereby. 

(b)    Waivers. Each Borrower hereby waives: (i) any right to require the Agent to institute suit against, or to
exhaust its rights and remedies against, any other Borrower or any other person, or to proceed against any property of any kind which secures all or any part of the Secured Obligations, or to exercise any right of offset or other right with respect
to any reserves, credits or deposit accounts held by or maintained with the Agent or any Indebtedness of the Agent or any Lender to any other Borrower, or to exercise any other right or power, or pursue any other remedy the Agent or any Lender may
have under this Agreement; (ii) any defense arising by reason of any disability or other defense of any other Borrower or any guarantor or any endorser, co-maker or other person, or by reason of the
cessation from any cause whatsoever of any liability of any other Borrower or any guarantor or any endorser, co-maker or other person, with respect to all or any part of the Secured Obligations, or by reason
of any act or omission of the Agent or others which directly or indirectly results in the discharge or release of any other Borrower or any guarantor or any other person or any Secured Obligations or any security therefor, whether by operation of
law or otherwise; (iii) any defense arising by reason of any failure of the Agent to obtain, perfect, maintain or keep in force any Lien on, any property of any Borrower or any other person; and (iv) any defense based upon or arising out
of any bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or against any other Borrower or any guarantor or any endorser, co-maker or
other person, including without limitation any discharge of, or bar against collecting, any of the Secured Obligations (including without limitation any interest thereon), in or as a result of any such proceeding. Until all of the Secured
Obligations have been paid, performed, and discharged in full, nothing shall discharge or satisfy the liability of any Borrower hereunder except the full performance and payment of all of the Secured Obligations. If any claim is ever made upon the
Agent for repayment or recovery of any amount or amounts received by the Agent in payment of or on account of any of the Secured Obligations, because of any claim that any such payment constituted a preferential transfer or fraudulent conveyance, or
for any other reason whatsoever, and the Agent repays all or part of said amount by reason of any 

 
judgment, decree or order of any court or administrative body having jurisdiction over the Agent or any of its property, or by reason of any settlement or compromise of any such claim effected by
the Agent with any such claimant (including without limitation the any other Borrower), then and in any such event, each Borrower agrees that any such judgment, decree, order, settlement and compromise shall be binding upon such Borrower,
notwithstanding any revocation or release of this Agreement or the cancellation of any note or other instrument evidencing any of the Secured Obligations, or any release of any of the Secured Obligations, and each Borrower shall be and remain liable
to the Agent and Lender under this Agreement for the amount so repaid or recovered, to the same extent as if such amount had never originally been received by the Agent or any Lender, and the provisions of this sentence shall survive, and continue
in effect, notwithstanding any revocation or release of this Agreement. Each Borrower hereby expressly and unconditionally waives all rights of subrogation, reimbursement and indemnity of every kind against any other Borrower, and all rights of
recourse to any assets or property of any other Borrower, and all rights to any collateral or security held for the payment and performance of any Secured Obligations, including (but not limited to) any of the foregoing rights which Borrower may
have under any present or future document or agreement with any other Borrower or other person, and including (but not limited to) any of the foregoing rights which any Borrower may have under any equitable doctrine of subrogation, implied contract,
or unjust enrichment, or any other equitable or legal doctrine. 
 (c)    Consents. Each Borrower hereby consents and
agrees that, without notice to or by Borrower and without affecting or impairing in any way the obligations or liability of Borrower hereunder, the Agent may, from time to time before or after revocation of this Agreement, do any one or more of the
following in its sole and absolute discretion: (i) accept partial payments of, compromise or settle, renew, extend the time for the payment, discharge, or performance of, refuse to enforce, and release all or any parties to, any or all of the
Secured Obligations; (ii) grant any other indulgence to any Borrower or any other Person in respect of any or all of the Secured Obligations or any other matter; (iii) accept, release, waive, surrender, enforce, exchange, modify, impair,
or extend the time for the performance, discharge, or payment of, any and all property of any kind securing any or all of the Secured Obligations or any guaranty of any or all of the Secured Obligations, or on which the Agent at any time may have a
Lien, or refuse to enforce its rights or make any compromise or settlement or agreement therefor in respect of any or all of such property; (iv) substitute or add, or take any action or omit to take any action which results in the release of,
any one or more other Borrowers or any endorsers or guarantors of all or any part of the Secured Obligations, including, without limitation one or more parties to this Agreement, regardless of any destruction or impairment of any right of
contribution or other right of Borrower; (v) apply any sums received from any other Borrower, any guarantor, endorser, or co-signer, or from the disposition of any Collateral or security, to any
Indebtedness whatsoever owing from such person or secured by such Collateral or security, in such manner and order as the Agent determines in its sole discretion, and regardless of whether such Indebtedness is part of the Secured Obligations, is
secured, or is due and payable. Each Borrower consents and agrees that the Agent shall be under no obligation to marshal any assets in favor of Borrower, or against or in payment of any or all of the Secured Obligations. Each Borrower further
consents and agrees that the Agent shall have no duties or responsibilities whatsoever with respect to any property securing any or all of the Secured Obligations. Without limiting the generality of the foregoing, the Agent shall have no obligation
to monitor, verify, audit, examine, or obtain or maintain any insurance with respect to, any property securing any or all of the Secured Obligations. 

