Document:

Right of First Refusal and Co-Sale Agreement

 Exhibit 10.3 
 RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT 
 THIS
RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT (this “Agreement”) is made as of the 1st day of August, 2008, by and among Proto Labs, Inc., a Minnesota corporation (the “Company”), the Investors listed on Schedule A and the Key Holders listed on
Schedule B. 
 A. The Company and North Bridge Growth Equity I, L.P., a Delaware limited partnership (“North
Bridge”), are parties to the Series A Preferred Stock Purchase Agreement, of even date herewith (the “Purchase Agreement”), pursuant to which North Bridge, an Investor, has agreed to purchase shares of the Series A
Preferred Stock of the Company, $.001 par value per share (“Series A Preferred Stock”). 
 B. The Key Holders
and the Company desire to further induce North Bridge to purchase the Series A Preferred Stock. 
 NOW, THEREFORE, the Company,
the Key Holders and the Investors agree as follows: 
 1. Definitions. 

“Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly, controls, is
controlled by or is under common control with such Person, including without limitation any general partner, managing member, officer or director of such Person, or any venture capital fund now or hereafter existing that is controlled by one or more
general partners or managing members of, or shares the same management company with, such Person. 
 “Capital
Stock” means (a) shares of Common Stock and Series A Preferred Stock (whether now outstanding or hereafter issued in any context), (b) shares of Common Stock issued or issuable upon conversion of Series A Preferred Stock and
(c) shares of Common Stock issued or issuable upon exercise or conversion, as applicable, of stock options, warrants or other convertible securities of the Company, in each case now owned or subsequently acquired by any Key Holder, any
Investor, or their respective successors or permitted transferees or assigns. For purposes of the number of shares of Capital Stock held by an Investor or Key Holder (or any other calculation based thereon), all shares of Series A Preferred Stock
shall be deemed to have been converted into Common Stock at the then-applicable conversion ratio as set forth in the Company’s Amended and Restated Articles of Incorporation. 

“Common Stock” means shares of Common Stock of the Company, $.001 par value per share. 

“Company Notice” means written notice from the Company notifying the selling Key Holder that the Company intends to
exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Transfer. 

“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic
partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

  

					
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 “Investor Notice” means written notice from an Investor notifying the
Company and the selling Key Holder that such Investor intends to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed Transfer. 

“Investors” means the Persons listed on Schedule A hereto, each Person to whom the rights of an Investor are
assigned pursuant to Section 6.8 and any one of them, as the context may require. 
 “Key Holders”
means the Persons listed on Schedule B hereto, each Person to whom the rights of a Key Holder are assigned pursuant to Section 3.1, each Person who hereafter becomes a signatory to this Agreement pursuant to
Section 6.8 or 6.14 and any one of them, as the context may require. 
 “Major Holder Notice” means
written notice from a non-selling Major Holder notifying the Company and the selling Key Holder that such non-selling Major Holder intends to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed
Transfer. 
 “Major Holders” means the Persons identified as “Major Holders” on
Schedule B hereto. 
 “Person” means any individual, corporation, partnership, trust, limited
liability company, association or other entity. 
 “PIC” means Protomold Investment Company, LLC, a Minnesota
limited liability company. 
 “Proposed Transfer” means any assignment, sale, offer to sell, pledge, mortgage,
hypothecation, encumbrance, disposition of or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Key Holders representing in excess of 0.1% of the issued and then outstanding Common Stock
(calculated on a fully diluted, as converted or exercised basis). 
 “Proposed Transfer Notice” means written
notice from a Key Holder setting forth the terms and conditions of a Proposed Transfer. 
 “Prospective
Transferee” means any Person to whom a Key Holder proposes to make a Proposed Transfer. 
 “Right of
Co-Sale” means the right, but not an obligation, of an Investor to participate in a Proposed Transfer on the terms and conditions specified in the Proposed Transfer Notice. 

“Right of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees or
assigns, to purchase some or all of the Transfer Stock with respect to a Proposed Transfer, on the terms and conditions specified in the Proposed Transfer Notice. 

