Document:

EX-4.1

 Exhibit 4.1 

THIS WARRANT HAS BEEN, AND THE SHARES OF COMMON STOCK WHICH MAY BE RECEIVED PURSUANT TO THE EXERCISE OF THIS WARRANT WILL BE, ACQUIRED SOLELY FOR INVESTMENT
AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY DISTRIBUTION THEREOF. NEITHER THIS WARRANT NOR SUCH SHARES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES
LAWS. SUCH SECURITIES MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH DISPOSITION IS EXEMPT FROM THE
REGISTRATION REQUIREMENTS OF THE ACT AND ANY REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE SECURITIES LAWS. 
 Dated as
of September 1, 2011 
 WARRANT TO PURCHASE COMMON
STOCK 
  
  

This Warrant to Purchase Common Stock (the “Warrant”) certifies that, for good and valuable consideration,
[                    ] (along with its permitted assignees, the “Holder”) is entitled to, and GI DYNAMICS,
INC., a Delaware corporation (the “Company”), hereby grants the Holder the right to, purchase, as of the date set forth above (the “Warrant Date”),
[                    ] fully paid and nonassessable shares of Common Stock, par value $0.01 (“Common Stock”), of the Company
(as adjusted pursuant to Section 3 hereof) (the “Warrant Shares”) at a price per share equal to A$5.50 (as adjusted pursuant to Section 3) (the “Exercise Price”). This Warrant is one of a
number of warrants issued pursuant to the Offer Management Agreement (the “OMA”) dated as of August 3, 2011 by and between the Company and Inteq Limited. 
  

	1.	Exercise; Payment. 

 (a) Exercise Period. This Warrant may be
exercised in whole or part by the Holder during the term (as set forth in Section 8) and in compliance with the provisions of this Warrant at any time after the Warrant Date, by the surrender of this Warrant (with the notice of exercise form
attached hereto as Exhibit A (the “Notice of Exercise”) duly executed) to the Company at the address set forth on the signature page hereto. If this Warrant shall have been exercised in part, the Company shall, at the
time of delivery of the certificate or certificates representing Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the then unpurchased Warrant Shares, which new Warrant shall in all other respects
be identical with this Warrant, or at the request of the Holder, appropriate notation may be made on this Warrant and the same returned to the Holder. 

(b) Cash Exercise. Upon exercise of this Warrant, the Holder shall pay the Company an amount (the “Exercise
Payment”) equal to the product of the Exercise Price multiplied by the total number of Warrant Shares purchased pursuant to such exercise of this Warrant, by wire transfer of immediately available funds or check payable to the
order of the Company. The Holder shall be deemed to have become the holder of record of, and shall be treated for 

 
all purposes as the record holder of, the Warrant Shares represented by such exercise (and such Warrant Shares shall be deemed to have been issued) immediately prior to the close of business on
the date upon which the Notice of Exercise is delivered to the Company or, if later, the date upon which the Exercise Payment is paid to the Company. 

(c) Net Exercise. The Exercise Payment also may also be paid at the Holder’s election by surrender of all or a
portion of the Warrant for Warrant Shares to be exercised under this Warrant (“Net Exercise”). If the Holder elects the Net Exercise method, the Company will issue Warrant Shares in accordance with the following formula: 

 

							
	X	 	=	 	 Y(A-B)
	 	
		 		 	A	 	

 Where: 
  

					
	X	 	=	  	the number of Warrant Shares to be issued upon the Net Exercise of the Warrant
			
	Y	 	=	  	the number of Warrant Shares to be surrendered
			
	A	 	=	  	the fair market value of one (1) share of Common Stock on the date of exercise of this Warrant
			
	B	 	=	  	the Exercise Price

 For purposes of the above calculation, fair market value of Common Stock shall mean the following
(“Fair Market Value”): 
 (i) if CHESS Depository Interests representing interests in shares of the
Company’s Common Stock (“CDIs”) are then quoted on the Australian Securities Exchange (“ASX”), then the fair market value per share of Common Stock shall be equal to the result obtained by
multiplying (A) the volume weighted average price of one CDI in Australian dollars over five (5) consecutive trading days ending three days before the day the Fair Market Value is being determined by
(B) the number of CDIs (or fraction thereof) which equal an interest in exactly one share of Common Stock on such dates; 

(ii) if CDIs are not then quoted on the ASX, then if the Common Stock is traded on another securities exchange, the Fair Market
Value shall be deemed to be the average of the closing prices of the Common Stock over the five (5) consecutive trading days ending three days before the day the Fair Market Value is being determined; 

(iii) if CDIs are not then quoted on the ASX and the Common Stock is not then traded on another securities exchange, then if
the Common Stock is traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid and asked prices quoted on the principal market on which or through which the Common Stock is traded over the five
(5) consecutive trading days ending three days before the day the Fair Market Value is being determined; 
 (iv) if CDIs
are not then quoted on the ASX and the Common Stock is not then listed on any securities exchange or traded in the over-the-counter market, the Fair Market Value of the Common Stock shall be the highest price per share of Common Stock which the
Company could reasonably obtain from a willing buyer (other than an employee, director or “Affiliate” of the Company, as such term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities
Act”)) for Common Stock sold by the Company, as determined in good faith by its Board of Directors (which determination shall take into consideration any available appraisals); 

  
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 If any of the amounts used to calculate the Fair Market Value are expressed in Australian dollars and not United
States Dollars, then each such amount shall be converted into United States Dollars based on the closing exchange rate published by the Reserve Bank of Australia in their Official Bulletin at 4pm for the applicable date. The amounts used to
calculate the Fair Market Value shall be equitably adjusted for the occurrence of any of the events for which an adjustment would be made pursuant Section 3 but which is not otherwise fully reflected in the Fair Market Value calculation. 

(d) Election to receive CDIs. The Holder may include in their notice of exercise, the election to receive the
corresponding number of CDIs for the Warrant Shares. In such case, the Holder may nominate a CHESS account or accounts for those CDIs to be issued into. 

(e) Stock Certificates. In the event of the exercise of this Warrant, certificates for the Warrant Shares so purchased
(or in the event that CDIs were elected, a Holding Statement to certify that CDIs were issued) shall be delivered to the Holder within a reasonable time (and in no event more than 5 Business Days) after the Notice of Exercise is delivered to the
Company, or if later, after the Exercise Payment is paid to the Company. 
  