  
 2 

 (d)    Independent Liability. Each Borrower hereby agrees that one or
more successive or concurrent actions may be brought hereon against such Borrower, in the same action in which any other Borrower may be sued or in separate actions, as often as deemed advisable by Agent. Each Borrower is fully aware of the
financial condition of each other Borrower and is executing and delivering this Agreement based solely upon its own independent investigation of all matters pertinent hereto, and such Borrower is not relying in any manner upon any representation or
statement of the Agent or any Lender with respect thereto. Each Borrower represents and warrants that it is in a position to obtain, and each Borrower hereby assumes full responsibility for obtaining, any additional information concerning any other
Borrower’s financial condition and any other matter pertinent hereto as such Borrower may desire, and such Borrower is not relying upon or expecting the Agent to furnish to it any information now or hereafter in the Agent’s possession
concerning the same or any other matter. 
 (e)    Subordination. All Indebtedness of a Borrower now or hereafter
arising held by another Borrower is subordinated to the Secured Obligations and the Borrower holding the Indebtedness shall take all actions reasonably requested by Agent to effect, to enforce and to give notice of such subordination. 

  
 3 

 EXHIBIT A 

ADVANCE REQUEST 
  

					
	To:        	 	Agent:	  	Date:        __________, 20[__]
			
		 	 Hercules Capital, Inc. (the “Agent”)

400 Hamilton Avenue, Suite 310
 Palo Alto, CA 94301

email: legal@herculestech.com; lmcguire@htgc.com
 Attn: Chief
Legal Officer and Lake McGuire
	  	

 [Aldeyra Therapeutics, Inc.] [Helio Vision, LLC] (“Borrower”) hereby requests from Hercules Capital, Inc.
(“Lender”) an Advance in the amount of _____________________ Dollars ($________________) on ______________, _____ (the “Advance Date”) pursuant to the Loan and Security Agreement among Borrower, Agent and Lender (the
“Agreement”). Capitalized words and other terms used but not otherwise defined herein are used with the same meanings as defined in the Agreement. 

Please: 

					
	        	 	(a)    Issue a check payable to Borrower	  	_________________
		 	or	  	
		 	(b)    Wire Funds to Borrower’s account	  	_________________
		 		  	[IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR SECURITY PURPOSES]

							
		 	Bank:	  	 	  	
		 	Address:	  	 	  	
		 		  	 	  	
		 	ABA Number:	  	 	  	
		 	Account Number:	  	 	  	
		 	Account Name:	  	 	  	
		 	Contact Person:	  	 	  	
		 	 Phone Number

To Verify Wire Info:
	  	 	  	
		 	Email address:	  	 	  	