  

					
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 “Secondary Notice” means written notice from the Company notifying the
Investors and Major Holders that the Company does not intend to exercise its Right of First Refusal as to all shares of Transfer Stock with respect to any Proposed Transfer. 
 “Secondary Refusal Right” means the right, but not an obligation, of each Investor and non-selling Major Holder to purchase any Transfer Stock not purchased pursuant to the Right of First
Refusal, in an amount up to such Investor’s or non-selling Major Holder’s pro rata portion (based upon the total number of shares of Capital Stock then held by all Investors and Major Holders), on the terms and conditions specified in the
Proposed Transfer Notice. 
 “Transfer Stock” means shares of Capital Stock owned by a Key Holder, or issued to
a Key Holder after the date hereof (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), but does not include (a) any shares of Series A Preferred Stock, (b) any
shares of Common Stock issued or issuable upon conversion of Series A Preferred Stock, or (c) any shares of Capital Stock owned by PIC. 
 “Undersubscription Notice” means written notice from an Investor or non-selling Major Holder notifying the Company and the selling Key Holder that such Investor or non-selling Major
Holder intends to exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant to the Right of First Refusal or the Secondary Refusal Right. 
 2. Agreement Among the Company, the Investors and the Key Holders. 
 2.1
Right of First Refusal. 
 (a) Grant. Subject to the terms of Section 3 below, each Key Holder hereby
unconditionally and irrevocably grants to the Company a Right of First Refusal to purchase all or any portion of Transfer Stock that such Key Holder may propose to transfer in a Proposed Transfer, at the same price and on the same terms and
conditions as those offered to the Prospective Transferee. 
 (b) Notice. Each Key Holder proposing to make a Proposed
Transfer must deliver a Proposed Transfer Notice to the Company and to each Investor and non-selling Major Holder. Such Proposed Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the
Proposed Transfer and the identity of the Prospective Transferee. To exercise its Right of First Refusal under this Section 2, the Company must deliver a Company Notice to the selling Key Holder within 15 days after the selling Key
Holder delivers the Proposed Transfer Notice to the Company. 
 (c) Grant of Secondary Refusal Right to Investors and
Non-Selling Major Holders. Subject to the terms of Section 3 below, each Key Holder hereby unconditionally and irrevocably grants to the Investors and non-selling Major Holders a Secondary Refusal Right to purchase all or any portion
of the Transfer Stock not purchased by the Company pursuant to its Right of First Refusal, as provided in this Section 2.1(c). If the Company does not intend to exercise its Right of First Refusal with respect to all Transfer Stock
subject to a Proposed Transfer, the Company must deliver a Secondary Notice to the selling Key Holder and to each Investor and non-selling Major Holder no later than 20 days after the selling Key Holder delivers the Proposed Transfer Notice to the
Company. To exercise its Secondary 

  

					
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Refusal Right, an Investor or non-selling Major Holder must deliver an Investor Notice or a Major Holder Notice, as the context may require, to the selling Key Holder and the Company no later
than 30 days after the Company delivers the Secondary Notice to the selling Key Holder and to each Investor and non-selling Major Holder (the “Secondary Notice Period”). 

(d) Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company, the Investors and/or the
non-selling Major Holders with respect to some but not all of the Transfer Stock by the end of the Secondary Notice Period, then the Company shall, promptly after the expiration of the Secondary Notice Period, send written notice (the
“Company Undersubscription Notice”) to those Investors and non-selling Major Holders who fully exercised their Secondary Refusal Right within the Secondary Notice Period (the “Exercising Shareholders”). Each
Exercising Shareholder shall, subject to the provisions of this Section 2.1(d), have an additional option to purchase all or any part of the balance of any such remaining unsubscribed shares of Transfer Stock on the terms and conditions
set forth in the Proposed Transfer Notice. To exercise such option, an Exercising Shareholder must deliver an Undersubscription Notice to the selling Key Holder and the Company within 10 days after the expiration of the Secondary Notice Period. In
the event there are two or more such Exercising Shareholders that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available, the remaining shares available for purchase under this
Section 2.1(d) shall be allocated to such Exercising Shareholders pro rata based on the number of shares of Capital Stock owned by such Exercising Shareholders (without giving effect to any shares of Transfer Stock that any such
Exercising Shareholder has elected to purchase pursuant to the Company Undersubscription Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Shareholders, the Company shall promptly notify all of the
Exercising Shareholders and the selling Key Holder of that fact. 
 (e) Forfeiture of Rights. Notwithstanding the
foregoing, if the total number of shares of Transfer Stock that the Company, the Investors and the non-selling Major Holders have agreed to purchase in the Company Notice, Investor Notices, Major Holder Notices and Undersubscription Notices is less
than 90% of the total number of shares of Transfer Stock, then the Company, the Investors and the non-selling Major Holders shall be deemed to have forfeited any right to purchase such Transfer Stock, and the selling Key Holder shall be free to sell
all, but not less than all, of the Transfer Stock to the Prospective Transferee on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Proposed Transfer Notice, it being
understood and agreed that (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement, including without limitation the terms and restrictions set forth in Sections 2.2 and 6.8(b); (ii) any
future Proposed Transfer shall remain subject to the terms and conditions of this Agreement, including this Section 2; and (iii) such sale shall be consummated within 90 days after receipt of the Proposed Transfer Notice by the
Company and, if such sale is not consummated within such 90-day period, such sale shall again become subject to the Right of First Refusal and Secondary Refusal Right on the terms set forth herein. 