	2.	Stock Fully Paid; Reservation of Shares. All of the Common Stock issuable upon the exercise of this Warrant, upon issuance and receipt by the Company of the Exercise Price therefor (or upon Net Exercise thereof,
as provided in Section 1(c)), shall be fully paid and nonassessable, and free from all preemptive rights, rights of first refusal or first offer, taxes, liens and charges with respect to the issuance thereof. During the period within which the
rights represented by this Warrant may be exercised, the Company shall at all times have authorized and reserved for issuance a sufficient number of shares of its Common Stock to provide for the exercise of this Warrant. 

 

	3.	Adjustment of Exercise Price and Number of Shares. The number and kind of Warrant Shares to be issued upon the exercise of this Warrant and the Exercise Price payable therefor shall be subject to adjustment from
time to time in accordance with the Listing Rules of ASX upon the occurrence of certain events as described in this Section 3, or if the Listing Rules of the ASX are amended after the date of issue of this Warrant, the number of Warrant Shares
issuable on exercise of this Warrant shall be subject to adjustment in accordance with the Company’s obligations under the ASX Listing Rules as modified by the amendment. In furtherance of the foregoing: 

(a) Reclassification, Consolidation or Reorganization. In case of any reclassification of the Common Stock (other than a
change in par value, or as a result of a subdivision or 

  
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combination), or in case of any consolidation or merger of the Company with or into another corporation or sale of all or substantially all of the Company’s assets (any of which is a
“Reorganization Transaction”), the Company, or such successor corporation as the case may be, shall execute a new warrant, providing that the Holder shall have the right to exercise such new warrant, and procure upon such
exercise and payment of the same aggregate Exercise Price, in lieu of the Warrant Shares then issuable upon exercise of this Warrant, the kind and amount of shares of stock, other securities, money and property as would be received by the Holder for
such Warrant Shares as if such Warrant Shares were outstanding immediately prior to the consummation of the Reorganization Transaction. 

(b) Subdivisions and Combinations. In the event that the Company shall at any time subdivide the outstanding shares of
Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such subdivision shall be increased in the same ratio as the outstanding shares of Common Stock and the Exercise Price shall be decreased in
inverse proportion to that ratio. In the event that the Company shall at any time combine the outstanding shares of Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall be
decreased in the same proportion as the outstanding shares of Common Stock and the Exercise Price shall be increased in inverse proportion to that ratio, effective at the close of business on the date of such subdivision or combination, as the case
may be. 
 (b) Return of capital. In the event that the Company makes a distribution to the holders of the Common
Stock, the number of Warrant Shares issuable on exercise of this Warrant shall remain the same, and the Exercise Price of each Warrant Share shall be reduced by the same amount as the amount distributed in relation to each share of Common Stock.

 (c) Stock dividends. In the event that the Company pays a pro-rata dividend, payable only in shares of Common
Stock, to the holders of outstanding shares of Common Stock, the number of Warrant Shares issuable on exercise of this Warrant will be increased by the number of additional shares of Common Stock which the holder of this Warrant would have received
if this Warrant had been exercised before the record date for the stock dividend. 
 (d) Other Changes. In the event
of any other change to the capital structure of the Common Stock, the number of Warrant Shares issuable on exercise of this Warrant or the Exercise Price, or both, must (a) to the extent that the ASX Listing Rules prescribe how the Warrants
must be treated as a result of the change, be adjusted in accordance with the requirements imposed by the ASX Listing Rules or (b) if the ASX Listing Rules do not prescribe the manner in which the adjustment is to be made, the number of Warrant
Shares issuable on exercise of the Warrant or the Exercise Price, or both, will be proportionately changed so that the holder of this Warrant will not receive a benefit that holders of the Common Stock do not receive. Notice of Adjustment.
Upon any adjustment of the Exercise Price, and/or any increase or decrease in the number of Warrant Shares, the Company shall give written notice thereof to the Holder of the Warrant at the last address of the Holder herein. The notice, shall state
the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of Warrant Shares issuable on exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. 

  
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 (e) Notice of Corporate Action. If at any time: 

(i) the Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend (other than a
cash dividend payable out of earnings or earned surplus legally available for the payment of dividends under the laws of the jurisdiction of incorporation of the Company) or other distribution, or any right to subscribe for or purchase any evidences
of its indebtedness, any shares of stock of any class or any other securities or property, or to receive any other right; or 
 (ii) there
shall be any Reorganization Transaction; or 
 (iii) there shall be a voluntary or involuntary dissolution, liquidation or winding up of the
Company, 
 then, in any one or more of such cases, the Company shall give to the Holder (i) at least five-days’ prior written
notice of the date on which a record date shall be selected for such dividend, distribution or right or for determining rights to vote in respect of any such Reorganization Transaction or such dissolution, liquidation or winding up, and (ii) in
the case of any such Reorganization Transaction or such dissolution, liquidation or winding up, at least five-days’ prior written notice of the date when the same shall take place. Such notice in accordance with the foregoing clause also shall
specify (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, the date on which the holders of Common Stock shall be entitled to any such dividend, distribution or right, and the amount
and character thereof, and (ii) the date on which any such Reorganization Transaction or such dissolution, liquidation or winding up is to take place and the time, if any such time is to be fixed, as of which the holders of Common Stock shall
be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such Reorganization Transaction or such dissolution, liquidation or winding up. Each such written notice shall be sufficiently given if addressed
to the Holder at the last address of the Holder appearing on the books of the Company and delivered in accordance with Section 10(d). 
  

	4.	Investment Representations of Holder; Transfer of Warrant and Resale of Warrant Shares. 

(a) Holder represents and warrants to the Company that: 

(i) it is an “Accredited Investor” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act; and

 (ii) it has the ability to bear the economic risks of such Holder’s prospective investment, including a complete loss of
Holder’s investment in the Warrants and the Warrant Shares; 

  
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 (iii) the Warrants and the Warrant Shares are purchased for the Holder’s own account, and
not with view to distribution of either the Warrants or any securities purchasable upon exercise thereof; provided however that the Holder may transfer the Warrant and any Warrant Shares to any Affiliate of the Holder; 

This Warrant will be freely tradeable in whole or in part and only be subject to federal and state securities laws and any escrow imposed by the ASX. 

