Document:

EX-10.1

Table of Contents

 Exhibit 10.1 

Execution Version 

ARSANIS, INC. 
 SECOND
AMENDED AND RESTATED 
 INVESTORS’ RIGHTS AGREEMENT 

Dated as of April 12, 2016 

Table of Contents

 TABLE OF CONTENTS 

 

					
	 	  	Page No.	 
		
	ARTICLE I. DEFINITIONS	  	 	2	 
		
	ARTICLE II. REGISTRATION RIGHTS	  	 	3	 
	 2.1. REQUIRED REGISTRATIONS
	  	 	3	 
	 2.2. INCIDENTAL REGISTRATION
	  	 	4	 
	 2.3. REGISTRATION PROCEDURES
	  	 	5	 
	 2.4. ALLOCATION OF EXPENSES
	  	 	7	 
	 2.5. INDEMNIFICATION AND CONTRIBUTION
	  	 	7	 
	 2.6. INDEMNIFICATION WITH RESPECT TO
UNDERWRITTEN OFFERING
	  	 	9	 
	 2.7. INFORMATION BY HOLDER
	  	 	9	 
	 2.8. “STAND-OFF” AGREEMENT
	  	 	9	 
	 2.9. LIMITATIONS ON SUBSEQUENT
REGISTRATION RIGHTS
	  	 	10	 
	 2.10. RULE 144 REQUIREMENTS
	  	 	10	 
		
	ARTICLE III. RIGHT OF FIRST REFUSAL	  	 	11	 
	 3.1. RIGHT OF FIRST REFUSAL
	  	 	11	 
	 3.2. EXCLUDED ISSUANCES
	  	 	12	 
		
	ARTICLE IV. AFFIRMATIVE COVENANTS	  	 	13	 
	 4.1. INSPECTION
	  	 	13	 
	 4.2. FINANCIAL STATEMENTS AND OTHER
INFORMATION
	  	 	13	 
	 4.3. MATERIAL CHANGES AND
LITIGATION
	  	 	14	 
	 4.4. CONFIDENTIALITY OF RECORDS
	  	 	14	 
	 4.5. OTHER INVESTMENTS
	  	 	15	 
	 4.6. AGREEMENTS WITH EMPLOYEES
	  	 	15	 
	 4.7. RESERVATION OF SHARES
	  	 	15	 
	 4.8. EMPLOYEE STOCK OPTIONS AND
RESTRICTED STOCK
	  	 	15	 
	 4.9. INSURANCE
	  	 	16	 
	 4.10. BOARD MATTERS
	  	 	16	 
	 4.11. SUCCESSOR INDEMNIFICATION
	  	 	16	 
	 4.12. TERMINATION OF COVENANTS
	  	 	16	 
	 4.13. SUBSIDIARIES
	  	 	17	 
		
	ARTICLE V. GENERAL	  	 	17	 
	 5.1. TERMINATION
	  	 	17	 
	 5.2. TRANSFERS OF RIGHTS
	  	 	17	 
	 5.3. SEVERABILITY
	  	 	17	 
	 5.4. SPECIFIC PERFORMANCE
	  	 	18	 
	 5.5. GOVERNING LAW
	  	 	18	 
	 5.6. NOTICES
	  	 	18	 
	 5.7. COMPLETE AGREEMENT; AMENDMENTS;
WAIVERS
	  	 	19	 
	 5.8. CONSTRUCTION
	  	 	19	 
	 5.9. COUNTERPARTS; FACSIMILE SIGNATURES
	  	 	19	 
	 5.10. AGGREGATION OF SHARES
	  	 	19	 

  
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Table of Contents

 ARSANIS, INC. 

SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

This Second Amended and Restated Investors’ Rights Agreement (this “Agreement”) is entered into this 12th day of April, 2016, by and among Arsanis, Inc., a Delaware corporation (the “Company”) and the individuals and entities listed on Exhibit A attached hereto (the
“Investors”). 
 Recitals 

WHEREAS, the Company and the Investors are parties to that certain Series C Securities Purchase Agreement of even date herewith (the
“Purchase Agreement”); 
 WHEREAS, certain of the Investors (the “Existing Investors”) hold certain shares
of the Company’s Series A-1 Convertible Preferred Stock, $0.001 par value per share (the “Series A-1 Preferred Stock”), certain shares of the Company’s Series A-2 Convertible Preferred Stock, $0.001 par value per share
(the “Series A-2 Preferred Stock” and, together with the Series A-1 Preferred Stock, the “Series A Preferred Stock”) and certain shares of the Company’s Series B Preferred Stock, $0.001 par value per shares
(the “Series B Preferred Stock”), and possess registration rights, rights to certain information, rights of first refusal with respect to the sale of certain securities of the Company and other rights pursuant to that certain
Amended and Restated Investors’ Rights Agreement dated as of July 30, 2013 by and among the Company and such Existing Investors (the “Prior Agreement”); 

WHEREAS, the undersigned Existing Investors hold a majority of the Registrable Shares (as defined in the Prior Agreement), and desire to amend
and restate the Prior Agreement in its entirety and to accept the rights created pursuant to this Agreement in lieu of the rights granted to them under the Prior Agreement; and 

WHEREAS, in order to induce the Company to enter into the Purchase Agreement and to induce the Investors to purchase shares of the
Company’s Series C Preferred Stock, $0.001 par value per shares (the “Series C Preferred Stock” and, together with the Series A Preferred Stock and the Series B Preferred Stock, the “Preferred Stock”) pursuant
to the Purchase Agreement, the parties hereto agree that this Agreement shall provide for rights of the Investors in connection with (i) certain arrangements with respect to the registration of shares of capital stock of the Company under the
Securities Act of 1933, as amended, (ii) a right of first refusal with respect to the sale of any securities of the Company, and (iii) certain affirmative covenants of the Company, and shall govern certain other matters as set forth in
this Agreement. 
 NOW, THEREFORE, the parties agree that the provisions of the Prior Agreement are hereby amended and restated in their
entirety, and hereby further agree, as follows: 

Table of Contents

 ARTICLE I. DEFINITIONS 

As used in this Agreement, the following terms shall have the following respective meanings: 

“Commission” means the United States Securities and Exchange Commission, or any other federal agency at the time
administering the Securities Act. 
 “Common Stock” means the common stock, $0.001 par value per share, of the Company.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
 “Founders” means
Eszter Nagy, Tillman U. Gerngross and Errik B. Anderson. 
 “Initial Public Offering” means the sale of shares of Common
Stock in the Company’s first firm commitment underwritten public offering pursuant to a Registration Statement at a price to the public of at least $28.95 per share (adjusted for stock splits, stock dividends and similar events) and an
aggregate offering price of at least $50,000,000 (based on the market price or fair value at the time of such offering). 

“Registration Statement” means a registration statement filed by the Company with the Commission for a public offering and
sale of Common Stock by the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a similar limited purpose, or any registration statement covering only securities proposed to be issued in
exchange for securities or assets of another corporation). 
 “Registration Expenses” means the expenses described in
Section 2.4. 
 “Registrable Shares” means (i) the shares of Common Stock issued or issuable upon conversion of
the Shares, (ii) any shares of Common Stock, and any shares of Common Stock issued or issuable upon the conversion or exercise of any other securities, acquired by the Investors pursuant to Article III of this Agreement or pursuant to the
Second Amended and Restated Stockholders’ Agreement of even date herewith among the Company, the Investors and certain other parties thereto, and (iii) any other shares of Common Stock issued in respect of such shares (because of stock
splits, stock dividends, reclassifications, recapitalizations, or similar events); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares (a) upon any sale of such shares
pursuant to a Registration Statement or Rule 144 under the Securities Act, (b) upon any sale of such shares in any manner to a person or entity which, by virtue of Section 5.2 is not entitled to the rights provided by this Agreement, or
(c) at such time as they become eligible for resale without restriction pursuant to Rule 144(b)(1) under the Securities Act. Wherever reference is made in this Agreement to a request or consent of holders of a certain percentage of Registrable
Shares, the determination of such percentage shall include shares of Common Stock issuable upon conversion of the Shares even if such conversion has not been effected at the time of such determination. 

  
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 “Securities Act” means the Securities Act of 1933, as amended, or any similar
federal statute, and the rules and regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 

“Shares” means the shares of Preferred Stock held by the Investors. 

“Stockholders” means the Investors and any persons or entities to whom the rights granted to the Investors under this
Agreement are transferred by the Investors or their successors or permitted assigns pursuant to Section 
5.2. 
 ARTICLE II. REGISTRATION RIGHTS 

2.1. Required Registrations. 

(a) At any time after the date which is six (6) months after the closing of the Company’s first firm commitment underwritten public
offering of shares of Common Stock pursuant to a Registration Statement, a Stockholder or Stockholders holding at least 25% of the Registrable Shares may request, in writing, that the Company effect the registration on Form S-1 (or any successor
form) of Registrable Shares owned by such Stockholders having an aggregate offering price of at least $10,000,000 (based on the market price or fair value at the time of such request). If the Stockholders initiating the registration intend to
distribute the Registrable Shares by means of an underwriting, they shall so advise the Company in their request. Upon receipt of any such request, the Company shall promptly give written notice of such proposed registration to all Stockholders.
Such Stockholders shall have the right, by giving written notice to the Company within ten (10) business days after the Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such
Stockholders may request in such notice of election; provided, however, if the underwriter (if any) managing the offering determines that, because of marketing factors, not all of the Registrable Shares requested to be registered by
all of the Stockholders may be included in the offering, then all Stockholders who have requested registration shall participate in the registration pro rata based upon the number of Registrable Shares which they have requested to be so registered.
Thereupon, the Company shall, as expeditiously as possible, use its reasonable best efforts to effect the registration on Form S-1 (or any successor form) of all Registrable Shares which the Company has been requested to so register. 

(b) At any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary
offerings) and subject to paragraph (c) below, a Stockholder or Stockholders may request the Company, in writing, to effect the registration on Form S-3 (or such successor form), of Registrable Shares having an aggregate offering price of at
least $1,000,000 (based on the public market price at the time of such request). If the Stockholders initiating the registration intend to distribute the Registrable Shares by means of an underwriting, they shall so advise the Company in their
request. Upon receipt of any such request, the Company shall promptly give written notice of such proposed registration to all Stockholders. Such Stockholders shall have the right, by giving written notice to the Company within ten
(10) business days after the Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such Stockholders may request in such notice of election; provided, however, if the
underwriter (if any) managing the offering 

  
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determines that, because of marketing factors, not all of the Registrable Shares requested to be registered by all of the Stockholders may be included in the offering, then all Stockholders who
have requested registration shall participate in the registration pro rata based upon the number of Registrable Shares which they have requested to be so registered. Thereupon, subject to this Section 2.1(b), the Company shall, as expeditiously
as possible, use its reasonable best efforts to effect the registration on Form S-3 (or such successor form) of all Registrable Shares which the Company has been requested to so register. The Company shall have the right to reasonably approve the
managing underwriter of any underwritten offering effected pursuant to Section 2.1(a) or this Section 2.1(b). 
 (c) The Company
shall not be required to effect more than two registrations pursuant to Section 2.1(a) and shall not be required to effect more than two registrations pursuant to Section 2.1(b) in any 12-month period; provided, however, that
such obligations shall be deemed satisfied only when a registration statement covering the applicable Registrable Shares shall have (i) become effective or (ii) been withdrawn at the request of the Stockholders requesting such registration
(other than as a result of information concerning the business or financial condition of the Company which is made known to the Stockholders after the date on which such registration was requested). 

(d) Notwithstanding the foregoing obligations, if at the time of any request to register Registrable Shares pursuant to this Section 2.1,
the Company is engaged or has plans to engage within 30 days of the time of the request in a registered public offering of securities for its own account or is engaged in any other activity which, in the good faith determination of the
Company’s Board of Directors, would be adversely affected by the requested registration to the material detriment of the Company, then the Company may at its option direct that such request be delayed for a period not in excess of three months
from the effective date of such offering or the date of commencement of such other material activity, as the case may be, such right to delay a request to be exercised by the Company not more than once in any 12-month period. 

2.2. Incidental Registration. 

(a) Whenever the Company proposes to file a Registration Statement at any time and from time to time, it will, prior to such filing, give
written notice to all Stockholders of its intention to do so and, upon the written request of a Stockholder or Stockholders, given within ten (10) business days after the date that the Company provides such notice (which request shall state the
intended method of disposition of such Registrable Shares), the Company shall use its reasonable best efforts to cause all Registrable Shares which the Company has been requested by such Stockholder or Stockholders to register, to be registered
under the Securities Act to the extent necessary to permit their sale or other disposition in accordance with the intended methods of distribution specified in the request of such Stockholder or Stockholders; provided, however, that
the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 2.2 without obligation to any Stockholder. 