(f) Consideration; Closing. If the consideration proposed to be paid by the Prospective Transferee for the Transfer Stock is in
property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Company’s Board of Directors and as set forth in the Company Notice. If the Company or

  

					
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any Investor or non-selling Major Holder cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the Company or such Investor or non-selling Major Holder may
pay the cash value equivalent thereof, as determined in good faith by the Board of Directors and as set forth in the Company Notice. The closing of the purchase of Transfer Stock by the Company, the Investors and the non-selling Major Holders shall
take place, and all payments from the Company, the Investors and the non-selling Major Holders shall have been delivered to the selling Key Holder within 90 days after the selling Key Holder delivers the Proposed Transfer Notice. 

2.2 Right of Co-Sale. 
 (a) Exercise of Right. If any Transfer Stock subject to a Proposed Transfer is not purchased pursuant to Section 2.1 above and thereafter is to be sold to a Prospective Transferee, each
respective Investor and PIC may elect to exercise its Right of Co-Sale and participate on a pro rata basis in the Proposed Transfer as set forth in Section 2.2(b) below and otherwise on the same terms and conditions specified in the
Proposed Transfer Notice (provided that if an Investor wishes to sell Series A Preferred Stock, the price set forth in the Proposed Transfer Notice shall be appropriately adjusted based on the conversion ratio of the Series A Preferred Stock into
Common Stock). Each party who desires to exercise its Right of Co-Sale must give the selling Key Holder written notice to that effect (a “Co-Sale Notice”) within 15 days after the deadline for delivery of the Secondary Notice
described above, and upon giving such notice such party shall be deemed to have effectively exercised its Right of Co-Sale. 

(b) Shares Includable. Each party who timely exercises such Investor’s Right of Co-Sale by delivering a Co-Sale Notice may
include in the Proposed Transfer all or any part of such party’s Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed Transfer (excluding shares purchased
pursuant to the Right of First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by such party exercising its Right of Co-Sale immediately before consummation of
the Proposed Transfer (including any shares that such party has agreed to purchase pursuant to the Secondary Refusal Right) and the denominator of which is the total number of shares of Capital Stock owned, in the aggregate, by all Investors and PIC
immediately prior to the consummation of the Proposed Transfer (including any shares that all Investors and PIC have collectively agreed to purchase pursuant to the Secondary Refusal Right), plus the number of shares of Transfer Stock held by the
selling Key Holder. To the extent one or more of the Investors and PIC exercise such Right of Co-Sale, the number of shares of Transfer Stock that the selling Key Holder may sell in the Proposed Transfer shall be correspondingly reduced. 

(c) Delivery of Certificates. Each Investor and PIC shall effect its participation in the Proposed Transfer by delivering to the
transferring Key Holder, no later than 15 days after delivering its Co-Sale Notice, one or more stock certificates, properly endorsed for transfer to the Prospective Transferee, representing: 

(i) the number of shares of Common Stock to be included in the Proposed Transfer; or 

  

					
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 (ii) the number of shares of Series A Preferred Stock that is at such time convertible into
the number of shares of Common Stock that such Investor elects to include in the Proposed Transfer, provided that such Investor must first convert the Series A Preferred Stock into Common Stock and deliver Common Stock as provided above. The Company
agrees to make any such conversion concurrent with and contingent upon the actual transfer of such shares to the Prospective Transferee. 
 (d) Purchase Agreement. The parties hereby agree that the terms and conditions of any sale pursuant to this Section 2.2 will be memorialized in, and governed by, a written purchase and
sale agreement with customary terms and provisions for such a transaction and the parties further covenant and agree to enter into such an agreement as a condition precedent to any sale or other transfer pursuant to this Section 2.2.

 (e) Deliveries. Each stock certificate delivered to the selling Key Holder pursuant to Section 2.2(c)
above will be transferred to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Stock pursuant to the terms and conditions specified in the Proposed Transfer Notice and the purchase and sale agreement,
and the selling Key Holder shall concurrently therewith remit or direct payment to each seller the portion of the sale proceeds to which such seller is entitled by reason of its participation in such sale. If any Prospective Transferee refuses to
purchase securities subject to the Right of Co-Sale from any party exercising its Right of Co-Sale hereunder, no Key Holder may sell any Transfer Stock to such Prospective Transferee unless and until, simultaneously with such sale, such Key Holder
purchases all securities subject to the Right of Co-Sale from such seller on the same terms and conditions (including the proposed purchase price) as set forth in the Proposed Transfer Notice. 