(b) At the time of the surrender of this Warrant in connection with any transfer of this Warrant or the resale of the Warrant
Shares (except to an Affiliate), the Company may require, as a condition of allowing such transfer (i) that the Holder or transferee of this Warrant or the Warrant Shares as the case may be, furnish to the Company a written opinion of counsel
that is reasonably acceptable to the Company to the effect that such transfer may be made without registration under the Securities Act or qualification under any state securities laws and (ii) that the Holder or transferee execute and deliver
to the Company an investment representation letter in form and substance acceptable to the Company and substantially in the form of Exhibit B hereto. Transfer of this Warrant and all rights hereunder, in whole or in part, in accordance with
the foregoing provisions, shall be registered on the books of the Company to be maintained for such purpose, upon surrender of this Warrant at the principal office of the Company or the office or agency designated by the Company, together with a
written assignment of this Warrant substantially in the form of Exhibit C hereto duly executed by the Holder or its attorney-in-fact. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or
Warrants in the name of the assignee or assignees and in the denomination specified in such instrument of assignment, and shall issue to the Holder a new warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall be
deemed cancelled. 
  

	5.	Legend. 

 (a) Each certificate evidencing the Warrant Shares issued upon
exercise of this Warrant shall be stamped or imprinted with a legend substantially in the following form: 
 THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE
OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 

(b) Removal of Legend and Transfer Restrictions. Any legend endorsed on a certificate pursuant to this Section 5
shall be removed, and the Company shall issue a certificate without such legend to the holder of such Warrant Shares if (i) such Warrant Shares are resold pursuant to an effective registration statement under the Securities Act, (ii) if
such holder satisfies the requirements of Rule 144(b)(i) under the Securities Act or (iii) if 

  
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such holder provides the Company with an opinion of counsel for such holder of the Warrant Shares, in form and substance reasonably satisfactory to the Company, to the effect that a sale,
transfer or assignment of such Warrant Shares may be made without registration and that upon such sale, transfer or assignment such Warrant Shares will not be deemed “restricted securities,” as such term is defined in Rule 144 under the
Securities Act. 
  

	6.	Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment therefor upon the basis
of the Exercise Price then in effect. 

  

	7.	Rights of Stockholders. The Holder shall not be entitled to vote or receive dividends or subscription rights (including any pro rata participation or subscription rights) or be deemed the holder of Common Stock
or any other securities of the Company which may at any time be issuable on the exercise of this Warrant for any purpose, nor shall anything contained herein be construed to confer upon the Holder any of the rights of a stockholder of the Company or
any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of
stock, change of par value, consolidation, merger, conveyance, or otherwise) with respect to the Warrant Shares until this Warrant shall have been exercised and the Warrant Shares purchasable upon the exercise of this Warrant shall have become
deliverable, as provided in Section 1(b). 

  

	8.	Term of Warrant. This Warrant shall become exercisable on the Warrant Date and shall terminate and no longer be exercisable from and after 5:00 p.m., Eastern Time, on the date that is the fifth (5th) anniversary of the Warrant Date. 

  

	9.	Registry of Warrants. The Company shall maintain a registry showing the name and address of the registered holder of this Warrant. Holder’s initial address, for purposes of such registry, is set forth below
Holder’s signature on this Warrant. Holder may change such address by giving written notice of such changed address to the Company. 

  

	10.	Miscellaneous. 

 (a) This Warrant is being delivered in the Commonwealth
of Massachusetts, United States and shall be construed and enforced in accordance with and governed by the laws of the Commonwealth of Massachusetts, without giving effect to principles of conflicts of laws. 

(b) The headings in this Warrant are for purposes of reference only, and shall not limit or otherwise affect any of the terms
hereof. 
 (c) The terms of this Warrant shall be binding upon and shall inure to the benefit of any successors or assigns of
the Company and of the Holder and of the Warrant Shares issued or issuable upon the exercise hereof. 
 (d) Any notice
provided for or permitted under this Warrant shall be treated as having been given (i) upon receipt, when delivered personally, (ii) one day after sending, when sent by commercial overnight courier with written verification of receipt,
(iii) upon confirmed 

  
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transmission when sent via facsimile on a business day prior to 5:00 pm local time or, if sent after 5:00 pm local time, the next business day after confirmed transmission, or (iv) three
business days after deposit with the United States Postal Service, when mailed postage prepaid by certified or registered mail, return receipt requested, in each case, addressed to the address or facsimile number set forth on the signature pages
hereof or as otherwise furnished in writing. 
 (e) This Warrant and the OMA constitute the full and entire understanding and
agreement between the parties with regard to the matters contained herein. 
 (f) Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company or,
in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company at the Holder’s expense will execute and deliver to the holder of record, in lieu thereof, a new Warrant of like date and tenor. 

(g) This Warrant and any provision hereof may be amended, waived or terminated only by an instrument in writing signed by the
Company and the Holder. 
 [continued and to be signed on following page] 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly
authorized officer, all as of the day and year first above written. 
 COMPANY: 

 

			
	GI DYNAMICS, INC.
	a Delaware corporation
		
	By:	 	  

	Name:	 	Robert Crane
	Title:	 	CFO and Company Secretary

  

					
		 	Notice Address:	  	GI Dynamics, Inc.
		 		  	25 Hartwell Avenue
		 		  	Lexington, MA 02421

 WARRANTHOLDER: 
  

			
	By:	 	  

		
	Title:	 	  

  

			
		 	Notice Address:

  
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 EXHIBIT A 

NOTICE OF EXERCISE 

 

			
	TO:	 	GI DYNAMICS, INC.
		 	  

		 	  

 1. Cash Exercise. The undersigned hereby elects to purchase
                 shares of Common Stock, par value $0.01 per share (“Common Stock”), of GI DYNAMICS, INC., a Delaware corporation (the
“Company”) pursuant to the terms of Section 1(b) of the Warrant to Purchase Common Stock dated
                    , (the “Warrant”), and tenders herewith payment of the Exercise Price (as such term is defined in
the Warrant) therefor. 
 2. Net Exercise. The undersigned hereby elects to effect a Net Exercise for
             shares of Common Stock pursuant to Section 1(c) of the Warrant. 

Please issue a certificate or certificates representing said
                 shares of Common Stock in the name of the undersigned or in such other name as is specified below: 

 

							
	Name:	 	  
	 		 	
				
	Address:	 	  
	 		 	
				
		 	  
	 		 	

 3. CDI Election. By initialing here, the undersigned hereby elects to receive the number of CHESS Depository Interest
corresponding to the shares of Common Stock noted above in lieu of the shares of Common Stock otherwise issuable:                      

The undersigned hereby represents and warrants that the aforesaid shares of Common Stock or CDIs, as the case may be, are being acquired for
the account of the undersigned for investment and not with a view to, or for resale, in connection with the distribution thereof, and that the undersigned has no present intention of distributing or reselling such shares. 