 Borrower represents that the conditions precedent to the Advance set forth in the Agreement are satisfied and
shall be satisfied upon the making of such Advance, including but not limited to: (i) that no event that has had or could reasonably be expected to have a Material Adverse Effect has occurred and is continuing; (ii) that the
representations and warranties set forth in the Agreement are and shall be true and correct in all material respects on and as of the Advance Date with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date; (iii) that Borrower is in compliance in all material respects with all the terms and provisions set forth in each Loan 

 
Document on its part to be observed or performed; and (iv) that as of the Advance Date, no fact or condition exists that could (or could, with the passage of time, the giving of notice, or
both) constitute an Event of Default under the Loan Documents. Borrower understands and acknowledges that Agent has the right to review the financial information supporting this representation and, based upon such review in its sole discretion,
Lender may decline to fund the requested Advance. 
 Borrower hereby represents that Borrower’s corporate status and locations have not
changed since the date of the Agreement or, if the Attachment to this Advance Request is completed, are as set forth in the Attachment to this Advance Request. 

Borrower agrees to notify Agent promptly before the funding of the Loan if any of the matters which have been represented above shall not be
true and correct on the Borrowing Date and if Agent has received no such notice before the Advance Date then the statements set forth above shall be deemed to have been made and shall be deemed to be true and correct as of the Advance Date. 

Executed as of [                ],
20[    ]. 
  

			
	 BORROWER: [Aldeyra Therapeutics, Inc.]

                         [Helio
Vision, LLC]

 
			
		
	SIGNATURE:	 	 

 
			
		
	TITLE:	 	 

 
			
		
	PRINT NAME:	 	 

  
 2 

 ATTACHMENT TO ADVANCE REQUEST 

Dated: _______________________ 
 Borrower hereby
represents and warrants to Agent that Borrower’s current name and organizational status is as follows: 
  

			
	                Name:	  	[Aldeyra Therapeutics, Inc.] [Helio Vision, LLC]
		
	                Type of organization:	  	[ 🌑 ]
		
	                State of organization:	  	[ 🌑 ]
		
	                Organization file number:	  	[ 🌑 ]

 Borrower hereby represents and warrants to Agent that the street addresses, cities, states and postal codes of its current
locations are as follows: 
 [131 Hartwell Avenue 
 Lexington,
MA 02421] 

  
 3 

 EXHIBIT B 

SECURED TERM PROMISSORY NOTE 
  

			
	 $[ ],000,000
	  	Advance Date: ______ ____, 20[ ]
		  	Maturity Date: ______ ____, 20[ ]

 FOR VALUE RECEIVED, Aldeyra Therapeutics, Inc., a Delaware corporation (“Aldeyra”), Helio Vision,
LLC, a Delaware limited liability company, and each of its Qualified Subsidiaries (collectively, the “Borrower”) hereby promises to pay to the order of Hercules Capital, Inc., a Maryland corporation or the holder of this Note (the
“Lender”) at 400 Hamilton Avenue, Suite 310, Palo Alto, CA 94301 or such other place of payment as the holder of this Secured Term Promissory Note (this “Promissory Note”) may specify from time to time in writing, in lawful money
of the United States of America, the principal amount of [ ] Million Dollars ($[ ],000,000) or such other principal amount as Lender has advanced to Borrower, together with interest at a rate as set forth in Section 2.2(c) of the Loan Agreement
based upon a year consisting of 360 days, with interest computed daily based on the actual number of days in each month. 
 This Promissory
Note is the Note referred to in, and is executed and delivered in connection with, that certain Loan and Security Agreement dated March [●], 2019, by and among Borrower, Hercules Capital, Inc., a Maryland corporation (the “Agent”)
and the several banks and other financial institutions or entities from time to time party thereto as lender (as the same may from time to time be amended, modified or supplemented in accordance with its terms, the “Loan Agreement”), and
is entitled to the benefit and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made for a statement of all of the terms and conditions thereof. All payments shall be made in
accordance with the Loan Agreement. All terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event of Default under the Loan Agreement shall constitute a default under this
Promissory Note. 
 Borrower waives presentment and demand for payment, notice of dishonor, protest and notice of protest under the UCC or
any applicable law. Borrower agrees to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense. This Promissory Note has been negotiated and delivered to Lender and is
payable in the State of New York. This Promissory Note shall be governed by and construed and enforced in accordance with, the laws of the State of New York, excluding any conflicts of law rules or principles that would cause the application of the
laws of any other jurisdiction. 
  