(f) Additional Compliance. If any Proposed Transfer is not consummated within 90 days after receipt of the Proposed Transfer
Notice by the Company, the Key Holders proposing the Proposed Transfer may not sell any Transfer Stock unless they first comply in full with each provision of this Section 2. The exercise or election not to exercise any right by any
Investor or PIC hereunder shall not adversely affect its right to participate in any other sales of Transfer Stock subject to this Section 2.2. 
 2.3 Effect of Failure to Comply. 
 (a) Transfer Void; Equitable
Relief. Any Proposed Transfer not made in compliance with the requirements of this Agreement shall be null and void, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized by the Company. Each party
hereto acknowledges and agrees that any breach of this Agreement would result in substantial harm to the other parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and
irrevocably agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available at law or in equity (including, without limitation, seeking specific performance or the rescission of
purchases, sales and other transfers of Transfer Stock not made in strict compliance with this Agreement). 

  

					
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 (b) Violation of First Refusal Right. If any Key Holder becomes obligated to sell
any Transfer Stock to the Company or any Investor or non-selling Major Holder under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company, such Investor and/or non-selling Major Holder
may, at its option, in addition to all other remedies it may have, send to such selling Key Holder the purchase price for such Transfer Stock as is herein specified and transfer to the name of the Company or such Investor or non-selling Major Holder
(or request that the Company effect such transfer in the name of an Investor or non-selling Major Holder) on the Company’s books the certificate or certificates representing the Transfer Stock to be sold. 

(c) Violation of Co-Sale Right. If any Key Holder purports to sell any Transfer Stock in contravention of the Right of Co-Sale (a
“Prohibited Transfer”), PIC and each Investor who desire to exercise its Right of Co-Sale under Section 2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to
purchase from such Investor and PIC the type and number of shares of Capital Stock that such Investor and PIC would have been entitled to sell to the Prospective Transferee under Section 2.2 had the Prohibited Transfer been effected
pursuant to and in compliance with the terms of Section 2.2. The sale will be made on the same terms and subject to the same conditions as would have applied had the Key Holder not made the Prohibited Transfer, except that the sale
(including, without limitation, the delivery of the purchase price) must be made within 90 days after the Investor or PIC learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Section 2.2. Such Key Holder shall
also reimburse each Investor and PIC for any and all reasonable and documented out-of-pocket fees and expenses, including reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the its rights under
Section 2.2. 
 3. Exempt Transfers and Offerings. 

3.1 Exempted Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 2.1 and
2.2 shall not apply: (a) in the case of a Key Holder that is an entity, upon a transfer by such Key Holder to its shareholders, members, partners or other equity holders, (b) to a repurchase of Transfer Stock from a Key Holder by the
Company at a price no greater than that originally paid by such Key Holder for such Transfer Stock and pursuant to an agreement containing vesting and/or repurchase provisions approved by a majority of the Board of Directors, (c) for any Key
Holder, to a pledge of an amount of such Key Holder’s Transfer Stock that equals no more than 2% of the Company’s then outstanding Common Stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion
of outstanding options, warrants or convertible securities, as if exercised or converted), which creates a mere security interest in the pledged Transfer Stock, provided that (1) the pledgee thereof agrees in writing in advance to be
bound by and comply with all applicable provisions of this Agreement to the same extent as if it were the Key Holder making such pledge, and (2) the pledging Key Holder provides the Company’s Board of Directors with prior written notice of
such pledge, (d) to redemptions of Transfer Stock, or options or warrants to acquire shares of Transfer Stock, from one or more Key Holders by the Company in an amount not to exceed 5% of the fully diluted capital stock of the Company per any
twelve month period beginning on August 1 and ending the next July 31, or (e) in the case of a Key Holder that is a natural person, upon a transfer of Transfer Stock by such Key Holder made for bona fide

  

					
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estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her Immediate Family Members, any other Person approved by the Board of Directors of the
Company, or any custodian or trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly by, such Key Holder or any such Immediate Family Members, provided that in
the case of clauses (a), (c), or (e), the Key Holder shall deliver prior written notice to the Investors and non-selling Major Holders of such pledge, gift or transfer and such shares of Transfer Stock shall at all times remain subject to the terms
and restrictions set forth in this Agreement and such transferee shall, as a condition to such issuance, deliver a counterpart signature page to this Agreement as confirmation that such transferee shall be bound by all the terms and conditions of
this Agreement as a Key Holder (but only with respect to the securities so transferred to the transferee), including the obligations of a Key Holder with respect to Proposed Transfers of such Transfer Stock pursuant to Section 2; and
provided, further, in the case of any transfer pursuant to clause (a) or (e) above, that such transfer is made pursuant to a transaction in which there is no consideration actually paid for such transfer. 