 

			
	  

		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

		
	Date:	 	  

 EXHIBIT B 

FORM OF INVESTMENT REPRESENTATION LETTER 

In connection with the acquisition of [a warrant to purchase (the ‘Warrant”)]
                 shares of Common Stock of GI DYNAMICS, INC. (the “Company”), par value $0.01 per share (or CHESS Depository Interests
representing the same, the “Common Stock”), by                      (the “Holder”) from
                    , the Holder hereby represents and warrants to the Company as follows: 

The Holder has such knowledge and experience in financial and business matters that the Holder is capable of evaluating the merits and risks of an investment
in the [Warrant and the shares of Common Stock issuable upon the exercise thereof/Common Stock] (collectively, the “Securities”); and, has the ability to bear the economic risks of such Holder’s investment, including a complete loss
of the Holder’s investment in Securities. 
 The Holder, by acceptance of the Securities, represents to the Company that the Securities are purchased
for the Holder’s own account, and not with view to distribution of the Securities in violation of applicable securities laws. 
 The Holder
acknowledges that (i) the Securities have not been registered under the Securities Act of 1933, as amended (the “ Act”), (ii) the certificate(s) representing the Securities shall bear a legend as set forth in the Warrant until
such Securities shall have been registered for resale by the Holder under the Act that has been declared effective by the Securities Exchange Commission; or (ii) in the opinion of counsel in form and substance reasonably satisfactory to the
Company, such Securities may be sold without registration under the Act. 
 IN WITNESS WHEREOF, the Holder has caused this Investment Representation Letter
to be executed in its corporate name by its duly authorized officer this     day of              20    . 

 

			
	[Name]	 	
		
	By:	 	  

		
	Name:	 	
		
	Title:	 	

 EXHIBIT C 

ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned owner of this Warrant for the purchase of shares of Common Stock of GI DYNAMICS, INC., a Delaware corporation (the
“Company”) hereby sells, assigns and transfers unto the assignee named below all of the rights of the undersigned under this Warrant, with respect to the number of shares of Common Stock set forth below: 

 

	
	  

	
	  

	
	  

	(Name and Address of Assignee)
	
	  

	(Number of Shares of Common Stock)

 and does hereby irrevocably constitute and appoint
                     attorney-in-fact to register such transfer on the books of the Company, maintained for the purpose, with full power of
substitution in the premises. 
  

			
	Dated:	 	  

	
	  

		
	BY:	 	  

		 	    (Print Name and Title)
	
	  

		 	    (Signature)EX-10.1

 Exhibit 10.1 

GI DYNAMICS, INC. 
 2011
EMPLOYEE, DIRECTOR AND CONSULTANT EQUITY INCENTIVE PLAN 
  

	1.	DEFINITIONS. 

 Unless otherwise specified or unless the context otherwise requires, the
following terms, as used in this GI Dynamics, Inc. 2011 Employee, Director and Consultant Equity Incentive Plan, have the following meanings: 

Administrator means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the
Administrator means the Committee. 
 Affiliate means a corporation which, for purposes of Section 424 of the Code, is a parent
or subsidiary of the Company, direct or indirect. 
 Agreement means an agreement between the Company and a Participant delivered
pursuant to the Plan and pertaining to a Stock Right, in such form as the Administrator shall approve. 
 ASX means ASX Limited ACN
008 624 691 or the market it operates, as the context requires. 
 ASX Listing Rules means the Listing Rules of ASX and any other
rules of ASX which are applicable while the Company is admitted to the official list of ASX, each as amended or replaced from time to time, except to the extent of any express written waiver by ASX. 

ASX Settlement means ASX Settlement Pty Limited (ABN 49 008 504 532). 

ASX Settlement Operating Rules means the settlement and operating rules of the settlement facility providing by ASX Settlement. 

Board of Directors means the Board of Directors of the Company. 

Cause means, with respect to a Participant (a) dishonesty with respect to the Company or any Affiliate, (b) insubordination,
substantial malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or similar
agreement between the Participant and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate; provided, however, that any provision in an agreement between a Participant and the
Company or an Affiliate, which contains a conflicting definition of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with respect to that Participant. The determination of the
Administrator as to the existence of Cause will be conclusive on the Participant and the Company. 

 CDIs means CHESS Depositary Interests representing an interest in one-fifth of a Share.

 CHESS Depositary Interests has the meaning given to that term in the ASX Settlement Operating Rules, 

Code means the United States Internal Revenue Code of 1986, as amended including any successor statute, regulation and guidance thereto.

 Committee means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or
pursuant to the provisions of the Plan. 
 Common Stock means shares of the Company’s common stock, $.01 par value per share
(which will at all times while the Company is listed on ASX trade on ASX in the form of CDIs). 
 Company means GI Dynamics, Inc., a
Delaware corporation. 
 Consultant means any natural person who is an advisor or consultant that provides bona fide services to the
Company or its Affiliates, provided that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do not directly or indirectly promote or maintain a market for the Company’s or its
Affiliates’ securities. 
 Disability or Disabled means permanent and total disability as defined in Section 22(e)(3)
of the Code. 
 Employee means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also
serving as an officer or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more Stock Rights under the Plan. 

Exchange Act means the United States Securities Exchange Act of 1934, as amended. 

Fair Market Value of a Share of Common Stock means: 

(1) If the Common Stock is listed or quoted on a securities exchange (including without limitation ASX) or traded in the
over-the-counter market and sales prices are regularly reported for the Common Stock, the closing price or, if not applicable, the last price of a share of Common Stock as quoted on that securities exchange constituting the primary market for the
Common Stock, as reported in The Wall Street Journal, the Australian Financial Review or such other source as the Company deems reliable and if such applicable date is not a trading day, the last market trading day prior to such date;

 (2) If the Common Stock is not traded on a securities exchange but is traded on
the over-the-counter market, if sales prices are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for the Common Stock are regularly reported, the mean between the bid and the
asked price for the Common Stock at the close of trading in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and if such applicable date is not a trading day, the last market trading day prior
to such date; and 
 (3) If the Common Stock is neither listed on a securities exchange nor traded in the over-the-counter
market, such value as the Administrator, in good faith, shall determine. 
 ISO means an option intended to qualify as an incentive
stock option under Section 422 of the Code. 
 Non-Qualified Option means an option which is not intended to qualify as an ISO.
Option means an ISO or Non-Qualified Option granted under the Plan. 
 Participant means an Employee, director or Consultant of the
Company or an Affiliate to whom one or more Stock Rights are granted under them Plan. As used herein, “Participant” shall include “Participant’s Survivors” where the context requires. 