(b) In connection with any registration under this Section 2.2 involving an underwriting, the Company shall not be required to include any
Registrable Shares in such registration unless the holders thereof accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it. If in the opinion of the managing

  
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underwriter it is desirable because of marketing factors to limit the number of Registrable Shares to be included in the offering, then the Company shall be required to include in the
registration only that number of Registrable Shares, if any, which the managing underwriter believes should be included therein; provided, however, that no persons or entities other than the Company, the Stockholders and other persons
or entities holding registration rights shall be permitted to include securities in the offering. If the number of Registrable Shares to be included in the offering in accordance with the foregoing is less than the total number of shares which the
holders of Registrable Shares have requested to be included, then the holders of Registrable Shares who have requested registration and other holders of securities entitled to include them in such registration shall participate in the registration
pro rata based upon their total ownership of shares of Common Stock (giving effect to the conversion into Common Stock of all securities convertible thereinto). If any holder would thus be entitled to include more securities than such holder
requested to be registered, the excess shall be allocated among other requesting holders pro rata in the manner described in the preceding sentence. 

2.3. Registration Procedures. If and whenever the Company is required by the provisions of this Agreement
to use its reasonable best efforts to effect the registration of any of the Registrable Shares under the Securities Act, the Company shall: 

(a) as expeditiously as possible prepare and file with the Commission a Registration Statement with respect to such Registrable Shares and use
its reasonable best efforts, including preparing and filing any amendments and supplements to the Registration Statement and the prospectus included therein, to cause that Registration Statement to become and remain effective for 180 days from the
effective date or such lesser period until all such Registrable Shares are sold; 
 (b) as expeditiously as possible furnish to each selling
Stockholder such reasonable numbers of copies of the prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as the selling Stockholder may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Shares owned by the selling Stockholder; 
 (c) as expeditiously as
possible use its best reasonable efforts to register or qualify the Registrable Shares covered by the Registration Statement under the securities or Blue Sky laws of such states as the selling Stockholders shall reasonably request, and do any and
all other acts and things that may be necessary or desirable to enable the selling Stockholders to consummate the public sale or other disposition in such states of the Registrable Shares owned by the selling Stockholders; provided,
however, that the Company shall not be required in connection with this paragraph 2.3(c) to qualify as a foreign corporation or execute a general consent to service of process in any jurisdiction; 

(d) in the case of an underwritten offering, enter into an underwriting agreement containing such terms as are customarily included in an
underwriting agreement for comparable offerings, including requirements that the Company’s counsel furnish a customary legal opinion and that the Company’s accountants furnish a customary comfort letter. 

  
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 (e) use its commercially reasonable efforts to cause all such Registrable Shares covered by such
registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(f) provide a transfer agent and registrar for all Registrable Shares registered pursuant to this Agreement and provide a CUSIP number for all
such Registrable Shares, in each case not later than the effective date of such registration; 
 (g) promptly make available for inspection
by the selling Stockholders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling
Stockholders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by
any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(h) notify each selling Stockholder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (i) after such
registration statement becomes effective, notify each selling Stockholder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

If the Company has delivered preliminary or final prospectuses to the selling Stockholders and after having done so the prospectus is amended
to comply with the requirements of the Securities Act, the Company shall promptly notify the selling Stockholders and, if requested, the selling Stockholder shall immediately cease making offers of Registrable Shares and return all prospectuses to
the Company. The Company shall promptly provide each selling Stockholder with revised prospectuses and, following receipt of the revised prospectuses, the selling Stockholder shall be free to resume making offers of the Registrable Shares. 

Notwithstanding the foregoing, each selling Stockholder shall cease making offers or sales pursuant to a “shelf” Registration
Statement during any Postponement Period (not to exceed 90 days in the aggregate in any 12-month period). A “Postponement Period” shall be any period in which there exists at the time material non-public information relating to the
Company disclosure of which, the Company, in its good faith judgment by the Board of Directors reasonably believes: 
 (i)
that the filing thereof at the time requested, or the offering of Registrable Shares pursuant thereto, would materially and adversely affect (A) a pending or scheduled public offering or private placement of the Company’s securities,
(B) an acquisition, merger, consolidation or similar transaction by or of the Company, or (C) pre-existing and continuing negotiations, discussions or pending proposals with respect to any of the foregoing transactions; and 

  
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 (ii) that the failure to disclose any material information with respect to the
foregoing would cause a violation of the Securities Act or the Exchange Act. 
 If, after a Registration Statement becomes effective, the
Company becomes engaged in any activity which, in the good faith determination of the Company’s Board of Directors, involves information that would have to be disclosed in the Registration Statement but which the Company desires to keep
confidential for valid business reasons including any event giving rise to a Postponement Period, then the Company may at its option, by notice to such Stockholders, require that the Stockholders who have included Registrable Shares in such
Registration Statement cease sales of such Registrable Shares under such Registration Statement for a period not in excess of 90 days in the aggregate in any 12-month period. If, in connection therewith, the Company considers it appropriate for such
Registration Statement to be amended, the Company shall so amend such Registration Statement as promptly as practicable and such Stockholders shall suspend any further sales of their Registrable Shares until the Company advises them that such
Registration Statement has been amended. The time periods referred to in this Section 2.3 during which such Registration Statement must be kept effective shall be extended for an additional number of days equal to the number of days during
which the right to sell Registrable Shares was suspended pursuant to this paragraph. 
 2.4. Allocation of Expenses. The Company will
pay all Registration Expenses of all registrations under this Agreement. For purposes of this Section 2.4, the term “Registration Expenses” shall mean all expenses incurred by the Company in complying with this Article II,
including, without limitation, all registration and filing fees, exchange listing fees, printing expenses, fees and expenses of counsel for the Company to represent the selling Stockholder(s), state Blue Sky fees and expenses, the expense of any
special audits incidental to or required by any such registration, and the reasonable fees and expenses of one counsel for the selling Stockholders selected by the Stockholders holding a majority of the Registrable Shares to be registered, but
excluding underwriting discounts and selling commissions. 
 2.5. Indemnification and Contribution. 

(a) In the event of any registration of any of the Registrable Shares under the Securities Act pursuant to this Agreement, the Company will
indemnify and hold harmless the seller of such Registrable Shares and the partners, members, officers, directors and stockholders of each such stockholder, each underwriter of such Registrable Shares, and each other person, if any, who controls such
seller or underwriter within the meaning of the Securities Act or the Exchange Act against any losses, claims, damages or liabilities, joint or several, to which such seller, underwriter or controlling person may become subject under the Securities
Act, the Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or
supplement to such Registration Statement, or arise out of or are based upon the 

  
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omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and the Company will reimburse such seller,
underwriter and each such controlling person for any legal or any other expenses reasonably incurred by such seller, underwriter or controlling person in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement,
preliminary prospectus or final prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such seller, underwriter or controlling person specifically
for use in the preparation thereof. 
 (b) In the event of any registration of any of the Registrable Shares under the Securities Act
pursuant to this Agreement, each seller of Registrable Shares, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and officers and each underwriter (if any) and each person, if any, who controls the
Company or any such underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities, joint or several, to which the Company, such directors and officers, underwriter or controlling person
may become subject under the Securities Act, Exchange Act, state securities or Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement,
or any amendment or supplement to the Registration Statement, or arise out of or are based upon any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, if
the statement or omission was made in reliance upon and in conformity with information relating to such seller furnished in writing to the Company by or on behalf of such seller specifically for use in connection with the preparation of such
Registration Statement, prospectus, amendment or supplement; provided, however, that the obligations of each such Stockholder hereunder shall be limited to an amount equal to the proceeds to such Stockholder of Registrable Shares sold
in connection with such registration. 
 (c) Each party entitled to indemnification under this Section 2.5 (the “Indemnified
Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall
permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be
approved by the Indemnified Party (whose approval shall not be unreasonably withheld); and, provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Section 2.5, unless and except to the extent that the Indemnifying Party is prejudiced by the failure of the Indemnified Party to provide timely notice. The Indemnified Party may participate in such defense at such
party’s expense; provided, however, that the Indemnifying Party shall pay such expense if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would be inappropriate due to actual or potential
differing interests between the Indemnified Party and any other party 

  
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represented by such counsel in such proceeding. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of
any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect of such claim or litigation, and no
Indemnified Party shall consent to entry of any judgment or settle such claim or litigation without the prior written consent of the Indemnifying Party. 

(d) In order to provide for just and equitable contribution to joint liability under the Securities Act in any case in which either
(i) any holder of Registrable Shares exercising rights under this Agreement, or any controlling person of any such holder, makes a claim for indemnification pursuant to this Section 2.5 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this
Section 2.5 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Stockholder or any such controlling person in circumstances for which indemnification is
provided under this Section 2.5; then, in each such case, the Company and such Stockholder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportions
so that such holder is responsible for the portion represented by the percentage that the public offering price of its Registrable Shares offered by the Registration Statement bears to the public offering price of all securities offered by such
Registration Statement, and the Company is responsible for the remaining portion; provided, however, that, in any such case, (A) no such holder will be required to contribute any amount in excess of the proceeds to it of all
Registrable Shares sold by it pursuant to such Registration Statement, and (B) no person or entity guilty of fraudulent misrepresentation, within the meaning of Section 11(f) of the Securities Act, shall be entitled to contribution from
any person or entity who is not guilty of such fraudulent misrepresentation. 
 2.6. Indemnification with
Respect to Underwritten Offering. In the event that Registrable Shares are sold pursuant to a Registration Statement in an underwritten offering pursuant to Section 2.1 hereof, the Company agrees to enter into an underwriting agreement
containing customary representations and warranties with respect to the business and operations of an issuer of the securities being registered and customary covenants and agreements to be performed by such issuer, including, without limitation,
customary provisions with respect to indemnification by the Company of the underwriters of such offering. 

2.7. Information by Holder. Each Stockholder including Registrable Shares in any registration shall
furnish to the Company such information regarding such Stockholder and the distribution proposed by such Stockholder as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or
compliance referred to in this Agreement. 
 2.8. “Stand-Off” Agreement. Each Stockholder, if
requested by the Company and the managing underwriter of an offering by the Company of Common Stock or other securities of the Company pursuant to a Registration Statement, shall agree not to sell publicly or otherwise transfer or dispose of any
Registrable Shares or other securities of the Company held by such 

  
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Stockholder for a specified period of time (not to exceed 180 days, which period may be extended upon the request of the managing underwriter for a period of up to fifteen (15) days if the
Company issues or proposes to issue an earnings or other public release within fifteen (15) days of the expiration of the 180-day lockup period) following the effective date of such Registration Statement; provided, that: 

(a) all officers and directors of the Company, all holders of 1% or more of the Company’s equity securities and all selling stockholders
in such offering enter into similar agreements, and any discretionary modification, waiver or termination of the restrictions of such agreements (including this agreement) by the Company or the managing underwriter shall apply to all persons subject
to such agreements on a pro rata basis, based upon the number of shares held by each subject to such agreements; 
 (b) such agreement shall
only apply to the first Registration Statement covering Common Stock to be sold by or on behalf of the Company to the public in an underwritten offering; and 

(c) such agreement shall not apply to securities acquired in an open market transaction after such Registration Statement is declared
effective. 
 2.9. Limitations on Subsequent Registration Rights. The Company shall not, without the
prior written consent of Stockholders holding at least a majority of the Registrable Shares held by the Stockholders, enter into any agreement (other than this Agreement) with any holder or prospective holder of any securities of the Company which
would allow such holder or prospective holder to include securities of the Company in any Registration Statement upon terms which are more favorable to such holder or prospective holder than the terms on which holders of Registrable Shares may
include shares in such registration. 
 2.10. Rule 144 Requirements. After the earliest of (a) the
closing of the sale of securities of the Company pursuant to a Registration Statement, (b) the registration by the Company of a class of securities under Section 12 of the Exchange Act, or (c) the issuance by the Company of an
offering circular pursuant to Regulation A under the Securities Act, the Company agrees to: 
 (i) comply with the
requirements of Rule 144(c) under the Securities Act with respect to current public information about the Company; 
 (ii)
use its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); and

 (iii) furnish to any holder of Registrable Shares upon request (A) a written statement by the Company as to its
compliance with the requirements of said Rule 144(c), and the reporting requirements of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (B) a copy of the most recent annual or
quarterly report of the Company, and (C) such other reports and documents of the Company as such holder may reasonably request to avail itself of any similar rule or regulation of the Commission allowing it to sell any such securities without
registration. 

  
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 ARTICLE III. RIGHT OF FIRST REFUSAL 

3.1. Right of First Refusal. 

(a) So long as at least twenty percent (20%) of the Shares that have been issued remain outstanding, the Company shall not issue, sell or
exchange, agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange, (i) any shares of its Common Stock, (ii) any other equity securities of the Company, including, without limitation, shares of preferred
stock, (iii) any option, warrant or other right to subscribe for, purchase or otherwise acquire any equity securities of the Company, or (iv) any debt securities convertible into capital stock of the Company (collectively, the
“Offered Securities”), unless in each such case the Company shall have first complied with Article III of this Agreement. 