							
	 ALDEYRA FOR ITSELF AND
 ON BEHALF OF
BORROWER:
	 		 	Aldeyra Therapeutics, Inc.

							
				
		 		 	By:	 	 
		 		 	Title:	 	

 EXHIBIT C 

NAME, LOCATIONS, AND OTHER INFORMATION FOR BORROWER 

1. Borrower represents and warrants to Agent that Borrower’s current name and organizational status as of the Closing Date is as follows:

  

			
	Name:	  	Aldeyra Therapeutics, Inc.
		
	Type of organization:	  	Corporation
		
	State of organization:	  	Delaware
		
	Organization file number:	  	3842157
		
	Name:	  	Helio Vision, LLC
		
	Type of organization:	  	Limited Liability Company
		
	State of organization:	  	Delaware
		
	Organization file number:	  	

 2. Borrower represents and warrants to Agent that for five (5) years prior to the Closing Date, Borrower
did not do business under any other name or organization or form except the following: 
 Name: Aldexa Therapeutics, Inc. 

Used during dates of: December 20, 2012 – March 17, 2014 

Type of Organization: Corporation 

State of organization: Delaware 

Organization file Number: 3842157 

Borrower’s fiscal year ends on December 31 

Borrower’s federal employer tax identification number is: 

Name: Helio Vision, Inc. 
 Used
during dates of:     
 Type of Organization: Corporation 

State of organization: Delaware 

Organization file Number: 

Borrower’s fiscal year ends on December 31 

Borrower’s federal employer tax identification number is: 

3. Borrower represents and warrants to Agent that its chief executive office is located at 

131 Hartwell Avenue, Lexington, MA 02421. 

 EXHIBIT D 

BORROWER’S PATENTS, TRADEMARKS, COPYRIGHTS AND LICENSES 

 EXHIBIT E 

BORROWER’S DEPOSIT ACCOUNTS AND INVESTMENT ACCOUNTS 
  

									
	
Bank Name        
	 	Account         Number	 	Branch Address	 	Entity	 	
Purpose of        

Account

	 	 	 	 	 
	 	 	 	 	 	 	Aldeyra    	 	 
	 	 	 	 	 
	 	 	 	 	 	 	Aldeyra    	 	 

 EXHIBIT F 

COMPLIANCE CERTIFICATE 
 Hercules Capital,
Inc. (as “Agent”) 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Reference is made to that
certain Loan and Security Agreement dated March 25, 2019 and the Loan Documents (as defined therein) entered into in connection with such Loan and Security Agreement all as may be amended from time to time (hereinafter referred to collectively as
the “Loan Agreement”) by and among the several banks and other financial institutions or entities from time to time party thereto (collectively, “Lender”), Hercules Capital, Inc., as agent for Lender (the “Agent”),
Aldeyra Therapeutics, Inc. (“Aldeyra”) and Helio Vision, LLC, each as borrower (collectively, the “Borrower”). All capitalized terms not defined herein shall have the same meaning as defined in the Loan Agreement. 

The undersigned is an Officer of Aldeyra, knowledgeable of all Borrower financial matters, and is authorized to provide certification of
information regarding Borrower; hereby certifies, in such capacity, that in accordance with the terms and conditions of the Loan Agreement, Borrower is in compliance for the period ending ___________ of all covenants, conditions and terms and hereby
reaffirms that all representations and warranties contained therein are true and correct on and as of the date of this Compliance Certificate with the same effect as though made on and as of such date, except to the extent such representations and
warranties expressly relate to an earlier date, after giving effect in all cases to any standard(s) of materiality contained in the Loan Agreement as to such representations and warranties. Attached are the required documents supporting the above
certification. The undersigned further certifies that these are prepared in accordance with GAAP (except for the absence of footnotes with respect to unaudited financial statement and subject to normal
year-end adjustments) and are consistent from one period to the next except as explained below. 
  