Plan means this GI Dynamics, Inc. 2011 Employee, Director and Consultant Equity Incentive Plan. 

Securities Act means the United States Securities Act of 1933, as amended. 

Shares means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital
stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 4 of the Plan. The Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.

 Stock-Based Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or
a Stock Grant. 
 Stock Grant means a grant by the Company of Shares under the Plan. 

Stock Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan — an ISO, a Non-Qualified Option, a Stock Grant or a Stock-Based Award. 

 Survivor means a deceased Participant’s legal representatives and/or any person or
persons who acquired the Participant’s rights to a Stock Right by will or by the laws of descent and distribution. 
  

	2.	PURPOSES OF THE PLAN. 

 The Plan is intended to encourage ownership of Shares by
Employees and directors of and certain Consultants to the Company and its Affiliates in order to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate and to provide additional incentive for them to
promote the success of the Company or of an Affiliate. The Plan provides for the granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards. 
  

	3.	EFFECT OF ASX LISTING RULES ON OPERATION OF THE PLAN 

 If the Company is admitted to the official list of
ASX, then, for so long as the Company is admitted to the official list of ASX, the following will apply: 
 (a) Notwithstanding anything
contained in this Plan, if the ASX Listing Rules prohibit an act being done, the act shall not be done. 
 (b) Nothing contained in this
Plan prevents an act being done that the ASX Listing Rules require to be done. 
 (c) If the ASX Listing Rules require an act to be done or
not to be done, authority is given for that act to be done or not to be done (as the case may be). 
 (d) If the ASX Listing Rules require
this Plan to contain a provision and it does not contain such a provision, this Plan is deemed to contain that provision. 
 (e) If the ASX
Listing Rules require this Plan not to contain a provision and it contains such a provision, this Plan is deemed not to contain that provision. 

(f) If any provision of this Plan is or becomes inconsistent with the ASX Listing Rules, this Plan is deemed not to contain that provision to
the extent of the inconsistency. 
  

	4.	SHARES SUBJECT TO THE PLAN. 

 (a) The number of Shares which may be issued from time to
time pursuant to this Plan shall be the sum of; (i) 4,500,000 shares of Common Stock, (ii) 802,350 shares of Common Stock previously reserved for issuance under the Company’s 2003 Omnibus Stock Plan which were are not currently
subject to awards granted thereunder and (iii) any shares of Common Stock that are represented by awards granted under the Company’s 2003 Omnibus Stock Plan that are forfeited, expire or are cancelled without delivery of shares of Common
Stock or which result in the forfeiture of shares of Common Stock back to the Company on or after the date on which the Board of Directors adopts this Plan, or the equivalent of such number of Shares after the Administrator, in its sole discretion,
has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with Paragraph 25 of this Plan; provided, however, that no more than 6,671,908 Shares shall be added to the Plan
pursuant to subsection (iii). 

 (b) Notwithstanding Subparagraph (a) above, on the first day of each fiscal year of the
Company during the period beginning in fiscal year 2012, and ending on the second day of fiscal year 2020, the number of Shares that may be issued from time to time pursuant to the Plan, shall be increased by an amount equal to the lesser of
(i) 5,000,000 or the equivalent of such number of Shares after the Administrator, in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar transaction in accordance with
Paragraph 25 of the Plan; (ii) 4% of the number of outstanding shares of Common Stock on such date; and (iii) an amount determined by the Board. 

(c) If an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire (at not
more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or
reacquired Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the
Company or an Affiliate’s tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan for purposes of the limitation set forth in Paragraph 4(a) above shall be the number of
Shares that were subject to the Stock Right or portion thereof, and not the net number of Shares actually issued. However, in the case of ISOs, the foregoing provisions shall be subject to any limitations under the Code. 

 

	5.	ADMINISTRATION OF THE PLAN. 

 The Administrator of the Plan will be the Board of
Directors, except to the extent the Board of Directors delegates its authority to the Committee, in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator is authorized to: 

(a) Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or advisable
for the administration of the Plan; 
 (b) Determine which Employees, directors and Consultants shall be granted Stock Rights; 

(c) Determine the number of Shares for which a Stock Right or Stock Rights shall be granted, provided, however, that in no event shall Stock
Rights with respect to more than 1,000,000 Shares be granted to any Participant in any fiscal year; 
 (d) Specify the terms and conditions
upon which a Stock Right or Stock Rights may be granted; 
 (e) Amend any term or condition of any outstanding Stock Right, including,
without limitation, to increase the exercise price or purchase price or accelerate the vesting schedule, provided that (i) such term or condition as amended is permitted by the Plan; (ii) any such amendment shall not impair the rights of a
Participant under any Stock Right previously granted 

 
without such Participant’s consent or in the event of death of the Participant the Participant’s Survivors; and (iii) any such amendment shall be made only after the Administrator
determines whether such amendment would cause any adverse tax consequences to the Participant, including, but not limited to, the annual vesting limitation contained in Section 422(d) of the Code and described in Paragraph 7(b)(iv) below with
respect to ISOs and pursuant to Section 409A of the Code; 
 (f) Buy out for a payment in cash or Shares, a Stock Right previously
granted and/or cancel any such Stock Right and grant in substitution therefor other Stock Rights, covering the same or a different number of Shares and having an exercise price or purchase price per share which may be lower or higher than the
exercise price or purchase price of the cancelled Stock Right, based on such terms and conditions as the Administrator shall establish and the Participant’ shall accept; and 

(g) Adopt any sub-plans applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply with or
take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate the administration of the Plan, which sub-plans may include additional restrictions or conditions applicable to Stock
Rights or Shares issuable pursuant to a Stock Right; 
 provided, however, that all such interpretations, rules, determinations, terms and conditions shall
be made and prescribed in the context of not causing any adverse tax consequences under Section 409A of the Code and preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject to the
foregoing, the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the Committee. In
addition, if the Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the responsibility of the Committee. 

To the extent permitted under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other person selected by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time.
Notwithstanding the foregoing if the Company is subject to Section 16 of the Exchange Act, only the Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the Company or to any “officer” of
the Company as defined by Rule 16a-1 under the Exchange Act. 
  