(b) The Company shall deliver to each Investor a written notice of any proposed or intended issuance, sale or exchange of Offered Securities
(the “Offer”), which Offer shall (i) identify and describe the Offered Securities, (ii) describe the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount of the Offered
Securities to be issued, sold or exchanged, (iii) identify the persons or entities, if known, to which or with which the Offered Securities are to be offered, issued, sold or exchanged, and (iv) offer to issue and sell to or exchange with
such Investor (A) that number of the Offered Securities which represents the same percentage of the total Offered Securities as the number of shares of Common Stock into which all of the Company’s capital stock held by such Investor are
convertible represents of the total number of outstanding shares of Common Stock (including all shares of the Company’s capital stock convertible into Common Stock, counting such shares as if converted (the “Basic Amount”)) and
(B) such additional portion of the Offered Securities as such Investor shall indicate it will purchase or acquire should any other Investor subscribe for less than its Basic Amount (the “Undersubscription Amount”). Each
Investor shall have the right, for a period of 10 business days following delivery of the Offer, to accept the Offer in the manner provided in paragraph 3.1(c) below. The Offer by its terms shall remain open and irrevocable until the earlier of
the expiration of such 10-business-day period or the receipt by the Company of notice from all of the Investors. 
 (c) To accept an Offer,
in whole or in part, an Investor must deliver a written notice to the Company prior to the end of the 10-business-day period of the Offer, setting forth the portion of the Investor’s Basic Amount that such Investor elects to purchase and, if
such Investor shall elect to purchase all of its Basic Amount, the Undersubscription Amount (if any) that such Investor elects to purchase (the “Notice of Acceptance”). If the Basic Amounts subscribed for by all Investors are less
than the total Basic Amounts, then each Investor who has set forth an Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed for, the Undersubscription Amount it has subscribed
for; provided, however, that should the Undersubscription Amounts subscribed for exceed the difference between the total Basic Amounts and the Basic Amounts subscribed for (the “Available Undersubscription Amount”), each Investor
who has subscribed for any Undersubscription Amount shall be entitled to purchase only that portion of the Available Undersubscription Amount as the Undersubscription Amount subscribed for by such Investor bears to the total Undersubscription
Amounts subscribed for by all Investors, subject to rounding by the Board of Directors to the extent it reasonably deems necessary. 

  
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 (d) In the event that Notices of Acceptance are not given by such Investors in respect of all the
Offered Securities, the Company shall have 90 days from the expiration of the 10-day period set forth in Section 3.1(b) hereof, to issue, sell or exchange all or any part of such Offered Securities as to which a Notice of Acceptance has not
been given by the Investors (the “Refused Securities”), but only to the offerees or purchasers described in the Offer and only upon terms and conditions (including, without limitation, unit prices and interest rates) which are not
more favorable, in the aggregate, to the acquiring person or persons or less favorable to the Company than those set forth in the Offer. 

(e) In the event the Company shall propose to sell less than all of the Refused Securities, then each Investor may, at its sole option and in
its sole discretion, reduce the number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less than the number or amount of the Offered Securities that the Investor elected to purchase pursuant
to Section 3.1(c) hereof, multiplied by a fraction (i) the numerator of which shall be the number or amount of Offered Securities the Company actually proposes to issue, sell or exchange (including Offered Securities to be issued or sold
to Investors pursuant to Section 3.1(c) hereof prior to such reduction) and (ii) the denominator of which shall be the amount of all Offered Securities. In the event that an Investor so elects to reduce the number or amount of Offered
Securities specified in its Notice of Acceptance, the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such securities have again been offered to the Investors in accordance
with Section 3.1(b) hereof. 
 (f) Upon (i) the closing of the issuance, sale or exchange of all or less than all the Refused
Securities or (ii) such other date agreed to by the Company and Investors who have subscribed for over 66.67% of the Offered Securities subscribed for by the Investors, the Investors shall acquire from the Company, and the Company shall issue
to the Investors, the number or amount of Offered Securities specified in the Notices of Acceptance, as reduced pursuant to Section 3.1(e) hereof if the Investors have so elected, upon the terms and conditions specified in the Offer. The
purchase by the Investors of any Offered Securities is subject in all cases to the preparation, execution and delivery by the Company and the participating Investors of a purchase agreement relating to such Offered Securities reasonably satisfactory
in form and substance to the participating Investors and the Company. 
 (g) Any Offered Securities not acquired by the Investors or other
persons in accordance with Section 3.1(d) hereof may not be issued, sold or exchanged until they are again offered to the Investors under the procedures specified in this Section 3.1. 

3.2. Excluded Issuances. The rights of the Investors under this Article III shall not apply to: 

(a) shares of Common Stock issued or issuable upon conversion of shares of Preferred Stock pursuant to the Company’s Certificate of
Incorporation; 
 (b) shares of Common Stock issued or issuable as a dividend or distribution on Preferred Stock; 

  
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 (c) shares of Common Stock issued or issuable by reason of a dividend, stock split, split-up or
other distribution on shares of Common Stock that is covered by Article Fourth, Section B.5.5 or B.5.6 of the Company’s Certificate of Incorporation, as the same may be amended from time to time; 

(d) up to 2,650,000 shares of Common Stock (inclusive of shares of Common Stock or options granted prior to the date of this Agreement under a
plan), or options exercisable therefor (subject to appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events affecting such shares), plus such additional number of shares as may be
approved by the Board of Directors of the Company, issued or issuable to officers, directors, consultants and employees of the Company or any subsidiary pursuant to any plan, agreement or arrangement approved by the Board of Directors of the
Company; 
 (e) securities issued solely in connection with the acquisition (whether by merger or otherwise) by the Company or any of its
subsidiaries of all or substantially all of the stock or assets of any other entity; provided, that such offering is approved by the Board of Directors of the Company; or 

(f) securities issued to financial institutions or lessors in connection with commercial credit arrangements, equipment financings or similar
transactions, provided, in each case, such is approved by holders of at least a majority of the then outstanding Shares voting together as a single class on an as-converted to Common Stock basis. 

ARTICLE IV. AFFIRMATIVE COVENANTS 

4.1. Inspection. The Company shall permit each Investor, or any authorized representative thereof, so long as (i) such Investor
shall own an aggregate of at least ten percent (10%) of the Shares (including shares of the Common Stock into which such Shares shall have been converted) originally purchased by such Investor, and (ii) at least an aggregate of twenty
percent (20%) of the Shares (including shares of the Common Stock into which such Shares shall have been converted) are outstanding at such time, to visit and inspect the properties of the Company, including its corporate and financial records,
and to discuss its business and finances with officers of the Company, during normal business hours following reasonable notice and as often as may be reasonably requested. 

4.2. Financial Statements and Other Information. The Company shall deliver to each Investor, or any authorized representative thereof,
so long as (i) such Investor shall own an aggregate of at least ten percent (10%) of the Shares (including shares of the Common Stock into which such Shares shall have been converted) originally purchased by such Investor, and (ii) at
least an aggregate of twenty percent (20%) of the Shares (including shares of the Common Stock into which such Shares shall have been converted) are outstanding at such time: 

(a) within 150 days after the end of each fiscal year of the Company, an audited balance sheet of the Company as at the end of such year and
audited statements of income and of cash flows of the Company for such year, certified by certified public accountants selected by the Company who are acceptable to the Investors holding at least a majority of the Shares then outstanding, and
prepared in accordance with generally accepted accounting principles (“GAAP”); 

  
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 (b) within 45 days after the end of each calendar quarter, an unaudited balance sheet of the
Company as at the end of such quarter, and unaudited statements of income and of cash flows of the Company for such quarter and for the current fiscal year; 

(c) within 30 days after the end of each calendar month, an unaudited balance sheet of the Company as at the end of such month, and unaudited
statements of income and of cash flows of the Company for such month and for the current fiscal year and the fiscal quarter to the end of such month; 

(d) as soon as available, but in any event 30 days prior to the commencement of each new fiscal year, an operating plan and budget for such
fiscal year; 
 (e) such other notices, information and data with respect to the Company and its subsidiaries as the Company delivers to the
holders of its capital stock at the same time it delivers such items to such holders; and 
 (f) with reasonable promptness, such other
information and data as such Investor may from time to time reasonably request. 
 4.3. Material Changes
and Litigation. The Company shall promptly notify the Investors of any material adverse change in the business, prospects, assets or condition, financial or otherwise, of the Company and of any litigation or governmental proceeding or
investigation brought or, to the Company’s knowledge, threatened against the Company, or against the Founders, or an officer, director, key employee or principal stockholder of the Company which, if adversely determined, would have a material
adverse effect on the Company. 
 4.4. Confidentiality of Records. Each Investor agrees, severally and
not jointly, to use confidential information provided by the Company only for monitoring its investment in Company and not to disclose any such confidential information to any third party, except with the consent of the Company. The foregoing
requirements of confidentiality shall not apply to information: (i) that is now or in the future becomes freely available to the public through no fault of or action by the using or disclosing party; (ii) that is in the possession of the
using or disclosing party prior to the time such information was obtained from the Company or that is independently acquired by the using or disclosing party without the aid, application or use of such other information; (iii) that is obtained
by the using or disclosing party in good faith without knowledge of any breach of a secrecy arrangement from a third party; (iv) that is required to be disclosed by applicable law or order of government agency or self-regulatory body;
(v) that is disclosed to any partner, parent or subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such person that such information is confidential and directs such person to maintain the
confidentiality of such information; or (vi) that is disclosed in connection with any bona-fide offer to purchase any shares in the Company, provided, that the proposed transferor obtains an undertaking from the proposed
transferee to keep such information confidential in accordance with the provision of this Section 4.4 prior to such disclosure. 

  
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 4.5. Other Investments. The Company acknowledges that the
Investor may be in the business of venture capital investing and therefore, may review the business plans and related proprietary information of many enterprises, including enterprises which may have products or services which compete directly or
indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict the Investor from investing or participating in any particular enterprise whether or not such enterprise has products or services which compete
with those of the Company. 
 4.6. Agreements with Employees. The Company shall require each present or
future employee or consultant who is an executive officer of the Company or has duties in the areas of technology, sales or marketing to enter into non-disclosure, non-competition and assignment of intellectual property agreement in such form as has
been or may be approved by the Board of Directors of the Company, including a majority of the Preferred Directors (as defined in the Company’s Certificate of Incorporation). 

4.7. Reservation of Shares. The Company shall reserve and maintain a sufficient number of shares of
Common Stock for issuance upon conversion of the Shares. 
 4.8. Employee Stock Options and Restricted
Stock. Unless otherwise unanimously approved by the Company’s Board of Directors, any restricted stock or stock options issued by the Company after the date hereof to any employee or consultant shall vest 25% on the first anniversary of the
first day of such employee or consultant’s employment or consultancy relationship with the Company with ratable monthly vesting over the next three years and, in the event of a Change of Control (as defined in the Company’s 2010 Special
Stock Incentive Plan or the Company’s 2011 Stock Incentive Plan, as the case may be), (1) if, following such Change of Control, either (i) such employee or consultant is terminated without Cause (as defined in the Company’s 2010
Special Stock Incentive Plan or the Company’s 2011 Stock Incentive Plan, as the case may be) by the surviving entity in such Change of Control or (ii) such employee or consultant voluntarily terminates his or her employment or consulting
relationship with the Company for Good Reason (as defined in the Company’s 2010 Special Stock Incentive Plan or the Company’s 2011 Stock Incentive Plan, as the case may be), any option held by such employee or consultant shall become
fully-vested and exercisable in full and any shares of restricted stock held by such employee or consultant shall become fully-vested and no longer subject to forfeiture or repurchase by the Company and (2) if, within thirty (30) days
prior to such Change of Control, such employee or consultant’s employment or consultancy relationship with the Company is terminated by the Company without Cause (as defined in the Company’s 2010 Special Stock Incentive Plan or the
Company’s 2011 Stock Incentive Plan, as the case may be) or by such employee or consultant for Good Reason (as defined in the Company’s 2010 Special Stock Incentive Plan or the Company’s 2011 Stock Incentive Plan, as the case may be),
then, on the effective date of such Change of Control, any option held by such employee or consultant shall become fully-vested and exercisable in full and any shares of restricted stock held by such employee or consultant shall become fully-vested
and no longer subject to forfeiture or repurchase by the Company. 
  

  
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 4.9. Insurance. The Company shall use its commercially
reasonable efforts to maintain Directors and Officers liability insurance and term “key person” insurance on any employee requested by the Board of Directors (including a majority of the directors designated by the holders of Preferred
Stock), each in an amount and on terms and conditions satisfactory to the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock) until such time as the Board of Directors (including a majority of the
directors designated by the holders of Preferred Stock) determines that such insurance should be discontinued. The key person policy shall name the Company as loss payee, and neither policy shall be cancelable by the Company without prior approval
by the Board of Directors (including a majority of the directors designated by the holders of Preferred Stock). 
 