3.2 Exempted Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 2
shall not apply to the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, or (b) pursuant to a Deemed Liquidation Event (as defined in
the Company’s Amended and Restated Articles of Incorporation). 
 3.3 Prohibited Transferees. Notwithstanding the
foregoing, no Key Holder shall transfer any Transfer Stock to (a) any entity that, in the determination of the Company’s Board of Directors, directly or indirectly competes with the Company or (b) any customer, distributor or supplier
of the Company, if the Company’s Board of Directors should determine that such transfer would result in such customer, distributor or supplier receiving information that would place the Company at a competitive disadvantage with respect to such
customer, distributor or supplier. 
 3.4 PIC Transfers. PIC may not transfer, sell, assign, pledge, mortgage,
hypothecate, encumber or otherwise dispose of any shares of its Capital Stock without the prior written consent of the Company’s Board of Directors, such consent not to be unreasonably withheld; provided that any transferee of such shares
shall, if so determined by the Company’s Board of Directors, become a party to this Agreement as a Key Holder as a condition to such transfer. 
 4. Legend. Each certificate representing shares of Transfer Stock held by the Key Holders or issued to any permitted transferee in connection with a transfer permitted hereby shall be endorsed with
a legend reading substantially as follows: 
 THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS
CERTIFICATE IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE SHAREHOLDER, THE COMPANY AND CERTAIN OTHER HOLDERS OF STOCK OF THE COMPANY. COPIES OF
SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

  

					
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 Each Key Holder agrees that the Company may instruct its transfer agent to impose transfer restrictions on
the shares represented by certificates bearing the legend referred to in this Section 4 above to enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon termination of this
Agreement at the request of the holder. 
 5. Lock-Up. 

5.1 Agreement to Lock-Up. Each Key Holder (other than PIC) hereby agrees that it will not, without the prior written consent of
the managing underwriter, during the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”) and ending on the date specified by the Company and the managing
underwriter (such period not to exceed l80 days): (a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration statement for the IPO or (b) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Capital Stock or other securities, in cash or
otherwise. The foregoing provisions of this Section 5 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only be applicable to the Key Holders (other than PIC) if all officers,
directors and holders of more than 1% of the outstanding Common Stock (after giving effect to the conversion into Common Stock of all outstanding Series A Preferred Stock) enter into similar agreements. The underwriters in connection with the IPO
are intended third-party beneficiaries of this Section 5 and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. Each Key Holder (other than PIC) further agrees to execute such
agreements as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5 or that are necessary to give further effect thereto. 

5.2 Stop Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with
respect to the shares of Capital Stock of each Key Holder (other than PIC) (and transferees and assignees thereof) until the end of such restricted period. 
 6. Miscellaneous. 
 6.1 Term. This Agreement shall automatically
terminate upon the earlier of (a) except with respect to Section 5 above, which shall continue as provided therein, immediately prior to the consummation of the sale of shares of Common Stock to the public in a firm-commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (provided that if such a public offering is consummated before August 1, 2012, the offering price shall be at least
$244.12 per share (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization), resulting in at least $40,000,000 of aggregate gross proceeds to the Company), and (b) the
consummation of a Deemed Liquidation Event (as defined in the Company’s Amended and Restated Articles of Incorporation). 

  

					
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 6.2 Stock Split. All references to numbers of shares in this Agreement shall be
appropriately adjusted to reflect any stock dividend, split, combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement. 
 6.3 Ownership. Each Key Holder represents and warrants that such Key Holder is the sole legal and beneficial owner of the shares of Transfer Stock subject to this Agreement and that no other Person
has any interest in such shares. 
 6.4 Notices. All notices and other communications given or made pursuant to this
Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt or: (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business
hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(d) one business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the
respective parties at their address as set forth on Schedule A or Schedule B hereto, or to such email address, facsimile number or address as subsequently modified by written notice given in accordance with this
Section 6.4. If notice is given to the Company, it shall be sent to Proto Labs, Inc., 5540 Pioneer Creek Drive, Maple Plain, MN 55359, Attention: Bradley A. Cleveland; and a copy (which shall not constitute notice) shall also be sent to
Faegre & Benson LLP, 2200 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402, Attention: Robert D. Tyler, and if notice is given to Investors, a copy shall also be given to Weil, Gotshal & Manges LLP, 100 Federal
Street, Floor 34, Boston, MA 02110, Attention: Kevin J. Sullivan, and if notice is given to PIC, it shall be sent to 2600 Eagan Woods Drive, Suite 150, Eagan, MN 55121, Attention: Brian K. Smith, and a copy shall also be sent to Maslon Edelman
Borman & Brand, LLP, 3300 Wells Fargo Center, 90 South Seventh Street, Minneapolis, MN 55402, Attention: Jerome B. Simon. 
 6.5 Entire Agreement. This Agreement (including the Schedules hereto) constitutes the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and
any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