	6.	ELIGIBILITY FOR PARTICIPATION. 

 The Administrator will, in its sole discretion, name the
Participants in the Plan; provided, however, that each Participant must be an Employee, director or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the foregoing, the Administrator may authorize the
grant of a Stock Right to a person not then an Employee, director or Consultant of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such person becoming eligible to become a

 
Participant at or prior to the time of the execution of the Agreement evidencing such Stock Right. ISOs may be granted only to Employees who are deemed to be residents of the United States for
tax purposes. Non-Qualified Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate. The granting of any Stock Right to any individual
shall neither entitle that individual to, nor disqualify him or her from, participation in any other grant of Stock Rights or any grant tinder any other benefit plan established by the Company or any Affiliate for Employees, directors or
Consultants. 
  

	7.	TERMS AND CONDITIONS OF OPTIONS. 

 Each Option shall be set forth in writing in an Option
Agreement, duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and conditions, consistent with the terms and
conditions specifically required under this Plan, as the Administrator may deem appropriate including, without limitation, subsequent approval by the shareholders of the Company of this Plan or any amendments thereto, The Option Agreements shall be
subject to at least the following terms and conditions: 
 (a) Non-Qualified Options: Each Option intended to be a Non-Qualified
Option shall be subject to the terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards for any such Non-Qualified Option: 

 

	 	(i)	Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option, which exercise price shall be determined by the Administrator and shall be at least equal to
the Fair Market Value per share of Common Stock on the date of grant of the Option. 

  

	 	(ii)	Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains. 

  

	 	(iii)	Option Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date after which it may no longer be exercised, and may provide that the Option rights accrue or become
exercisable in installments over a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events. 

  

	 	(iv)	Option Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase agreement in form satisfactory to the Administrator providing for certain protections for the
Company and its other shareholders, including requirements that: 

  

	 	A.	The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and 

  

	 	B.	The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge that the Shares will bear legends noting any applicable restrictions.

	 	(v)	Term of Option: Each Option shall terminate not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide. 

(b) ISOs: Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United States for
tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and
rulings of the Internal Revenue Service: 
  

	 	(i)	Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph 7(a) above, except clause (i) and (v) thereunder. 

 

	 	(ii)	Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable attribution rules in Section 424(d) of the Code: 

 

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market
Value per share of the Common Stock on the date of grant of the Option; or 

  

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per share of the Shares covered by each ISO shall not be less than 110% of the Fair Market
Value per share of the Common Stock on the date of grant of the Option. 

  

	 	(iii)	Term of Option: For Participants who own: 

  

	 	A.	10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than ten years from the date of the grant or at such earlier time as the
Option Agreement may provide; or 

  

	 	B.	More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate not more than five years from the date of the grant or at such earlier time as the Option
Agreement may provide. 

  

	 	(iv)	 Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in any calendar year

	 	
(under this or any other ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined on the date each ISO is granted) of the stock with respect to which ISOs are
exercisable for the first time by the Participant in any calendar year does not exceed $100,000. 

  

	8.	TERMS AND CONDITIONS OF STOCK GRANTS. 

 Each Stock Grant to a Participant shall state the
principal terms in an Agreement duly executed by the Company and, to the extent required by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions
which the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards: 

(a) Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price shall be
determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General Corporation Law, if any, on the date of the grant of the Stock Grant; 

(b) Each Agreement shall state the number of Shares to which the Stock Grant pertains; and 

(c) Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant,
including the time and events upon which such rights shall accrue and the purchase price therefor, if any. 
  

	9.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS. 

 The Administrator shall have the
right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions as the Administrator may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant of securities
convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by
law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company.

 The Company intends that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the
Code or meet the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable, and be operated in accordance with Section 409A of the Code so that any compensation
deferred under any Stock-Based Award (and applicable investment earnings) shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed to effect the intent as described in this Paragraph 9. 

	10.	EXERCISE OF OPTIONS AND ISSUE OF SHARES. 

 An Option (or any part or installment thereof)
shall be exercised by giving written notice to the Company or its designee (in a form acceptable to the Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise price in accordance with this
Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any other condition(s) set forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature may be provided
electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which the Option is being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the
exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at
least six months (if required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate cash exercise price for the number of Shares as to which the Option is being exercised, or
(c) at the discretion of the Administrator, by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair Market Value equal as of the date of exercise to the aggregate exercise
price for the number of Shares as to which the Option is being exercised, or (d) at the discretion of the Administrator (after consideration of applicable securities, tax and accounting implications), by delivery of the grantee’s personal
recourse note bearing interest payable not less than annually at no less than 100% of the applicable Federal rate, as defined in Section 1274(d) of the Code, or (e) at the discretion of the Administrator, in accordance with a cashless
exercise program established with a securities brokerage firm, and approved by the Administrator, or (f) at the discretion of the Administrator, by any combination of (a), (b), (c), (d) and (e) above or (g) at the discretion of
the Administrator, by payment of such other lawful consideration as the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of an ISO as is permitted by Section 422 of the
Code. 
 The Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the
Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law
or regulation (including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid,
non-assessable Shares. 
  

	11.	PAYMENT IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES. 

Any Stock Grant or Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based Award is
being granted shall be made (a) in United States dollars (or in such other currency as the Administrator may determine) in cash or by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for
at least six months (if required to avoid negative accounting treatment) and having a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award, or (c) at the discretion of the
Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator, by payment of such other lawful consideration as the Administrator may determine. 

 The Company shall when required by the applicable Agreement, reasonably promptly deliver the
Shares as to which such Stock Grant or Stock-Based Award was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow provision set forth in the applicable Agreement. In determining what constitutes
“reasonably promptly,” it is expressly understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation (including, without limitation, state securities or “blue
sky” laws) which requires the Company to take any action with respect to the Shares prior to their issuance. 
  

	12.	RIGHTS AS A SHAREHOLDER. 

 No Participant to whom a Stock Right has been granted shall
have rights as a shareholder with respect to any Shares covered by such Stock Right except after due exercise of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate exercise or purchase price, if any, for the
Shares being purchased and registration of the Shares in the Company’s share register in the name of the Participant. 
  

	13.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS. 

 By its terms, a Stock Right granted
to a Participant shall not be transferable by the Participant other than (i) by will or by the laws of descent and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement provided
that no Stock Right may be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred except in compliance with clause (i) above shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right
by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not be deemed a transfer prohibited by this Paragraph. Except as provided above during the Participant’s lifetime a
Stock Right shall only be exercisable by or issued to such Participant (or his or her legal representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted thereunder contrary to the provisions of this Plan, or the levy of any attachment or
similar process upon a Stock Right, shall be null and void. 
  