					
	
REPORTING REQUIREMENT            
	  	 REQUIRED
	  	 CHECK IF ATTACHED

			
	 Interim Financial Statements
	  	 Monthly within 30 days
	  	
			
	 Interim Financial Statements
	  	 Quarterly within 45 days
	  	
			
	 Audited Financial Statements
	  	 FYE within 90 days
	  	

 The undersigned hereby also confirms the below disclosed accounts represent all depository accounts and securities accounts
presently open in the name of each Borrower or Borrower Subsidiary/Affiliate, as applicable. 

 BORROWER Name and Address: 
  

													
	  	 	Account Number	 	Financial
Institution	 	Account Type
(Depository /
Securities)	 	
Last Month
 Ending
Account
Balance
	 	
Purpose of

Account
	 	Disclosed on last
Compliance
Certificate?
	
1.  
	 	 	 	 	 	 	 	 	 	 	 	 
	
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 SUBSIDIARY/AFFILIATE Name and Address: 
  

													
	  	 	Account Number	 	Financial
Institution	 	Account Type
(Depository /
Securities)	 	
Last Month
 Ending
Account
Balance
	 	
Purpose of

Account
	 	Disclosed on last
Compliance
Certificate?
	
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 Explanations/Exceptions (which, for the avoidance of doubt, cannot be used to cure any default): [ 🌑 ] 
  

			
	Very Truly Yours,
	
	ALDEYRA THERAPEUTICS, INC.

 
			
		
	By:	 	 
		
	Name:	 	 
		
	Its:	 	 

 EXHIBIT G 

FORM OF JOINDER AGREEMENT 

This Joinder Agreement (the “Joinder Agreement”) is made and dated as of
[                ], 20[ ], and is entered into by and between__________________., a ___________ corporation (“Subsidiary”), and HERCULES CAPITAL, INC., a
Maryland corporation (as “Agent”). 
 RECITALS 

A. Subsidiary’s Affiliates, Aldeyra Therapeutics, Inc. (“Aldeyra”) and Helio Vision, LLC (collectively with Aldeyra,
“Borrower”) has entered into that certain Loan and Security Agreement dated March 25, 2019, with the several banks and other financial institutions or entities from time to time party thereto as lender (collectively, the
“Lender”) and the Agent, as such agreement may be amended (the “Loan Agreement”), together with the other agreements executed and delivered in connection therewith; and 

B. Subsidiary acknowledges and agrees that it will benefit both directly and indirectly from Borrower’s execution of the Loan Agreement
and the other agreements executed and delivered in connection therewith. 
 AGREEMENT 

NOW THEREFORE, Subsidiary and Agent agree as follows: 
  

	1.	 The recitals set forth above are incorporated into and made part of this Joinder Agreement. Capitalized terms
not defined herein shall have the meaning provided in the Loan Agreement. 

  