4.10. Board Matters. 
 (a) The Company shall reimburse the directors for all reasonable out-of-pocket travel expenses incurred
(consistent with the Company’s travel policy) in connection with attending meetings of the Board of Directors. At the request of a majority of the Preferred Directors (as defined in the Company’s Certificate of Incorporation), the Company
shall cause to be established, as soon as practicable after such request, and will maintain an audit and/or compensation committee, as applicable, each of which shall consist solely of non-management directors. Each non-employee director shall be
entitled in such person’s discretion to be a member of any Board committee, except with respect to any committee of the Board of Directors formed for the purpose of acting as the administrator of the Company’s 2010 Special Stock Incentive
Plan, and each committee of the Board of Directors, if any, shall include at least one of the Preferred Directors. 
 (b) Except as may
otherwise be set forth in any applicable management rights letter or other written agreement with an Investor, a board observer may participate in person at the Company’s Board of Directors meetings only at the explicit invitation of the
Chairman of the Board of Directors, where such invitation may be granted solely at the Chairman’s discretion (each a “Chairman Invited Observer”). The Company shall reimburse up to 50% of a Chairman Invited Observer’s reasonable
out of pocket travel expenses incurred (consistent with the Company’s travel policy) in connection with attending any meeting of the Board of Directors to which he or she is invited. 

4.11. Successor Indemnification. If the Company or any of its successors or assignees consolidates with
or merges into any other person or entity and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company
assume the obligations of the Company with respect to indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s Bylaws, its Certificate of
Incorporation, or elsewhere, as the case may be. 
 4.12. Termination of Covenants. The covenants of
the Company contained in Sections 4.1 through 4.8 shall terminate, and be of no further force or effect, upon (i) the effective date of a registration statement filed by the Company under the Securities Act, covering the Initial Public
Offering, or (ii) upon a sale of the Company by merger in which the shareholders of the Company in their capacity as such no longer own a majority of the outstanding equity securities of the Company (or its successor), or (iii) for the
covenants in 

  
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Sections 4.1, 4.2, and 4.3 only, at such time when less than 20% of the Shares that have been issued (including shares of Common Stock into which such Shares shall have been converted)
remain outstanding. 
 4.13. Subsidiaries. Unless approved by Stockholders holding at least a majority
of the Registrable Shares, each subsidiary of the Company shall comply with the covenants set forth in Sections 4.1, 4.2, 4.3, 4.6, 4.9, 4.10, and 4.11 above to the same extent as the Company. 

ARTICLE V. GENERAL 

5.1. Termination. Article III of this Agreement shall terminate in its entirety upon the earlier of:
(a) an Acquisition (as defined below); (b) immediately prior to the closing of an Initial Public Offering; (c) the date upon which less than 20% of the Shares remain outstanding, or (d) the redemption of all Shares. An
“Acquisition” shall mean any (i) merger or consolidation which results in the voting securities of the Company outstanding immediately prior thereto representing immediately thereafter (either by remaining outstanding or by
being converted into voting securities of the surviving or acquiring entity) less than a majority of the combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or
consolidation, (ii) sale of all or substantially all the assets of the Company and the distribution of the net proceeds therefrom in accordance with the Company’s Certificate of Incorporation or (iii) sale of shares of capital stock
of the Company, in a single transaction or series of related transactions, representing more than 50% of the voting power of the voting securities of the Company. 

5.2. Transfers of Rights. This Agreement, and the rights and obligations of each Investor hereunder, may
be assigned by such Investor (i) to any person or entity to which such Investor transfers a number of shares of Preferred Stock equal to not less than five percent (5%) of the total number of shares of Preferred Stock held by such Investor
(subject to adjustment for any stock dividend, stock split, stock split-up, combination or shares or the like) immediately following the Closing (as defined in the Purchase Agreement), (ii) if such Investor is an individual, to any family
member or trust or partnership established for such family member, or (iii) if such Investor is a corporation, partnership, limited liability company or other entity, to any current or former partner (including general partner and limited
partner), shareholder, member or other affiliate of such Investor, provided that, in any case, the transferee is not a competitor of the Company as determined in good faith by the Board of Directors of the Company, and provided further
that a private equity fund shall not be considered a competitor of the Company for purposes of this Section 5.2. Such transferee shall be deemed an “Investor” for purposes of this Agreement, provided that the transferee provides
written notice of such assignment to the Company and agrees in writing to be bound by the terms and conditions set forth herein as if he, she or it were an original Investor. 

5.3. Severability. The provisions of this Agreement are severable, so that the invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other term or provision of this Agreement, which shall remain in full force and effect. 

  
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 5.4. 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 other parties hereunder and to such other injunctive or other
equitable relief as may be granted by a court of competent jurisdiction. 
 5.5. Governing Law. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without reference to the conflicts
of law provisions thereof). Subject to Subsection 5.6(b), the parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of Massachusetts and to the jurisdiction of the United States District Court for the
District of Massachusetts for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in
the state courts of Massachusetts or the United States District Court for the District of Massachusetts, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 
 (b)
Notwithstanding the foregoing Subsection 5.6(a), in the event there is a suit, action or other proceeding of the type described in Article Eleventh of the Company’s Amended and Restated Certificate of Incorporation (i) pending in the Court
of Chancery in the State of Delaware or (ii) to be filed simultaneously with the Court of Chancery in the State of Delaware, in either case with respect to facts related to any suit, action or proceeding under this Agreement, then any suit,
action or other proceeding under this Agreement must be brought exclusively in the Court of Chancery in the State of Delaware and the parties (x) hereby irrevocably and unconditionally submit to the jurisdiction of the Court of Chancery in the
State of Delaware and (y) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts,
that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter
hereof may not be enforced in or by such court. 
 5.6. 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: (i) personal delivery to the party to be notified, (ii) 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, (iii) five (5) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iv) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt: 

(a) If to the Company, at 890 Winter Street, Suite 230, Waltham, Massachusetts 02451, Attn: Michael Gray, or at such other address or addresses
as may have been furnished in writing by the Company to the Investors, with a copy to Foley Hoag LLP, 155 Seaport Boulevard, Boston, Massachusetts 02210, Attention: Robert L. Birnbaum, Esq. 

  
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 (b) If to an Investor, at its address set forth on Exhibit A attached hereto, or at
such other address or addresses as may have been furnished in writing by such Investor to the Company. 
 Notices provided in accordance
with this Section 5.6 shall be deemed delivered upon personal delivery, one business day after being sent via a reputable nationwide overnight courier service, or two business days after deposit in the mail. 

5.7. Complete Agreement; Amendments; Waivers. 

(a) This Agreement constitutes the full and complete agreement of the parties hereto with respect to the subject matter hereof. 

(b) This Agreement may be amended at any time by a written instrument signed by the Company and Stockholders holding at least a majority of the
Registrable Shares. The applicability of any provisions of this Agreement in a particular instance may be waived by the party entitled to the benefit of such provision(s) as follows: in the case of the Company, by written instrument signed on behalf
of the Company by a duly authorized officer; and in the case of the Stockholders, by a written instrument signed by the Stockholders holding at least a majority of the Registrable Shares. 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. Any such amendment or waiver effected in accordance with this
Section 
5.7(b) shall be binding on all parties hereto, even if they did not consent to such amendment or waiver. 
 5.8.
Construction. A reference to a Section or Exhibit shall mean a Section in or Exhibit to, this Agreement unless otherwise expressly stated. The titles and headings herein are for reference purposes only and shall not in any manner limit the
construction of this Agreement which shall be considered as a whole. The words “include,” “includes” and “including” when used herein shall be deemed in each case to be followed by the words “without
limitation.” Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice-versa. 

5.9. Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, and all of which together shall constitute one Agreement binding on all the parties hereto. This Agreement may be executed by facsimile signatures. 

5.10. Aggregation of Shares. All shares of capital stock of the Company held or acquired by affiliated
entities or persons shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

[Remainder of this page intentionally left blank.] 

  
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 IN WITNESS WHEREOF, this Second Amended and Restated Investors’ Rights Agreement has been
executed under seal as of the date first written above. 
  

					
	COMPANY:
	
	ARSANIS, INC.
		
	By:	 	/s/ Tillman Gerngross
		 	Name:	 	Tillman Gerngross
		 	Title:	 	President

Table of Contents

 
					
	INVESTORS:
	
	ORBIMED PRIVATE INVESTMENTS IV LP
		
	By:	 	 OrbiMed Capital GP IV LLC
 Its
General Partner

		
	By:	 	 OrbiMed Advisors LLC,
 Its
Managing Member

			
		 	By:	 	/s/ Carl L. Gordon
		 		 	 Name: Carl L. Gordon

Title: Member

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	INVESTORS:
	
	POLARIS VENTURE PARTNERS V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ William E. Bilodeau

		 		 	Name: William E. Bilodeau
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS ENTREPRENEURS’
	FUND V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ William E. Bilodeau

		 		 	Name: William E. Bilodeau
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS FOUNDERS’
	FUND, V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ William E. Bilodeau

		 		 	Name: William E. Bilodeau
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS SPECIAL
	FOUNDERS’ FUND V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ William E. Bilodeau

		 		 	Name: William E. Bilodeau
		 		 	Title: Attorney-in-fact

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	INVESTORS:
	
	SV LIFE SCIENCES FUND V, L.P.
		
	By:	 	SV Life Sciences Fund V (GP), L.P.,
		 	Its sole General Partner
		
	By:	 	SVLSF V, LLC,
		 	Its sole General Partner
			
		 	By:	 	 /s/ Denise W. Marks

		 		 	Name: Denise W. Marks
		 		 	Title: SVLSF V, LLC, Member
	
	SV LIFE SCIENCES FUND V STRATEGIC PARTNERS, L.P.
		
	By:	 	SV Life Sciences Fund V (GP), L.P.,
		 	Its sole General Partner
		
	By:	 	SVLSF V, LLC,
		 	Its sole General Partner
			
		 	By:	 	 /s/ Denise W. Marks

		 		 	Name: Denise W. Marks
		 		 	Title: SVLSF V, LLC, Member

Table of Contents

 
			
	INVESTORS:
	
	NEOMED INNOVATION V L.P.
		
	        By:	 	 /s/ Peter Canham

		 	Name: Peter Canham
		 	Title: Alternative Director
		
	        By:	 	 /s/ Tamara Williams

		 	Name: Tamara Williams
		 	Title: Director

Table of Contents

 
			
	INVESTORS:
	
	EMBL TECHNOLOGY FUND II GMBH & CO. KG
	
	By: EMBL VENTURES VERWALTUNGS GMBH, its General Partner
		
	By:	 	 /s/ Jan Adams

		 	Name: Jan Adams
		 	Title: Executive Director
		
	By:	 	 /s/ Stefan Herr

		 	Name: Stefan Herr
		 	Title: Executive Director

Table of Contents

 
			
	INVESTORS:
	
	Anna-Maria and Stephen Kellen Foundation, Inc.
		
	By:	 	 /s/ Michael M. Kellen

		 	Name: Michael M. Kellen
		 	Title: President

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

			
	ALEXANDRIA VENTURE INVESTMENTS, LLC,
	a Delaware limited liability company
		
	By:	 	ALEXANDRIA REAL ESTATE EQUITIES, INC.,
		 	a Maryland corporation, managing member
		
	By:	 	 /s/ Aaron Jacobson

		 	Name: Aaron Jacobson
		 	Title: VP – Corporate Counsel
	
	Address:  385 E. Colorado Blvd., Suite 299
		 	 Pasadena, CA 91101 Accepted and agreed:

 ARSANIS, INC. 
  

	
	By: /s/ Rene Russo                                
                
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

			
		 	GV 2016, L.P.
		 	By: GV 2016 GP, L.P., its General Partner
		 	By: GV 2016 GP, L.L.C., its General Partner
		
		 	By: /s/ Jennifer L. Kercher                              
          
		 	Name: Jennifer L. Kercher
		 	Title: Authorized Signatory
		
	Address:        	 	Attn: Jennifer L. Kercher
		 	 c/o GV
 1600 Amphitheatre Parkway

		 	Mountain View, CA 94043

 Accepted and agreed: 
  

	
	ARSANIS, INC.
	
	By: /s/ Rene Russo                                
                
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

	
	N5 Investment AS
	
	By: /s/ Pål R.
Jenson                                        
            
	Pål Jenson, an authorized person, for and on its behalf
	
	Address:
	
	 Parkveien 55
 0256 Oslo

	Norway

 Accepted and agreed: 
  

	
	ARSANIS, INC.
	
	By: /s/ Rene Russo                                
                
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

	
	 Bill & Melinda Gates Foundation
  

	By: /s/ Jim Bromley                                
	Name: Jim Bromley                                
	 Title: Chief Financial
Officer                  
  

	Address:  1432 Elliot Ave W.                  
	  Seattle, WA
98119                  

	Attention: General Counsel                     

 Accepted and agreed: 
  

	
	ARSANIS, INC.
	
	By: /s/ Rene Russo                                
        
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

			
	 SV LIFE SCIENCES FUND VI, L.P.
  

	By:	 	SV Life Sciences Fund VI (GP), L.P.,
		 	 Its sole General Partner
  

	By:	 	SVLSF VI, LLC,
		 	 Its sole General Partner
  

		 	By: /s/ Denise W. Marks                        
		 	 Name: Denise W. Marks

		 	 Title: SVLSF VI, LLC, Member
  

	 Address:  OneBoston Place

		 	  201 Washington Street, Suite, 3900

		 	  Boston, MA 02108

		 	  Attn: Denise Marks

 Accepted and agreed: 
  

	
	 ARSANIS, INC.