	14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply: 
 (a) A
Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 15, 16, and 17,
respectively), may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of service, but only within such term as the Administrator has designated in a Participant’s Option
Agreement. 

 (b) Except as provided in Subparagraph (c) below, or Paragraph 16 or 17, in no event may an
Option intended to be an ISO, be exercised later than three months after the Participant’s termination of employment. 
 (c) The
provisions of this Paragraph, and not the provisions of Paragraph 16 or 17, shall apply to a Participant who subsequently becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of
a Participant’s Disability or death within three months after the termination of employment, director status or consultancy, the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the
Participant’s termination of service, but in no event after the date of expiration of the term of the Option. 
 (d) Notwithstanding
anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either prior
or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then such Participant shall forthwith cease to have any right to exercise any Option. 

(e) A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary
disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated
such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide; provided, however, that, for ISOs, any leave of absence granted by the
Administrator of greater than ninety days, unless pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option on the 181st day following
such leave of absence. 
 (f) Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the
Plan shall not be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate. 

 

	15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise provided in
a Participant’s Option Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that all his or her
outstanding Options have been exercised: 
 (a) All outstanding and unexercised Options as of the time the Participant is notified his or
her service is terminated for Cause will immediately be forfeited. 

 (b) Cause is not limited to events which have occurred prior to a Participant’s termination
of service, nor is it necessary that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service but prior to the exercise of an Option, that either
prior or subsequent to the Participant’s termination the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited. 
  

	16.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise
provided in a Participant’s Option Agreement: 
 (a) A Participant who ceases to be an Employee, director or Consultant of the Company
or of an Affiliate by reason of Disability may exercise any Option granted to such Participant: 
  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of the Participant’s termination of service due to Disability; and 

 

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s termination of service due to Disability of any additional vesting rights
that would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period prior to the date of the Participant’s termination of service
due to Disability. 

 (b) A Disabled Participant may exercise the Option only within the period ending one year after the date
of the Participant’s termination of service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as to some or all of the Shares on a later date if the Participant had not been terminated due to
Disability and had continued to be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option. 

(c) The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless a procedure
for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or
approved by the Administrator, the cost of which examination shall be paid for by the Company. 

	17.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as
otherwise provided in a Participant’s Option Agreement: 
 (a) In the event of the death of a Participant while the Participant is an
Employee, director or Consultant of the Company or of an Affiliate, such Option may be exercised by the Participant’s Survivors: 
  

	 	(i)	To the extent that the Option has become exercisable but has not been exercised on the date of death; and 

  

	 	(ii)	In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death of any additional vesting rights that would have accrued on the next vesting date had the
Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death, 

(b) If the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within one year
after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise the Option as to some or all of the Shares on a later date if lie or she had not died and had continued to be an Employee, director or
Consultant or, if earlier, within the originally prescribed term of the Option. 
  

	18.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS AND STOCK-BASED AWARDS. 

 In the event
of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any reason before the Participant has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such
grant shall terminate. 
 For purposes of this Paragraph 18 and Paragraph 19 below, a Participant to whom a Stock Grant has been issued
under the Plan who is absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during
the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise
expressly provide. 
 In addition, for purposes of this Paragraph 18 and Paragraph 19 below, any change of employment or other service
within or among the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate. 

 

	19.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY. 

Except as otherwise provided in a Participant’s Stock Grant Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant), other than termination for Cause, Disability, or death for which events there are special rules in Paragraphs 20, 21, and 22, respectively, before all forfeiture provisions or Company rights of repurchase shall have lapsed,
then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant as to which the Company’s forfeiture or repurchase rights have not lapsed. 

	20.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR CAUSE. 

 Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply if the Participant’s service (whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause: 

(a) All Shares subject to any Stock Grant that remain subject to forfeiture provisions or as to which the Company shall have a repurchase
right shall be immediately forfeited to the Company as of the time the Participant is notified his or her service is terminated for Cause. 

(b) Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary that the
Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s termination of service, that either prior or subsequent to the Participant’s termination the Participant
engaged in conduct which would constitute Cause, then all Shares subject to any Stock Grant that remained subject to forfeiture provisions or as to which the Company had a repurchase right on the date of termination shall be immediately forfeited to
the Company. 
  

	21.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE FOR DISABILITY. 

 Except as otherwise
provided in a Participant’s Stock Grant Agreement, the following rules apply if a Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions or
the Company’s rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall
lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of Disability as would have lapsed had the Participant not become Disabled. The proration shall be based upon the number of days accrued prior to
the date of Disability. 
 The Administrator shall make the determination both as to whether Disability has occurred and the date of its
occurrence (unless a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such procedure shall be used for such determination). If requested, the Participant shall be examined by
a physician selected or approved by the Administrator, the cost of which examination shall be paid for by the Company. 
  

	22.	EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE, DIRECTOR OR CONSULTANT. 

 Except as
otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply in the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the
forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be 

 
exercisable; provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse to the extent of a pro rata portion
of the Shares subject to such Stock Grant through the date of death as would have lapsed had the Participant not died. The proration shall be based upon the number of days accrued prior to the Participant’s date of death. 

 

	23.	PURCHASE FOR INVESTMENT. 

 Unless the offering and sale of the Shares shall have been
effectively registered under the Securities Act, the Company shall be under no obligation to issue Shares under the Plan unless and until the following conditions have been fulfilled: 

(a) The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is acquiring such
Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend
(or a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to such exercise or such grant: 

“The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any
person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel
satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws.” 

(b) At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued in
compliance with the Securities Act without registration thereunder. 
  

	24.	DISSOLUTION OR LIQUIDATION OF THE COMPANY. 

 Upon the dissolution or liquidation of the
Company, all Options granted under this Plan which as of such date shall not have been exercised and all Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement, will terminate and
become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately prior to
such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation
of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator or specifically provided in the applicable Agreement. 

	25.	ADJUSTMENTS. 

 Subject to the requirements imposed on the Company under the ASX Listing Rules, upon the
occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or her hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s
Agreement: 
 (a) Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a
greater or smaller number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock, or (ii) additional shares or new or different shares or other securities of the Company or other
non-cash assets are distributed with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder shall be appropriately increased or decreased proportionately, and appropriate adjustments
shall be made including, in the exercise or purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 4(a), 4(b) and 5(e) shall also be proportionately adjusted upon the occurrence of such events.