	2.	 By signing this Joinder Agreement, Subsidiary shall be bound by the terms and conditions of the Loan Agreement
the same as if it were the Borrower (as defined in the Loan Agreement) under the Loan Agreement, mutatis mutandis, provided however, that (a) with respect to (i) Section 5.1 of the Loan Agreement, Subsidiary represents that it is an
entity duly organized, legally existing and in good standing under the laws of [                ], (b) neither Agent nor Lender shall have any duties, responsibilities
or obligations to Subsidiary arising under or related to the Loan Agreement or the other Loan Documents, (c) that if Subsidiary is covered by Borrower’s insurance, Subsidiary shall not be required to maintain separate insurance or comply
with the provisions of Sections 6.1 and 6.2 of the Loan Agreement, and (d) that as long as Borrower satisfies the requirements of Section 7.1 of the Loan Agreement, Subsidiary shall not have to provide Agent separate Financial Statements.
To the extent that Agent or Lender has any duties, responsibilities or obligations arising under or related to the Loan Agreement or the other Loan Documents, those duties, responsibilities or obligations shall flow only to Borrower and not to
Subsidiary or any other Person or entity. By way of example (and not an exclusive list): (i) Agent’s providing notice to Borrower in accordance with the Loan Agreement or as otherwise agreed among Borrower, Agent and Lender shall be deemed
provided to Subsidiary; (ii) a Lender’s providing an Advance to Borrower shall be deemed an Advance to Subsidiary; and (iii) Subsidiary shall have no right to request an Advance or make any other demand on Lender.

  

	3.	 Subsidiary agrees not to certificate its equity securities without Agent’s prior written consent, which
consent may be conditioned on the delivery of such equity securities to Agent in order to perfect Agent’s security interest in such equity securities. 

	4.	 Subsidiary acknowledges that it benefits, both directly and indirectly, from the Loan Agreement, and hereby
waives, for itself and on behalf on any and all successors in interest (including without limitation any assignee for the benefit of creditors, receiver, bankruptcy trustee or itself as
debtor-in-possession under any bankruptcy proceeding) to the fullest extent provided by law, any and all claims, rights or defenses to the enforcement of this Joinder
Agreement on the basis that (a) it failed to receive adequate consideration for the execution and delivery of this Joinder Agreement or (b) its obligations under this Joinder Agreement are avoidable as a fraudulent conveyance.

  

	5.	 As security for the prompt, complete and indefeasible payment when due (whether on the payment dates or
otherwise) of all the Secured Obligations, Subsidiary grants to Agent a security interest in all of Subsidiary’s right, title, and interest in and to the Collateral. 

SUBSIDIARY: 
 ______________________________ 

By: 

Name: 

Title: 

Address: 

Telephone: ___________ 

email: ____________ 
 AGENT:

 HERCULES CAPITAL, INC. 

By:____________________________________ 

Name:__________________________________ 

Title: ___________________________________ 

Address: 

400 Hamilton Ave., Suite 310 

Palo Alto, CA 94301 

email: legal@herculestech.com 

Telephone: 650-289-3060 

 EXHIBIT H 

ACH DEBIT AUTHORIZATION AGREEMENT 

Hercules Capital, Inc. 
 400 Hamilton Avenue, Suite 310 

Palo Alto, CA 94301 
 Re: Loan and Security
Agreement dated March 25, 2019 (the “Agreement”) by and among Aldeyra Therapeutics, Inc. (“Borrower”) and Hercules Capital, Inc., as agent (“Company”) and the lenders party thereto (collectively, the “Lender”)

 In connection with the above referenced Agreement, the Borrower hereby authorizes the Company to initiate debit entries for (i) the periodic
payments due under the Agreement and (ii) reasonable and documented out-of-pocket legal fees and costs incurred by Agent or Lender pursuant to Section 11.11 of
the Agreement to the Borrower’s account indicated below. The Borrower authorizes the depository institution named below to debit to such account. 

[IF FILED PUBLICLY, ACCOUNT INFO REDACTED FOR SECURITY PURPOSES] 
  

			
	 DEPOSITORY NAME

 
	 	 BRANCH

 

	 CITY

 
	 	 STATE AND ZIP CODE

 

	 TRANSIT/ABA
NUMBER
  
	 	 ACCOUNT NUMBER

 

 This authority will remain in full force and effect so long as any amounts are due under the Agreement. 

Aldeyra Therapeutics, Inc. 
 By:
_________________________________________ 
 Date: ________________________________________  

 EXHIBIT I-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to Loan and Security Agreement dated as of March 25, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Loan Agreement”) by and between Aldeyra Therapeutics, Inc., a Delaware corporation (“Aldeyra”), Helio Vision, LLC, a Delaware limited liability company, and each of Aldeyra’s Qualified Subsidiaries (hereinafter
collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as “Lender”), and HERCULES CAPITAL, INC., a
Maryland corporation, in its capacity as administrative agent and collateral agent for itself and Lender (in such capacity, the “Agent”). 