	
	
By: /s/ Rene Russo             
                                   

	 Name: Rene Russo

	 Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

					
	SV LIFE SCIENCES FUND VI STRATEGIC PARTNERS, L.P.
	
	By: SV Life Sciences Fund VI (GP), L.P.,
	       Its sole General Partner
	
	By: SVLSF VI, LLC,
	       Its sole General Partner
	
	        By: /s/ Denise W. Marks                     
               
	 Name: Denise W. Marks

	 Title: SVLSF VI, LLC, Member

		
	Address:	 	One Boston Place
		 	201 Washington Street, Suite, 3900
		 	Boston, MA 02108
		 	Attn: Denise Marks

 Accepted and agreed: 
  

			
	ARSANIS, INC.
	
	By: /s/ Rene Russo                              
                  
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

			
	 /s/ Tillman U. Gerngross

	Tillman U. Gerngross
		
	Address:	 	  

	
	  

 Accepted and agreed: 
  

			
	ARSANIS, INC.
		
	By:	 	 /s/ Rene Russo

	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation
(the “Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement,
the undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date
written below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature
hereto. 
 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the 24 day of April, 2017. 

 

			
	 /s/ Michael W. Bonney

	Michael W. Bonney
		
	Address:	 	536 Commercial Street
	                Boston, MA 02109

 Accepted and agreed: 
  

			
	ARSANIS, INC.
	
	By: /s/ Rene Russo                              
                  
	Name: Rene Russo
	Its: President and Chief Executive Officer

Table of Contents

 JOINDER AGREEMENT TO SECOND AMENDED AND RESTATED INVESTORS’ 

RIGHTS AGREEMENT 
 The
undersigned is executing and delivering this Joinder Agreement pursuant to the Second Amended and Restated Investors’ Rights Agreement dated as of April 12, 2016, as amended by that certain First Amendment to the Second Amended and
Restated Investors’ Rights Agreement dated as of April 24, 2017 (as so amended and as the same may be amended or amended and restated hereafter, the “Agreement”), by and among Arsanis, Inc., a Delaware corporation (the
“Company”) and the other parties named therein. 
 By executing and delivering to the Company this Joinder Agreement, the
undersigned hereby (a) agrees that it is a party to the Agreement as an “Investor” and “Stockholder” (each as defined in the Agreement) for all purposes thereunder; and (b) adopts the Agreement as of the date written
below, with the same force and effect as if the undersigned were originally a party thereto. Any notice required or permitted by the Agreement shall be given to Investor at the address or facsimile number listed below Investor signature hereto. 

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of September 1, 2017. 

 

			
	SECTION 32 FUND 1, LP
		
	By:	 	Section 32 GP 1, LLC
		 	its General Partner
		
	By:	 	 /s/ Jennifer L. Kercher

		 	Jennifer L. Kercher
		 	Chief Operating Officer

 ACCEPTED AND AGREED: 

ARSANIS, INC. 
  

			
	By: /s/ Rene Russo                              
                  
	Name: René Russo
	Its: President and Chief Executive Officer

Table of Contents

 EXHIBIT A 

SCHEDULE OF INVESTORS 
 OrbiMed Private
Investments IV, LP 
 601 Lexington Avenue (at 53rd Street) 

54th Floor 
 New York, NY 10022-4629 

Polaris Venture Partners V, L.P. 
 One Marina Park Drive, 10th
Floor 
 Boston, MA 02210 
 Polaris Venture Partners
Entrepreneurs’ Fund V, L.P. 
 [Same address as above] 

Polaris Venture Partners Founders’ Fund V, L.P. 
 [Same
address as above] 
 Polaris Venture Partners Special Founders’ Fund V, L.P. 

[Same address as above] 
 SV Life Sciences Fund V, L.P. 

One Boston Place 
 201 Washington Street, Suite 3900 

Boston, MA 02108 
 Attn: Denise Marks 

SV Life Sciences Fund V Strategic Partners, L.P. 
 [Same address
as above] 
 SV Life Sciences Fund VI, L.P. 
 [Same address as
above] 
 SV Life Sciences Fund VI Strategic Partners, L.P. 

[Same address as above] 
 NeoMed Innovation V L.P. 

13, Castle Street 
 Jersey, JE4 5UT 

cc to: claudio@neomed.net 
 EMBL Technology Fund II
GmbH & Co. KG Boxbergring 107 
 D-69126 Heidelberg 

Germany 
 Attn: Jan Adams 

Table of Contents

 Anna-Maria and Stephen Kellen Foundation, Inc. 

1345 Avenue of the Americas, 48th Floor 

New York, NY 10105-0048 
 Attn. Michael M. Kellen 

Bill & Melinda Gates Foundation 
 Address: 

For UPS, FedEx, DHL: 

Bill & Melinda Gates Foundation 

1432 Elliott Ave West 
 Seattle,
WA 98119 
 For United States Postal Service 

Bill & Melinda Gates Foundation 

PO Box 23350 
 Seattle, WA 98102

 For Messengers & Courier Service 

Bill & Melinda Gates Foundation 

ATTN: Loading Dock 
 500 Fifth Ave
N 
 Seattle, WA 98109-4636 

Fax No. 206.497.7100 
 Attn: Jim
Bromley, Chief Financial Officer 
 With a copy (which shall not constitute notice): 

Andrew Farnum, Director Program-Related Investments 

With a copy (which shall not constitute notice): 

Claire White 
 K&L Gates LLP

 925 4th Ave, Suite 2900 

Seattle WA, 98104 
 GV 2016, L.P. 

Email: notice@gv.com 
 Attn: Jennifer L. Kercher 

c/o GV 
 1600 Amphitheatre Parkway 

Mountain View, CA 94043 
 Alexandria Venture Investments, LLC

 385 E. Colorado Blvd., Suite 299 
 Pasadena, CA 91101 

Table of Contents

 Michael W. Bonney 

536 Commercial Street 
 Boston, MA 02109 

N5 Investments AS 
 Parkveien 55 

0256 Oslo 
 Norway 

Tillman U. Gerngross 
 Section 32 Fund 1, LP 

2033 San Elijo Avenue #565 
 Cardiff by the Sea, CA 92007 

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 Execution Version 

ARSANIS, INC. 
 FIRST
AMENDMENT 
 TO THE 

SECOND AMENDED AND RESTATED 

INVESTORS’ RIGHTS AGREEMENT 

This FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Amendment”) is entered into
as of April 24, 2017, by and among Arsanis, Inc. (the “Company”) and the existing investors listed on the signature pages hereto under the heading “Investors” (the “Existing Investors”). Capitalized
terms used herein but not defined herein shall have the meanings ascribed to them in the Rights Agreement (as defined below). 

RECITALS 

WHEREAS, the Existing Investors are holders of the Company’s Series A Preferred Stock, Series B Preferred Stock and/or Series C Preferred
Stock; 
 WHEREAS, the Company and the Existing Investors are parties to that certain Second Amended and Restated Investors’ Rights
Agreement dated as of April 12, 2016 (the “Rights Agreement”); 
 WHEREAS, the Company proposes to issue and sell
shares of its Series D Convertible Preferred Stock, $0.001 par value per share (the “Series D Preferred Stock”), pursuant to the Series D Preferred Stock Purchase Agreement (the “Purchase Agreement”) of even date
herewith, to be entered into by the Company, the Existing Investors and certain new investors; 
 WHEREAS, the Company and the Existing
Investors wish to amend the Rights Agreement to, among other things, clarify that the Series D Preferred Stock is deemed to be “Preferred Stock” as defined in the Recitals to the Rights Agreement; 

WHEREAS, pursuant to Section 5.7(b) of the Rights Agreement, the Rights Agreement may be amended with the written consent of (i) the
Company and (ii) the holders of a majority of the Registrable Shares (the “Required Holders”); 
 WHEREAS, the
undersigned Existing Investors constitute the Required Holders; and 
 WHEREAS, the parties intend that these recitals be a part of the
Rights Agreement, as amended by this Amendment. 

  
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 Execution Version 

NOW, THEREFORE, in consideration of the mutual agreements, covenants and considerations contained herein, the receipt and sufficiency of which
are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments to the Rights Agreement. 

1.1 Preamble. The Preamble to the Rights Agreement is hereby replaced in its entirety to read as follows: 

“This Second Amended and Restated Investors’ Rights Agreement, as amended from time to time (this “Agreement”), is
entered into this 12th day of April, 2016, by and among Arsanis, Inc., a Delaware corporation (the “Company”) and the individuals and entities listed on Exhibit A attached hereto (together with any subsequent investors, or
transferees, who become parties hereto as “Investors” pursuant to Sections 5.2 and 5.7 below, the “Investors”).” 

1.2 Definitions. 
 (a)
The Rights Agreement is hereby amended such that the dollar amount “$28.95” as it appears in the definition of “Initial Public Offering” therein is hereby deleted and replaced with the dollar amount “$9.83.” 

(b) The Rights Agreement is hereby amended so that the defined term “Preferred Stock” set forth therein (or herein) shall include
the Series D Preferred Stock for all purposes thereunder (or hereunder), all terms defined in this Amendment shall apply as if set forth in full in the Rights Agreement, and in the event of any conflict between a term defined in the Rights Agreement
and this Amendment, the meaning set forth in this Amendment shall control. 
 1.3 Excluded Issuances. Section 3.2(d) of the
Rights Agreement is hereby replaced in its entirety to read as follows: 
 “up to 6,433,620 shares of Common Stock (inclusive of shares
of Common Stock or options granted prior to April 24, 2017 under a plan), or options exercisable therefor (subject to appropriate adjustment for stock splits, stock dividends, reclassifications, recapitalizations and other similar events
affecting such shares), plus such additional number of shares as may be approved by the Board of Directors of the Company, issued or issuable to officers, directors, consultants and employees of the Company or any subsidiary pursuant to any plan,
agreement or arrangement approved by the Board of Directors of the Company;” 
 1.4 Financial Statements. The Rights Agreement
is hereby amended such that number “150” as it appears in Section 4.2(a) thereof is hereby deleted and replaced with the number “180,” and such that the number “45” as it appears in Section 4.2(b) thereof is
hereby deleted and replaced with the number “60.” 
 1.5 Confidentiality Obligations. The Rights Agreement is hereby
amended such that a new sentence is added to Section 4.4 at the end thereof as follows: 
 “Notwithstanding the foregoing, nothing
in this Agreement will prevent or limit the Company from fulfilling its obligations under, or the rights of the Bill & Melinda Gates Foundation pursuant to, that certain letter agreement, dated on or about April 24, 2017, between the
Company and the Bill & Melinda Gates Foundation (the “Letter Agreement”).” 

  
 2 

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 Execution Version 

1.6 Other Investments. Section 4.5 of the Rights Agreement is hereby replaced in its entirety to read as follows: 

“The Company acknowledges that the Investor may be in the business of venture capital investing (or in the case of the Bill &
Melinda Gates Foundation, is a charitable trust) and therefore, may review the business plans and related proprietary information of, or other confidential information relating to, many enterprises, including enterprises which may have products or
services which compete directly or indirectly with those of the Company. Nothing in this Agreement will preclude or in any way restrict the Investor from investing or participating in, or granting any funds or support to, any particular enterprise
whether or not such enterprise has products or services which compete with those of the Company.” 
 1.7 Transfer of Rights. The
Rights Agreement is hereby amended so that the first sentence of Section 5.2 is replaced in its entirety to read as follows: 

“This Agreement, and the rights and obligations of each Investor hereunder, may be assigned by such Investor (a) to any person or
entity to which such Investor transfers a number of shares of Preferred Stock equal to not less than five percent (5%) of the total number of shares of Preferred Stock held by such Investor (subject to adjustment for any stock dividend, stock
split, stock split-up, combination or shares or the like) immediately following the Initial Closing (as defined in the Purchase Agreement), (b) if the Investor is an individual, to any family member or trust or partnership established for such
family member, (c) if the Investor is a corporation, partnership, limited liability company or other entity, to any current or former partner (including general partner and limited partner), shareholder, member, or other affiliate of the
Investor, or (d) in the case of the Bill & Melinda Gates Foundation, to a charitable trust or other entity a majority of the trustees of which are also trustees of the Bill & Melinda Gates Foundation; provided that, in
any case, the transferee is not a competitor of the Company as determined in good faith by the Board of Directors of the Company, and provided further that a private equity fund, venture capital fund or charitable organization shall not be
considered a competitor of the Company for the purposes of this Section 5.2; provided further that such transferee shall provide written notice of such assignment to the Company and agree in writing to be bound by the terms and conditions set
forth herein as if he, she or it were an original Investor and thereafter such transferee shall be deemed an “Investor” for purposes of this Agreement.” 