6.6 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement,
upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or
approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the
extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

  

					
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 6.7 Amendment; Waiver and Termination. This Agreement may be amended, modified or
terminated (other than pursuant to Section 6.1 above) and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by
(a) the Company, (b) PIC, (c) the Key Holders (exclusive of PIC) holding a majority of the shares of Transfer Stock then held by all of the Key Holders, and (d) the holders of a majority of the shares of Common Stock issued or
issuable upon conversion of the then outstanding shares of Series A Preferred Stock held by the Investors (voting as a single class and on an as-converted basis). Notwithstanding the foregoing, PIC’s consent to any amendment or waiver shall not
be required if such amendment or waiver does not adversely affect PIC in a manner materially different than the Investors or any other Key Holder; provided that PIC shall be given prompt written notice of any such amendment or waiver to
which PIC did not consent. Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Investors, the Key Holders and all of their respective successors and permitted assigns whether or not such party,
assignee or other shareholder entered into or approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified or terminated and the observance of any term hereunder
may not be waived with respect to any Investor or Key Holder without the written consent of such Investor or Key Holder unless such amendment, modification, termination or waiver applies to all Investors and Key Holders, respectively, in the same
fashion and (ii) the consent of the Key Holders shall not be required for any amendment, modification, termination or waiver if such amendment, modification, termination or waiver does not directly apply to the Key Holders or does not adversely
affect the rights of the Key Holders in a manner different from the effect on the rights of the other parties hereto, and (iii) Schedules A and B hereto may be amended by the Company from time to time in accordance with
Section 1.3 of the Purchase Agreement to add information regarding additional Investors without the consent of the other parties hereto. The Company shall give prompt written notice of any amendment, modification or termination hereof or
waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
 6.8 Assignment of
Rights. 
 (a) The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective
successors and permitted assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 
 (b)
Any successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares of Transfer Stock in accordance with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Page 11	  

 
assignment, a counterpart signature page hereto pursuant to which such successor or permitted assignee shall confirm their agreement to be subject to and bound by all of the provisions set forth
in this Agreement that were applicable to the predecessor or assignor of such successor or permitted assignee. 
 (c) The
rights of the Investors hereunder are not assignable without the Company’s written consent (which shall not be unreasonably withheld, delayed or conditioned), except (i) to any Affiliate or (ii) to an assignee or transferee who
acquires at least 5% of the shares of Capital Stock then held by such Investor, it being acknowledged and agreed that any such assignment, including an assignment contemplated by the preceding clauses (i) or (ii) shall be subject to and
conditioned upon any such assignee’s delivery to the Company and the other Investors of a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to be subject to and bound by all of the provisions set
forth in this Agreement that were applicable to the assignor of such assignee. 
 (d) Except in connection with an assignment
by the Company by operation of law to the acquirer of the Company, the rights and obligations of the Company hereunder may not be assigned under any circumstances. 
 6.9 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision. 

6.10 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Minnesota,
regardless of the laws that might otherwise govern under applicable principles of conflicts of law. The parties hereto agree that any action brought by any party under or in relation to this Agreement, including without limitation to interpret or
enforce any provision of this Agreement, shall be subject to the non-exclusive jurisdiction and venue of any state or federal court located in Minnesota. The parties hereby irrevocably waive, to the fullest extent permitted by applicable law, any
objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each party agrees that a final judgment in any action or
proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity. 
 6.11 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 

6.12 Counterparts; Facsimile. This Agreement may be executed and delivered by facsimile signature and in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 6.13
Specific Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement, each Investor shall be entitled to specific performance of the agreements and obligations of the
Company and the Key Holders hereunder and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction. 