 (b) Corporate Transactions. If the Company is to be consolidated with or acquired by another entity in a merger, consolidation, or
sale of all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation (a “Corporate Transaction”), the Administrator or the board of directors of any entity assuming the
obligations of the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for the Shares then
subject to such Options either the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction or securities of any successor or acquiring entity; or (ii) upon written notice to the
Participants, provide that such Options must be exercised (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this
Subparagraph), within a specified number of days of the date of such notice, at the end of which period such Options which have not been exercised shall terminate; or (iii) terminate such Options in exchange for payment of an amount equal to
the consideration payable upon consummation of such Corporate Transaction to a holder of the number of shares of Common Stock into which such Option would have been exercisable (either (A) to the extent then exercisable or, (B) at the
discretion of the Administrator, any such Options being made partially or fully exercisable for purposes of this Subparagraph) less the aggregate exercise price thereof For purposes of determining the payments to be made pursuant to Subclause
(iii) above, in the case of a Corporate Transaction the consideration for which, in whole or in part, is other than cash, the consideration other than cash shall be valued at the fair value thereof as determined in good faith by the Board of
Directors. 
 With respect to outstanding Stock Grants, the Administrator or the Successor Board, shall make appropriate provision for the
continuation of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such Stock Grants either the consideration payable with respect to the outstanding Shares of Common Stock in
connection with the Corporate Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction, the Administrator may 

 
provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated in exchange for payment of an amount equal to the consideration payable upon
consummation of such Corporate Transaction to a holder of the number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any forfeiture or repurchase rights then in effect or, at the
discretion of the Administrator, all forfeiture and repurchase rights being waived upon such Corporate Transaction). 
 In taking any of the
actions permitted under this Paragraph 25(b), the Administrator shall not be obligated by the Plan to treat all Stock Rights, all Stock Rights held by a Participant, or all Stock Rights of the same type, identically. 

(c) Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate
Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or
reorganization shall be entitled to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities which would have been received if such Option had been exercised or Stock Grant accepted prior to such
recapitalization or reorganization. 
 (d) Adjustments to Stock-Based Awards. Upon the happening of any of the events described in
Subparagraphs (a), (b) or (c) above, any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator or the Successor Board shall determine the specific adjustments
to be made under this Paragraph 25, including, but not limited to the effect of any, Corporate Transaction and, subject to Paragraph 5, its determination shall be conclusive. 

(e) Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or
(c) above with respect to Options shall be made only after the Administrator determines whether such adjustments would (i) constitute a “modification” of any ISOs (as that term is defined in Section 424(h) of the Code) or
(ii) cause any adverse tax consequences for the holders of Options, including, but not limited to, pursuant to Section 409A of the Code, If the Administrator determines that such adjustments made with respect to Options would constitute a
modification or other adverse tax consequence, it may refrain from making such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such writing indicates that the holder has full knowledge of
the consequences of such “modification” on his or her income tax treatment with respect to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would cause any portion of the ISO to violate the
annual vesting limitation contained in Section 422(d) of the Code, as described in Paragraph 7(b)(iv). 
  

	26.	ISSUANCES OF SECURITIES. 

 Except as expressly provided herein, no issuance by the
Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares subject to Stock Rights. Except as
expressly provided herein, no adjustments shall be made for dividends paid in cash or in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right. 

	27.	FRACTIONAL SHARES. 

 No fractional shares shall be issued under the Plan and the person
exercising a Stock Right shall receive from the Company cash in lieu of such fractional shares equal to the Fair Market Value thereof. 
  

	28.	CONVERSION OF ISOS INTO NON-QUALIFIED OPTIONS; TERMINATION OF ISOS. 

 The Administrator,
at the written request of any Participant, may in its discretion take such actions as may be necessary to convert such Participant’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified
Options at any time prior to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company or an Affiliate at the time of such conversion. At the time of such conversion, the Administrator (with the consent of the
Participant) may impose such conditions on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be
deemed to give any Participant the right to have such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall occur until and unless the Administrator takes appropriate action. The Administrator, with the consent
of the Participant, may also terminate any portion of any ISO that has not been exercised at the time of such conversion. 
  

	29.	WITHHOLDING. 

 In the event that any federal, state, or local income taxes, employment
taxes, Federal Insurance Contributions Act (“F.I.C.A.”) withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s salary, wages or other remuneration in connection
with the issuance of a Stock Right or Shares under the Plan or for any other reason’ required by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant advance in cash to the Company,
or to any Affiliate of the Company which employs or employed ‘the Participant, the statutory minimum amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common Stock or a
promissory note, is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value of the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of
Fair Market Value provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the Fair Market Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be
required to advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such
additional withholding. 

	30.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION. 

 Each Employee who receives an ISO must
agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes
any disposition (including any sale or gift) of such Shares before the later of (a) two years after the date the Employee was granted the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except as
otherwise provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter. 

 

	31.	TERMINATION OF THE PLAN. 

 The Plan will terminate on August 1, 2021, the date which
is ten years from the earlier of the date of its adoption by the Board of Directors and the date of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date by vote of the shareholders or the Board of
Directors of the Company; provided, however, that any such earlier termination shall not affect any Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any Stock Rights theretofore granted.

  

	32.	AMENDMENT OF THE PLAN AND AGREEMENTS. 

 The Plan may be amended by the shareholders of
the Company. The Plan may also be amended by the Administrator, including, without limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock Rights to be granted under the Plan for favorable
federal income tax treatment as may be afforded incentive stock options under Section 422 of the Code (including deferral of taxation upon exercise), and to the extent necessary to qualify the Shares issuable under the Plan for listing on any
national securities exchange or quotation in any national automated quotation system of securities dealers. Any amendment approved by the Administrator which the Administrator determines is of a scope that requires shareholder approval shall be
subject to obtaining such shareholder approval. Any modification or amendment of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously granted to him or her. With the consent of
the Participant affected, the Administrator may amend outstanding Agreements in a manner which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding Agreements may be
amended by the Administrator in a manner which is not adverse to the Participant. 
  

	33.	EMPLOYMENT OR OTHER RELATIONSHIP. 

 Nothing in this Plan or any Agreement shall be deemed
to prevent the Company or an Affiliate from terminating the employment, consultancy or director status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director status or to give any
Participant a right to be retained in employment or other service by the Company or any Affiliate for any period of time. 

	34.	GOVERNING LAW. 

 This Plan shall be construed and enforced in accordance with the law of
the State of Delaware. 
 * * * * * 

Adopted by the Board of Directors on August 1, 2011 

Adopted by the stockholders on August 1, 2011

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