1.8 Governing Law. The Rights Agreement is hereby amended such that the reference to “Subsection 5.6(b)” as it appears in
Section 5.5(a) thereof is hereby deleted and replaced with the reference to “Subsection 5.5(b),” and such that the reference to “Subsection 5.6(a)” in Section 5.5(b) thereof is hereby deleted and replaced with the
reference to “Subsection 5.5(a).” 

  
 3 

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 Execution Version 

1.9 Amendments; Waivers. Section 5.7 of the Rights Agreement is hereby amended as follows: 

(i) Section 5.7(a) is replaced in its entirety to read as follows: 

“This Agreement constitutes the full and complete agreement of the parties hereto with respect to the subject matter hereof; provided,
that, in the case of the Gates Foundation, this Agreement and the Letter Agreement, taken together, constitute the full and complete agreement of the Gates Foundation and the Company with respect to the subject matter hereof.” 

(ii) Section 5.7(b) is amended by adding a new sentence at the end thereof as follows: 

“Notwithstanding the foregoing, the provisions of Section 4.4 and 5.7(a) that are specific to the Bill & Melinda Gates
Foundation, and Section 5.2(d), may not be amended or waived without the written consent of the Bill & Melinda Gates Foundation.” 

(iii) Section 5.7 is amended by adding a new Section 5.7(c) at the end thereof as follows: 

“(c) Notwithstanding anything else to the contrary in this Section 5.7, no consent shall be necessary to add additional Investors as
signatories to this Agreement and to update Exhibit A accordingly; provided that such Investors have purchased Series D Preferred Stock pursuant to and in accordance with applicable terms and conditions of the Purchase Agreement. In
such event, each such person thereafter shall be deemed an Investor and Stockholder for all purposes under this Agreement.” 
 1.10
Exhibit A. Each individual or entity listed on Exhibit A attached hereto is hereby added to Exhibit A of the Rights Agreement, and the term “Investors” thereunder and hereunder shall include each such individuals and
entities, subject to the execution by each such individual and entity of a counterpart signature page to the Rights Agreement, as amended by this Amendment. 

2. No Further Amendment. The Rights Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects, shall
continue in full force and effect and shall, together with this Amendment, be read and construed as a single agreement. 
 3. Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of all of the parties to the Rights Agreement, their successors and assigns, heirs, devisees, legates and personal representatives. 

  
 4 

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4. Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed an original for all purposes
and all of which shall be deemed collectively to be one agreement. 
 5. Governing Law. This Amendment shall be governed by and
construed under the laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware. 

[Remainder of page intentionally left blank.] 

  
 5 

Table of Contents

 IN WITNESS WHEREOF, the
parties hereto have executed this First Amendment to the Second Amended and Restated Investors’ Rights Agreement as of the date set forth in the first paragraph hereof. 

 

			
	 COMPANY:

	
	 ARSANIS, INC.

		
	By:	 	 /s/ Rene Russo

		 	 Name: Rene Russo

		 	 Title: President and Chief Executive Officer

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
					
	 INVESTORS:

	
	 ORBIMED PRIVATE INVESTMENTS IV LP

		
	By:	 	OrbiMed Capital GP IV LLC
		 	Its General Partner
		
	By:	 	OrbiMed Advisors LLC,
		 	Its Managing Member
			
		 	By:	 	 /s/ Carl Gordon

		 		 	Name: Carl Gordon
		 		 	Title: Member

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
					
	INVESTORS:
	
	POLARIS VENTURE PARTNERS V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ Max Eisenberg

		 		 	Name: Max Eisenberg
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS
	ENTREPRENEURS’ FUND V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ Max Eisenberg

		 		 	Name: Max Eisenberg
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS FOUNDERS’
	FUND, V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ Max Eisenberg

		 		 	Name: Max Eisenberg
		 		 	Title: Attorney-in-fact
	
	POLARIS VENTURE PARTNERS SPECIAL
	FOUNDERS’ FUND, V, L.P.
		
	By:	 	Polaris Venture Management Co. V, L.L.C.,
		 	Its General Partner
			
		 	By:	 	 /s/ Max Eisenberg

		 		 	Name: Max Eisenberg
		 		 	Title: Attorney-in-fact

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
					
	INVESTORS:
	
	SV LIFE SCIENCES FUND V, L.P.
		
	By:	 	SV Life Sciences Fund V (GP), L.P.,
		 	Its sole General Partner
		
	By:	 	SVLSF V, LLC,
		 	Its sole General Partner
			
		 	By:	 	 /s/ Denise W. Marks

		 		 	Name: Denise W. Marks
		 		 	Title: SVLSF V, LLC, Member
	
	SV LIFE SCIENCES FUND V STRATEGIC PARTNERS, L.P.
		
	By:	 	SV Life Sciences Fund V (GP), L.P.,
		 	Its sole General Partner
		
	By:	 	SVLSF V, LLC,
		 	Its sole General Partner
			
		 	By:	 	 /s/ Denise W. Marks

		 		 	Name: Denise W. Marks
		 		 	Title: SVLSF V, LLC, Member

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
			
	INVESTORS:
	
	NEOMED INNOVATION V L.P.
		
	        By:	 	 /s/ Tamara Williams

		 	Name: Tamara Williams
		 	Title: Director
		
	        By:	 	 /s/ James Keating

		 	Name: James Keating
		 	Title: Director
	
	 ACTING BY ITS GENERAL PARTNER

NEOMED INNOVATION V LIMITED

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
			
	INVESTORS:
	
	EMBL TECHNOLOGY FUND II GMBH & CO. KG
	
	By: EMBL VENTURES VERWALTUNGS GMBH, its General Partner
		
	        By:	 	 /s/ Dr. Jan Adams

		 	Name: Jan Adams
		 	Title: Managing Director
		
	        By:	 	 /s/ Dr. Stefan Herr

		 	Name: Stefan Herr
		 	Title: Managing Director

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 
			
	INVESTORS:
	
	Anna-Maria and Stephen Kellen Foundation, Inc.
		
	By:	 	 /s/ Michael M. Kellen

		 	Name: Michael M. Kellen
		 	Title: President

 Signature page to First Amendment to Second Amended and Restated Investors’ Rights Agreement

Table of Contents

 EXHIBIT A 

Bill & Melinda Gates Foundation 
 Address: 

For UPS, FedEx, DHL: 

Bill & Melinda Gates Foundation 

1432 Elliott Ave West 
 Seattle,
WA 98119 
 For United States Postal Service 

Bill & Melinda Gates Foundation 

PO Box 23350 
 Seattle, WA 98102

 For Messengers & Courier Service 

Bill & Melinda Gates Foundation 

ATTN: Loading Dock 
 500 Fifth Ave
N 
 Seattle, WA 98109-4636 

Fax No. 206.497.7100 
 Attn:
Jim Bromley, Chief Financial Officer 
 With a copy (which shall not constitute notice): 

Andrew Farnum, Director Program-Related Investments 

With a copy (which shall not constitute notice): 

Claire White 
 K&L Gates LLP

 925 4th Ave, Suite 2900 

Seattle WA, 98104 
 GV 2016, L.P. 

Email: notice@gv.com 
 Attn: Jennifer L. Kercher 

c/o GV 
 1600 Amphitheatre Parkway 

Mountain View, CA 94043 
 Alexandria Venture Investments, LLC

 385 E. Colorado Blvd., Suite 299 
 Pasadena, CA 91101 

Michael W. Bonney 
 536 Commercial Street 

Boston, MA 02109 

Table of Contents

 N5 Investments AS 

Parkveien 55 
 0256 Oslo 

Norway 
 SV Life Sciences Fund VI, L.P. 

One Boston Place 
 201 Washington Street, Suite 3900 

Boston, MA 02108 
 Attn: Denise Marks 

SV Life Sciences Fund VI Strategic Partners, L.P. 
 One Boston
Place 
 201 Washington Street, Suite 3900 
 Boston, MA 02108

 Attn: Denise Marks 
 Tillman U. GerngrossEX-10.2

 Exhibit 10.2 

ARSANIS, INC. 
 2010
Special Stock Incentive Plan 
 (As amended through April 12, 2016) 

 

	1.	Purpose. The purpose of this stock incentive plan (the “Plan”) is to secure for Arsanis, Inc., a Delaware corporation (the “Company”), and its shareholders the benefits arising from capital
stock ownership by employees, officers and directors of, and consultants or advisors to, the Company and its parent and subsidiary corporations who are expected to contribute to the Company’s future growth and success. Under the Plan recipients
may be awarded (i) Options (as defined in Section 2.1) to purchase authorized but unissued shares of the Company’s common stock, $.001 par value per share (“Common Stock”), and (ii) shares of the Company’s Common
Stock (“Restricted Stock Awards”). Except where the context otherwise requires, the term “Company” shall include any parent and all present and future subsidiaries of the Company as defined in Sections 424(e) and 424(f) of the
Internal Revenue Code of 1986, as amended or replaced from time to time (the “Code”). Those provisions of the Plan which make express reference to Section 422 shall apply only to Incentive Stock Options (as that term is defined in the
Plan). 

  

	2.	Types of Awards and Administration. 

  

	 	2.1.	Options. Options granted pursuant to the Plan (“Options”) shall be authorized by action of the Board of Directors of the Company (the “Board of Directors”) and may be either incentive stock
options (“Incentive Stock Options”) meeting the requirements of Section 422 of the Code or non-statutory Options which are not intended to meet the requirements of Section 422 of the Code.
All Options when granted are intended to be non-statutory Options, unless the applicable Option Agreement (as defined in Section 5.1) explicitly states that the Option is intended to be an Incentive Stock
Option. If an Option is intended to be an Incentive Stock Option, and if for any reason such Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a non-statutory Option appropriately granted under the Plan provided that such Option (or portion thereof) otherwise meets the Plan’s requirements relating to non-statutory
Options. The vesting of Options may be conditioned upon the completion of a specified period of employment with the Company and/or such other conditions or events as the Board of Directors may determine. Unless otherwise expressly provided in any
Option granted under the Plan, the unvested portion of such Option (“Unvested Portion”) may be exercised by the holder of such Option if such holder simultaneously enters into an agreement satisfactory to the Company in its sole discretion
that subjects the shares thereby acquired to vesting under the same terms and over the same period as such Unvested Portion would have vested had it not been exercised. 

 

	 	2.2.	Restricted Stock Awards. The Board of Directors in its discretion may grant Restricted Stock Awards, entitling the recipient to acquire, for a purchase price, if any, determined by the Board of Directors, shares
of Common Stock subject to such restrictions and conditions as the Board of Directors may determine at the time of grant (“Restricted Stock”), including continued employment and/or achievement of
pre-established performance goals and objectives. 

  

	 	2.3.	Administration. The Plan shall be administered by the Board of Directors of the Company, whose construction and interpretation of the terms and provisions of the Plan shall be final and conclusive. The Board of
Directors may in its sole discretion authorize issuance of Restricted Stock and grant Options to purchase shares of Common Stock, and issuance of shares upon exercise of such Options as provided in the Plan. The Board shall have authority, subject
to the express provisions of the Plan, to construe the respective Restricted Stock Agreements (as defined in Section 5.2), Option Agreements and the Plan, to prescribe, amend and rescind rules and regulations relating to the Plan, to determine
the terms and provisions of the respective Restricted Stock Agreements and Option Agreements, and to make all other determinations in the judgment of the Board of Directors necessary or desirable for the administration of the Plan. The Board of
Directors may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Restricted Stock Agreement or Option Agreement in the manner and to the extent it shall deem expedient to carry the Plan into effect and it
shall be the sole and final judge of such expediency. No director or person acting pursuant to authority delegated by the Board of Directors shall be liable for any action or determination under the Plan made in good faith. The Board of Directors
may, to the full extent permitted by or consistent with applicable laws or regulations (including, without limitation, applicable state law), delegate any or all of its powers under the Plan to a committee (the “Committee”) appointed by
the Board of Directors, and if the Committee is so appointed, to the extent of such delegation, all references to the Board of Directors in the Plan shall mean and relate to such Committee. 

 

	3.	Eligibility. Options may be granted, and Restricted Stock may be issued, to persons who are, at the time of such grant or issuance, employees, officers or directors of, or consultants or advisors to, the Company;
provided, that the class of persons to whom Incentive Stock Options may be granted shall be limited to employees of the Company. 

  

	4.	Stock Subject to Plan. Subject to adjustment as provided in Section 14 below, the maximum number of shares of Common Stock which may be issued under the Plan is 2,000,000 shares. If an Option granted
hereunder shall expire or terminate for any reason without having been exercised in full, the unpurchased shares subject to such Option shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan. If shares of
Restricted Stock issued hereunder shall be forfeited to, or otherwise repurchased by, the Company pursuant to a Restricted Stock Agreement, such repurchased shares shall again be available for subsequent Option grants or Restricted Stock Awards
under the Plan. If shares issued are tendered to the Company in payment of the exercise price of an Option, such tendered shares shall again be available for subsequent Option grants or Restricted Stock Awards under the Plan. 