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Page 12	  

 6.14 Additional Key Holders. In the event that after the date of this Agreement, the
Company issues shares of Common Stock, or options to purchase Common Stock, to any employee or consultant, which shares or options would collectively constitute with respect to such employee or consultant (taking into account all shares of Common
Stock, options and other purchase rights held by such employee or consultant) 0.1% or more of the Company’s then outstanding Common Stock (treating for this purpose all shares of Common Stock issuable upon exercise of or conversion of
outstanding options, warrants or convertible securities, as if exercised or converted), the Company shall, as a condition to such issuance, cause such employee or consultant to execute a counterpart signature page hereto as a Key Holder, and such
Person shall thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable to a Key Holder. Schedule B to this Agreement may be updated to reflect such additional party without the consent of the other parties
hereto. 
 6.15 Aggregation of Stock. All shares of Capital Stock held or acquired by Affiliated Persons shall be
aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves in any manner they deem appropriate. 

[Remainder of Page Intentionally Left Blank – Signature Pages Follow] 

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Page 13	  

 IN WITNESS WHEREOF, the parties have executed this Right of First Refusal and Co-Sale
Agreement as of the date first written above. 
  

			
	COMPANY:
	
	PROTO LABS, INC.
		
	By:	 	 /s/ Bradley A. Cleveland

	Name:	 	Bradley A. Cleveland
	Title:	 	President and Chief Executive Officer

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Signature Page	  

 
			
	INVESTORS:
	
	NORTH BRIDGE GROWTH EQUITY I, L.P.
	 By:   North Bridge Growth Management, L.P., its General Partner

	 By:   NBGE GP, LLC, its General Partner

		
	By:	 	         /s/ Douglas Kingsley

	Name:	 	Douglas Kingsley
	Title:	 	Partner

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Signature Page	  

 
			
	KEY HOLDERS:
		
	Signature:	 	 /s/ Lawrence Lukis

	Name: Lawrence Lukis
		
	Signature:	 	 /s/ Bradley A. Cleveland

	Name: Bradley A. Cleveland
		
	Signature:	 	 /s/ Gregg Bloom

	Name: Gregg Bloom
		
	Signature:	 	 /s/ Mark Gilbert

	Name: Mark Gilbert
		
	Signature:	 	 /s/ Mark Kubicek

	Name: Mark Kubicek
		
	Signature:	 	 /s/ Yuri Dreizin

	Name: Yuri Dreizin
		
	Signature:	 	 /s/ Margaret Loftus

	Name: Margaret Loftus
		
	Signature:	 	 /s/ Don Krantz

	Name: Don Krantz
		
	Signature:	 	 /s/ John Tumelty

	Name: John Tumelty
		
	Signature:	 	 /s/ Kevin Crystal

	Name: Kevin Crystal
		
	Signature:	 	 /s/ Brian Lukis

	Name: Brian Lukis

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Signature Page	  

 
			
	Signature:	 	 /s/ Chris Walls-Manning

	Name: Chris Walls-Manning
		
	Signature:	 	 /s/ John Goodman

	Name: John Goodman
		
	Signature:	 	 /s/ Erick Latt

	Name: Erick Latt
		
	Signature:	 	 /s/ Eric Boyd

	Name: Eric Boyd
		
	Signature:	 	 /s/ Matthew Lindner

	Name: Matthew Lindner

  

			
	PROTOMOLD INVESTMENT COMPANY, LLC
		
	By:	 	 /s/ Brian K. Smith

	Name:	 	Brian K. Smith
	Title:	 	Chief Manager

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Signature Page	  

 SCHEDULE A 

INVESTORS 
  

			
	 Name and Address
	 	 
	 North Bridge Growth Equity I, L.P.

950 Winter Street, Suite 4600

Waltham, MA 02451
	 	

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Schedule A	  

 SCHEDULE B 

KEY HOLDERS AND MAJOR HOLDERS 
  

			
	 Name and Address
	  	 
	 Lawrence Lukis*
 125 Westwood
Lane
 Wayzata, MN 55391
	  	
		
	 Protomold Investment Company, LLC*
 2600 Eagan Woods Drive, Suite 150
 Eagan, MN 55121
	  	