Pursuant to the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate,
the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the
Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

							
	Date: _____________ ___, 20___	 		 	[NAME OF LENDER]
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

 EXHIBIT I-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to Loan and Security Agreement dated as of March 25, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Loan Agreement”) by and between Aldeyra Therapeutics, Inc., a Delaware corporation (“Aldeyra”), Helio Vision, LLC, a Delaware limited liability company, and each of Aldeyra’s Qualified Subsidiaries (hereinafter
collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as “Lender”), and HERCULES CAPITAL, INC., a
Maryland corporation, in its capacity as administrative agent and collateral agent for itself and Lender (in such capacity, the “Agent”). 

Pursuant to the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record and
beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “ten percent
shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person
status on IRS Form W-8BEN or IRS Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the
information provided in this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

							
	Date: _____________ ___, 20___	 		 	[NAME OF PARTICIPANT]

							
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

 EXHIBIT I-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to Loan and Security Agreement dated as of March 25, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Loan Agreement”) by and between Aldeyra Therapeutics, Inc., a Delaware corporation (“Aldeyra”), Helio Vision, LLC, a Delaware limited liability company, and each of Aldeyra’s Qualified Subsidiaries (hereinafter
collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as “Lender”), and HERCULES CAPITAL, INC., a
Maryland corporation, in its capacity as administrative agent and collateral agent for itself and Lender (in such capacity, the “Agent”). 

Pursuant to the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor
any of its direct or indirect partners/members is a “bank” extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a “ten percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a
“controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned
has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

							
	Date: _____________ ___, 20___	 		 	[NAME OF PARTICIPANT]

							
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

 EXHIBIT I-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to Loan and Security Agreement dated as of March 25, 2019 (as amended, supplemented or otherwise modified from time
to time, the “Loan Agreement”) by and between Aldeyra Therapeutics, Inc., a Delaware corporation (“Aldeyra”), Helio Vision, LLC, a Delaware limited liability company, and each of Aldeyra’s Qualified Subsidiaries (hereinafter
collectively referred to as the “Borrower”), the several banks and other financial institutions or entities from time to time parties to the Loan Agreement (collectively, referred to as “Lender”), and HERCULES CAPITAL, INC., a
Maryland corporation, in its capacity as administrative agent and collateral agent for itself and Lender (in such capacity, the “Agent”). 

Pursuant to the provisions of Addendum 1 of the Loan Agreement, the undersigned hereby certifies that (i) it is the sole record owner of
the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing
such Loan(s)), (iii) with respect to the extension of credit pursuant to this Loan Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a “bank” extending credit pursuant to a
loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “ten percent shareholder” of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of
the Code. 
 The undersigned has furnished the Agent and the Borrower with IRS Form W- 8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided in this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Loan Agreement and used herein shall have the meanings given to them in the Loan
Agreement. 
  

							
	Date: _____________ ___, 20___	 		 	[NAME OF LENDER]
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

 SCHEDULE 1.1 

COMMITMENTS 
  

					
	LENDER	 	TRANCHE	 	TERM COMMITMENT
	 Hercules Capital, Inc.

 
	 	Tranche I-A	 	$5,000,000
	 Hercules Capital, Inc.

 
	 	Tranche I-B	 	$15,000,000
	 Hercules Capital, Inc.

 
	 	Tranche II	 	$15,000,000
	 Hercules Capital, Inc.

 
	 	Tranche III	 	$15,000,000
	 Hercules Capital, Inc.

 
	 	Tranche IV	 	$10,000,000*
	
TOTAL COMMITMENTS

 
	 	 	 	$60,000,000*

 * Funding of Tranche IV is subject to approval by Lender’s investment committee in its sole and unfettered discretion.

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