 

	5.	Forms of Restricted Stock Agreements and Option Agreements. 

  

	 	5.1.	Option Agreement. As a condition to the grant of an Option, each recipient of an Option shall execute an option agreement (“Option Agreement”) in such form not inconsistent with the Plan as may be
approved by the Board of Directors. Such Option Agreements may differ among recipients. 

  
 2 

	 	5.2.	Restricted Stock Agreement. As a condition to the issuance of Restricted Stock, each recipient thereof shall execute an agreement (“Restricted Stock Agreement”) in such form not inconsistent with the
Plan as may be approved by the Board of Directors. Such Restricted Stock Agreements may differ among recipients and need not be entitled “Restricted Stock Agreements.” 

 

	 	5.3.	“Lock-Up” Agreement. Upon the request of the Company or the managing underwriter(s) of any underwritten offering of the Company’s securities, the holder of
any Option or the purchaser of any Restricted Stock shall agree in writing that for a period of 180 days from the effective date of the registration statement for such offering filed with the Securities and Exchange Commission, plus such additional
period, not to exceed 18 days, as may be necessary to enable the underwriter(s) to comply with Conduct Rule 2711(f) of the National Association of Securities Dealers, Inc., the holder or purchaser will not sell, make any short sale of , loan, grant
any option for the purchase of, or otherwise dispose of any shares of Common Stock owned or controlled by him or her. It shall be a condition to any transfer of Common Stock acquired pursuant to the Plan, upon exercise of an Option granted under the
Plan or otherwise, that the transferee agree to be bound by the foregoing lock-up provision. 

  

	6.	Purchase Price. 

  

	 	6.1.	General. The purchase price per share of Restricted Stock, if any, shall be determined by the Board of Directors. The purchase price per share of stock deliverable upon exercise of an Incentive Stock Option shall
not be less than 100% of the fair market value of such stock at the time of grant of such Option, as determined by the Board of Directors, or less than 110% of such fair market value in the case of certain Incentive Stock Options described in
Section 11.2. Non-statutory Options issued at less than fair market value shall comply with the provisions of Section 409A of the Code. 

 

	 	6.2.	Payment of Purchase Price. Option Agreements may provide for the payment of the exercise price of any Options, by one of the following methods: 

 

	 	6.2.1.	by delivery of cash or a certified or bank check or postal money order payable to the order of the Company in an amount equal to the aggregate exercise price of the Options being exercised; 

 

	 	6.2.2.	by delivery to the Company of shares of Common Stock having a fair market value equal in amount to the aggregate exercise price of the Options being exercised; 

 

	 	6.2.3.	a personal recourse note issued by the optionee to the Company in a principal amount equal to the aggregate exercise price of the Options being exercised; and with such other terms, including interest rate and maturity,
as the Company may determine in its discretion; 

  
 3 

	 	6.2.4.	if the class of Common Stock is registered under the Securities Exchange Act of 1934 at such time, subject to rules as may be established by the Board of Directors, by delivery to the Company of a properly executed
exercise notice along with irrevocable instructions to a broker to deliver promptly to the Company cash or a check payable and acceptable to the Company in the amount of the aggregate exercise price of the Options being exercised; 

 

	 	6.2.5.	by reducing the number of Option shares otherwise issuable to the optionee upon exercise of the Option by a number of shares of Common Stock having a fair market value equal to such aggregate exercise price of the
Options being exercised; or 

  

	 	6.2.6.	by any combination of such methods of payment. 

 The fair market value of any shares of Common
Stock or other non-cash consideration which may be delivered upon exercise of an Option shall be determined by the Board of Directors. Restricted Stock Agreements may provide for the payment of any purchase
price in any manner approved by the Board of Directors at the time of authorizing the issuance thereof. 
  

	7.	Option Period. Each Option and all rights thereunder shall expire on such date as shall be set forth in the applicable Option Agreement, provided that, in the case of an Incentive Stock Option, such date
shall not be later than 10 years after the date on which the Option is granted (or five years in the case of Options described in Section 11.2), and, in the case of non-statutory Options, not later than
10 years after the date on which the Option is granted, and, in either case, shall be subject to earlier termination as provided in the Plan or the related Option Agreement. 

 

	8.	Exercise of Options. Each Option shall be exercisable either in full or in installments at such time or times and during such period as shall be set forth in the Option Agreement evidencing such Option, subject
to the provisions of the Plan. 

  

	9.	Nontransferability of Options. No Option shall be assignable or transferable by the person to whom it is granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution.
During the life of an optionee, an Option held by him or her shall be exercisable only by the optionee. 

  

	10.	Effect of Termination. No Incentive Stock Option may be exercised unless, at the time of such exercise, the optionee is, and has continuously since the date of grant of his or her Incentive Stock Option been,
employed by the Company, except that, unless the Option Agreement expressly provides otherwise: 

  

	 	10.1.	the Incentive Stock Option may be exercised within the period of ninety (90) days after the date the optionee’s employment with the Company terminates other than for death, disability or termination for Cause
(as hereinafter defined); 

  

	 	10.2.	if the optionee dies while in the employ of the Company, the Incentive Stock Option may be exercised by the person to whom it is transferred by will or the laws of descent and distribution within the period of one-hundred eighty (180) days after the date of death; and 

  
 4 

	 	10.3.	if the optionee becomes disabled (within the meaning of Section 22(e)(3) of the Code or any successor provision thereto) while in the employ of the Company, the Incentive Stock Option may be exercised within the
period of one-hundred eighty (180) days after the date the optionee ceases to be such an employee because of such disability; 

provided, however, that in no event may any Incentive Stock Option be exercised after the expiration date of the Incentive Stock Option. For all
purposes of the Plan and any Incentive Stock Option granted hereunder, “employment” shall be defined in accordance with the provisions of Section 1.421-7(h) of the Income Tax Regulations (or any
successor regulations). 
 If an optionee’s employment with the Company is terminated by the Company for Cause, each Incentive Stock
Option held by such optionee shall immediately terminate and shall thereafter be of no further force and effect. The term “Cause” shall mean (a) any material breach by an optionee of any agreement to which an optionee and the Company
are both parties, (b) any act (other than retirement) or omission to act by an optionee which may have a material and adverse effect on the Company’s business or on an optionee’s ability to perform services for the Company, including,
without limitation, the commission of any crime (other than minor traffic violations), or (c) any material misconduct or material neglect of duties by an optionee in connection with the business or affairs of the Company or any parent,
subsidiary or affiliate of the Company. The Board of Directors shall have sole authority and discretion to determine whether an optionee’s employment has been terminated for Cause. 

A non-statutory Option granted to an employee shall be subject to the foregoing provisions of this
Section 10 as if it were an Incentive Stock Option, but a non-statutory Option may also be exercised so long as the optionee maintains a relationship with the Company as a director, consultant or adviser,
unless the Option Agreement provides otherwise. 
 Whether authorized leave of absence or absence on military or government service shall
constitute termination of the employment relationship between the Company and an optionee shall be determined by the Board of Directors at the time thereof. 

An employment relationship between the Company and an optionee shall be deemed to exist during any period in which the optionee is employed by
the Company or by any parent or subsidiary of the Company. 
  

	11.	Incentive Stock Options. Options which are intended to be Incentive Stock Options shall be subject to the following additional terms and conditions: 

 

	 	11.1.	Express Designation. All Incentive Stock Options shall, at the time of grant, be specifically designated as such in the Option Agreement covering such Incentive Stock Options. 

  
 5 

	 	11.2.	10% Shareholder. If any employee to whom an Incentive Stock Option is to be granted is, at the time of the grant of such Option, the owner of stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company (after taking into account the attribution of stock ownership rules of Section 424(d) of the Code), then the following special provisions shall be applicable to the Incentive Stock Option granted to such
individual: 

  

	 	11.2.1. 	the purchase price per share of the Common Stock subject to such Incentive Stock Option shall not be less than 110% of the fair market value of one share of Common Stock at the time of grant; and 

 

	 	11.2.2. 	the option exercise period shall not exceed five years from the date of grant. 

  

	 	11.3.	Dollar Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan (and any other incentive stock option plans of the Company) which are intended to constitute Incentive
Stock Options shall not constitute Incentive Stock Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for shares of Common Stock with an aggregate fair market value (determined
as of the respective date or dates of grant) of more than $100,000. 

  

	12.	Additional Provisions. 

  

	 	12.1.	Additional Provisions. The Board of Directors may, in its sole discretion, include additional provisions in Restricted Stock Agreements and Option Agreements, including, without limitation, restrictions on
transfer, rights of the Company to repurchase shares of Restricted Stock or shares of Common Stock acquired upon exercise of Options, commitments to pay cash bonuses, to make, arrange for or guaranty loans or to transfer other property to optionees
upon exercise of Options; provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan and such additional provisions shall not be such as to cause any Incentive Stock Option to fail to
qualify as an Incentive Stock Option within the meaning of Section 422 of the Code. 

  

	 	12.2.	Acceleration, Extension, Etc. The Board of Directors may, in its sole discretion, (i) accelerate the period or periods in which all Options, or any particular Option, may be exercised, (ii) extend the
periods during which all Options, or any particular Option, may be exercised to the extent not inconsistent with Section 409A of the Code, or (iii) accelerate the vesting of any or all Restricted Stock Awards. 

 

	13.	Rights as a Shareholder. The holder of an Option shall have no rights as a shareholder with respect to any shares covered by the Option (including, without limitation, any rights to vote or to receive dividends
or non-cash distributions with respect to such shares) until the date of issue of a stock certificate to him or her for such shares. No adjustment shall be made for dividends or other rights for which the
record date is prior to the date such stock certificate is issued. 

  
 6 

	14.	Adjustment Provisions for Mergers, Reorganizations, Recapitalizations and Other Transactions. 

  

	 	14.1.	General. If, through or as a result of any merger, consolidation, sale of all or substantially all of the assets of the Company, reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split or other similar transaction, (i) the outstanding shares of Common Stock are increased, decreased or exchanged for a different number or kind of shares or other securities of the Company 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 or other securities, an appropriate and proportionate adjustment
shall be made in (x) the maximum number and kind of shares reserved for issuance under the Plan, (y) the number and kind of shares or other securities subject to any then outstanding Options, and (z) the price for each share or other
security subject to any then outstanding Options, so that upon exercise of such Options, in lieu of the shares of Common Stock for which such Options were then exercisable, the relevant optionee shall be entitled to receive, for the same aggregate
consideration, the same total number and kind of shares or other securities, cash or property that the owner of an equal number of outstanding shares of Common Stock immediately prior to the event requiring adjustment would own as a result of the
event. If any such event shall occur, appropriate adjustment shall also be made in the application of the provisions of this Section 14 and Section 15 with respect to Options and the rights of optionees after the event so that the
provisions of such Sections shall be applicable after the event and be as nearly equivalent as practicable in operation after the event as they were before the event. 

 

	 	14.2.	No Adjustment in Certain Cases. Except as hereinbefore expressly provided, the issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or
property or for labor or services, either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not
affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Common Stock then subject to outstanding options. 

  

	 	14.3.	Board Authority to Make Adjustments. Any adjustments under this Section 14 will be made by the Board of Directors, whose determination as to what adjustments, if any, will be made and the extent thereof will
be final, binding and conclusive. No fractional shares will be issued under the Plan on account of any such adjustments. 

  

	15.	Effect of Certain Transactions. 

 If the Company is a party to a merger or reorganization
with one or more other corporations or other entities, whether or not the Company is the surviving or resulting entity, or if the Company consolidates with or into one or more other corporations or other entities, or if the Company is liquidated or
sells or otherwise disposes of substantially all of its assets (each hereinafter referred to as a “Transaction”), in any case while any Options remain outstanding, the Board of Directors or the board of directors (or similar governing
body) of any entity assuming the obligations of the Company may, in its discretion, as to some or all outstanding Options (and need not take the same action as to each such Option) 

  
 7 

 (i) provide that after the effective date of such Transaction the Options shall remain
outstanding and shall be exercisable for shares of Common Stock or, if applicable, shares of such stock or other securities, cash or property as the holders of shares of Common Stock received pursuant to the terms of such Transaction; 

(ii) accelerate the time for exercise of the Options, so that from and after a date prior to the effective date of such Transaction such
Options shall be exercisable in full; 
 (iii) cancel the Options as of the effective date of the Transaction, provided that (a) notice
of such cancellation shall have been given to the relevant optionee and (b) such optionee shall have the right to exercise such Options to the extent the same is then exercisable or, if the Board shall have accelerated the time for exercise of
such Options, in full during the ten-day period preceding the effective date of the Transaction; or 

(iv) determine that in the event of a Transaction under the terms of which holders of Common Stock of the Company receive upon consummation
thereof a cash payment for each share surrendered (the “Transaction Price”), an optionee holding an Option shall be provided a cash payment equal to the difference between (a) the Transaction Price times the number of shares of Common
Stock subject to such Option (to the extent then exercisable at an exercise price that is not in excess of the Transaction Price) and (b) the aggregate exercise price for all such shares of Common Stock subject to such Option, in exchange for
the termination of such Option. 
  