		
	 Bradley A. Cleveland*
 4520
Juneau Lane N
 Plymouth, MN 55446
	  	
		
	 Gregg Bloom
 7761 53rd St.
N
 Lake Elmo, MN 55042
	  	
		
	 Mark Gilbert
 1855 Lincoln
Ave.
 St. Paul, MN 55105
	  	
		
	 Mark Kubicek
 17570 Java Ct.
S
 Lakeville, MN 55044
	  	
		
	 Yuri Dreizin
 308 Turnpike
Road
 Golden Valley, MN 55416
	  	
		
	 Margaret Loftus
 18630 Texas
Ave.
 Prior Lake, MN 55372
	  	
		
	 Don Krantz
 7893 Bailey
Dr.
 Eden Prairie, MN 55347
	  	
		
	 John Tumelty
 Yewtree
House
 Myddle, Shropshire 5463RP UK
	  	

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Schedule B	 

			
	 Kevin Crystal
 940 Saddlebrook
Curve
 Chanhassen, MN 55317
	  	
		
	 Brian Lukis

5701 E. Glen Moor Rd.

Minnetonka, MN 55345
	  	
		
	 Chris Walls-Manning
 7960 Cedar
St.
 Greenfield, MN 55373
	  	
		
	 John Goodman
 6686 Pointe Lake
Lucy
 Chanhassen, MN 55317
	  	
		
	 Erick Latt
 107 Meadowlark
Dr.
 Delano, MN 55328
	  	
		
	 Eric Boyd
 4530 Quantico Lane
N
 Plymouth, MN 55446
	  	
		
	 Matthew Lindner
 13205 Bush
Lane
 Eden Prairie, MN 55347
	  	

 * Major Holders 

  

					
	Proto Labs, Inc.: Right of First Refusal and Co-Sale Agreement	  	 	Schedule BManagement Rights Agreement

 Exhibit 10.4 
 MANAGEMENT RIGHTS AGREEMENT 
 Proto Labs, Inc., a Minnesota corporation (the
“Company”) hereby acknowledges and agrees that North Bridge Growth Equity I, L.P., a Delaware limited partnership (the “Fund”), by reason of its purchase of shares of Series A Preferred Stock, par value $.001 per
share, of the Company and as long as it continues to own any such shares, directly and individually has the right to exercise solely on its own behalf the management rights set forth herein. Subject to the limitations and obligations set forth in
Section 3 of that certain Investors’ Rights Agreement, dated as of August 1, 2008, by and among the Company, the Fund and Protomold Investment Company, LLC (but not any requirement the Fund and its affiliates hold any specified amount
of the Company’s securities) , the Company hereby agrees that each Fund separately has the following management rights: 
  

	 	(a)	to receive the same information as is provided to members of the board of directors of the Company and its majority-owned subsidiaries; 

 

	 	(b)	to obtain income statements, balance sheets, budgets, business plans and other financial information, and to inspect books and records, of the Company and its
majority-owned subsidiaries; and 

  

	 	(c)	upon a reasonable request and at reasonable times during normal business hours, to meet and consult with management of the Company or any of its majority-owned
subsidiaries with respect to the business of the Company and its majority owned subsidiaries. 

 The Company agrees that the Fund
shall have the right, in its sole discretion, to designate one or more individuals or other persons to exercise the Fund’s management rights. 
 The aforementioned management rights are intended to satisfy the requirement of management rights for purposes of qualifying the Fund’s ownership of stock in the Company as a “venture capital
investment” for purposes of the U.S. Department of Labor “plan asset” regulations, 29 C.F.R. § 2510.3-101, and in the event the aforementioned management rights are not satisfactory for such purpose, the Company and the Fund
shall reasonably cooperate in good faith to agree upon mutually satisfactory management rights that satisfy such regulations. 
 The rights and
covenants described herein shall terminate and be of no further force or effect upon (i) the date of the closing of the sale of shares of the Company’s Common Stock, $.001 par value per share (“Common Stock”), to the
public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, in which the Series A Preferred Stock is converted into Common Stock, (ii) the date of the
closing of a sale, lease, or other disposition of all or substantially all of the Company’s assets or the Company’s merger into or consolidation with any other corporation or other entity, or any other corporate reorganization, in which
the holders of the Company’s outstanding voting stock 

  
 1 

 
immediately prior to such transaction own, immediately after such transaction, securities representing less than 50% of the voting power of the corporation or other entity surviving such
transaction, which is made for independent business reasons unrelated to extinguishing management rights, provided that this provision shall not apply to a merger effected exclusively for the purpose of changing the domicile of the Company,
or (iii) at such time as the Fund and any of its affiliates shall sell or otherwise relinquish all of the outstanding stock owned by the Fund and its affiliates in the Company. 
 The rights of the Fund hereunder are not assignable without the Company’s written consent (which shall not be unreasonably withheld, delayed or conditioned). 

This Management Rights Agreement may be amended or modified only by a written instrument executed by the Company and the Fund. 

[Signature Page Follows] 

  
 2 

 IN WITNESS WHEREOF, the undersigned has executed this Management Rights Agreement as of the
date first written above. 
  

			
	PROTO LABS, INC.
		
	By:	 	 /s/ Bradley A. Cleveland

	Name:	 	Bradley A. Cleveland
	Title:	 	President and Chief Executive Officer

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