	 	15.1.	Substitute Options. The Company may grant Options in substitution for Options held by employees of another corporation who become employees of the Company, or a subsidiary of the Company, as the result of a
merger or consolidation of the employing corporation with the Company or a subsidiary of the Company, or as a result of the acquisition by the Company, or one of its subsidiaries, of property or stock of the employing corporation. The Company may
direct that substitute Options be granted on such terms and conditions as the Board of Directors considers appropriate in the circumstances. 

  

	 	15.2.	Restricted Stock. In the event of a business combination or other transaction of the type detailed in Section 15.1, any securities, cash or other property received in exchange for shares of Restricted Stock
shall continue to be governed by the provisions of any Restricted Stock Agreement pursuant to which they were issued, including any provision regarding vesting, and such securities, cash, or other property may be held in escrow on such terms as the
Board of Directors may direct, to insure compliance with the terms of any such Restricted Stock Agreement. 

  

	 	15.3.	 Acceleration of Vesting. Unless an Option granted hereunder or an agreement relating to Restricted Stock
otherwise provides, upon a Change of Control of the Company, any portion of any Option, and any Restricted Stock, that is unvested shall thereafter vest at the rate of one-twelfth (1/12) thereof at the end of
each successive 30-

  
 8 

 
day period. In addition, if, on or before the first anniversary of a Change of Control of the Company, the employment or consulting relationship of the holder of any Option or the purchaser of
any Restricted Stock is terminated without Cause, or if the employee resigns or the consultant terminates the consulting relationship with the Company for Good Reason, any Option held by the employee or consultant shall become fully-vested and
exercisable in full and any shares of Restricted Stock held by the employee or consultant shall become fully-vested and no longer subject to forfeiture or repurchase by the Company. For the purpose of this Section 15.3: 

 

	 	15.3.1. 	“Change of Control” shall mean the Company’s adoption of any plan of liquidation providing for distribution of all or substantially all of its assets; or the Company’s sale of all or substantially
all of its assets or issued and outstanding capital stock; or the Company’s combination with one or more other corporations or business entities such that, immediately after the combination, the stockholders of the Company immediately before
the combination hold, directly or indirectly, 50% or less of the voting stock of the combined companies. For clarity, the parties agree that neither (i) the sale of shares of stock by the Company in exchange for cash in a venture capital or
other similar equity financing nor (ii) the conversion of the Company into a limited liability company (or similar restructuring) shall constitute a Change in Control. 

 

	 	15.3.2. 	“Cause” means occurrence of any one or more of the following with respect to a person: 

  

	 	15.3.2.1. 	the person has been convicted of, or has plead guilty or nolo contendere to, any felony or a crime involving moral turpitude; 

  

	 	15.3.2.2. 	the person has committed any fraud, embezzlement or knowing misappropriation of funds against the Company or intentional act of dishonesty materially detrimental to the Company; 

 

	 	15.3.2.3. 	the person has continued to fail or refuse to perform the reasonable and lawful duties assigned to him or her by the Company’s Board of Directors in good faith in a timely manner after written notice thereof from
the Company which generally outlines the steps to be taken by the person in order to cure the breach, which breach continues for a period of thirty (30) days after written notice from the Company describing the breach and proposed cure methods
in reasonable detail; 

  

	 	15.3.2.4. 	the person has engaged in misconduct which would cause the Company to violate any state or federal law relating to sexual harassment or race, age, sex or other prohibited discrimination, or any intentional violation of
any written policy of the Company adopted in respect to any such law; or 

  

	 	15.3.2.5. 	the person has engaged in conduct which the person knows or reasonably should have known causes the Company to violate applicable law; and 

  
 9 

	 	15.3.3. 	“Good Reason” means, with respect to a person, termination of his or her employment or consultancy relationship with the Company because of 

 

	 	15.3.3.1. 	without the person’s consent, the relocation by the Company of the person’s principal place of employment or performance of consultancy services, as applicable, by more than 50 miles from his or her
then-current place of employment or performance of consultancy services for the Company, 

  

	 	15.3.3.2. 	without the person’s consent, a material adverse change by the Company in the person’s duties, authority or responsibilities which causes the person’s position with the Company to become of less
responsibility or authority than the person’s then-current position, provided that such change is not in connection with a termination of the person’s employment or consultancy relationship with the Company, 

 

	 	15.3.3.3. 	without the person’s consent, the assignment to the person of duties not commensurate or consistent with the person’s then-current position or consulting agreement, or 

 

	 	15.3.3.4. 	without the person’s consent and solely to the extent that the person is then employed by the Company, a reduction in the person’s base salary, target bonus or other benefits (other than a reduction in
benefits commensurate with reductions for all executive officers). 

  

	 	15.4.	Drag Along Right. Any holder of Common Stock purchased upon exercise of an Option or pursuant to a Restricted Stock Agreement (such stock referred to collectively as “Shares,” and each holder, a
“Holder of Shares”) that is not otherwise a party to that certain Second Amended and Restated Stockholders’ Agreement dated as of April 12, 2016 by and among the Company and the other parties thereto, as the same may be amended from
time to time (the “Stockholders’ Agreement”)) shall be subject to Section 2 of the Stockholders’ Agreement for so long as such Stockholders’ Agreement remains in effect and such Section 2 of the Stockholders
Agreement is hereby incorporated by reference and made a part of the Plan. 

  

	16.	No Special Employment Rights. Nothing contained in the Plan or in any Option Agreement or Restricted Stock Agreement shall confer upon any optionee or recipient of a Restricted Stock Award any right with respect
to the continuation of his or her employment by the Company or interfere in any way with the right of the Company at any time to terminate such employment or to increase or decrease his or her compensation. 

 

	17.	Other Employee Benefits. The amount of any compensation deemed to be received by an employee as a result of the issuance of shares of Restricted Stock or the grant or exercise of an Option or the sale of shares
received in connection with a Restricted Stock Award or any such exercise will not constitute compensation with respect to which any other employee benefits of such employee are determined, including, without limitation, benefits under any bonus,
pension, profit-sharing, life insurance or salary continuation plan, except as otherwise specifically provided in such other plan or as otherwise specifically determined by the Board of Directors. 

  
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	18.	Amendment and Termination of the Plan. 

  

	 	18.1.	The Board of Directors may at any time, and from time to time, modify or amend the Plan in any respect or terminate the Plan. If shareholder approval is not obtained within twelve months after any amendment increasing
the number of shares authorized under the Plan or changing the class of persons eligible to receive Incentive Stock Options under the Plan, no Options granted pursuant to such amendments shall be deemed to be Incentive Stock Options and no Incentive
Stock Options shall be issued pursuant to such amendments thereafter. 

  

	 	18.2.	The termination or any modification or amendment of the Plan shall not, without the consent of an optionee, affect his or her rights under an Option previously granted to him or her. With the consent of the recipient of
Restricted Stock or optionee affected, the Board of Directors may amend outstanding Restricted Stock Agreements or Option Agreements in a manner not inconsistent with the Plan. The Board of Directors shall have the right to amend or modify the terms
and provisions of the Plan and of any outstanding Incentive Stock Options to the extent necessary to qualify any or all such Options for such favorable federal income tax treatment (including deferral of taxation upon exercise) as may be afforded
incentive stock options under Section 422 of the Code. 

  

	19.	Withholding. The Company shall have the right to deduct from payments of any kind otherwise due to the optionee or recipient of Restricted Stock any federal, state or local taxes of any kind required by law to be
withheld with respect to issuance of any shares of Restricted Stock or shares issued upon exercise of Options. In addition, prior to delivery of any Common Stock pursuant to the terms of this Plan, the Company has the right to require that the
optionee or recipient of Restricted Stock remit to the Company an amount sufficient to satisfy any tax withholding obligation. 

Subject to the prior approval of the Company, which may be withheld by the Company in its sole discretion, the obligor may elect to satisfy
such withholding obligations, in whole or in part, (i) by causing the Company to withhold shares of Common Stock otherwise issuable or (ii) by delivering to the Company a sufficient number of shares of Common Stock of the Company. The
shares so withheld or delivered shall have a fair market value equal to such withholding obligation. The fair market value of the shares used to satisfy such withholding obligation shall be determined by the Board of Directors as of the date that
the amount of tax to be withheld is to be determined. 
  

	20.	Stockholders’ Agreement. Each recipient of Restricted Stock or Common Stock issued upon the exercise of Options shall execute and deliver an adoption agreement to the Stockholders’ Agreement in order
that such recipient shall become a party to the Stockholders’ Agreement as a “Restricted Stockholder” in accordance with Section 9.1(b) thereof. 

  
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	21.	Effective Date and Duration of the Plan. 

  

	 	21.1.	Effective Date. The Plan shall become effective when adopted by the Board of Directors. If shareholder approval of the Plan is not obtained within twelve months after the date of the Board’s adoption of the
Plan, no Options previously granted under the Plan shall be deemed to be Incentive Stock Options and no Incentive Stock Options shall be granted thereafter. Amendments to the Plan not requiring shareholder approval shall become effective when
adopted by the Board of Directors. Subject to this limitation, Options may be granted under the Plan at any time after the effective date and before the date fixed for termination of the Plan. 

 

	 	21.2.	Termination. Unless sooner terminated in accordance with Section 18 or by the Board of Directors, the Plan shall terminate upon the close of business on the day next preceding the tenth anniversary of the
date of its adoption by the Board of Directors. 

  

	22.	Provision for Foreign Participants. The Board of Directors may, without amending the Plan, modify the terms of Option Agreements or Restricted Stock Agreements to differ from those specified in the Plan with
respect to participants who are foreign nationals or employed outside the United States to recognize differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or
other matters. 

  

	23.	Requirements of Law. The Company shall not be required to sell or issue any shares under any Option or Restricted Stock Award if the issuance of such shares shall constitute a violation by the optionee, by the
Restricted Stock Award recipient, or by the Company of any provision of any law or regulation of any governmental authority. In addition, in connection with the Act, the Company shall not be required to issue any shares upon exercise of any Option
unless the Company has received evidence satisfactory to it to the effect that the holder of such Option will not transfer such shares except pursuant to a registration statement in effect under the Act or unless an opinion of counsel satisfactory
to the Company has been received by the Company to the effect that such registration is not required in connection with any such transfer. Any determination in this connection by the Board of Directors shall be final, binding and conclusive. In the
event the shares issuable on exercise of an Option are not registered under the Act or under the securities laws of each relevant state or other jurisdiction, the Company may imprint on the certificate(s) appropriate legends that counsel for the
Company considers necessary or advisable to comply with the Act or any such state or other securities law. The Company may register, but in no event shall be obligated to register, any securities covered by the Plan pursuant to the Act; and in the
event any shares are so registered the Company may remove any legend on certificates representing such shares. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option, the grant of any Restricted
Stock Award or the issuance of shares pursuant thereto to comply with any law or regulation of any governmental authority. 

  

	24.	 Conversion of Incentive Stock Options into Non-Qualified Options;
Termination. The Board of Directors, with the consent of any optionee, may in its discretion take such actions as may be necessary to convert such optionee’s Incentive Stock Options (or any installments or portions of installments thereof)
that have not been exercised on the date of conversion 

  
 12 

 
into non-statutory Options at any time prior to the expiration of such Incentive Stock Options, regardless of whether the optionee is an employee of the
Company or a parent or subsidiary of the Company at the time of such conversion. At the time of such conversion, the Board of Directors (with the consent of the optionee) may impose such conditions on the exercise of the resulting non-statutory Options as the Board of Directors in its discretion may determine, provided that such conditions shall not be inconsistent with this Plan. Nothing in this Plan shall be deemed to give any optionee the
right to have such optionee’s Incentive Stock Options converted into non-statutory Options, and no such conversion shall occur until and unless the Board of Directors takes appropriate action. The Board
of Directors, with the consent of the optionee, may also terminate any portion of any Incentive Stock Option that has not been exercised at the time of such termination. 
  

	25.	Non-Exclusivity of this Plan; Non-Uniform Determinations. Neither the adoption of this Plan by the Board of Directors nor the
approval of this Plan by the stockholders of the Company shall be construed as creating any limitations on the power of the Board of Directors to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the
granting of stock options otherwise than under this Plan, and such arrangements may be either applicable generally or only in specific cases. 

The determinations of the Board of Directors under this Plan need not be uniform and may be made by it selectively among persons who receive
or are eligible to receive Options or Restricted Stock Awards under this Plan (whether or not such persons are similarly situated). Without limiting the generality of the foregoing, the Board of Directors shall be entitled, among other things, to
make non-uniform and selective determinations, and to enter into non-uniform and selective Option Agreements and Restricted Stock Agreements, as to (a) the persons
to receive Options or Restricted Stock Awards under this Plan, (b) the terms and provisions of Options or Restricted Stock Awards, (c) the exercise by the Board of Directors of its discretion in respect of the exercise of Options pursuant
to the terms of this Plan, and (d) the treatment of leaves of absence pursuant to Section 10 hereof. 
  

	26.	Governing Law. This Plan and each Option and Restricted Stock Award shall be governed by the laws of the State of Delaware, without regard to its principles of conflicts of law. 

  
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